Aptose Biosciences Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Aptose Biosciences Inc. filed its quarterly report, detailing financial activities and equity events for the period ending March 31, 2024.</b>

AI Summary

Aptose Biosciences Inc. (APTOF) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Aptose Biosciences Inc. filed a 10-Q report for the period ending March 31, 2024. The company was formerly known as LORUS THERAPEUTICS INC. and IMUTEC PHARMA INC. The filing includes data related to various share-based compensation awards and equity facilities. Specific dates mentioned include May 25, 2023, for the Committed Equity Facility and January 31, 2024, for a private placement with Hanmi Pharmaceutical Co., Ltd. The report details financial instruments such as U.S. Treasury Securities and Bank Time Deposits, with fair value inputs noted as Level 2 and Level 3.

Why It Matters

For investors and stakeholders tracking Aptose Biosciences Inc., this filing contains several important signals. This filing provides a snapshot of Aptose Biosciences' financial health and operational activities during the first quarter of 2024, crucial for investors assessing the company's current standing. The inclusion of details on equity facilities and share-based compensation offers insight into the company's capital structure and employee incentive programs.

Risk Assessment

Risk Level: low — Aptose Biosciences Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant new risks or positive/negative developments beyond normal business operations.

Analyst Insight

Review the detailed financial statements and disclosures within the 10-Q to understand Aptose Biosciences' current financial position and any specific operational updates.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-14 — Filing Date (Filed as of Date)
• 2023-05-25 — Committed Equity Facility Date (Date associated with the Committed Equity Facility)
• 2024-01-31 — Private Placement Date (Date of private placement with Hanmi Pharmaceutical Co., Ltd.)

Key Players & Entities

• Aptose Biosciences Inc. (company) — Filer and subject of the report
• LORUS THERAPEUTICS INC. (company) — Former company name
• IMUTEC PHARMA INC (company) — Former company name
• Hanmi Pharmaceutical Co., Ltd (company) — Counterparty in a private placement
• 2024-03-31 (date) — Conformed period of report
• 2024-05-14 (date) — Filed as of date

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly financial report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and position between annual reports.)

Committed Equity Facility

An agreement allowing a company to sell shares to an investor over time under specified terms. (Indicates a method for raising capital, relevant to the company's financing strategy.)

Share-Based Compensation

Compensation provided to employees in the form of stock options, restricted stock units, or other equity awards. (Reflects how the company incentivizes and retains its workforce, impacting dilution and expenses.)

Filing Documents

• apto-20240331.htm (10-Q) — 1253KB
• apto-ex31_1.htm (EX-31.1) — 15KB
• apto-ex31_2.htm (EX-31.2) — 12KB
• apto-ex32_1.htm (EX-32.1) — 6KB
• apto-ex32_2.htm (EX-32.2) — 6KB
• img239725604_0.jpg (GRAPHIC) — 5KB
• 0000950170-24-059768.txt (&nbsp;) — 6132KB
• apto-20240331.xsd (EX-101.SCH) — 1143KB
• apto-20240331_htm.xml (XML) — 954KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION 4

– Financial Statements

Item 1 – Financial Statements 4

– Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 20

– Qualitative and Quantitative Disclosures about Market Risk

Item 3 – Qualitative and Quantitative Disclosures about Market Risk 33

– Controls and Procedures

Item 4 – Controls and Procedures 33

—OTHER INFORMATION

PART II—OTHER INFORMATION 34

– Legal Proceedings

Item 1 – Legal Proceedings 34

– Risk Factors

Item 1A – Risk Factors 34

– Exhibits

Item 6 – Exhibits 35

Signatures

Signatures 36 1 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Report contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities law, which we collectively refer to as "forward-looking statements". Such forward-looking statements reflect our current beliefs and are based on information currently available to us. In some cases, forward-looking statements can be identified by terminology such as "may," "would," "could,, "will," "should," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "continue," "hope," "foresee" or the negative of these terms or other similar expressions concerning matters that are not historical facts. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements, including, among others: our lack of product revenues and net losses and a history of operating losses; our early stage of development, particularly the inherent risks and uncertainties associated with (i) developing new drug candidates generally, (ii) demonstrating the safety and efficacy of these drug candidates in clinical studies in humans, and (iii) obtaining regulatory approval to commercialize these drug candidates; our need to raise substantial additional capital in the future and our ability to raise such funds when needed and on acceptable terms; further equity financing, which may substantially dilute the interests of our existing shareholders; clinical studies and regulatory approvals of our drug candidates are subject to delays, and may not be completed or granted on expected timetables, if at all, and such delays may increase our costs and could substantially harm our business; our reliance on e

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

– FINA NCIAL STATEMENTS

ITEM 1 – FINA NCIAL STATEMENTS Condensed Consolidated Interim Financial Statements (Unaudited) APTOSE BIOSCIENCES INC. For the three months ended March 31, 2024 and 2023 4 APTOSE BIOSCIENCES INC. Condensed Consolidated Interim Statements of Financial Position (Expressed in thousands of US dollars) (unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 7,346 $ 9,252 Investments 1,982 — Prepaid expenses 1,819 2,042 Other current assets 674 600 Total current assets 11,821 11,894 Non-current assets: Property and equipment 125 152 Right-of-use assets, operating leases 850 943 Total non-current assets 975 1,095 Total assets $ 12,796 $ 12,989 Liabilities and Shareholders' Equity Current liabilities: Accounts payable to related parties $ — $ 2,554 Accounts payable 2,421 3,492 Accrued liabilities 9,319 8,829 Current portion of lease liability, operating leases 399 394 Total current liabilities 12,139 15,269 Non-current liabilities: Lease liability, operating leases 520 621 Total liabilities 12,659 15,890 Shareholders' equity: Share capital: Common shares, no par value, unlimited authorized shares, 15,717,701 and 7,942,363 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 450,485 444,806 Additional paid-in capital 79,146 72,146 Accumulated other comprehensive loss ( 4,317 ) ( 4,316 ) Deficit ( 525,177 ) ( 515,537 ) Total shareholders' equity 137 ( 2,901 ) Total liabilities and shareholders' equity $ 12,796 $ 12,989 The accompanying notes are an integral part of these condensed consolidated interim financial statements (unaudited). Going concern, see Note 2. Commitments, see Note 9. Related party transactions, see Note 10. Subsequent events, see Note 13. 5 APTOSE BIOSCIENCES INC. Condensed Co

View Full Filing

View this 10-Q filing on SEC EDGAR