Aptose Biosciences Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant changes in revenue, expenses, and overall financial health compared to the previous fiscal period.

As of September 30, 2024, the company had cash and cash equivalents of $7.96 million, a decrease from $9.25 million at the end of 2023. Total current assets also fell to $10.24 million from $11.89 million, while total assets decreased to $10.93 million from $12.99 million. Conversely, total liabilities increased to $20.06 million from $15.89 million, resulting in a negative shareholders' equity of $9.13 million, worsening from negative $2.90 million at the end of 2023.

For the third quarter of 2024, Aptose reported a net loss of $6.95 million, an improvement from a net loss of $11.45 million in the same quarter of 2023. For the nine-month period, the net loss was $23.85 million, down from $39.25 million year-over-year. The basic and diluted loss per share for Q3 2024 was $(0.37), compared to $(1.76) in Q3 2023, while for the nine months, it was $(1.48) versus $(6.14).

Operating expenses for the third quarter totaled $6.97 million, down from $11.68 million in Q3 2023. Research and development expenses decreased significantly to $4.70 million from $8.26 million, and general and administrative expenses also fell to $2.26 million from $3.43 million. The reduction in expenses is attributed to lower personnel-related costs and decreased program costs for both Tuspetinib and Luxeptinib.

Aptose's financing activities showed a notable increase, with cash flow from financing activities for the nine months ended September 30, 2024, amounting to $26.61 million, compared to $6.06 million in the same period of 2023. This included a $10 million loan from Hanmi Pharmaceutical, which is restricted for use in Tuspetinib-related operations.

The company continues to face challenges in raising additional funds due to adverse market conditions and the status of its product pipeline. Management is exploring various options for capital, including equity financing and collaborations. As of September 30, 2024, Aptose's working capital improved to approximately $477,000 from negative $3.38 million at the end of 2023, although substantial doubt remains about its ability to continue as a going concern.

Aptose is focused on the development of precision medicines for oncology, particularly its lead product, Tuspetinib, which is being positioned for a triplet therapy in newly diagnosed acute myeloid leukemia patients. The company has made progress in clinical trials, with plans to deliver important clinical data in the coming months.