APTOSE BIOSCIENCES INC | 10-K: FY2025 Revenue: USD 0

Revenue: As of FY2025, the actual value is USD 0.

EPS: As of FY2025, the actual value is USD -10.41.

EBIT: As of FY2025, the actual value is USD -23.99 M.

Overall Company Financial Performance

• Net Loss: The Company reported a net loss of - $25.5 million for the fiscal year ended December 31, 2025, a slight increase from - $25.4 million for the fiscal year ended December 31, 2024.
• Accumulated Deficit: The accumulated deficit was - $566.4 million as of December 31, 2025, compared to - $541.0 million as of December 31, 2024.
• Cash and Equivalents: Cash, cash equivalents, restricted cash, and restricted cash equivalents totaled $4.1 million as of December 31, 2025, down from $6.7 million as of December 31, 2024.
• Working Capital: Working capital was - $2.9 million as of December 31, 2025, a decrease from $5.1 million as of December 31, 2024.
• Shareholders’ Deficit: Shareholders’ deficit was - $27.2 million as of December 31, 2025, compared to - $4.5 million as of December 31, 2024.

Cash Flow

• Cash Flow from Operating Activities: Cash used in operating activities was - $22.0 million for the year ended December 31, 2025, an improvement from - $36.0 million for the year ended December 31, 2024, primarily due to reduced operating expenses and increases in accounts payable and accrued liabilities.
• Cash Flow from Investing Activities: Cash flow from investing activities was $0 for the year ended December 31, 2025, compared to $18,000 provided in 2024.
• Cash Flow from Financing Activities: Cash provided by financing activities was $19.4 million for the year ended December 31, 2025, mainly from $18.6 million in advances under Hanmi Facility Agreements and $0.8 million from common share issuance. In 2024, cash provided by financing activities was $33.4 million, including funds from a related-party loan, public offerings, and a private placement.

Operating Expenses

• Research and Development (R&D) Expenses: R&D expenses decreased by $3.8 million to $11.3 million for the year ended December 31, 2025, from $15.1 million in 2024. This decrease was driven by a $1.7 million reduction in Tuspetinib program costs, approximately $0.1 million reduction in Luxeptinib program costs, and a $1.8 million decrease in personnel-related R&D expenses due to lower headcount.
• General and Administrative (G&A) Expenses: G&A expenses increased by $2.2 million to $13.4 million in 2025, from $11.2 million in 2024, primarily due to increased legal expenses, professional fees, and bonuses.

Operational Metrics by Segment: Tuspetinib Program

• TUSCANY Clinical Study (TUS+VEN+AZA triplet in newly diagnosed AML patients): The TUS+VEN+AZA triplet frontline therapy demonstrated high efficacy, achieving 90% clinical responses (CR/CRh) across 40, 80, and 120 mg dose levels, reaching 100% at the higher 80 mg and 120 mg dose levels. MRD negativity was observed in 78% of responding subjects, and the triplet therapy was well tolerated with no dose-limiting toxicities (DLTs) across all evaluable TUS dose levels. The Cohort Safety Review Committee approved escalating to the 160 mg TUS dose based on favorable safety and efficacy.
• APTIVATE Clinical Trial (TUS monotherapy and TUS+VEN doublet in R/R AML patients): As a single agent, TUS achieved 60% and 42% CR/CRh with 80 mg TUS in FLT3 mutated and all-comer VEN-naïve AML patients, respectively, with a favorable safety profile. The TUS/VEN combination therapy showed a 40% ORR with 80 mg TUS + 400 mg VEN in FLT3 mutated patients and achieved responses in diverse R/R AML patients, including those who failed prior VEN treatment, while maintaining a favorable safety and tolerability profile.

Other Programs

• Luxeptinib (CG-806) and APTO-253: These two molecules are not undergoing active clinical development at this time.

Outlook / Guidance

The Company entered into an Arrangement Agreement to be acquired by Hanmi Pharmaceutical Co. Ltd. and HS North America Ltd. for C$2.41 per share, with the agreement amended to extend the completion deadline to June 30, 2026. The Arrangement was approved by shareholders and is expected to close in the first half of 2026, after which the Company’s securities will be delisted from the Toronto Stock Exchange.