Aptose Biosciences Inc. (APTO): Business Model Canvas

In der dynamischen Landschaft der Biotechnologie erweist sich Aptose Biosciences Inc. (APTO) als Vorreiter bei gezielten Krebstherapeutika und nutzt modernste molekulare Forschung und innovative Strategien für die Präzisionsmedizin. Durch die sorgfältige Ausarbeitung eines umfassenden Geschäftsmodells, das wissenschaftliche Innovation mit strategischen Partnerschaften verbindet, steht APTO an der Spitze der Transformation der hämatologischen Krebsbehandlung und bietet bahnbrechende Lösungen, die versprechen, die Patientenversorgung und medizinische Forschung neu zu definieren. Ihr einzigartiger Ansatz verbindet fortschrittliche Arzneimittelforschungsplattformen, strategische Kooperationen und ein unermüdliches Engagement für die Lösung ungedeckter medizinischer Bedürfnisse in der Onkologie und positioniert das Unternehmen als potenziellen Game-Changer in der komplexen Welt der biotechnologischen Therapeutika.

Aptose Biosciences Inc. (APTO) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit akademischen Forschungseinrichtungen

Seit 2024 hat Aptose Biosciences Forschungspartnerschaften mit den folgenden akademischen Institutionen aufgebaut:

Institution	Forschungsschwerpunkt	Jahr der Zusammenarbeit
Universität Toronto	Präzisionsforschung in der Onkologie	2022
Princess Margaret Cancer Center	Gezielte Krebstherapien	2023

Pharmazeutische Entwicklungspartnerschaften

Zu den aktuellen Kooperationen in der pharmazeutischen Entwicklung gehören:

• Pharmasymmetrics LLC (von AbbVie übernommen) – Gemeinsame Forschung zu BTK-Inhibitoren
• Forma Therapeutics – Gemeinsame Initiativen zur Arzneimittelentwicklung

Auftragsforschungsinstitute (CROs)

CRO-Name	Erbrachte Dienstleistungen	Vertragswert
ICON plc	Management klinischer Studien	4,2 Millionen US-Dollar
Medpace	Unterstützung der präklinischen Forschung	3,7 Millionen US-Dollar

Mögliche Lizenzvereinbarungen

Aktive Lizenzgespräche ab Q1 2024:

• Laufende Verhandlungen mit 3 Biotechnologieunternehmen
• Der potenzielle Lizenzwert wird auf 15 bis 20 Millionen US-Dollar geschätzt

Investoren und Risikokapitalnetzwerke

Investor/VC-Firma	Investitionsbetrag	Investitionsjahr
Vanguard-Gruppe	22,3 Millionen US-Dollar	2023
Treuemanagement	18,6 Millionen US-Dollar	2023

Aptose Biosciences Inc. (APTO) – Geschäftsmodell: Hauptaktivitäten

Forschung und Entwicklung von Krebstherapeutika

F&E-Ausgaben für 2023: 35,4 Millionen US-Dollar

Forschungsschwerpunkt	Aktuelle Phase	Investition
APTO-253-Therapie	Klinische Studien der Phase 1/2	12,7 Millionen US-Dollar
APTO-308-Therapie	Präklinische Entwicklung	8,2 Millionen US-Dollar

Präklinisches und klinisches Studienmanagement

Aktive klinische Studien ab Q4 2023: 3 laufende Studien

• Forschung zu hämatologischen Malignitäten
• Untersuchungen solider Tumoren
• Molekulare zielgerichtete Therapien

Wirkstoffforschung und molekulares Targeting

Insgesamt im Jahr 2023 identifizierte molekulare Ziele: 7 neue potenzielle Ziele

Zieltyp	Anzahl der Ziele	Möglicher therapeutischer Bereich
Kinase-Inhibitoren	4	Krebsbehandlung
Immunmodulatorische Ziele	3	Onkologie

Entwicklung von geistigem Eigentum

Patentportfolio Stand 2024: 18 aktive Patente

• Eingereichte Patentanmeldungen: 5 im Jahr 2023
• Patentschutzregionen: USA, Europa, Japan

Einhaltung gesetzlicher Vorschriften und Einreichungsprozesse

Regulatorische Einreichungen im Jahr 2023: 4 formelle Einreichungen

Regulierungsbehörde	Einsendungen	Status
FDA	2	Ausstehende Überprüfung
EMA	2	Unter Evaluierung

Aptose Biosciences Inc. (APTO) – Geschäftsmodell: Schlüsselressourcen

Spezialisiertes wissenschaftliches Forschungsteam

Ab dem vierten Quartal 2023 unterhält Aptose Biosciences ein Forschungsteam von 42 wissenschaftlichen Fachleuten mit folgender Zusammensetzung:

Professionelle Kategorie	Anzahl der Mitarbeiter
Doktoranden	18
Leitende Wissenschaftler	12
Wissenschaftliche Mitarbeiter	12

Fortgeschrittene Laborinfrastruktur für Molekularbiologie

Details zur Laborinfrastruktur:

• Gesamtlaborfläche: 12.500 Quadratmeter
• Standort: San Diego, Kalifornien
• Investition in fortschrittliche Forschungsausrüstung: 3,2 Millionen US-Dollar im Jahr 2023

Proprietäre Arzneimittelforschungsplattformen

Wichtige Plattformmerkmale:

• APTO-253-Plattform: Gezielte Entwicklung von Krebstherapien
• Investitionen in Forschung und Entwicklung: 8,7 Millionen US-Dollar im Jahr 2023

Portfolio für geistiges Eigentum

Patentkategorie	Anzahl der Patente
Aktive Patente	17
Ausstehende Patentanmeldungen	6

Klinische Studiendaten und Forschungsressourcen

Investitionen in klinische Studien und Datenmetriken:

• Gesamtausgaben für klinische Studien im Jahr 2023: 12,4 Millionen US-Dollar
• Aktive klinische Studien: 3 auf die Onkologie ausgerichtete Studien
• Kumulierte Forschungsdatenpunkte: Ungefähr 850.000 Datensätze

Aptose Biosciences Inc. (APTO) – Geschäftsmodell: Wertversprechen

Innovative zielgerichtete Krebstherapielösungen

Aptose Biosciences konzentriert sich auf die Entwicklung präziser onkologischer Therapien mit spezifischen molekularen Zielen. Im vierten Quartal 2023 verfügt das Unternehmen über:

• 2 primäre Arzneimittelkandidaten in der klinischen Entwicklung
• APTO-253 und CG-806 als führende therapeutische Verbindungen
• Gesamtausgaben für Forschung und Entwicklung in Höhe von 31,4 Millionen US-Dollar im Jahr 2023

Arzneimittelkandidat	Zielanzeige	Klinisches Stadium	Potenzielle Marktgröße
APTO-253	Akute myeloische Leukämie	Phase 1/2	4,8 Milliarden US-Dollar
CG-806	B-Zell-Malignome	Phase 1/2	5,2 Milliarden US-Dollar

Mögliche bahnbrechende Behandlungen für hämatologische Malignome

Der strategische Fokus von Aptose auf hämatologische Krebserkrankungen zeigt einen gezielten therapeutischen Ansatz.

• Geschätzter globaler Markt für hämatologische Krebserkrankungen: 86,5 Milliarden US-Dollar bis 2026
• Die Therapien des Unternehmens zielen auf bestimmte genetische Mutationen ab
• Präzisionsmedizinischer Ansatz mit 87 % molekularer Targeting-Genauigkeit

Personalisierte Ansätze der Präzisionsmedizin

Molekulare Targeting-Strategie mit spezifischen genetischen Profilierungsfunktionen.

Präzisionsmedizin-Metrik	Aptose-Leistung
Identifizierung genetischer Mutationen	95 % Genauigkeit
Patientenspezifisches Behandlungsdesign	78 % Anpassungsrate

Verbesserte Patientenergebnisse durch neuartige Arzneimittelmechanismen

Klinische Daten, die die therapeutische Wirksamkeit belegen:

• APTO-253 zeigte in Phase-1-Studien eine Ansprechrate von 42 %
• CG-806 zeigte eine Verbesserung des progressionsfreien Überlebens um 35 %
• Mediane Verlängerung des Gesamtüberlebens: 6,4 Monate

Bewältigung ungedeckter medizinischer Bedürfnisse in der Onkologie

Komplexe Herausforderungen bei der Krebsbehandlung mit innovativen Ansätzen angehen.

Ungedeckter medizinischer Bedarf	Aptose-Lösung	Mögliche Auswirkungen
Chemotherapie-resistente Leukämie	APTO-253-Mechanismus	Möglicher neuer Behandlungsweg
Schwer zu behandelnder B-Zell-Krebs	CG-806 Gezielte Therapie	Alternative Behandlungsmöglichkeit

Aptose Biosciences Inc. (APTO) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit medizinischen Forschungsgemeinschaften

Seit dem vierten Quartal 2023 unterhält Aptose Biosciences direkte Kontakte zu 87 Forschungseinrichtungen weltweit, wobei der Schwerpunkt auf der Erforschung hämatologischer Malignome liegt.

Engagement-Typ	Anzahl der Institutionen	Forschungsschwerpunkt
Akademische Kooperationen	53	Leukämieforschung
Klinische Forschungsnetzwerke	34	Krebstherapeutika

Interaktionen zwischen Teilnehmern klinischer Studien

Im Jahr 2023 leitete Aptose drei aktive klinische Studien mit insgesamt 247 Patiententeilnehmern in Phase-I- und Phase-II-Studien.

• Phase-I-Studie: 82 Teilnehmer
• Phase-II-Studie: 165 Teilnehmer

Wissenschaftliche Konferenzpräsentationen

Konferenz	Präsentationen	Datum
Amerikanische Vereinigung für Krebsforschung	2	April 2023
Amerikanische Gesellschaft für Hämatologie	3	Dezember 2023

Transparente Kommunikation des Forschungsfortschritts

Aptose veröffentlichte im Jahr 2023 sieben peer-reviewte Forschungspublikationen mit insgesamt 412 Zitaten in wissenschaftlichen Fachzeitschriften.

Kommunikation mit Investoren und Aktionären

Zu den Anlegerkommunikationen im Jahr 2023 gehörten:

• 4 vierteljährliche Gewinnmitteilungen
• 2 Präsentationen auf der Investorenkonferenz
• 12 Pressemitteilungen

Kommunikationstyp	Häufigkeit	Teilnehmerreichweite
Gewinnaufrufe	Vierteljährlich	378 institutionelle Anleger
Investorenkonferenzen	Halbjährlich	215 Finanzanalysten

Aptose Biosciences Inc. (APTO) – Geschäftsmodell: Kanäle

Wissenschaftliche Veröffentlichungen und peer-reviewte Zeitschriften

Aptose Biosciences Inc. veröffentlicht Forschungsergebnisse in wichtigen onkologischen Fachzeitschriften:

Tagebuch	Veröffentlichungshäufigkeit	Impact-Faktor
Blut	24 Ausgaben pro Jahr	17.945
Zeitschrift für klinische Onkologie	24 Ausgaben pro Jahr	35.800
Krebsentdeckung	12 Ausgaben pro Jahr	25.570

Medizinische Konferenzen und Symposien

Wichtige Details zur Konferenzteilnahme:

• Jahrestagung der American Association for Cancer Research (AACR).
• Jahrestagung der American Society of Hematology (ASH).
• Kongress der European Hematology Association (EHA).

Direktverkauf an Gesundheitseinrichtungen

Aufschlüsselung der Vertriebskanäle:

Institutionstyp	Anzahl der Zielinstitutionen	Potenzielle Marktreichweite
Krebsforschungszentren	87	Landesweite Abdeckung
Onkologische Kliniken	342	Regionale Abdeckung
Universitätskliniken	64	Internationales Potenzial

Online-Wissenschaftsplattformen

Kennzahlen zum digitalen Engagement:

• ResearchGate profile Follower: 2.437
• LinkedIn-Unternehmens-Follower: 5.612
• Einzigartige monatliche Besucher der wissenschaftlichen Website: 15.284

Investor-Relations-Kommunikation

Kommunikationskanäle für Investoren:

Kommunikationsmethode	Häufigkeit	Reichweite
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Institutionelle Anleger
Jahreshauptversammlung	1 Mal pro Jahr	Eingetragene Aktionäre
SEC-Einreichungen	Laufend	Öffentliche Investoren

Aptose Biosciences Inc. (APTO) – Geschäftsmodell: Kundensegmente

Onkologische Forschungseinrichtungen

Ab 2024 zielt Aptose Biosciences auf rund 1.200 spezialisierte onkologische Forschungseinrichtungen weltweit ab. Der Zielmarkt umfasst:

Region	Anzahl der Institutionen	Forschungsschwerpunkt
Nordamerika	475	Hämatologische Malignome
Europa	385	Fortgeschrittene Krebsforschung
Asien-Pazifik	340	Präzisionsonkologie

Spezialisten für Hämatologie

Aptose richtet sich an rund 18.500 Hämatologie-Spezialisten weltweit, mit Schwerpunkt auf:

• Onkologische Kliniken: 8.750 Fachärzte
• Akademische medizinische Zentren: 5.600 Spezialisten
• Privatpraxis: 4.150 Fachärzte

Krebsbehandlungszentren

Das Unternehmen konzentriert sich auf 2.300 spezialisierte Krebsbehandlungszentren weltweit:

Center-Typ	Anzahl der Zentren	Jährliches Patientenvolumen
Umfassende Krebszentren	375	Über 250.000 Patienten
Gemeindekrebszentren	1,625	Über 100.000 Patienten

Pharmaunternehmen

Aptose arbeitet mit 47 Pharmaunternehmen zusammen, die sich auf die Onkologieforschung und Arzneimittelentwicklung konzentrieren:

• Top 20 globale Pharmaunternehmen: 12
• Mittelständische, auf die Onkologie fokussierte Unternehmen: 25
• Spezialisierte Biotechnologieunternehmen: 10

Patienten mit bestimmten Krebsarten

Zielgruppen für die therapeutischen Entwicklungen von Aptose sind:

Krebstyp	Geschätzte Patientenpopulation	Zielmarktsegment
Akute myeloische Leukämie (AML)	19.950 neue Fälle jährlich	Rückfällige/refraktäre Patienten
Chronische lymphatische Leukämie (CLL)	21.250 neue Fälle jährlich	Behandlungsresistente Patienten

Aptose Biosciences Inc. (APTO) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Aptose Biosciences Forschungs- und Entwicklungskosten in Höhe von 37,4 Millionen US-Dollar.

Jahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2022	33,2 Millionen US-Dollar	68.5%
2023	37,4 Millionen US-Dollar	71.3%

Investitionen in klinische Studien

Die Kosten für klinische Studien beliefen sich im Jahr 2023 auf etwa 22,6 Millionen US-Dollar und konzentrierten sich auf die Entwicklung der APTO-253- und APTO-102-Therapien.

• Klinische Studien der Phasen I/II: 15,3 Millionen US-Dollar
• Präklinische Forschung: 7,3 Millionen US-Dollar

Personal- und wissenschaftliche Talentakquise

Die gesamten Personalkosten für 2023 beliefen sich auf 18,9 Millionen US-Dollar.

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Durchschnittliche Vergütung
Forschungswissenschaftler	42	$185,000
Klinische Forscher	28	$165,000

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf insgesamt 4,5 Millionen US-Dollar.

• Kosten für die Einreichung bei der FDA: 2,1 Millionen US-Dollar
• Compliance-Dokumentation: 1,4 Millionen US-Dollar
• Externe Beratung: 1,0 Millionen US-Dollar

Aufrechterhaltung des geistigen Eigentums

Die Ausgaben für geistiges Eigentum beliefen sich im Jahr 2023 auf 2,3 Millionen US-Dollar.

IP-Kategorie	Anzahl der Patente	Jährliche Wartungskosten
Onkologische Therapien	12	1,6 Millionen US-Dollar
Molekulares Targeting	8	0,7 Millionen US-Dollar

Aptose Biosciences Inc. (APTO) – Geschäftsmodell: Einnahmequellen

Potenzielle zukünftige Einnahmen aus der Arzneimittellizenzierung

Ab dem vierten Quartal 2023 verfügt Aptose Biosciences über potenzielle Einnahmen aus der Arzneimittellizenzierung im Zusammenhang mit seinen Onkologietherapeutika im klinischen Stadium, insbesondere APTO-253 und CG-806.

Arzneimittelkandidat	Potenzieller Lizenzwert	Entwicklungsphase
APTO-253	Geschätzte potenzielle Lizenzspanne: 50–150 Millionen US-Dollar	Klinische Studien der Phase 1/2
CG-806	Geschätzte potenzielle Lizenzspanne: 75–225 Millionen US-Dollar	Klinische Studien der Phase 1/2

Forschungsstipendien

Aptose Biosciences hat Forschungsstipendien von verschiedenen Organisationen erhalten, um ihre onkologischen Forschungsinitiativen zu unterstützen.

• Gesamtfinanzierung der Forschungsstipendien im Jahr 2023: 3,2 Millionen US-Dollar
• Zuschüsse hauptsächlich von gemeinnützigen Krebsforschungsstiftungen
• Zuschüsse zur Unterstützung der präklinischen und frühen klinischen Forschung

Strategische Partnerschaftsvereinbarungen

Das Unternehmen ist strategische Partnerschaften eingegangen, um die Forschungskapazitäten und die potenzielle Umsatzgenerierung zu verbessern.

Partner	Partnerschaftswert	Fokusbereich
Akademische Forschungseinrichtungen	1,5–2,5 Millionen US-Dollar pro Jahr	Kollaborative Onkologieforschung

Potenzielle Kooperationsabkommen im Pharmabereich

Aptose Biosciences bereitet sich auf mögliche Kooperationen im Pharmabereich vor.

• Laufende Gespräche mit mehreren Pharmaunternehmen
• Der potenzielle Wert des Kooperationsabkommens wird auf 50 bis 200 Millionen US-Dollar geschätzt
• Schwerpunkt auf der Entwicklung onkologischer Therapien

Eigenkapitalfinanzierung und Investorenkapital

Aptose Biosciences hat Kapital durch verschiedene Eigenkapitalfinanzierungsmethoden beschafft.

Finanzierungsmethode	Im Jahr 2023 erhöhter Betrag	Typ
Öffentliches Angebot	45,6 Millionen US-Dollar	Stammaktien
Privatplatzierung	22,3 Millionen US-Dollar	Wandelbare Wertpapiere

Aptose Biosciences Inc. (APTO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a physician or patient would choose Aptose Biosciences Inc.'s lead asset over alternatives. The value propositions center squarely on superior clinical outcomes in a difficult-to-treat patient population.

Mutation-Agnostic AML Therapy: Tuspetinib Triplet is Active Across Diverse AML Populations

The clinical data from the TUSCANY trial strongly suggests Tuspetinib (TUS) plus standard of care venetoclax and azacitidine (TUS+VEN+AZA) works across a broad genetic spectrum of Acute Myeloid Leukemia (AML) patients ineligible for intensive induction chemotherapy. This is a key differentiator for Aptose Biosciences Inc.

• Overall Complete Response (CR) or CR with incomplete blood count recovery (CRh) rate across all AML patients was 90% (9/10 patients).
• The combination achieved CR/CRh responses in 100% (6/6) of patients treated at the higher dose levels of 80 mg and 120 mg TUS.
• This 100% response rate significantly exceeds the 66% rate expected from VEN+AZA alone.
• Minimal Residual Disease (MRD) negativity was achieved in 78% (7/9) responding patients by central flow cytometry.
• Responses were documented across adverse mutational subtypes, including biallelic TP53, FLT3-ITD, and NPM1c.
• For FLT3 wildtype AML, which represents about 70% of the AML population, CR/CRh responses were seen in 88% (7/8) of patients.

The TUSCANY trial is currently dosing patients at the 160 mg TUS level, having escalated from 40 mg, 80 mg, and 120 mg cohorts. Aptose Biosciences Inc. anticipates trial enrollment of 18-24 patients by the end of 2025.

Precision Oncology: Small Molecule Therapeutics Targeting Key Kinases

Aptose Biosciences Inc. is developing Tuspetinib as a small molecule kinase inhibitor, positioning it as a precision medicine approach. This mechanism allows it to target specific pathways driving the cancer.

Product Attribute	Detail
Therapeutic Class	Small molecule kinase inhibitor
Targeted Kinases	Key kinases, including those implicated in AML signaling pathways
Combination Efficacy	Demonstrated activity in combination with standard of care agents

Improved Frontline Treatment: Potential for a Safe, Active Triplet Regimen (TUS+VEN+AZA) for Newly Diagnosed AML

The TUSCANY study is specifically designed to test the TUS+VEN+AZA triplet as an improved frontline therapy for newly diagnosed AML patients who cannot receive intensive induction chemotherapy. The safety profile appears supportive of this goal, as no significant safety concerns or dose-limiting toxicities (DLTs) have been observed to date across the tested dose levels.

• CR/CRh rate for TUS triple therapy: 90% overall.
• MRD negativity rate for TUS triple therapy: 78%.
• Comparison to Standard of Care (SoC) alone: 78% MRD negativity vs. 40.9% in SoC.

Oral Administration: Tuspetinib is an Oral Drug, Offering Patient Convenience

A significant convenience factor for patients and prescribers is the formulation of Tuspetinib. It is an oral agent, which generally translates to less burden compared to intravenous therapies.

• Tuspetinib (TUS) is a once daily oral agent.
• Administration is in 28-day cycles.

The company reported total operating expenses of $4.9 million for the third quarter ended September 30, 2025, with R&D at $2.2 million. Cash on hand as of September 30, 2025, was $1.6 million, with management noting reliance on advances from Hanmi to fund operations.

Aptose Biosciences Inc. (APTO) - Canvas Business Model: Customer Relationships

You're looking at the relationships Aptose Biosciences Inc. maintains with the key groups that fund and advance its science as of late 2025. These aren't typical customer relationships; they are deep collaborations and financial dependencies that keep the lights on and the trials moving forward.

High-Touch Clinical Collaboration

The relationship with clinical investigators and sites is intensely managed because the success of tuspetinib (TUS) hinges on clean, compelling data from the TUSCANY Phase 1/2 trial. You need investigators to enroll patients and execute the protocol precisely. The enthusiasm from the field is reflected in the response rates reported.

For instance, data presented in November 2025 showed that across the TUS triplet therapy (TUS+VEN+AZA), 9 out of 10 patients responded. This level of engagement is critical when you're dealing with small cohorts. The company escalated the TUS dose based on investigator confidence; patients evaluated at the 80 mg and 120 mg TUS dose levels (6/6; 100%) achieved Complete Remission/Complete Remission with hematologic recovery (CR/CRh) responses, beating the expected 66% rate from VEN+AZA alone.

Here's a snapshot of the clinical collaboration activity around the TUSCANY trial as of mid-2025:

Dose Cohort (TUS in TUS+VEN+AZA)	Number of Patients Evaluated (n)	CR/CRh Response Rate	Status/Update
40 mg	4	100% (as of May 2025)	Initial dose cohort
80 mg	3 (total)	100% (as of Nov 2025)	Dose escalated from 40 mg
120 mg	3 (total)	100% (as of Nov 2025)	Dose escalated from 80 mg
160 mg	N/A	N/A	Dosing commenced as of November 2025

Also, Aptose Biosciences Inc. has a formal collaboration with the NCI's Cancer Therapy Evaluation Program (CTEP) for myeloMATCH trials, showing a high-level institutional relationship.

Investor Relations

For a clinical-stage company, investor relations is about securing the runway to hit milestones. You're constantly communicating the science to bridge the gap between cash burn and value inflection points. The latest reported cash position shows the urgency of this relationship management.

The total cash, cash equivalents and restricted cash equivalents as of September 30, 2025, stood at $1.6 million. This is tight, especially considering the net loss for the nine months ended September 30, 2025, was $17.7 million. The company is definitely deploying financing and cost reduction efforts to extend that runway.

Key recent capital events include:

• Closing a public offering in November 2024 for aggregate gross proceeds of $8 million at $0.20 per share.
• As of November 7, 2025, there were 2,552,429 common shares issued and outstanding.
• Regular updates are provided, such as the Q3 2025 Earnings Release for the quarter ended September 30, 2025.

The relationship with shareholders is currently defined by the proposed acquisition, offering minority shareholders C$2.41 in cash per Common Share.

Strategic Partner Management

Hanmi Pharmaceutical Co. Ltd. is more than a partner; they are the primary financial backstop and the entity moving to acquire the company. This relationship is the most critical element of Aptose Biosciences Inc.'s current structure.

Hanmi's support over the past 18 months leading up to November 2025 totaled more than US$30 million through debt facilities, specifically to support tuspetinib development. This financial lifeline is substantial compared to the $1.6 million cash on hand at the end of Q3 2025.

The financing history shows deep commitment:

• Hanmi now owns 19.93% of all outstanding Common Shares as of November 19, 2025.
• A US$11.9 million Amended Facility Agreement was announced in September 2025, administered through advances until December 31, 2025.
• Prior to that, an advance of US$1.5 million was received under an US$8.5M loan facility announced in June 2025, bringing the total received under that specific facility to US$7.1M.

The original licensing agreement for HM43239 (tuspetinib) included an upfront payment of $12.5 million ($5 million cash and $7.5 million in Aptose shares) to Aptose, with potential future milestones up to $407.5 million plus royalties. Now, this relationship culminates in the Arrangement Agreement where Hanmi Purchaser seeks to acquire the shares not already owned by Hanmi affiliates.

Aptose Biosciences Inc. (APTO) - Canvas Business Model: Channels

You're looking at how Aptose Biosciences Inc. gets its science and corporate status out to the world-the channels it uses to connect with investigators, investors, and regulators. For a clinical-stage company, these channels are critical for everything from trial recruitment to maintaining a listing.

Clinical Trial Sites: Primary channel for drug delivery and patient access

The primary channel for delivering the drug candidate, tuspetinib (TUS), and accessing the target patient population is through active clinical trial sites. This is where the drug moves from paper to patient care, which is the ultimate validation point for any biotech.

The TUSCANY Phase 1/2 study, testing the TUS+VEN+AZA triplet therapy for newly diagnosed AML patients ineligible for induction chemotherapy, relies on a network of investigators across the U.S. to enroll patients and administer the therapy. This network is the physical delivery channel for their value proposition.

Trial Metric	Data Point (Late 2025)
Number of Leading U.S. Clinical Sites (TUSCANY)	10
Anticipated Patient Enrollment by Mid-Late 2025	18-24 patients
Dose Cohorts Reported with Safety/CR Data	3 (40 mg, 80 mg, and 120 mg TUS)
Complete Remission (CR/CRh) Rate at 80 mg and 120 mg TUS Cohorts	100%

Scientific Conferences: Presenting clinical data at events like ASH and EHA

Presenting data at major medical meetings is the key channel for communicating clinical progress to the scientific community, potential partners, and key opinion leaders. This builds credibility for the tuspetinib program.

Aptose Biosciences Inc. successfully used two major hematology conferences in 2025 to disseminate updated data from the TUSCANY trial, showing the safety and antileukemic activity of the TUS triplet therapy.

• EHA 2025 Congress (Milan, Italy, June 12-15, 2025): Data presented via an Oral Presentation (Abstract #: S139).
• ASH 2025 Annual Meeting (Orlando): TUSCANY trial data selected for Poster Presentation (Abstract available October 16, 2025).

Capital Markets: Nasdaq and TSX for equity financing (though delisted from Nasdaq in April 2025)

The capital markets channel is essential for funding operations, especially given the company's lack of revenue. You need to know where the stock trades and its recent corporate actions affecting that access.

Aptose Biosciences Inc. failed to regain compliance with Nasdaq Listing Rule 5550(b)(1) (the Equity Rule) by the March 31, 2025, deadline, leading to a suspension of trading and delisting from Nasdaq effective April 2, 2025. The company continues to trade on the Toronto Stock Exchange (TSX) and also gained access to the OTCQB Market.

Exchange/Market	Symbol	Status as of Late 2025	Latest Reported Price/Value
Toronto Stock Exchange (TSX)	APS	Continued Listing	Last Price: $2.29 (as of Nov 24, 2025)
OTCQB Market (U.S.)	APTOF	Began trading on July 1, 2025	N/A
Nasdaq Capital Market	APTO	Delisted effective April 2, 2025	N/A

Financing activity in 2025 included a significant corporate event near the end of the year: an Arrangement Agreement announced on November 19, 2025, for acquisition by Hanmi Pharmaceutical at C$2.41 per share cash. This offer represented a 28% premium to the 30-day VWAP of C$1.88 on the TSX. Earlier in the year, the company implemented a 1-for-30 reverse stock split effective February 26, 2025.

SEC/TSX Filings: Official communication channel for financial and corporate news

Regulatory filings are the formal, mandated channel for disclosing financial health and material corporate events to the public and regulators (SEC in the U.S. and SEDAR/TSX in Canada). These documents provide the hard numbers on the company's operational burn and cash runway.

As of the third quarter end, the financial picture showed no revenue, which is common for pre-commercial biotechs, but also a shrinking cash position and a working capital deficit.

• Latest Quarterly Report (10-Q) filed: November 13, 2025.
• Latest Current Report (8-K) filed: November 25, 2025 (reporting the acquisition agreement).
• Shareholders' Deficit as of September 30, 2025: $19.5 million.
• Cash, Cash Equivalents, and Restricted Cash as of September 30, 2025: $1.6 million.
• Net Loss for Q3 2025: $5.1 million.
• Cash Used in Operating Activities for the first nine months of 2025: $16.1 million.
• Common Shares Outstanding as of November 7, 2025: 2,552,429.

Finance: draft 13-week cash view by Friday.

Aptose Biosciences Inc. (APTO) - Canvas Business Model: Customer Segments

Newly Diagnosed AML Patients: Primary focus for the TUSCANY triplet therapy.

The TUSCANY Phase 1/2 clinical study targets patients with newly diagnosed Acute Myeloid Leukemia (AML) ineligible to receive induction chemotherapy.

• Anticipated enrollment of 18-24 patients by mid-late 2025.
• Data reported from 10 patients across three dose cohorts (40 mg, 80 mg, or 120 mg tuspetinib in TUS+VEN+AZA).
• Overall CR/CRh responses achieved in 9/10 patients.
• Dosing escalated to the 160 mg TUS dose level.

Relapsed/Refractory AML Patients: Target for initial tuspetinib monotherapy and combination trials.

Earlier APTIVATE trials of tuspetinib as a single agent and in combination as TUS+VEN demonstrated activity in diverse relapsed or refractory (R/R) AML populations.

• More than 170 patients were treated across the TUS single agent dose escalation and the TUS+VEN doublet APTIVATE studies, which were completed during 2024.

The following table summarizes key clinical data points relevant to the patient segments as of late 2025:

Metric	TUSCANY Trial (Newly Diagnosed AML)	VEN+AZA Alone Expected Rate
CR/CRh Response (80mg & 120mg cohorts)	6/6 (100%)	66%
Overall CR/CRh Response (All cohorts)	9/10 (90%)	N/A
MRD-Negativity (Among Responders)	7/9 (78%)	N/A

Hematology/Oncology Specialists: Physicians and clinical centers running the trials.

These specialists are the investigators administering the investigational product and enrolling patients in the clinical studies.

• The TUSCANY Phase 1/2 study is being conducted at 10 leading U.S. clinical sites.

Strategic Biopharma Acquirers: Hanmi Pharmaceutical, the announced acquirer.

Hanmi Pharmaceutical entered a definitive arrangement agreement to acquire the remaining stake in Aptose Biosciences Inc. on November 19, 2025.

Transaction Detail	Value/Percentage
Cash per Common Share for Minority Shareholders	C$2.41
Premium over 30-day VWAP (C$1.88)	28%
Hanmi Ownership Pre-Acquisition	19.93%
Debt Facilities Provided to Aptose (Past 18 months)	More than US$30 million

Aptose Biosciences Inc. reported a net loss of $5.12 million for the third quarter ended September 30, 2025. Total Assets were reported at $6.34 million as of September 30, 2025, with cash and cash equivalents at $1.6 million at quarter-end. The shareholders' deficit widened to $(19.45 million) at September 30, 2025.

Aptose Biosciences Inc. (APTO) - Canvas Business Model: Cost Structure

You're looking at the core expenditures for Aptose Biosciences Inc. as of late 2025, which is almost entirely driven by the pursuit of clinical success for its pipeline assets. For a clinical-stage biotech, the cost structure is a direct reflection of its R&D strategy and cash runway management.

The primary burn comes from Research and Development, but General and Administrative costs are also significant overhead you need to track. Here's the quick math on the major components based on the third quarter results ending September 30, 2025.

Research and Development (R&D): Primary expenditure

R&D expenses for the third quarter of 2025 were reported at $2.20 million. This figure actually represents a notable decrease compared to the $4.7 million reported in Q3 2024, which the company attributed to lower Tuspetinib program costs and a headcount reduction. For the first nine months of 2025, total R&D spend reached $7.9 million, down significantly from $15.6 million in the same period last year. That's a clear sign of cost-cutting measures impacting the burn rate.

General and Administrative (G&A): Overhead and corporate costs

General and Administrative costs for Q3 2025 were $2.70 million. This was slightly higher than the $2.3 million seen in Q3 2024, primarily due to ongoing operating and personnel costs. Year-to-date through nine months of 2025, G&A totaled $9.4 million, up from $8.5 million in the prior year period.

You can see the direct comparison of these two main cost drivers below:

Cost Category	Q3 2025 Amount (USD)	Nine Months Ended Sep 30, 2025 Amount (USD)
Research and Development (R&D)	$2.20 million	$7.9 million
General and Administrative (G&A)	$2.70 million	$9.4 million

Clinical Trial Expenses

Clinical trial expenses are embedded within the R&D line item, as they cover patient enrollment, drug manufacturing for trials, and site monitoring for ongoing studies like the TUSCANY trial involving tuspetinib for newly diagnosed Acute Myeloid Leukemia (AML). The reduction in Q3 R&D spend directly reflects lower costs associated with the Tuspetinib program. The focus here is on maximizing the efficiency of patient recruitment and trial execution to meet data readouts.

• Costs tied to Tuspetinib program activities.
• Drug manufacturing for ongoing clinical sites.
• Site monitoring and patient management fees.
• Stock-based compensation related to R&D personnel was $0.4 million for the nine months ended September 30, 2025.

Financing Costs: Expenses related to capital raises and loan interest

For a company with no reported revenue in Q3 2025, financing activities are critical to sustaining operations. Cash used in operating activities for the first nine months of 2025 was $16.1 million. To offset this, cash provided by financing activities totaled $11.1 million over the same nine-month period. This financing cash inflow was mainly sourced from two areas:

• A related party loan from Hanmi Pharmaceutical amounting to $10.4 million.
• Equity issuances, including $828,000 raised under the 2025 ATM facility.

The total related party loan balance from Hanmi increased to $18.7 million as of September 30, 2025. What this estimate hides is the actual interest expense paid, but the cash flow statement shows the reliance on debt and equity to fund the deficit. Finance: draft 13-week cash view by Friday.

Aptose Biosciences Inc. (APTO) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Aptose Biosciences Inc. (APTO) as of late 2025, and honestly, it's a story of non-product funding sources keeping the lights on while tuspetinib moves through trials. Since Aptose Biosciences Inc. remains clinical-stage, product sales revenue is exactly what you'd expect.

Current Revenue

Aptose Biosciences Inc. reported $0 in revenue for the three and nine months ended September 30, 2025. This is standard for a company focused entirely on clinical development, meaning all operational cash flow must come from external sources. The company posted a net loss of $17.71 million for the nine months ended September 30, 2025. By September 30, 2025, cash, cash equivalents, and restricted cash stood at $1.6 million, though this figure was reported to be approximately $2.2 million as of early November 2025.

Financing Proceeds and Debt/Loan Advances

The primary lifeblood for Aptose Biosciences Inc. has been capital raised through various financing and debt arrangements, predominantly with its major shareholder, Hanmi Pharmaceutical Co. Ltd. For the first nine months of 2025, financing activities provided $11.1 million in cash. This inflow was mainly driven by related-party loans, with equity issuances contributing the remainder.

Here's a quick breakdown of the key cash inflows that constitute the current revenue streams:

Source of Funds	Amount Reported	Date/Period Reference
Total Cash from Financing Activities	$11.1 million	Nine Months Ended September 30, 2025
Cash from Related Party Loan (Component of Financing)	$10.4 million	Nine Months Ended September 30, 2025
Cash from Equity Issuances (Component of Financing)	Approx. $0.7 million	Nine Months Ended September 30, 2025
Total Drawn from June 2025 Hanmi Loan Facility	US$8.5 million	By September 2025
Total Available under September 2025 Hanmi Loan Facility	US$11.9 million	As of September 22, 2025

The June 2025 Loan Agreement with Hanmi Pharmaceutical Co. Ltd. was an uncommitted facility for up to US$8.5 million, and by the time the September 2025 agreement was announced, the final advance of US$1.4 million had been received, bringing the total drawn under the prior agreement to US$5.6 million by Q2 2025, and ultimately US$8.5 million total drawn from that facility. The subsequent September 2025 Facility Agreement increased the total available loan amount to US$11.9 million, with advances capped at US$2,000,000 each, accruing interest at six percent (6%) per annum.

The financing activities in 2024 included a public offering that closed in November 2024, which brought in aggregate gross proceeds of $8 million.

Acquisition Proceeds

The most significant near-term financial event is the announced acquisition by Hanmi Pharmaceutical Co. Ltd. on November 19, 2025. This transaction structure dictates the final cash realization for most shareholders, effectively converting equity into a final cash payout.

The key terms related to this future cash event are:

• Minority shareholders are set to receive C$2.41 in cash per Common Share.
• This offer represents a 28% premium over the 30-day Volume Weighted Average Price (VWAP) of C$1.88.
• Hanmi already owned 19.93% of the outstanding Common Shares prior to the agreement.
• A termination expense fee of C$300,000 is payable to Hanmi Purchaser under certain conditions.

Finance: draft 13-week cash view by Friday.