Aptose Reports Year End 2024 Results and Corporate Highlights

Core Insights - Aptose Biosciences is advancing its lead investigational drug tuspetinib in combination with venetoclax and azacitidine for the frontline treatment of newly diagnosed acute myeloid leukemia (AML) [2][3] - The TUSCANY Phase 1/2 trial is showing promising results, with complete remissions achieved in difficult-to-treat AML patients [3] - Financial results for the year ended December 31, 2024, indicate a significant reduction in net loss compared to the previous year [10] Clinical Development - The TUSCANY trial aims to create an improved frontline therapy for newly diagnosed AML patients, demonstrating activity across diverse AML populations [3] - The triplet therapy has achieved complete remissions in TP53-mutated and FLT3-wildtype AML patients, with no significant safety concerns reported [3] - The Cohort Safety Review Committee approved an increase in the dose of tuspetinib from 40 mg to 80 mg based on early results [3] Financial Overview - Total operating expenses for the year ended December 31, 2024, were $26.3 million, a decrease from $52.4 million in 2023 [8] - Research and development expenses decreased to $15.1 million in 2024 from $36.8 million in 2023, primarily due to reduced activity in clinical trials [13][19] - The net loss for 2024 was $25.4 million, down from $51.2 million in 2023, reflecting improved financial management [10] Corporate Activities - Aptose completed several financings totaling approximately $37 million in 2024, including a $10 million loan from Hanmi Pharmaceutical [3] - A Debt Conversion Agreement was executed with Hanmi, converting $1.5 million of debt into equity [3] - A Cooperative Research and Development Agreement (CRADA) was signed with the National Cancer Institute to collaborate on the clinical development of tuspetinib [3] Compliance and Market Position - Aptose has regained compliance with Nasdaq's minimum bid price requirement, with the closing bid price of its common shares exceeding $1.00 for ten consecutive business days [4] - The company is currently operating under an exception regarding the shareholders' equity requirement, providing additional time to regain compliance [4]