Aptose Biosciences (APTO) Q4 2025 earnings summary

Executive summary

• Focused on developing precision medicines for oncology, especially hematology, with lead asset tuspetinib in clinical trials for AML.

• Entered into an arrangement agreement for acquisition by Hanmi, with delisting from TSX expected post-transaction.

• No product revenues; operations funded by equity, debt, and advances from Hanmi.

Financial highlights

• Net loss for 2025 was $25.5 million, slightly higher than $25.4 million in 2024.

• R&D expenses decreased to $11.3 million in 2025 from $15.1 million in 2024, mainly due to lower clinical and personnel costs.

• General and administrative expenses increased to $13.4 million in 2025 from $11.2 million in 2024, driven by higher legal and professional fees.

• Cash, cash equivalents, and restricted cash at year-end 2025 were $4.1 million, down from $6.7 million in 2024.

• Working capital deficit of $2.9 million at year-end 2025, compared to positive $5.1 million in 2024.

• Accumulated deficit reached $566.4 million as of December 31, 2025.

Outlook and guidance

• Substantial doubt exists about ability to continue as a going concern; additional financing is necessary.

• Ongoing clinical development of tuspetinib, with further advances dependent on Hanmi funding and/or new capital.

• Arrangement with Hanmi expected to close in first half of 2026, subject to customary conditions.