Aptose Biosciences Files Q3 2024 10-Q

TL;DR

**APTO Q3 10-Q FILED: Check financials & R&D updates. Key dates 8/10/23 & 10/30/24.**

AI Summary

Aptose Biosciences Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as Lorus Therapeutics Inc. and Imutec Pharma Inc., is involved in biological products. Key dates mentioned include August 10, 2023, and October 30, 2024, related to potential offerings and events. The filing also references research and development expenses for the period January 1, 2023, to September 30, 2023.

Why It Matters

This filing provides investors with an update on Aptose Biosciences' financial health and operational activities for the third quarter of 2024, crucial for understanding the company's progress in the biotech sector.

Risk Assessment

Risk Level: medium — Biotech companies like Aptose Biosciences often carry higher risk due to the inherent uncertainties in drug development and regulatory approvals.

Key Numbers

• 2023-01-01 to 2023-09-30 — R&D Expense Period (Specific period for which Research and Development Expenses are reported.)

Key Players & Entities

• Aptose Biosciences Inc. (company) — Filer of the 10-Q
• Lorus Therapeutics Inc. (company) — Former name of Aptose Biosciences Inc.
• Imutec Pharma Inc. (company) — Former name of Aptose Biosciences Inc.
• Hanmi Pharmaceutical Co Ltd (company) — Mentioned in relation to offerings/events
• 20240930 (date) — End of reporting period
• 20241112 (date) — Filing date
• 2023-08-10 (date) — Key date related to offerings/events
• 2024-10-30 (date) — Key date related to offerings/events

FAQ

Filing Documents

• apto-20240930.htm (10-Q) — 1593KB
• apto-ex10_1.htm (EX-10.1) — 190KB
• apto-ex31_1.htm (EX-31.1) — 16KB
• apto-ex31_2.htm (EX-31.2) — 13KB
• apto-ex32_1.htm (EX-32.1) — 6KB
• apto-ex32_2.htm (EX-32.2) — 6KB
• img239731369_0.jpg (GRAPHIC) — 5KB
• 0000950170-24-124343.txt ( ) — 7126KB
• apto-20240930.xsd (EX-101.SCH) — 1194KB
• apto-20240930_htm.xml (XML) — 1049KB

—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 22

– Qualitative and Quantitative Disclosures about Market Risk

Item 3 – Qualitative and Quantitative Disclosures about Market Risk 37

– Controls and Procedures

Item 4 – Controls and Procedures 37

—OTHER INFORMATION

PART II—OTHER INFORMATION 38

– Legal Proceedings

Item 1 – Legal Proceedings 38

– Risk Factors

Item 1A – Risk Factors 38

– Exhibits

Item 6 – Exhibits 39

Signatures

Signatures 40 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 risk of imminent bankruptcy; we need to obtain substantial funding immediately in order to continue operations and our exploration of strategic alternatives; if a financing is completed, it may not be a large enough financing to fully fund the company operations, as such the use of proceeds used during a subsequent bankruptcy proceeding to settle existing liabilities; our suppliers or clinical sites may choose to implement work stoppage on key programs, change the terms of contracts or terminate contracts for key programs; our conversations with partners to renegotiate existing product license agreements may not be successful; our lack of product revenues and net losses and a history of operating losses; our compliance plans to address various notifications from Nasdaq and whether such compliance plans will be accepted by Nasdaq; our early stage of development, particularly th

—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 and nine months ended September 30, 2024 and 2023 4 APTOSE BIOSCIENCES INC. Condensed Consolidated Interim Statements of Financial Position (Expressed in thousands of US dollars) (unaudited) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 7,962 $ 9,252 Prepaid expenses 912 2,042 Other current assets 1,361 600 Total current assets 10,235 11,894 Non-current assets: Property and equipment 30 152 Right-of-use assets, operating leases 664 943 Total non-current assets 694 1,095 Total assets $ 10,929 $ 12,989 Liabilities and Shareholders' Equity Current liabilities: Accounts payable to related parties — $ 2,554 Accounts payable 1,830 3,492 Accrued liabilities 7,512 8,829 Current portion of lease liability, operating leases 416 394 Total current liabilities 9,758 15,269 Non-current liabilities: Lease liability, operating leases 305 621 Loan payable to related parties 10,000 — Total non-current liabilities 10,305 621 Total liabilities 20,063 15,890 Shareholders' equity: Share capital: Common shares, no par value, unlimited authorized shares, 19,521,183 and 7,942,363 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 452,302 444,806 Additional paid-in capital 82,262 72,146 Accumulated other comprehensive loss ( 4,316 ) ( 4,316 ) Deficit ( 539,382 ) ( 515,537 ) Total shareholders' equity ( 9,134 ) ( 2,901 ) Total liabilities and shareholders' equity $ 10,929 $ 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 8. Related party transac

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