- Tuspetinib to Advance to TUS+VEN+HMA Triplet Therapy Pilot Study in 1L AML
- Tuspetinib Continues Broad Activity Across Mutations with Excellent Safety Profile
- Luxeptinib G3 Formulation Achieves Desired Levels and Positions for Future Trials
- Conference Call and Webcast at 5:00 pm ET Today
“The data we have generated from tuspetinib thus far – as a single agent and in combination therapy with venetoclax in relapsed and refractory AML – have demonstrated a distinctly favorable safety profile and broad activity for tuspetinib across mutational subtypes. This profile also extends to FLT3 wildtype AML, which represents the majority of AML patients, and in which few agents have shown such broad activity,” said
Key Corporate Highlights
- Aptose Completes Public Offering – On
January 30, 2024 , Aptose closed a public offering of 5,649,122 common shares of the Company and warrants at a combined offering price of US$1.71 per share. This included 736,842 Common Shares and warrants pursuant to a full exercise by the underwriter of its over-allotment option. Total gross proceeds from the public offering were approximately$9.7 million before deducting underwriting costs, placement agent commissions and other offering-related expenses. - Private Placement – On
January 31, 2024 , Aptose closed a US$4 million private placement of common shares with strategic partner Hanmi Pharmaceutical. Under the terms of the strategic investment, Hanmi purchased each common share at a price of US$1.90 , representing an 11% premium over the price of the common shares issued as part of the public offering. The Company also issued Hanmi warrants to purchase common shares at an exercise price of US$1.71 per warrant share. Total gross proceeds from the private placement were approximately$4 million , excluding underwriting discounts, placement agent commissions and other offering-related expenses. - Tuspetinib Advancing to Triplet Therapy Pilot Study – Tuspetinib (TUS), a once daily oral agent with a unique kinase targeting pattern, is being developed for the treatment of patients with acute myeloid leukemia (AML). More than 170 patients to date received TUS alone or in combination with the BCL-2 inhibitor venetoclax (VEN) during the Phase 1/2 clinical program in the very ill relapsed or refractory (R/R) AML patient population. At the single agent 80 mg recommended Phase 2 dose, TUS achieved a favorable safety profile and a CR/CRh rate of 36% among patients who were naive to VEN. The safety profile of TUS remained favorable when TUS was combined with VEN in R/R AML patients, and responses were achieved in both patients naive to VEN and those who failed prior therapy with VEN. TUS avoids many typical toxicities observed with other agents and achieves broad activity across AML patients with a diversity of adverse genetics. Tuspetinib is now being advanced to a triplet combination therapy of tuspetinib, venetoclax and a hypomethylating agent (TUS/VEN/HMA) for the frontline treatment of newly diagnosed AML patients ineligible for induction chemotherapy.
- Luxeptinib G3 Evaluation Completed – During 2023 and early 2024, clinical evaluation of the new generation 3 (G3) formulation of luxeptinib (LUX) was completed. The G3 formulation was tested in a single dose bioavailability study in 20 patients, including both B-cell cancer and AML patients, and across 5 dose levels (10mg to 200mg). The G3 formulation then was evaluated in R/R AML patients with continuous dosing using two different dose levels (50mg BID and 200mg BID) in a total of 11 patients. Data show the G3 formulation dosed at 200mg twice daily can achieve 2-3uM steady state plasma levels, with approximately 10-fold better absorption, and interestingly even better tolerability, than the original G1 formulation. Thus, the G3 formulation achieved the desired plasma exposure benchmark and can serve as the formulation of choice for future studies with LUX. Aptose is exploring alternative development paths and collaborations to advance LUX as a single agent or in combination with VEN to treat defined R/R patient populations of high unmet need.
Multiple Planned Value-creating Milestones Ahead
- TUS/VEN doublet synopsis in R/R AML: EHA 2024
- TUS/VEN/HMA planned initiation of pilot triplet study in 1L AML: Summer 2024
- Triplet pilot dose escalation planned with early CR/MRD/safety data in 1L AML: ASH 2024
- Triplet pilot completed with CR/MRD data and dose selection: EHA 2025
- Triplet initiation of Ph2/Ph3 pivotal program: 2H 2025
FINANCIAL RESULTS OF OPERATIONS
Balance Sheet Data (unaudited) ($ in thousands) | ||||||||
2023 | 2022 | |||||||
Cash, cash equivalents and short-term investments | $ | 9,252 | $ | 46,959 | ||||
Working capital | (3,375 | ) | 37,235 | |||||
Total assets | 12,989 | 51,027 | ||||||
Non-current liabilities | 621 | 1,002 | ||||||
Deficit | (515,537 | ) | (464,330 | ) | ||||
Total shareholders’ equity | (2,901 | ) | 37,741 | |||||
- Cash and cash equivalents,
January 31, 2024 (unaudited) was$18.6 million , after gross proceeds fromJanuary 2024 financings (unaudited) of$13.7 million . - Total cash and cash equivalents and investments as of
December 31, 2023 , were$9.3 million , a decrease of$37.7 million as compared to$47.0 million atDecember 31, 2022 . Based on current operations, the Company expects that cash on hand and available capital provide the Company with sufficient resources to fund planned Company operations including research and development through August of 2024. - Working capital is a non-GAAP measure and represents cash, cash equivalents, investments, prepaid expenses and other current assets less current liabilities.
- Common shares issued and outstanding as at
March 26, 2024 were 15,717,701.
Statements of Operations Data (unaudited) | ||||||||
Year ended | ||||||||
(in thousands except per Common Share data) | 2023 | 2022 | ||||||
Revenues | $ | - | $ | - | ||||
R&D, related party | 3,492 | 3,556 | ||||||
Research and development expenses | 33,273 | 24,532 | ||||||
General and administrative expenses | 15,591 | 14,514 | ||||||
Net finance income | 1,149 | 779 | ||||||
Net loss | $ | (51,207 | ) | $ | (41,823 | ) | ||
Basic and diluted loss per Common Share | $ | (7.58 | ) | $ | (6.80 | ) | ||
Weighted average number of common shares outstanding used in the calculation of basic loss per share | 6,755 | 6,151 | ||||||
Net loss for the year ended
Research and Development Expenses
The research and development expenses for years ended
Twelve months ended | |||||||
(in thousands) | 2023 | 2022 | |||||
Program costs – Tuspetinib | $ | 24,925 | $ | 10,083 | |||
Program costs – Luxeptinib | 3,510 | 8,426 | |||||
Program costs – APTO-253 | 40 | 141 | |||||
Personnel related expenses | 6,878 | 7,181 | |||||
Stock-based compensation | 1,373 | 2,218 | |||||
Depreciation of equipment | 39 | 39 | |||||
Total | $ | 36,765 | $ | 28,088 | |||
R&D expenses increased by
- Program costs for tuspetinib increased by
$14.8 million . The higher program costs for tuspetinib in 2023 represent the enrollment of patients in our APTIVATE clinical trial, our healthy volunteer trial, manufacturing activities to support clinical development, purchase of clinical trial materials, and related expenses. - Program costs for luxeptinib decreased by approximately
$4.9 million , primarily due to lower clinical trial costs and lower manufacturing costs as a result of the current formulation requiring less API than the prior formulation. - Program costs for APTO-253 decreased by approximately
$101 thousand due to the Company's decision onDecember 20, 2021 , to discontinue further development of APTO-253. - Personnel-related expenses decreased by
$0.3 million due to lower headcount in 2023. - Stock-based compensation decreased by approximately
$845 thousand in the year endedDecember 31, 2023 , compared with the year endedDecember 31, 2022 , primarily due to stock options granted with lower grant date fair values in the current period.
General and Administrative Expenses
General and administrative expenses consist primarily of salaries, benefits, and travel, including stock-based compensation for our executive, finance, business development, human resources, and support functions. Other general and administrative expenses and professional fees include auditing, and legal services, investor relations and other consultants, insurance. and facility related expenses.
We expect that our general and administrative expenses will increase for the foreseeable future as we incur additional costs associated with being a publicly traded company and to support our pipeline of activities. We also expect our intellectual property related legal expenses to increase as our intellectual property portfolio expands.
The general and administrative expenses for the years ended
Year ended | |||||||
(in thousands) | 2023 | 2022 | |||||
General and administrative, excluding items below: | $ | 13,262 | $ | 11,444 | |||
Stock-based compensation | 2,280 | 2,989 | |||||
Depreciation of equipment | 49 | 81 | |||||
Total | $ | 15,591 | $ | 14,514 | |||
General and administrative expenses increased by approximately
Stock-based compensation decreased by
Conference Call & Webcast: | |
Date: | |
Time: | |
Audio Webcast Only: | link |
Q&A Participant Registration Link*: | link |
(https://register.vevent.com/register/BIe69f08fc83634a6aa38bf7081d82c6a2) | |
*Analysts interested in participating in the question-and-answer session will pre-register for the event from the participant registration link above to receive the dial-in numbers and a unique PIN, which are required to access the conference call. They also will have the option to take advantage of a Call Me button and the system will automatically dial out to connect to the Q&A session.
The audio webcast also can be accessed through a link on the Investor Relations section of Aptose’s website here. A replay of the webcast will be available on the company’s website for 30 days.
The press release, the financial statements and the management’s discussion and analysis for the year ended
About Aptose
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Canadian and
Should one or more of these risks or uncertainties materialize, or should the assumptions set out in the section entitled "Risk Factors" in our filings with Canadian securities regulators and the
For further information, please contact:
Aptose Biosciences Inc. | LifeSci Advisors, LLC |
617-430-7576 | |
201-923-2049 | Daniel@LifeSciAdvisors.com |
spietropaolo@aptose.com |
Source:
2024 GlobeNewswire, Inc., source