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Aptose Biosciences Inc. (APTOF)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 net loss was $7.04M and diluted EPS was $-2.76, a slight miss of $0.02 vs the S&P Global Wall Street consensus EPS of $-2.74; revenue was expected at $0 given Aptose’s pre-revenue profile .
  • YoY operating expenses fell to $6.92M from $7.35M, driven by lower tuspetinib manufacturing/clinical activity and reduced R&D headcount; sequentially OpEx increased vs Q1 ($5.46M) as clinical spend ramped with higher dose cohorts .
  • The CSRC endorsed dose escalation to 160 mg tuspetinib (TUS) in the TUSCANY triplet trial (TUS+VEN+AZA); 120 mg cohort showed no DLTs and all patients remained on study, reinforcing safety/activity signals and setting up ASH data catalysts .
  • Liquidity tightened: cash, cash equivalents and restricted cash were $1.30M at Q2-end; the company relies on a Hanmi loan facility up to $8.5M (aggregate $5.6M received by Q2 release; later increased to $7.1M as of Aug 22) to fund operations—key near-term financing catalyst risk .

What Went Well and What Went Wrong

What Went Well

  • CSRC recommended tuspetinib dose escalation to 160 mg; 120 mg cohort showed no DLTs and all patients stayed on study—supports safety/efficacy and trial momentum .
  • Strong clinical signals at 40 mg and 80 mg: multiple complete remissions (CR/CRi) and MRD-negative responses across diverse mutational profiles (including biallelic TP53, complex karyotype, FLT3-ITD/NPM1, DDX41), reinforcing broad activity .
  • Management tone constructive: “We continue to observe exciting safety and activity with the addition of TUS to the VEN+AZA standard treatment,” positioning upcoming EHA/ASH updates as catalysts .

What Went Wrong

  • Liquidity risk: Q2-end cash, cash equivalents and restricted cash were $1.30M; the company explicitly stated it lacks sufficient cash to fund operations and relies on Hanmi advances .
  • Negative working capital at Q2-end was $(5.73)M and shareholders’ deficit widened to $(14.37)M, underscoring balance sheet strain .
  • R&D scale-down drivers (lower APTIVATE activity, reduced manufacturing, lower headcount) helped YoY OpEx decline but reflect constrained resources; sequential OpEx rose as higher-dose triplet work progressed .

Financial Results

MetricQ2 2024Q1 2025Q2 2025
Net loss ($USD Millions)$(7.25) $(5.54) $(7.04)
Diluted EPS ($USD)$(12.99) $(2.61) $(2.76)
Operating expenses ($USD Millions)$7.35 $5.46 $6.92
Weighted avg shares (basic & diluted)558,476 2,126,287 2,552,429
Cash, cash equivalents & restricted ($USD Millions)—$4.74 $1.30
Total assets ($USD Millions)—$7.47 $5.59

Notes: Company did not present revenue; S&P Global consensus revenue estimate was $0 for Q2 2025 (see Estimates Context). “—” indicates not disclosed in cited document for that specific quarter.

Segment breakdown: Not applicable (no operating segments disclosed in Q2 press release) .

KPIs (Clinical)

KPIQ2 2024Q1 2025Q2 2025
TUSCANY triplet CRs (40 mg cohort)—3 of 4 CRs, MRD-negative reaffirmed via EHA data
TUSCANY triplet CRs (80 mg cohort)—3 of 3 CR/CRi reaffirmed via EHA data
120 mg cohort safety——No DLTs; all patients remained on study
160 mg cohort status——Enrollment opened after CSRC decision
Patients on study (first 10 enrolled)——9 of 10 remained on treatment

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
TUSCANY dosing strategy2H 2025Dose escalation to 80 mg underway; early CR/MRD signals (Q1 PR) CSRC approved escalation; 160 mg cohort open (Q2 PR) Raised (dose level advanced)
Data disclosuresEHA 2025Planned maturing triplet data at EHA EHA oral presentation delivered; further evolving 120 mg data to be reported Maintained/updated
ASH 2025ASH 2025Plan to report response rate/durability; select dose for Ph 2/3; prep pivotal program Reiterated plan to report at ASH and progress to Ph 2/3 selection Maintained
Financing runwayQ2–Q3 2025Cash sufficient to end of May 2025; pursue financing/cost reduction Hanmi US$8.5M loan facility (US$5.6M received by Q2 PR; later reached US$7.1M on Aug 22) Extended via loan advances

Earnings Call Themes & Trends

Note: A Q2 2025 earnings call transcript was not found in our document set or on the company’s IR site; this section reflects themes from press releases and 8-K .

TopicPrevious Mentions (Q1 2025)Current Period (Q2 2025)Trend
R&D execution (TUSCANY triplet)40 mg and 80 mg cohorts delivered CR/MRD-negative signals; safety intact 120 mg cohort showed no DLTs; CSRC endorsed move to 160 mg; ongoing enrollment Positive progression (dose escalation, sustained safety)
Product performance (breadth of activity)CRs across TP53, FLT3-ITD/NPM1, DDX41 mutations MRD-negative responses across diverse genetics; activity regardless of FLT3/TP53/NPM1/MRD status Consistently strong signals
FinancingCash to end of May; seeking financing US$8.5M Hanmi loan facility; US$5.6M received by Q2 PR; US$7.1M by Aug 22 Improved funding, still reliant on advances
Governance/Audit—EY selected as new independent auditor; reconvened meeting Aug 22 Strengthened audit oversight
Listing/Investor accessNasdaq delisting; OTC listing introduced Upgraded to OTCQB (APTOF) on July 1 Improved U.S. trading venue

Management Commentary

  • “During the second quarter, the TUSCANY triplet trial continued to progress well… we continue to observe exciting safety and activity with the addition of TUS to the VEN+AZA standard treatment. We look forward to providing updates to the data we presented at EHA in June.” — William G. Rice, Ph.D., Chairman, President & CEO .
  • EHA 2025 oral presentation: multiple CRs achieved at 40 mg (3 of 4, MRD-negative) and 80 mg (3 of 3 CR/CRi); activity across diverse genetic populations; favorable PK and no prolonged myelosuppression in Cycle 1; 9 of 10 patients remained on treatment .

Q&A Highlights

  • No Q2 2025 earnings call transcript was identified; key clarifications came via the 8-K/press release and subsequent corporate updates (loan facility, OTCQB upgrade, auditor appointment) .

Estimates Context

MetricPeriodConsensus (S&P Global)ActualSurprise
Primary EPS Consensus MeanQ2 2025$-2.74$-2.76 -$0.02 (miss; 1 estimate)
Revenue Consensus Mean ($USD Millions)Q2 2025$0.00n/a (no revenue reported)n/a

Coverage note: EPS and revenue had 1 estimate each, indicating limited analyst coverage; comparisons anchored to S&P Global consensus via tool results.

Key Takeaways for Investors

  • Dose escalation to 160 mg in the TUSCANY triplet (after CSRC review) with no DLTs at 120 mg strengthens the safety/efficacy narrative and sets up ASH visibility—key upside catalyst .
  • Liquidity remains the core risk: $1.30M cash (incl. restricted) at Q2-end; operations funded through Hanmi’s US$8.5M loan facility; monitor timing/size of future advances and any strategic transactions .
  • Operating discipline improved YoY (OpEx down to $6.92M from $7.35M) amid targeted R&D focus; sequential OpEx increased vs Q1 as higher-dose triplet activity resumed—consistent with trial progression .
  • Minimal earnings dispersion: EPS of $-2.76 missed consensus by $0.02; with one estimate, stock moves likely hinge more on clinical updates/financing than quarterly P&L deltas.
  • Governance upgrade (EY appointment) and OTCQB listing may incrementally support investor access/credibility amid financing challenges .
  • Near-term trading implications: watch for press releases on 160 mg cohort enrollment/early readouts and ASH disclosures; liquidity updates from Hanmi facility could be binary for runway .

Additional relevant Q2 period press releases and updates:

  • OTCQB upgrade (July 1, 2025) .
  • Hanmi loan agreement (June 20, 2025) and subsequent advances (July 15, 2025; Aug 22, 2025) .