Aptose Biosciences Inc. (APTO) stock fell by a further 13% in the premarket, at $1.69 on December 14. The stock’s movement seems unaffected by the promising results of APTO’s HM43239.
In last trading, the stock moved between $1.87 and $1.9972, closing at $1.9500, with a 2.01% decrease.
Aptose Biosciences Inc. (APTO) is a clinical-stage biotech company targeting oncological needs. Currently, its 88.95 million outstanding shares trade at a market capitalization of $177.73 million.
APTO’s HM43239
On December 13, the company reported the promising activity of its HM43239 oral myeloid kinome inhibitor (MKI). The HM43239 showed durable single-agent activity in relapsed or refractory AML patients. Moreover, the company presented the data at the 2021 American Society of Hematology (ASH) Annual Meeting on Monday.
The HM43239 is a very potent MKI that targets key kinases operative in myeloid malignancies. Further, in its ongoing international Phase ½ study, HM4329 not only delivered multiple complete responses but also clinical benefits.
In addition, the company also presented its clinical data for luxeptinib and APTO-253 in the meeting. According to the Phase ½ studies, luxeptinib was generally well tolerated at various dosages.
Previous News on the HM43239
On November 04, APTO announced its exclusive worldwide agreement with Hanmi Pharmaceuticals for HM43239. Hanmi Pharmaceuticals, which is a South Korean company gave exclusive rights to APTO for all indications of the MKI.
As per the agreement, APTO paid $12.5 million as upfront payment to Hanmi. This included cash of $5 million and APTO shares of $7.5 million. Moreover, a further $407.5 million will paid in future milestone payments that are subject to certain conditions. In addition, Hanmi will also receive tiered royalties on net sales.
APTO’s Q3 Earnings
On November 11, the company declared its financial results for the third quarter of 2021. As per the financial results, APTO incurred a net loss of $11.3 million in the third quarter of 2021. This compares to a net loss of $13.2 million in the same quarter of 2020. Subsequently, the net loss per share was $0.13 in the Q3 of 2021, against $0.15 in Q3 of 2020.
Moreover, on September 30, 2021, the cash, cash equivalents, and investments totaled $95.1 million. Based on this, the company expects a cash runway through early 2023, for all operations and research & development.