Aptose Biosciences(US:APTO)2023-08-09 16:00Financial Performance - The net loss for the three months ended June 30, 2023, was $14,129 thousand, compared to a net loss of $10,565 thousand for the same period in 2022, indicating a 34% increase in losses [19]. - The net loss for the six months ended June 30, 2023, was $27.81 million, compared to a net loss of $22.05 million for the same period in 2022, indicating a 26% increase in losses [19]. - Basic and diluted loss per common share for the three months ended June 30, 2023, was $2.27, compared to $1.72 for the same period in 2022, reflecting a 32% increase in loss per share [19]. - The company reported a net loss per share of $4.47 for the six months ended June 30, 2023, compared to $3.59 for the same period in 2022, indicating a worsening loss per share [62]. - The company reported total operating expenses of $14,452 thousand for the three months ended June 30, 2023, which is a 35% increase from $10,673 thousand in the same period of 2022 [19]. Assets and Liabilities - Total assets decreased from $51,027 thousand as of December 31, 2022, to $26,575 thousand as of June 30, 2023, representing a decline of approximately 48% [16]. - Total current assets decreased from $49.52 million as of December 31, 2022, to $25.26 million as of June 30, 2023, a decline of 49% [15]. - Total liabilities decreased slightly from $13,286 thousand as of December 31, 2022, to $12,789 thousand as of June 30, 2023, a reduction of approximately 4% [16]. - Shareholders' equity fell from $37,741 thousand to $13,786 thousand, a decline of about 64% [16]. - Cash and cash equivalents dropped significantly from $36,970 thousand to $8,400 thousand, a decrease of about 77% [15]. Cash Flow and Funding - The company used $13.5 million in operating activities during the three months ended June 30, 2023, compared to $7.0 million in the same period in 2022 [25]. - The company utilized $24.8 million in cash for operating activities during the six months ended June 30, 2023, compared to $16.7 million for the same period in 2022 [25]. - The company plans to raise additional funds to support its operations, but there is no assurance that such funds will be available on acceptable terms [29]. - The company is evaluating strategies to obtain additional funding for future operations due to substantial doubt about its ability to continue as a going concern [36]. - The company has entered into a committed equity facility with Keystone Capital Partners, allowing for the sale of up to $25.0 million of common shares over a 24-month term [58]. Research and Development - Research and development expenses for the three months ended June 30, 2023, were $10,582 thousand, up 44% from $7,341 thousand in the same period of 2022 [19]. - The company has two clinical-stage investigational products for hematological malignancies: tuspetinib and luxeptinib [28]. - The company expects negative cash flow to continue until regulatory approval is received for its products or revenue exceeds expenses [30]. Stock and Equity - The company issued common shares under the 2022 ATM Facility, raising $1.1 million during the three months ended June 30, 2023 [25]. - A reverse stock split at a ratio of 1-for-15 was approved and took effect on June 6, 2023 [33]. - The company granted 215,000 stock options during the six months ended June 30, 2023, with a weighted average exercise price of $9.93 [68]. - The company recorded share-based payment expense of $2,643,000 for the six months ended June 30, 2023, down from $3,293,000 in the same period of 2022, reflecting a 20% decrease [79]. - The company has a maximum of 113,333 common shares available for sale under the Employee Stock Purchase Plan (ESPP) [67]. Accumulated Deficit - As of June 30, 2023, the company reported an accumulated deficit of approximately $492.1 million, up from $464.3 million as of December 31, 2022 [32]. - The company had working capital of approximately $13.3 million as of June 30, 2023, down from $37.2 million as of December 31, 2022 [32]. - Accrued liabilities increased to $8.084 million as of June 30, 2023, compared to $5.657 million on December 31, 2022 [51].