Aptose Biosciences(US:APTO)2023-11-08 16:00Financial Performance - The net loss for the nine months ended September 30, 2023, was $39,252,000, compared to a net loss of $31,823,000 for the same period in 2022, indicating a 23.2% increase in losses[20]. - For the three months ended September 30, 2023, the net loss was $11.447 million compared to a net loss of $9.777 million for the same period in 2022, representing a 16.9% increase in losses[27]. - The company reported total comprehensive loss of $39,249,000 for the nine months ended September 30, 2023, compared to $31,840,000 for the same period in 2022[20]. - The net loss for the three months ended September 30, 2023, was $11,447,000, compared to a net loss of $9,777,000 for the same period in 2022, reflecting an increase in losses of 17%[20]. - The company recorded a loss per share of $6.14 for the nine months ended September 30, 2023, compared to a loss per share of $5.17 for the same period in 2022[75]. Assets and Liabilities - Total assets decreased from $51,027,000 as of December 31, 2022, to $20,876,000 as of September 30, 2023, representing a decline of approximately 59%[12][14]. - Total liabilities remained relatively stable, decreasing slightly from $13,286,000 to $13,100,000[15]. - Total shareholders' equity decreased significantly from $37,741,000 as of December 31, 2022, to $7,776,000 as of September 30, 2023, a decline of approximately 79.4%[17]. - The company’s working capital as of September 30, 2023, was approximately $7.3 million, down from $37.2 million as of December 31, 2022[36]. - Cash and cash equivalents dropped from $36,970,000 to $15,720,000, a decrease of about 57.6%[12]. Cash Flow and Financing - Cash used in operating activities for the nine months ended September 30, 2023, was $35.331 million, up from $23.671 million in the same period of 2022, indicating a 49.4% increase in cash outflow[27]. - The company plans to raise additional funds through equity financing under the 2022 ATM Facility, 2023 Committed Equity Facility, and the Hanmi Subscription Agreement to support operations[36]. - The company expects to continue experiencing negative cash flow from operations until regulatory approval is received for its product candidates[34]. - The company is evaluating strategies to obtain additional funding, including equity financing and restructuring operations to decrease expenses[40]. - The company’s current cash and cash equivalents are projected to support operations through March 2024, raising substantial doubt about its ability to continue as a going concern[33]. Research and Development - Research and development expenses for the three months ended September 30, 2023, were $8,256,000, up 25.5% from $6,578,000 for the same period in 2022[20]. - The company recognized $3.1 million in expenses related to the supply agreement with Hanmi for the nine months ended September 30, 2023[64]. - Supply costs paid to Hanmi amounted to $4.5 million for the nine months ended September 30, 2023, compared to nil in the same period of 2022[65]. - The company has two clinical-stage investigational products for hematological malignancies: tuspetinib and luxeptinib[32]. Shareholder Equity and Stock Options - The company issued 668,000 common shares under the Hanmi Subscription Agreement, raising $3,000,000[23]. - The weighted average number of common shares outstanding increased from 6,153,000 in Q3 2022 to 6,495,000 in Q3 2023[20]. - The Company granted 217 stock options during the nine months ended September 30, 2023, with a weighted average exercise price of $9.87[90]. - The Company issued a total of 328,438 Common Shares to Keystone at an average price of $3.5 per share, raising cash proceeds of $1.15 million as of September 30, 2023[70]. - The Company raised a total of $1.94 million in cash proceeds from issuing Common Shares under the 2022 ATM Facility as of September 30, 2023[72].