Aptose Biosciences Inc. reported a net loss of $5.5 million for the three months ended March 31, 2025, a significant decrease from the $9.6 million loss recorded in the same period of 2024. The company did not generate any revenue during this quarter, consistent with the previous year. Operating expenses also saw a reduction, totaling $5.5 million compared to $9.8 million in the prior year, primarily due to decreased research and development costs, which fell to $2.4 million from $6.4 million. General and administrative expenses slightly decreased to $3.1 million from $3.3 million.
The company’s financial position has shown notable changes, with cash and cash equivalents decreasing to $4.7 million as of March 31, 2025, down from $6.7 million at the end of 2024. The accumulated deficit increased to $546.5 million, reflecting ongoing operational losses. Additionally, Aptose's working capital has declined to $0.7 million, compared to $5.1 million at the end of the previous fiscal year. The company also reported negative shareholder equity of $7.4 million, worsening from a negative $4.5 million at the end of 2024.
Strategically, Aptose has been focusing on its lead product candidate, tuspetinib, which is currently in a Phase 1/2 clinical trial for treating acute myeloid leukemia (AML). The company has initiated the TUSCANY study, which combines tuspetinib with standard therapies, and has reported promising early results, including complete remissions in patients. However, the company has decided to pause the development of luxeptinib due to funding constraints and has indicated that additional financing will be necessary to continue operations beyond May 2025.
Operationally, Aptose has made significant adjustments, including a reverse stock split executed on February 26, 2025, aimed at regaining compliance with Nasdaq listing requirements. Despite these efforts, the company was delisted from Nasdaq on April 2, 2025, due to failure to meet the minimum equity requirement. The company’s shares continue to trade on the Toronto Stock Exchange and the Over-the-Counter market. Looking ahead, Aptose's management has expressed concerns about its ability to secure necessary funding, which raises substantial doubt about its ability to continue as a going concern without significant restructuring or financing.
About Aptose Biosciences Inc.
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