Executive Summary

Q3 results were about clinical execution and cost discipline: net loss narrowed to $3.0M (−$0.47/share) from $3.8M (−$0.64) YoY as R&D and G&A declined; cash was $13.7M with runway extended into Q4 2026 .
APR-1051 (WEE1) showed additional early activity (3/4 stable disease at 100 mg QD) and escalated to 150 mg; ATRN-119 (ATR) identified a QD RP2D at 1,100 mg and shifted toward combinations (radiation and I/O) .
Versus S&P Global consensus, EPS missed (−$0.47 vs −$0.34*) while revenue was de minimis grant funding (~$0.0018M vs $0.00*) given the clinical-stage profile .
Stock reaction catalysts: 2026 milestones including APR-1051 Q1 safety/efficacy update and dose-escalation completion in Q2; ATRN-119 combination strategy progress following Q4 2025 RP2D (QD) designation .

What Went Well and What Went Wrong

What Went Well
- Clinical progress: “emerging data on both of our clinical assets demonstrate evidence of activity,” including 3/4 patients with stable disease at 100 mg QD for APR-1051 and identification of RP2D 1,100 mg QD for ATRN-119 .
- Cost control and P&L improvement: operating loss improved YoY to $(3.1)M from $(4.1)M; R&D fell to $1.64M (from $2.85M YoY) and G&A to $1.48M (from $1.60M YoY) .
- Runway extension: cash of $13.7M with guidance extended into Q4 2026 (from prior Q2 2026) .
What Went Wrong
- EPS missed consensus amid minimal revenue: −$0.47 vs −$0.34*; grant revenue was ~$0.0018M in Q3, reflecting limited non-dilutive income .
- ATRN-119 monotherapy paused: following RP2D (QD) determination, enrollment paused to reassess in combinations—strategic but introduces execution complexity and timing risk .
- Cash burn persisted (cash declined from $16.5M in Q2 to $13.7M in Q3) despite improved OpEx, highlighting financing risk beyond the current runway if timelines extend .

Income statement summary (USD)

Metric	Q1 2025	Q2 2025	Q3 2025
Grant Revenue ($)	$162,463	$118,111	$1,848
Research & Development ($)	$2,483,066	$1,912,213	$1,638,917
General & Administrative ($)	$1,764,979	$1,593,671	$1,480,319
Total Operating Expenses ($)	$4,248,045	$3,505,884	$3,119,236
Loss from Operations ($)	$(4,085,582)	$(3,387,773)	$(3,117,388)
Total Other Income ($)	$152,923	$148,903	$144,978
Net Loss ($)	$(3,932,659)	$(3,238,870)	$(2,972,410)
Diluted EPS ($)	$(0.66)	$(0.53)	$(0.47)

Balance sheet and liquidity

Metric	Q1 2025	Q2 2025	Q3 2025
Cash & Cash Equivalents ($)	$19,275,721	$16,532,199	$13,718,052
Cash Runway Guidance	Into early Q2 2026	Into Q2 2026	Into Q4 2026

Estimates vs. actuals (Q3 2025)

Note: Revenue reflects grant revenue typical of clinical-stage biotech operations.
Values marked with * are from S&P Global consensus.

Segment breakdown: Not applicable; the company reports as a single clinical-stage entity .

KPIs and operating progress

KPI	Q1 2025	Q2 2025	Q3 2025
APR-1051 dose level status	100 mg QD cohort enrolling	100 mg QD cleared; plan to 150 mg	Advanced to 150 mg QD; 3/4 SD at 100 mg
ATRN-119 development status	Early SD and tumor shrinkage at BID dose; escalating	Early activity incl. BID 550 mg (−7%, −14%, −21%); refining BID	RP2D set at 1,100 mg QD; pause monotherapy; pursue combos
Posters/visibility	—	—	Two program posters at EORTC-NCI-AACR (Oct 24)

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	As of Q2 vs Q3 2025	Into Q2 2026	Into Q4 2026	Raised/extended
ATRN-119 RP2D (QD)	Timing	Expected H1 2026	Determined at 1,100 mg QD in Q4 2025	Achieved early
APR-1051 data timing	2025–2026	H2 2025 safety/efficacy data expected	Q1 2026 safety/efficacy; Q2 2026 dose-escalation complete	Pushed
ATRN-119 strategy	Near-term	Continue monotherapy dose escalation/refine BID	Pause monotherapy; evaluate combinations (radiation, I/O, ADCs)	Strategic shift

Note: We searched for an earnings call transcript for Q3 2025 (Oct–Dec 2025) and found none in our document set.

Topic	Q1 2025 (Prior-2)	Q2 2025 (Prior-1)	Q3 2025 (Current)	Trend
R&D execution	APR-1051 at 100 mg QD; ATRN-119 early activity including BID cohort	APR-1051 100 mg QD cleared; plan 150 mg; ATRN-119 BID activity with tumor shrinkage	APR-1051 3/4 SD at 100 mg; escalated to 150 mg; ATRN-119 RP2D 1,100 mg QD; pivot to combos	Positive clinical momentum, clearer development paths
Combination strategy	MTA with MD Anderson for APR-1051 preclinical work	MD Anderson preclinical synergy with anti–PD‑1 in HPV+ HNSCC	ATRN-119 combinations under evaluation (radiation, I/O, ADCs) ; APR-1051 combos contemplated	Increasing emphasis on combinations
Capital/runway	Into early Q2 2026	Into Q2 2026	Into Q4 2026	Improving runway visibility
External visibility	—	—	Two poster presentations (WEE1 and ATR) at EORTC‑NCI‑AACR	Elevated scientific presence

“We’re encouraged by early signs of anti-tumor activity… including 3 out of 4 patients with stable disease in the 100 mg once daily cohort. We have recently advanced into the 150 mg once daily cohort as dose escalation in this trial continues.” — Oren Gilad, Ph.D., President & CEO (APR-1051) .
“For ATRN-119, identifying the recommended Phase 2 dose for the once daily dosing provides a solid foundation for next-stage development… considering potential combination strategies, with radiation or checkpoint inhibitors…” — Oren Gilad, Ph.D. .
“The Company believes its cash and cash equivalents… will be sufficient… into the fourth quarter of 2026.” .

No earnings call transcript was identified for Q3 2025 in our document set; no Q&A disclosures to report.

EPS missed S&P Global consensus: −$0.47 actual vs −$0.34* (two estimates*), driven by expected operating losses as a clinical-stage biotech with minimal grant revenue .
Revenue was de minimis relative to a consensus of ~$0.00*, reflecting the absence of commercial products; no non-GAAP adjustments were presented .
Estimate revisions: Given extended runway (into Q4 2026) and tighter OpEx, Street EPS loss trajectory may modestly improve, while revenue remains non-informative until late-stage readouts .

Values marked with * are retrieved from S&P Global.

2026 is the focal year: APR-1051 safety/efficacy update in Q1 and dose-escalation completion in Q2 can be meaningful stock catalysts; ATRN-119 combination strategy adds optionality .
Clinical signals are accumulating at sub-maximal doses (APR-1051 3/4 SD at 100 mg; ATRN-119 RP2D QD determined), de-risking the pharmacology heading into 2026 .
Operating discipline is visible (OpEx down, operating loss narrowed YoY) and runway extended to Q4 2026, but further capital will likely be required to fund combination expansions and later-stage trials .
Watch for combination trial initiations/agreements (radiation in HPV+ HNSCC, I/O, ADCs) as incremental value inflection points .
Scientific visibility is improving (dual EORTC‑NCI‑AACR posters), which can aid partnering discussions and investor sentiment .
Near-term trading setup: limited financial catalysts; stock likely trades on clinical headlines (dose-escalation progress, combination study updates) and financing outlook .