Aptose Biosciences Inc. (APTO)·Q4 2024 Earnings Summary

Executive Summary

• FY 2024 expenses fell sharply and losses narrowed: Operating expenses decreased 49.8% YoY to $26.3M, net loss improved to $25.4M, and net loss per share to $(36.38), reflecting scaled-down program activity and lower G&A .
• Clinical execution advanced: Aptose initiated the TUSCANY Phase 1/2 frontline AML triplet (TUS+VEN+AZA), reported early complete remissions at 40 mg and escalated to 80 mg without significant safety concerns; it also entered an NCI myeloMATCH CRADA and presented supportive ASH/AACR data .
• Liquidity runway remains short: Cash was $6.7M at year-end with runway guided through April 2025; financing actions included a $10M Hanmi loan, an $8M public offering, and a $1.5M debt-to-equity conversion; Nasdaq minimum bid price compliance was regained, but shareholders’ equity remains below requirements under an exception .
• Estimate context: S&P Global consensus EPS and revenue estimates for APTO were unavailable for Q4/FY 2024; therefore, beats/misses vs Street cannot be assessed (S&P Global consensus unavailable).

What Went Well and What Went Wrong

What Went Well

• “Tuspetinib brings favorable safety and broad activity across AML genetic subtypes to the TUS+VEN+AZA triplet therapy… We look forward to sharing more data as the trial evolves.” — William G. Rice, Ph.D., CEO, highlighting early CRs including MRD-negative at 40 mg and dose escalation approval to 80 mg .
• “Initiation of the trial is a key milestone… if TUS brings added efficacy… without added toxicities… we may have a game changer in TUS.” — CEO on TUSCANY launch and potential frontline impact .
• “TUS targets known VEN resistance mechanisms, and in combination with VEN, could prevent emergence of resistance… may target AML’s greatest unmet needs and largest markets.” — CMO on ASH data supporting triplet strategy .

What Went Wrong

• Cash runway only until April 2025 based on current operations; cash $6.7M and shareholders’ deficit $(4.543)M at year-end, underscoring financing risk and negative equity .
• Nasdaq: although minimum bid price compliance was regained, Aptose remains out of compliance with the $2.5M shareholders’ equity requirement and is operating under a panel exception; earlier notices detailed deficiencies and appeal needs .
• Reduced R&D reflects scaled-down activity (APTIVATE completion, lower manufacturing), potentially slowing pace of new data generation absent incremental funding; Tuspetinib program costs fell to $9.6M from $24.9M YoY .

Financial Results

Quarterly Operating Performance (oldest → newest)

Annual Operating Performance

R&D Breakdown (Annual)

Balance Sheet Trend (oldest → newest)

Estimates vs Actuals

Segment breakdown: Not applicable; Aptose reports at the company level .

KPIs: Clinical milestones (trial initiation, dose escalation approvals, CR/MRD signals) — see Guidance Changes and Call Themes sections .

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• “Tuspetinib brings favorable safety and broad activity across AML genetic subtypes to the TUS+VEN+AZA triplet therapy… achieved complete remissions… including MRD negative remission.” — William G. Rice, Ph.D., CEO .
• “Tuspetinib… is a potential game-changer as part of a triplet therapy regimen and we continue to advance its development.” — CEO .
• “We are pleased that our triplet protocol… has been allowed to proceed at the 40 mg dose… we remain committed to securing financing to pursue its development.” — CEO .
• “If TUS brings added efficacy… without the added toxicities… we may have a game changer in TUS.” — CEO on trial initiation .
• “We’re grateful to be a part of NCI’s myeloMATCH… Tuspetinib will provide… an investigational agent that can be used to treat a broad spectrum of AML/MDS populations.” — CEO .
• “TUS targets known VEN resistance mechanisms… could prevent emergence of resistance to both agents… may target AML’s greatest unmet needs.” — CMO .

Q&A Highlights

• No Q4 2024 earnings call transcript was available in the document set; Q&A highlights could not be assessed. We searched the catalog and found no APTO Q4 2024 transcript [Search attempt returned no APTO results in Mar–Apr 2025].

Estimates Context

• S&P Global Wall Street consensus for Q4 2024 and FY 2024 EPS and revenue was unavailable for APTO; we could not retrieve consensus or compare actuals to estimates (S&P Global consensus unavailable).
• Aptose does not report product revenue; comparison would focus on EPS and cash metrics, which were not covered by available consensus for this period .

Key Takeaways for Investors

• Liquidity overhang persists: cash guided through April 2025 with negative equity; expect ongoing financing needs and potential dilution absent near-term collaboration payments or milestone funding .
• Clinical catalysts in 1H–mid 2025: CR/MRD/safety data from TUSCANY and an EHA 2025 readout could be stock-moving; early CRs and dose escalation already de-risked safety at initial levels .
• Strategic validation: NCI myeloMATCH CRADA and ASH/AACR data strengthen the triplet thesis and breadth across AML subgroups, including FLT3 wildtype and prior-VEN failures .
• Nasdaq compliance trajectory: minimum bid price regained; equity requirement still pending under exception through March 31, 2025 — listing status remains a near-term risk factor .
• Cost discipline: FY operating expenses declined ~50% YoY; R&D reductions reflect completed trials and focus on triplet, potentially extending runway modestly while the company pursues funding .
• Hanmi relationship evolving: $10M facility complete; $1.5M debt-to-equity conversion executed; co-development agreement expected in 1H 2025, which could provide non-dilutive/structured funding .
• Trading implications: Near-term price action likely keyed to clinical updates, equity compliance developments, and financing prints; medium-term thesis hinges on differentiated safety/activity enabling a mutation-agnostic frontline triplet in AML .