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Aprea Therapeutics, Inc. (APRE)·Q2 2025 Earnings Summary

Executive Summary

  • EPS beat: Q2 2025 diluted EPS was -$0.53 versus Wall Street consensus of -$0.745, a clear beat driven by lower R&D and G&A versus prior year; revenue was $0.12M (grant), versus consensus of $0.00, reflecting immaterial top line typical of clinical-stage biotechs * *.
  • Operating loss improved year over year to -$3.4M from -$3.8M, with R&D down to $1.9M and G&A down to $1.6M; net loss improved to -$3.2M (from -$3.5M) .
  • Clinical updates were constructive: APR-1051 (WEE1) showed early disease control (three stable disease signals), and ATRN-119 (ATR) showed seven stable disease signals with three tumor shrinkages (-7%, -14%, -21%) at 550 mg BID; ATRN-119 dosing optimized to 400 mg BID following DLTs at 550 mg BID .
  • Liquidity: cash and equivalents were $16.5M at quarter-end, funding operations into Q2 2026; near-term stock catalysts include H2 2025 open-label safety/efficacy updates and dose-escalation progression for APR-1051 and ATRN-119 .

What Went Well and What Went Wrong

What Went Well

  • Evidence of activity across lead programs: “emerging data from both of our lead programs demonstrate evidence of clinical activity,” including APR-1051 stable disease signals and ATRN-119 tumor shrinkage in multiple patients .
  • Operating discipline: operating loss improved YoY (-$3.4M vs -$3.8M), with R&D and G&A both lower YoY, supporting the EPS beat relative to consensus *.
  • Execution on dose escalation and biomarker strategy: APR-1051 enrolling at 100 mg QD with plans to escalate to 150 mg; enrollment expanded to HPV+ HNSCC where an early signal was observed; ATRN-119 dosing strategy refined to BID to optimize kinase coverage .

What Went Wrong

  • DLTs at ATRN-119 550 mg BID required dose reduction to 400 mg BID to optimize tolerability, highlighting safety/tolerability tuning still underway .
  • Cash decline sequentially ($19.3M → $16.5M) driven by ongoing clinical spend; while runway remains into Q2 2026, financing flexibility may be needed ahead of Phase 2 expansions .
  • No formal earnings call transcript published for Q2 2025; limited external dialogue beyond press release and 8-K, though a conference call was scheduled at 8:00 AM ET on Aug 12, 2025 .

Financial Results

Summary Income and Operating Metrics

MetricQ2 2024Q1 2025Q2 2025
Grant Revenue ($USD Millions)$0.28 $0.16 $0.12
Operating Loss ($USD Millions)-$3.8 -$4.09 -$3.39
Net Loss ($USD Millions)-$3.5 -$3.93 -$3.24
Diluted EPS ($USD)-$0.58 -$0.66 -$0.53
R&D Expense ($USD Millions)$2.6 $2.48 $1.91
G&A Expense ($USD Millions)$1.9 $1.76 $1.59
Weighted Avg Shares (Millions)5.94 5.99 6.08

Notes: Margin metrics are not meaningful given immaterial grant revenue for a clinical-stage biotech (no product sales).

Liquidity

MetricDec 31, 2024Mar 31, 2025Jun 30, 2025
Cash and Equivalents ($USD Millions)$22.85 $19.28 $16.53

Q2 2025 Actual vs Wall Street Consensus (S&P Global)

MetricQ2 2025 ActualQ2 2025 Consensus
Diluted EPS ($USD)-$0.53 -$0.745*
Revenue ($USD Millions)$0.12 $0.00*
EPS Estimates (#)—2*
Revenue Estimates (#)—2*

Values retrieved from S&P Global.*

Segment Breakdown

SegmentQ2 2024Q1 2025Q2 2025
Segments ReportedN/A (no segments) N/A (no segments) N/A (no segments)

KPIs (Clinical Execution)

KPIQ1 2025Q2 2025
APR-1051: Stable disease patients (monotherapy)First patient at 70 mg cohort enrolled; biomarker-driven HPV+ strategy noted Three patients with stable disease (1 at 70 mg; 2 at 100 mg)
ATRN-119: Stable disease patientsSix SD patients total; three with tumor shrinkage (-7%, -14%, -21%) at 550 mg BID Seven SD patients total; three with tumor shrinkage (-7%, -14%, -21%) at 550 mg BID; DLTs at 550 mg BID → dosing at 400 mg BID

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash runwayFY2024 (reported Mar 25, 2025)Funded into Q1 2026 Funded into Q2 2026 Raised (extended)
APR-1051: Preliminary safety/efficacy updateH2 2025H2 2025 H2 2025 Maintained
APR-1051: Dose escalation completionH1 2026Not specified in prior PR H1 2026 New specific timing (introduced)
ATRN-119: Dose escalation completion / RP2DH2 2025 / H1 2026Dose escalation completion planned H2 2025 RP2D expected H1 2026; dose escalation ongoing Clarified to H1 2026 for RP2D (timeline refined)
APR-1051: Dose levelQ1→Q2 2025Enrolling 100 mg QD; plan 150 mg next Enrolling 100 mg QD; escalate to 150 mg after clearance Maintained plan (ongoing)

Earnings Call Themes & Trends

Note: A formal Q2 2025 earnings call transcript was not found in filings; MarketBeat lists a call at 8:00 AM ET on Aug 12, 2025 . Themes below reflect press releases and 8-K content.

TopicPrevious Mentions (Q-2: Q4 2024; Q-1: Q1 2025)Current Period (Q2 2025)Trend
R&D execution and dosing strategyATRN-119 adding BID to maximize coverage; APR-1051 Cohort 5 (70 mg) with favorable tolerability ATRN-119 optimized to 400 mg BID after DLTs at 550 mg BID; APR-1051 enrolling at 100 mg with plan to escalate to 150 mg Iterative optimization; dosing refinement continues
Biomarker-driven selection (HPV+, Cyclin E)Biomarker focus emphasized; HPV+ HNSCC dosing announced Mar 31 HPV+ HNSCC stable disease signal at 70 mg; APR-1051 monotherapy in Cyclin E over-expression contexts Strengthening biomarker narrative
Clinical activity signalsEarly signals emerging (posters in 2024) APR-1051: three SD; ATRN-119: seven SD, three shrinkages (-7%, -14%, -21%) Building evidence base
Tolerability/safetyAPR-1051 “encouraging tolerability”; ATRN-119 BID being assessed ATRN-119 DLTs at 550 mg BID; dose refined to 400 mg BID; APR-1051 AE profile shared in investor deck Safety being tuned; overall favorable profiles claimed
Partnerships/collaborationsSenior medical advisor engaged; preclinical posters MD Anderson translational collaboration; synergy with anti–PD-1 in HPV+ models External validation growing

Management Commentary

  • “We are pleased with our progress in 2025, as emerging data from both of our lead programs demonstrate evidence of clinical activity.” — Oren Gilad, Ph.D., President & CEO .
  • APR-1051 WEE1 program: “three patients with stable disease… including an early clinical signal in an HPV-positive head and neck squamous cell carcinoma, and in rectal and uterine cancer patients.” .
  • ATRN-119 ATR program: “seven patients achieving stable disease to date, including three with meaningful tumor shrinkage at the 550 mg twice daily dose.” .

Q&A Highlights

  • No formal Q2 2025 earnings call transcript was available in the filings; a conference call was scheduled for Aug 12, 2025 at 8:00 AM ET .
  • Company communication for Q2 centered on the press release and accompanying 8-K/exhibits (including investor presentation) –.

Estimates Context

  • EPS beat: Actual diluted EPS of -$0.53 versus consensus of -$0.745* for Q2 2025; two estimates contributed to the EPS consensus *.
  • Revenue versus consensus: Actual grant revenue was $0.12M versus consensus of $0.00*, reflecting typical expectations of no product revenue at this stage; two estimates contributed to the revenue consensus *.

Values retrieved from S&P Global.*

Key Takeaways for Investors

  • The EPS beat was primarily driven by lower operating expenses (R&D and G&A down YoY), while revenue remains immaterial; continued operating discipline is supportive of near-term funding runway .
  • Clinical trajectory is constructive: APR-1051 showed early disease control and is poised to escalate dosing; ATRN-119 demonstrated shrinkages but required bidirectional dosing refinement after DLTs, which is typical in early oncology dose-finding .
  • Liquidity supports planned milestones into Q2 2026; however, Phase 2 expansions or combination arms could necessitate additional capital depending on pace and scale .
  • Near-term catalysts: H2 2025 open-label safety/efficacy updates (both programs), APR-1051 dose escalation to 150 mg, and ATRN-119 RP2D targeting H1 2026—expect data flow to be stock-moving .
  • Biomarker-led strategy (Cyclin E, HPV+) and MD Anderson collaboration with anti–PD-1 synergy broaden optionality for combination approaches and potential partnering interest .
  • Warrant overhang tied to clinical milestones and share price VWAP thresholds could affect fully diluted share count as RP2D announcements occur; monitor as milestones approach .
  • With no segments and minimal revenue, focus should remain on safety/efficacy signals, dosing optimization, and durability of responses—these will shape medium-term thesis and financing strategy .
Footnote on estimates: Values retrieved from S&P Global.*