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Aptose Biosciences Inc. (APTO-2.76%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements showing a decrease in cash and cash equivalents to $7,962,000 from $9,252,000 as of December 31, 2023. The company reported a net loss of $6,953,000 for the three months ended September 30, 2024, compared to a net loss of $11,447,000 for the same period in 2023.
Research and development expenses decreased to $4,702,000 for the three months ended September 30, 2024, from $8,256,000 in the same period of the previous year. This decrease is attributed to reduced activity in clinical trials and lower manufacturing costs.
General and administrative expenses also decreased to $2,263,000 for the three months ended September 30, 2024, from $3,425,000 in the same period of the previous year, primarily due to lower salaries and professional fees.
The company highlighted its ongoing development of tuspetinib, an oral kinase inhibitor for acute myeloid leukemia (AML), and its plans to advance this drug into more extensive clinical trials.
Aptose faces financial challenges, with negative stockholder's equity of $9,134,000 as of September 30, 2024, and a working capital of $477,000. The company acknowledges the need to secure additional financing to continue operations.
The filing details the company's efforts to regain compliance with Nasdaq (NDAQ+0.26%) listing requirements, including a planned hearing on November 21, 2024, regarding its listing status.
Aptose's financial statements are prepared on a going concern basis, but the company recognizes substantial doubt about its ability to continue as such without additional funding.
The report also discusses the company's recent financing activities, including a $10 million loan from Hanmi Pharmaceutical Co., Ltd., and a registered direct offering that raised approximately $4.43 million.
The company continues to explore strategic alternatives to secure necessary funding and address its financial challenges.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aptose Biosciences Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.