Aprea Therapeutics(APRE) - 2024 Q1 - Quarterly Results

Financial Performance - Aprea Therapeutics reported cash and cash equivalents of $32.4 million as of March 31, 2024, up from $21.6 million at December 31, 2023[6]. - The company experienced an operating loss of $3.1 million for Q1 2024, an improvement from an operating loss of $4.6 million in the same period in 2023[6]. - Grant revenue for the three months ended March 31, 2024, was $380,569, compared to $0 in the same period last year[13]. - Total operating expenses decreased to $3.53 million in Q1 2024 from $4.62 million in Q1 2023, a reduction of about 23.5%[13]. - Net loss narrowed to $2.81 million for the three months ended March 31, 2024, compared to a net loss of $4.38 million in the same period last year, reflecting an improvement of approximately 35.9%[13]. - Net loss per share attributable to common stockholders improved to $(0.67) in Q1 2024 from $(1.34) in Q1 2023[13]. Research and Development - Research and Development (R&D) expenses increased to $1.6 million in Q1 2024, compared to $1.3 million in Q1 2023, primarily due to IND enabling studies for APR-1051[6]. - Aprea plans to initiate the Phase 1 ACESOT-1051 clinical trial for APR-1051 in June 2024, following FDA clearance of the IND[2][3]. - The ATRN-119 clinical trial (ABOYA-119) is on track to complete dose escalation by the end of 2024, with initial efficacy data expected in 2H 2024[2][4]. - As of March 12, 2024, 16 patients were enrolled in the dose escalation stage of the ABOYA-119 trial, with preliminary signs of clinical benefit observed in two patients[2]. - A lead candidate for a third synthetic lethality program is expected to be selected in Q3 2024, potentially providing new treatment options for cancer patients[4]. Administrative Expenses - General and Administrative (G&A) expenses decreased to $1.9 million in Q1 2024, down from $3.4 million in Q1 2023, mainly due to reduced personnel costs[6]. - General and administrative expenses decreased significantly to $1.93 million in Q1 2024 from $3.37 million in Q1 2023, a decline of approximately 42.5%[13]. Assets and Liabilities - Total assets increased to $33.20 million as of March 31, 2024, up from $22.65 million at December 31, 2023, representing a growth of approximately 46.5%[11]. - Total current liabilities decreased to $2.97 million as of March 31, 2024, down from $4.39 million at December 31, 2023, a reduction of about 32.2%[11]. - Cash and cash equivalents increased to $32.37 million as of March 31, 2024, compared to $21.61 million at December 31, 2023, representing a growth of approximately 49.9%[11]. Leadership Changes - Nadeem Q. Mirza, M.D., M.P.H. was appointed as Chief Medical Officer effective May 1, 2024, to lead the company's expanding clinical pipeline[5]. Shareholder Information - Weighted-average common shares outstanding increased to 4,198,326 in Q1 2024 from 3,260,484 in Q1 2023, reflecting an increase of approximately 28.7%[13].