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Aptose Biosciences Inc. (APTO0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $25.4 million for the year, a decrease from the $51.2 million loss reported in the previous year. This reduction is attributed to decreased research and development expenses.
Research and development expenses totaled $15.1 million, down from $36.8 million in the prior year. The decrease is due to reduced activity in the APTIVATE clinical trial and lower manufacturing costs.
General and administrative expenses were $11.2 million, a decrease from $15.6 million in the previous year, primarily due to lower salary expenses and professional fees.
Aptose reported cash, cash equivalents, and restricted cash of $6.7 million as of December 31, 2024, compared to $9.3 million at the end of 2023. The company acknowledges a need for additional financing to continue operations beyond April 2025.
The company is advancing two clinical-stage investigational products: tuspetinib, a myeloid kinase inhibitor, and luxeptinib, a dual lymphoid and myeloid kinase inhibitor. Tuspetinib is being developed for frontline combination therapy in newly diagnosed AML patients.
Aptose has completed a Phase 1/2 clinical trial for tuspetinib, demonstrating safety and efficacy in AML patients. Luxeptinib's development is currently paused due to funding prioritization.
The company is exploring various financing options, including equity and debt, to support its operations and clinical programs.
Aptose's common shares are traded on the Nasdaq Capital Market under the symbol 'APTO' and on the Toronto Stock Exchange under the symbol 'APS'. The company effected a 1-for-30 reverse stock split on February 26, 2025, to regain compliance with Nasdaq listing requirements.
The company identifies significant risks related to its ability to continue as a going concern, given its financial position and the need for additional capital.
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. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.