Aprea Therapeutics(APRE) - 2023 Q4 - Annual Results

Financial Performance - Aprea Therapeutics reported cash and cash equivalents of $21.6 million as of December 31, 2023[8]. - The company experienced an operating loss of $3.7 million for Q4 2023, compared to an operating loss of $2.7 million in Q4 2022, reflecting a 37% increase in losses[8]. - For the full year 2023, Aprea reported an operating loss of $15.5 million, a substantial decrease from $113.4 million in 2022, primarily due to reduced R&D expenses[9]. - Net loss for the three months ended December 31, 2023, was $(3,443,254), compared to $(2,442,142) for the same period in 2022[14]. - Total operating expenses for the year ended December 31, 2023, were $113,392,228, an increase from $16,055,194 in 2022[14]. - Cash and cash equivalents decreased to $21,606,820 as of December 31, 2023, from $28,786,647 in 2022[15]. - Total current liabilities increased to $4,385,605 as of December 31, 2023, from $3,201,086 in 2022[15]. - Accumulated deficit rose to $(308,083,161) as of December 31, 2023, compared to $(293,796,405) in 2022[15]. - Total assets decreased to $22,650,174 as of December 31, 2023, from $30,155,827 in 2022[15]. Research and Development - Research and Development (R&D) expenses for Q4 2023 were $2.0 million, up from $0.5 million in Q4 2022, indicating a significant increase in clinical trial activities[8]. - The company’s R&D expenses for the year ended December 31, 2023, were $7.6 million, down from $16.4 million in 2022, reflecting the completion of previous clinical trials[9]. - Research and development expenses for the year ended December 31, 2023, totaled $16,402,273, up from $531,406 in 2022[14]. - Aprea plans to initiate the Phase 1 ACESOT-1051 clinical trial for APR-1051 in H1 2024 following FDA clearance of its IND[5]. - The ATRN-119 trial is on track to complete dose escalation by the end of 2024, with initial efficacy data expected in H2 2024[3]. Administrative Expenses - General and Administrative (G&A) expenses for Q4 2023 were $1.6 million, a decrease from $2.1 million in Q4 2022, due to lower personnel costs[8]. - General and administrative expenses for the year ended December 31, 2023, were $20,969,771, compared to $2,120,222 in 2022[14]. Financing and Cash Position - Aprea raised approximately $16 million in a private placement financing in March 2024 to support its clinical programs[1]. - The company anticipates that its current cash position, combined with the recent financing, will be sufficient to meet operating expenses into Q3 2025[9]. Revenue - Grant revenue for the three months ended December 31, 2023, was $14,075, compared to $0 for the same period in 2022[14]. - Interest income for the three months ended December 31, 2023, was $310,287, an increase from $243,082 in the same period of 2022[14].