Aprea Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on precision oncology, reported its financial results for the third quarter and nine months ended September 30, 2024. The company experienced a notable increase in cash and cash equivalents, rising to approximately $26.2 million from $21.6 million at the end of 2023. Total current assets also increased to $26.5 million, up from $22.5 million, while total assets reached $26.9 million, compared to $22.7 million previously. Current liabilities decreased to $3.6 million from $4.4 million, contributing to a rise in total stockholders’ equity to $21.9 million, up from $17.0 million.

In terms of revenue, Aprea reported grant revenue of $354,621 for Q3 2024, an increase from $319,468 in Q3 2023. For the nine months ended September 30, 2024, grant revenue surged to $1.3 million, compared to $569,156 for the same period in 2023. Despite this revenue growth, total operating expenses for Q3 2024 rose to $4.5 million from $3.8 million in Q3 2023, leading to a loss from operations of $(4.1 million), compared to $(3.5 million) in the prior year. The net loss for Q3 2024 was $(3.8 million), an increase from $(3.2 million) in Q3 2023. However, the net loss for the nine months ended September 30, 2024, improved to $(10.1 million) from $(10.8 million) in the same period of 2023.

Research and development expenses for the nine months ended September 30, 2024, totaled $7.0 million, up from $5.6 million in 2023, primarily driven by increased costs associated with the ATRN-119 clinical trial. General and administrative expenses decreased to approximately $5.4 million from $6.8 million, largely due to reduced personnel costs related to severance expenses for former executives.

Aprea's financing activities showed significant improvement, with net cash provided by financing activities reaching $14.7 million for the nine months ended September 30, 2024, compared to $5.1 million in the same period of 2023. This increase was attributed to the sale of shares and warrants, including a private placement that generated approximately $16.0 million in gross proceeds.

The company continues to focus on its clinical programs, including ATRN-119 and APR-1051, with ongoing trials and expected data readouts in 2025. Aprea's cash position is anticipated to support its operations for at least the next twelve months, although the company acknowledges the need for additional financing to sustain its development activities until significant revenue is generated from product sales.