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Aptose Biosciences Inc. (APTOF)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 showed operational tightening: total operating expenses fell to $4.9M (from $6.9M in Q3’24 and $6.9M in Q2’25), narrowing net loss to $5.1M; EPS improved to $(2.01) from $(2.76) in Q2’25 and $(11.33) in Q3’24 .
  • Clinical progress accelerated: 100% CR/CRh responses in 6/6 patients at 80mg and 120mg dosing; dosing escalated to 160mg with additional updates expected at ASH (Dec 6-9, 2025) .
  • Liquidity remains the principal risk: cash was $1.6M at quarter-end and management reiterated reliance on Hanmi advances and active financing/cost reductions to extend runway .
  • Near-term catalyst: ASH poster and more recent triplet data across four dose levels; data depth and durability could drive sentiment and capital formation options .

What Went Well and What Went Wrong

What Went Well

  • Tuspetinib triplet efficacy and tolerability: “Patients evaluated at the higher dose levels of 80 mg and 120 mg TUS have all (6/6; 100%) achieved CR/CRh responses, exceeding the 66% rate expected from VEN+AZA alone… we now are dosing at 160 mg TUS” — William G. Rice, Ph.D. .
  • MRD-negative responses and diverse genotypes: overall CR/CRh in 9/10 (90%) patients; MRD-negativity in 7/9 (78%); responses across adverse mutational subtypes (including biallelic TP53, FLT3-ITD, NPM1c) and 2 HSCTs completed .
  • Operating discipline: R&D fell to $2.2M (from $4.7M in Q3’24), with declines tied to winding down APTIVATE, lower manufacturing activity, and reduced headcount; total operating expenses fell to $4.9M .

What Went Wrong

  • Cash remains constrained: quarter-end cash was $1.6M; company reaffirmed it “does not have sufficient cash to fund operations and relies on advances made by Hanmi” .
  • Other expense increased: other (expense) income, net was $(0.21)M in Q3’25 versus $0.01M in Q3’24, adding to bottom-line pressure despite OpEx reductions .
  • Continued shareholder deficit expansion: shareholders’ deficit widened to $(19.45)M at Sep 30, 2025 (from $(4.54)M at Dec 31, 2024), reflecting cumulative losses and capital structure strain .

Financial Results

Quarterly P&L and EPS (USD, thousands unless noted)

MetricQ1 2025Q2 2025Q3 2025
Research & Development ($USD Thousands)$2,364 $3,298 $2,205
General & Administrative ($USD Thousands)$3,097 $3,623 $2,708
Total Operating Expenses ($USD Thousands)$5,461 $6,921 $4,913
Other (Expense) Income, net ($USD Thousands)$(82) $(122) $(210)
Net Loss ($USD Thousands)$(5,543) $(7,043) $(5,123)
EPS (Basic & Diluted, $USD)$(2.61) $(2.76) $(2.01)
Weighted Avg Shares (Units)2,126,287 2,552,429 2,552,429

YoY Comparison (Q3 2025 vs Q3 2024)

MetricQ3 2024Q3 2025
Research & Development ($USD Thousands)$4,702 $2,205
General & Administrative ($USD Thousands)$2,263 $2,708
Total Operating Expenses ($USD Thousands)$6,965 $4,913
Other (Expense) Income, net ($USD Thousands)$12 $(210)
Net Loss ($USD Thousands)$(6,953) $(5,123)
EPS (Basic & Diluted, $USD)$(11.33) $(2.01)
Weighted Avg Shares (Units)613,604 2,552,429

Liquidity Snapshot

MetricDec 31 2024Mar 31 2025Jun 30 2025Sep 30 2025
Cash, Cash Equivalents & Restricted ($USD Thousands)$6,707 $4,743 $1,298 $1,637
Working Capital ($USD Thousands)$5,053 $651 $(5,729) $(3,302)
Total Assets ($USD Thousands)$10,127 $7,467 $5,591 $6,341
Shareholders’ Deficit ($USD Thousands)$(4,543) $(7,393) $(14,371) $(19,450)

Note: The press release did not include a revenue line and Aptose is a clinical-stage company with no marketed products; revenue was not reported for the periods shown .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayQ1 2025 → Q3 2025“Sufficient resources to fund planned operations until end of May 2025” (as of Mar 31, 2025) “Does not have sufficient cash to fund operations; relies on advances made by Hanmi; actively deploying financing and cost reduction efforts” (as of Sep 30/Nov 7, 2025) Lowered
Tuspetinib Triplet Program TimelineQ1/Q2 2025EHA (June) data; opening 120mg/160mg cohorts; plan to select dose for Ph2/3 pivotal and prepare for initiation ASH (Dec) poster with evolving response/durability across four dose levels; dosing at 160mg Maintained (expanded data clarity)
Financial Guidance (Revenue/Margins)Q1–Q3 2025None provided None provided Maintained

Earnings Call Themes & Trends

TopicPrevious Mentions (Q1 & Q2)Current Period (Q3 2025)Trend
Tuspetinib efficacy/tolerabilityMultiple CRs at 40mg/80mg; 120mg cohort showed no DLTs; 160mg cohort opened 100% CR/CRh at 80mg/120mg; dosing at 160mg; broader mutational coverage Improving efficacy across doses
MRD status and depth of responseMRD-negative CRs reported at 40mg/80mg cohorts MRD-negativity in 7/9 responders; 2 HSCTs completed Strengthening durability/quality
R&D execution and OpExR&D declines tied to APTIVATE wind-down and headcount reduction Further R&D drop to $2.2M; total OpEx to $4.9M Continued cost discipline
Financing and liquidityOT CQB listing; Nasdaq delisting; Hanmi loan facility up to $8.5M; $5.6M received to date Cash $1.6M; reliance on Hanmi advances reiterated Liquidity pressure persists
Corporate governanceEY appointed as auditor; reconvened shareholder meeting No new governance changes disclosed in Q3 PR Stable post-auditor change
ConferencesEHA oral presentation (June); ESH poster acceptance (Oct) ASH poster (Dec) with more recent updates Ongoing data visibility

Management Commentary

  • “Tuspetinib in combination with VEN+AZA… has been highly active and so well tolerated… we dose escalated to the 160 mg TUS dose level in the triplet… we look forward to providing further updates next month at ASH.” — William G. Rice, Ph.D., Chairman, President & CEO .
  • “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.” — William G. Rice, Ph.D. .
  • “Our TUSCANY clinical trial… continues to deliver robust safety and response data… Three patients receiving the initial dose of 40 mg and three patients receiving the 80 mg dose all have achieved complete remissions.” — William G. Rice, Ph.D. .

Q&A Highlights

  • No formal Q3 2025 earnings call transcript is available in the document set; Q&A highlights are not accessible from filings [ListDocuments results showing no “earnings-call-transcript” for Q3 2025].

Estimates Context

  • Wall Street consensus for Q3 2025 was unavailable via S&P Global for EPS and revenue; no estimate counts were returned. Values retrieved from S&P Global.
MetricQ3 2025
Primary EPS Consensus Meann/a*
Revenue Consensus Meann/a*
Primary EPS - # of Estimatesn/a*
Revenue - # of Estimatesn/a*

Values retrieved from S&P Global.

Financial Results vs Estimates

  • With consensus unavailable, no beat/miss determination can be made for EPS or revenue. Values retrieved from S&P Global.

KPIs: Clinical Program (Tuspetinib Triplet)

KPIQ1 2025Q2 2025Q3 2025
CR/CRh Responses40mg: 3/4 CRs; 80mg: 3/3 CRs Multiple CRs at 40mg/80mg; 120mg cohort on study; no DLTs; 160mg cohort opened 80mg & 120mg: 6/6 (100%) CR/CRh; overall 9/10 (90%) CR/CRh
MRD NegativityMRD-negative in early CRs (clinical/central reports) MRD-negative across diverse populations (EHA summary) 7/9 (78%) of responders MRD-negative by central flow
Dose Escalation StatusEscalated from 40mg to 80mg 160mg cohort opened after CSRC review Active dosing at 160mg
Safety/TolerabilityNo DLTs at 40mg/80mg No DLTs at 120mg; safe with standard VEN/AZA dosing “Excellent safety” reported across 40/80/120mg
HSCTs Completedn/a disclosedn/a disclosed2 patients

Clear Implications

  • Liquidity dictates timeline: Despite strong clinical signals, very limited cash and reliance on partner advances create financing overhang that could require near-term capital actions .
  • Efficacy depth at higher doses: 100% CR/CRh at 80/120mg and MRD-negativity support a potentially differentiated triplet; ASH data could refine dose selection for pivotal path .
  • Execution discipline: Lower R&D/OpEx improved EPS sequentially; sustaining trial momentum while preserving cash will be central to investor confidence .

Key Takeaways for Investors

  • Watch ASH (Dec 6-9): expanded triplet dataset across four dose levels could be a pivotal sentiment driver and inform Phase 2/3 dose selection .
  • Financing overhang: Cash of $1.6M and stated reliance on Hanmi advances suggest urgency for financing/cost actions; monitor loan facility usage and any equity/warrant activity .
  • Clinical differentiation: 100% CR/CRh at higher doses and MRD-negative rates across adverse genotypes (including TP53) point to potential broad utility; durability updates matter .
  • Operating leverage: Continued R&D moderation (APTIVATE wind-down, headcount) helped narrow net loss; sustaining efficiency while advancing trials will be key .
  • Corporate housekeeping largely stabilized: EY auditor appointment and OTCQB listing improve structural footing and investor access; no new governance issues disclosed in Q3 .
  • Near-term trading lens: Data cadence (ASH) vs. financing path will likely drive stock reaction; updates on Hanmi advances and capital plans are critical to runway .
  • Estimate context: With no S&P Global consensus available, the narrative will hinge on clinical readouts and liquidity actions rather than beats/misses. Values retrieved from S&P Global.