Le Lézard
Classified in: Health, Science and technology
Subject: MISCELLANEOUS

Aptose Reports Results for the Third Quarter 2024


SAN DIEGO and TORONTO, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Aptose Biosciences Inc. ("Aptose" or the "Company") (NASDAQ: APTO, TSX: APS), a clinical-stage precision oncology company developing highly differentiated oral targeted agents to treat hematologic malignancies, today announced financial results for the three months ended September 30, 2024, and provided a corporate update.

"Triple drug therapies (triplets) that build on the standard of care in AML have yielded higher response rates yet are limited to specific subpopulations and often cause myelosuppression and other toxicities," said William G. Rice, Ph.D., Chairman, President and Chief Executive Officer of Aptose. "Tuspetinib, with its breadth of activity and unique safety profile, is a potential game-changer as part of a triplet therapy regimen and we continue to advance its development."

Key Corporate Highlights

Multiple Planned Value-creating Milestones Ahead

2024: Q4?

2024: ASH?

2025: 1H?

2025: EHA?

 2025: ASH?

 
FINANCIAL RESULTS OF OPERATIONS
Aptose Biosciences Inc.
Statements of Operations Data
(unaudited)
($ in thousands, except per share data)
              
 Three months endedNine months ended
 September 30, September 30,
  2024
 2023 2024  2023 
Expenses:             
Research and development$4,702  $8,256 $15,560 $27,649 
General and administrative 2,263   3,425  8,510  12,580 
Operating expenses 6,965   11,681  24,070  40,229 
Other income, net 12   234  225  977 
Net loss$(6,953) $(11,447)$(23,845)$(39,252)
Net Loss per share, Basic and diluted$(0.37) $(1.76)$(1.48)$(6.14)
Weighted average number of common shares outstanding used in computing net loss per share, basic and diluted (in thousands) 18,560   6,495  16,107  6,391 
             

Net loss for the three-month period ended September 30, 2024 decreased by $4.5 million to $7.0 million, as compared to $11.4 million for the comparable period in 2023. Net loss for the nine-month period ended September 30, 2024 decreased by $15.5 million to $23.8 million, as compared to $39.3 million for the comparable period in 2023.

 
Aptose Biosciences Inc.
Balance Sheet Data
(unaudited)
($ in thousands)
 
  September 30, December 31,
  2024 2023
Cash, cash equivalents and short-term investments$7,962  $9,252 
Working capital  477   (3,375)
Total assets  10,929   12,989 
Long-term liabilities  10,305   621 
Accumulated deficit  (539,382)  (515,537)
Stockholders' equity  (9,134)  (2,901)
         

RESEARCH AND DEVELOPMENT EXPENSES

The research and development expenses for the three months and nine months ended September 30, 2024, and 2023 were as follows:

  Three months ended  Nine months ended
  September 30,  September 30,
(in thousands) 2024202320242023
Program costs ? Tuspetinib$4,067  $5,814 $10,656 $18,659
Program costs ? Luxeptinib (225)  648  287  2,643
Program costs ? APTO-253 -   2  13  28
Personnel related expenses 941   1,523  4,274  5,108
Stock-based compensation (81)  259  317  1,182
Depreciation of equipment -   10  13  29
Total$4,702  $8,256 $15,560 $27,649
             

Research and development expenses decreased by $3.6 million to $4.7 million for the three-month period ended September 30, 2024, as compared to $8.3 million for the comparative period in 2023. Changes to the components of our research and development expenses presented in the table above are primarily as a result of the following events:

Research and development expenses decreased by $12.0 million to $15.6 million for the nine-month period ended September 30, 2024, as compared to $27.6 million for the comparative period in 2023. Changes to the components of our research and development expenses presented in the table above are primarily as a result of the following events:

About Aptose

Aptose Biosciences is a clinical-stage biotechnology company committed to developing precision medicines addressing unmet medical needs in oncology, with an initial focus on hematology. The Company's small molecule cancer therapeutics pipeline includes products designed to provide single agent efficacy and to enhance the efficacy of other anti-cancer therapies and regimens without overlapping toxicities. The Company's lead clinical-stage compound tuspetinib (TUS), is an oral kinase inhibitor that has demonstrated activity as a monotherapy and in combination therapy in patients with relapsed or refractory acute myeloid leukemia (AML) and is being developed as a frontline triplet therapy in newly diagnosed AML. For more information, please visit www.aptose.com.

Forward Looking Statements 

This press release contains forward-looking statements within the meaning of Canadian and U.S. securities laws, including, but not limited to, statements regarding the Company's clinical development plans, the clinical potential, anti-cancer activity, therapeutic potential and applications and safety profile of tuspetinib, clinical trials, the enrollment in clinical trials and the data therefrom, the submission of a compliance plan to Nasdaq and available options to regain compliance, upcoming milestones, financing activities, expectations regarding capital available to the Company to fund planned Company operations, maintenance of the Nasdaq and TSX listings and statements relating to the Company's plans, objectives, expectations and intentions and other statements including words such as "continue", "expect", "intend", "will", "hope" "should", "would", "may", "potential" and other similar expressions. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by us, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements described in this press release. Such factors could include, among others: our ability to obtain the capital required for research and operations; the inherent risks in early stage drug development including demonstrating efficacy; development time/cost and the regulatory approval process; the progress of our clinical trials; our ability to find and enter into agreements with potential partners; our ability to attract and retain key personnel; changing market and economic conditions; unexpected manufacturing defects and other risks detailed from time-to-time in our ongoing current reports, quarterly filings, annual information forms, annual reports and annual filings with Canadian securities regulators and the United States Securities and Exchange Commission.

Should one or more of these risks or uncertainties materialize, or should the assumptions set out in the section entitled "Risk Factors" in our filings with Canadian securities regulators and the United States Securities and Exchange Commission underlying those forward- looking statements prove incorrect, actual results may vary materially from those described herein. These forward-looking statements are made as of the date of this press release and we do not intend, and do not assume any obligation, to update these forward-looking statements, except as required by law. We cannot assure you that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

For further information, please contact:

Aptose Biosciences Inc.
Susan Pietropaolo
Corporate Communications & Investor Relations
201-923-2049
[email protected]



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