Shares of Kazia Therapeutics (ASX:KZA) dropped dramatically, down by as much as 43.8% to A$0.090, reaching their lowest point since December 30, 2022.

The stock is currently down by 37.5%, potentially marking its worst day since August 1, 2022 if these losses continue.

The biotechnology company has expressed its intention to delist from the Australian Securities Exchange.

The board agrees that the costs, administrative burden and commercial challenges of maintaining their ASX listing outweigh any potential benefits.

However, Kazia Therapeutics (ASX:KZA) will keep its listing on the NASDAQ.

More than 2.1 million shares have traded hands, this is 28.3 times the usual 30-day average volume of 75,110 shares.

Despite today’s fall, the stock has risen 73.9% this year, as of the last closed trading session.

Kazia Therapeutics (ASX:KZA) is a biotechnology company that develops treatments for a range of oncology indications.