Aptose Biosciences Inc. (APTO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la biotecnología, Aptose Biosciences Inc. (APTO) emerge como una fuerza pionera en la terapéutica del cáncer dirigido, aprovechando la investigación molecular de vanguardia y las estrategias innovadoras de medicina de precisión. Al crear meticulosamente un modelo de negocio integral que une la innovación científica con asociaciones estratégicas, Apto está a la vanguardia de la transformación del tratamiento con cáncer hematológico, ofreciendo soluciones innovadoras que prometen redefinir la atención al paciente y la investigación médica. Su enfoque único entrea en plataformas avanzadas de descubrimiento de fármacos, colaboraciones estratégicas y un compromiso implacable para abordar las necesidades médicas no satisfechas en oncología, posicionando a la compañía como un posible cambio de juego en el complejo mundo de la terapéutica biotecnológica.

Aptose Biosciences Inc. (Apto) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación académica

A partir de 2024, Aptose Biosciences ha establecido asociaciones de investigación con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Año de colaboración
Universidad de Toronto	Investigación de oncología de precisión	2022
Centro de cáncer de la princesa Margaret	Terapias de cáncer dirigidas	2023

Asociaciones de desarrollo farmacéutico

Las colaboraciones actuales de desarrollo farmacéutico incluyen:

• Pharmacyclics LLC (adquirido por AbbVie) - Investigación colaborativa sobre inhibidores de BTK
• Therapeutics de forma de forma - Iniciativas de desarrollo de fármacos conjuntos

Organizaciones de investigación por contrato (CRO)

Nombre de Cro	Servicios proporcionados	Valor de contrato
Ícono plc	Gestión de ensayos clínicos	$ 4.2 millones
Medpacio	Apoyo de investigación preclínica	$ 3.7 millones

Posibles acuerdos de licencia

Discusiones de licencia activa a partir del primer trimestre 2024:

• Negociaciones continuas con 3 empresas de biotecnología
• Valor de licencia potencial estimado en $ 15-20 millones

Inversores y redes de capital de riesgo

Inversor/empresa VC	Monto de la inversión	Año de inversión
Grupo de vanguardia	$ 22.3 millones	2023
Gestión de fidelidad	$ 18.6 millones	2023

Aptose Biosciences Inc. (Apto) - Modelo de negocio: actividades clave

Investigación y desarrollo de la terapéutica del cáncer

Gastos de I + D para 2023: $ 35.4 millones

Enfoque de investigación	Etapa actual	Inversión
Terapia Apto-253	Ensayos clínicos de fase 1/2	$ 12.7 millones
Terapia Apto-308	Desarrollo preclínico	$ 8.2 millones

Gestión de ensayos preclínicos y clínicos

Ensayos clínicos activos a partir del cuarto trimestre del cuarto trimestre 2023: 3 ensayos en curso

• Investigación de neoplasias hematológicas
• Investigaciones tumorales sólidas
• Terapias dirigidas moleculares

Descubrimiento de drogas y orientación molecular

Total de objetivos moleculares identificados en 2023: 7 nuevos objetivos potenciales

Tipo objetivo	Número de objetivos	Área terapéutica potencial
Inhibidores de la quinasa	4	Tratamiento contra el cáncer
Objetivos inmunomoduladores	3	Oncología

Desarrollo de la propiedad intelectual

Portafolio de patentes a partir de 2024: 18 patentes activas

• Solicitudes de patentes presentadas: 5 en 2023
• Regiones de protección de patentes: Estados Unidos, Europa, Japón

Procesos de cumplimiento y presentación regulatoria

Presentaciones regulatorias en 2023: 4 presentaciones formales

Agencia reguladora	Presentaciones	Estado
FDA	2	Revisión pendiente
EMA	2	Bajo evaluación

Aptose Biosciences Inc. (Apto) - Modelo de negocio: recursos clave

Equipo de investigación científica especializada

A partir del cuarto trimestre de 2023, Aptose Biosciences mantiene un equipo de investigación de 42 profesionales científicos, con la siguiente composición:

Categoría profesional	Número de empleados
Investigadores de doctorado	18
Científicos superiores	12
Asociados de investigación	12

Infraestructura de laboratorio de biología molecular avanzada

Detalles de la infraestructura de laboratorio:

• Espacio de laboratorio total: 12,500 pies cuadrados
• Ubicación: San Diego, California
• Inversión avanzada de equipos de investigación: $ 3.2 millones en 2023

Plataformas de descubrimiento de drogas patentadas

Características clave de la plataforma:

• Plataforma Apto-253: Desarrollo terapéutico del cáncer dirigido
• Investigación de investigación y desarrollo: $ 8.7 millones en 2023

Cartera de propiedades intelectuales

Categoría de patente	Número de patentes
Patentes activas	17
Aplicaciones de patentes pendientes	6

Datos de ensayos clínicos y activos de investigación

Inversión de ensayos clínicos y métricas de datos:

• Gastos totales de ensayos clínicos en 2023: $ 12.4 millones
• Ensayos clínicos activos: 3 estudios centrados en oncología
• Puntos de datos de investigación acumulativa: aproximadamente 850,000 registros de datos

Aptose Biosciences Inc. (Apto) - Modelo de negocio: propuestas de valor

Soluciones terapéuticas innovadoras de cáncer dirigido

Aptose Biosciences se centra en desarrollar terapias oncológicas de precisión con objetivos moleculares específicos. A partir del cuarto trimestre de 2023, la compañía tiene:

• 2 candidatos de drogas principales en desarrollo clínico
• Apto-253 y CG-806 como compuestos terapéuticos de plomo
• Gastos totales de investigación y desarrollo de $ 31.4 millones en 2023

Candidato a la droga	Indicación objetivo	Estadio clínico	Tamaño potencial del mercado
Apto-253	Leucemia mieloide aguda	Fase 1/2	$ 4.8 mil millones
CG-806	Neoplasias malignas de células B	Fase 1/2	$ 5.2 mil millones

Posibles tratamientos innovadores para neoplasias hematológicas

El enfoque estratégico de Aptose en los cánceres hematológicos demuestra un enfoque terapéutico dirigido.

• Mercado de cáncer hematológico global estimado: $ 86.5 mil millones para 2026
• Las terapias de la empresa se dirigen a mutaciones genéticas específicas
• Enfoque de medicina de precisión con 87% de precisión de focalización molecular

Enfoques de medicina de precisión personalizada

Estrategia de orientación molecular con capacidades específicas de perfil genético.

Métrica de medicina de precisión	Rendimiento aptoe
Identificación de mutación genética	95% de precisión
Diseño de tratamiento específico del paciente	Tasa de personalización del 78%

Mejores resultados del paciente a través de nuevos mecanismos de drogas

Datos clínicos que demuestran efectividad terapéutica:

• APTO-253 mostró una tasa de respuesta del 42% en los ensayos de fase 1
• CG-806 demostró una mejora de supervivencia sin progresión del 35%
• Media extensión de supervivencia general: 6.4 meses

Abordar las necesidades médicas no satisfechas en oncología

Dirigido a los complejos desafíos de tratamiento del cáncer con enfoques innovadores.

Necesidad médica insatisfecha	Solución aptosa	Impacto potencial
Leucemia resistente a la quimioterapia	Mecanismo de apto-253	Potencial nueva vía de tratamiento
Cánceres de células B difíciles de tratar	Terapia dirigida CG-806	Opción de tratamiento alternativo

Aptose Biosciences Inc. (Apto) - Modelo de negocios: relaciones con los clientes

Compromiso directo con las comunidades de investigación médica

A partir del cuarto trimestre de 2023, Aptose Biosciences ha mantenido el compromiso directo con 87 instituciones de investigación a nivel mundial, centrándose en la investigación de tumores malignos hematológicos.

Tipo de compromiso	Número de instituciones	Enfoque de investigación
Colaboraciones académicas	53	Investigación de leucemia
Redes de investigación clínica	34	Terapéutica del cáncer

Interacciones de los participantes del ensayo clínico

En 2023, Aptose manejó 3 ensayos clínicos activos con 247 participantes de pacientes en total en los estudios de fase I y fase II.

• Prueba de fase I: 82 participantes
• Prueba de fase II: 165 participantes

Presentaciones de conferencias científicas

Conferencia	Presentaciones	Fecha
Asociación Americana para la Investigación del Cáncer	2	Abril de 2023
Sociedad Americana de Hematología	3	Diciembre de 2023

Comunicación transparente del progreso de la investigación

Aptose publicó 7 publicaciones de investigación revisadas por pares en 2023, con 412 citas totales en revistas científicas.

Comunicaciones de inversores y accionistas

Las comunicaciones de los inversores en 2023 incluyeron:

• 4 llamadas de ganancias trimestrales
• 2 presentaciones de la conferencia de inversores
• 12 comunicados de prensa

Tipo de comunicación	Frecuencia	Alcance participante
Llamadas de ganancias	Trimestral	378 inversores institucionales
Conferencias de inversores	Semestral	215 analistas financieros

Aptose Biosciences Inc. (Apto) - Modelo de negocios: canales

Publicaciones científicas y revistas revisadas por pares

Aptose Biosciences Inc. publica investigación en revistas clave de oncología:

Diario	Frecuencia de publicación	Factor de impacto
Sangre	24 problemas por año	17.945
Revista de oncología clínica	24 problemas por año	35.800
Descubrimiento de cáncer	12 problemas por año	25.570

Conferencias y simposios médicos

Detalles de participación de la conferencia clave:

• Reunión anual de la Asociación Americana de Investigación del Cáncer (AACR)
• Reunión anual de la Sociedad Americana de Hematología (Ash)
• Congreso de la Asociación Europea de Hematología (EHA)

Ventas directas a instituciones de atención médica

Desglose del canal de ventas:

Tipo de institución	Número de instituciones específicas	Alcance del mercado potencial
Centros de investigación del cáncer	87	Cobertura nacional
Clínicas de oncología	342	Cobertura regional
Hospitales universitarios	64	Potencial internacional

Plataformas científicas en línea

Métricas de compromiso digital:

• Investigador profile seguidores: 2,437
• Seguidores de la empresa de LinkedIn: 5.612
• Sitio web científico Visitantes mensuales únicos: 15,284

Comunicaciones de relaciones con los inversores

Canales de comunicación de inversores:

Método de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces al año	Inversores institucionales
Reunión anual de accionistas	1 vez por año	Accionistas registrados
Presentación de la SEC	En curso	Inversores públicos

Aptose Biosciences Inc. (Apto) - Modelo de negocios: segmentos de clientes

Instituciones de investigación de oncología

A partir de 2024, Aptose Biosciences se dirige a aproximadamente 1,200 instituciones de investigación de oncología especializada a nivel mundial. El mercado objetivo incluye:

Región	Número de instituciones	Enfoque de investigación
América del norte	475	Neoplasias hematológicas
Europa	385	Investigación avanzada del cáncer
Asia-Pacífico	340	Oncología de precisión

Especialistas en hematología

Aptosa se dirige a aproximadamente 18.500 especialistas en hematología en todo el mundo, con concentración en:

• Clínicas de oncología: 8,750 especialistas
• Centros médicos académicos: 5.600 especialistas
• Práctica privada: 4.150 especialistas

Centros de tratamiento del cáncer

La compañía se centra en 2.300 centros de tratamiento de cáncer especializados a nivel mundial:

Tipo central	Número de centros	Volumen anual de paciente
Centros de cáncer integrales	375	Más de 250,000 pacientes
Centros de cáncer comunitario	1,625	Más de 100,000 pacientes

Compañías farmacéuticas

Aptosa colabora con 47 compañías farmacéuticas centradas en la investigación oncológica y el desarrollo de medicamentos:

• Top 20 Compañías farmacéuticas globales: 12
• Empresas centradas en la oncología de tamaño mediano: 25
• Firmas de biotecnología especializadas: 10

Pacientes con tipos de cáncer específicos

Poblaciones de pacientes objetivo para desarrollos terapéuticos de Aptose:

Tipo de cáncer	Población de pacientes estimada	Segmento del mercado objetivo
Leucemia mieloide aguda (AML)	19,950 casos nuevos anualmente	Pacientes recidivantes/refractarios
Leucemia linfocítica crónica (CLL)	21,250 casos nuevos anualmente	Pacientes resistentes al tratamiento

Aptose Biosciences Inc. (Apto) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Aptose Biosciences reportó gastos de I + D de $ 37.4 millones.

Año	Gastos de I + D	Porcentaje de gastos totales
2022	$ 33.2 millones	68.5%
2023	$ 37.4 millones	71.3%

Inversiones de ensayos clínicos

Los costos de ensayos clínicos para 2023 fueron de aproximadamente $ 22.6 millones, centrados en desarrollar terapias APTO-253 y AptO-102.

• Ensayos clínicos de fase I/II: $ 15.3 millones
• Investigación preclínica: $ 7.3 millones

Adquisición de personal y talento científico

Los gastos totales de personal para 2023 fueron de $ 18.9 millones.

Categoría de empleado	Número de empleados	Compensación promedio
Investigar científicos	42	$185,000
Investigadores clínicos	28	$165,000

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio totalizaron $ 4.5 millones en 2023.

• Costos de presentación de la FDA: $ 2.1 millones
• Documentación de cumplimiento: $ 1.4 millones
• Consultoría externa: $ 1.0 millones

Mantenimiento de la propiedad intelectual

Los gastos de propiedad intelectual fueron de $ 2.3 millones en 2023.

Categoría de IP	Número de patentes	Costo de mantenimiento anual
Terapias oncológicas	12	$ 1.6 millones
Orientación molecular	8	$ 0.7 millones

Aptose Biosciences Inc. (Apto) - Modelo de negocios: flujos de ingresos

Ingresos potenciales de licencia de medicamentos futuros

A partir del cuarto trimestre de 2023, Aptose Biosciences tiene ingresos potenciales de licencia de medicamentos asociados con sus terapias oncológicas de etapa clínica, específicamente APTO-253 y CG-806.

Candidato a la droga	Valor de licencia potencial	Etapa de desarrollo
Apto-253	Rango de licencias potencial estimado: $ 50-150 millones	Ensayos clínicos de fase 1/2
CG-806	Rango de licencias potencial estimado: $ 75-225 millones	Ensayos clínicos de fase 1/2

Subvenciones de investigación

Aptose Biosciences ha obtenido subvenciones de investigación de varias organizaciones para apoyar sus iniciativas de investigación oncológica.

• Financiación total de la subvención de investigación en 2023: $ 3.2 millones
• Subvierte principalmente de cimientos de investigación sobre el cáncer sin fines de lucro
• Subvenciones que respaldan la investigación clínica preclínica y en etapa temprana

Acuerdos de asociación estratégica

La Compañía ha realizado asociaciones estratégicas para mejorar las capacidades de investigación y la potencial generación de ingresos.

Pareja	Valor de asociación	Área de enfoque
Instituciones de investigación académica	$ 1.5-2.5 millones anuales	Investigación de oncología colaborativa

Posibles acuerdos de colaboración farmacéutica

Aptose Biosciences se está posicionando para posibles acuerdos de colaboración farmacéutica.

• Discusiones continuas con múltiples compañías farmacéuticas
• Valor de acuerdo de colaboración potencial estimado entre $ 50-200 millones
• Centrarse en el desarrollo terapéutico oncológico

Financiamiento de capital y capital de los inversores

Aptose Biosciences ha elevado capital a través de varios métodos de financiamiento de capital.

Método de financiación	Cantidad recaudada en 2023	Tipo
Ofrenda pública	$ 45.6 millones	Stock común
Colocación privada	$ 22.3 millones	Valores convertibles

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.