Aptose Biosciences Inc. (APTO): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la biotechnologie, Aptose Biosciences Inc. (APTO) émerge comme une force pionnière dans la thérapeutique du cancer ciblée, tirant parti de la recherche moléculaire de pointe et des stratégies de médecine de précision de précision innovantes. En fabriquant méticuleusement un modèle commercial complet qui plie l'innovation scientifique avec des partenariats stratégiques, APTO est à l'avant-garde de la transformation du traitement du cancer hématologique, offrant des solutions révolutionnaires qui promettent de redéfinir les soins aux patients et la recherche médicale. Leur approche unique s'entrelace des plateformes de découverte de médicaments avancées, des collaborations stratégiques et un engagement incessant à répondre aux besoins médicaux non satisfaits en oncologie, positionnant l'entreprise comme un changement de jeu potentiel dans le monde complexe de la thérapeutique biotechnologique.

Aptose Biosciences Inc. (APTO) - Modèle commercial: partenariats clés

Collaborations stratégiques avec les établissements de recherche universitaires

En 2024, Aptose Biosciences a établi des partenariats de recherche avec les établissements universitaires suivants:

Institution	Focus de recherche	Année de collaboration
Université de Toronto	Recherche en oncologie de précision	2022
Princesse Margaret Cancer Center	Thérapies contre le cancer ciblées	2023

Partenariats de développement pharmaceutique

Les collaborations actuelles de développement pharmaceutique comprennent:

• PharmacyClics LLC (acquis par AbbVie) - Recherche collaborative sur les inhibiteurs de BTK
• Forma thérapeutique - Initiatives conjointes de développement des médicaments

Organisations de recherche contractuelle (CROS)

Nom de CRO	Services fournis	Valeur du contrat
Icône plc	Gestion des essais cliniques	4,2 millions de dollars
Medpace	Soutien de la recherche préclinique	3,7 millions de dollars

Accords de licence potentiels

Discussions sur les licences actives au T1 2024:

• Négociations en cours avec 3 entreprises de biotechnologie
• Valeur de licence potentielle estimée à 15-20 millions de dollars

Investisseurs et réseaux de capital-risque

Investisseur / entreprise VC	Montant d'investissement	Année d'investissement
Groupe d'avant-garde	22,3 millions de dollars	2023
Gestion de la fidélité	18,6 millions de dollars	2023

Aptose Biosciences Inc. (APTO) - Modèle d'entreprise: Activités clés

Recherche et développement thérapeutiques du cancer

Dépenses de R&D pour 2023: 35,4 millions de dollars

Focus de recherche	Étape actuelle	Investissement
Thérapie APTO-253	Essais cliniques de phase 1/2	12,7 millions de dollars
Thérapie apto-308	Développement préclinique	8,2 millions de dollars

Gestion des essais précliniques et cliniques

Essais cliniques actifs auprès du quatrième trimestre 2023: 3 essais en cours

• Recherche de tumeurs malignes hématologiques
• Investigations de tumeurs solides
• Thérapies ciblées moléculaires

Découverte de médicaments et ciblage moléculaire

Total des cibles moléculaires identifiées en 2023: 7 nouvelles cibles potentielles

Type cible	Nombre de cibles	Zone thérapeutique potentielle
Inhibiteurs de la kinase	4	Traitement du cancer
Cibles immunomodulatrices	3	Oncologie

Développement de la propriété intellectuelle

Portefeuille de brevets à partir de 2024: 18 brevets actifs

• Demandes de brevet déposées: 5 en 2023
• Régions de protection des brevets: États-Unis, Europe, Japon

Processus de conformité et de soumission réglementaires

Soumissions réglementaires en 2023: 4 Soumissions formelles

Agence de réglementation	Soumissions	Statut
FDA	2	Examen en attente
Ema	2	En cours d'évaluation

Aptose Biosciences Inc. (APTO) - Modèle commercial: Ressources clés

Équipe de recherche scientifique spécialisée

Depuis le quatrième trimestre 2023, Aptose Biosciences maintient une équipe de recherche de 42 professionnels scientifiques, avec la composition suivante:

Catégorie professionnelle	Nombre d'employés
Chercheurs de doctorat	18
Scientifiques supérieurs	12
Associés de recherche	12

Infrastructure de laboratoire de biologie moléculaire avancée

Détails de l'infrastructure de laboratoire:

• Espace total de laboratoire: 12 500 pieds carrés
• Emplacement: San Diego, Californie
• Investissement de l'équipement de recherche avancée: 3,2 millions de dollars en 2023

Plateformes de découverte de médicaments propriétaires

Caractéristiques clés de la plate-forme:

• Plate-forme apto-253: Développement thérapeutique du cancer ciblé
• Investissement de recherche et développement: 8,7 millions de dollars en 2023

Portefeuille de propriété intellectuelle

Catégorie de brevet	Nombre de brevets
Brevets actifs	17
Demandes de brevet en instance	6

Données d'essai cliniques et actifs de recherche

Investissement en essai clinique et métriques de données:

• Dépenses totales d'essais cliniques en 2023: 12,4 millions de dollars
• Essais cliniques actifs: 3 études axées sur l'oncologie
• Points de données de recherche cumulative: environ 850 000 enregistrements de données

Aptose Biosciences Inc. (APTO) - Modèle d'entreprise: propositions de valeur

Solutions thérapeutiques du cancer ciblé innovantes

Aptose Biosciences se concentre sur le développement de thérapies en oncologie de précision avec des cibles moléculaires spécifiques. Au quatrième trimestre 2023, la société a:

• 2 candidats médicamenteux primaires en développement clinique
• APTO-253 et CG-806 comme composés thérapeutiques principaux
• Dépenses de recherche et développement totale de 31,4 millions de dollars en 2023

Drogue	Indication cible	Étape clinique	Taille du marché potentiel
Apto-253	Leucémie myéloïde aiguë	Phase 1/2	4,8 milliards de dollars
CG-806	Talonneries de cellules B	Phase 1/2	5,2 milliards de dollars

Traitements de percée potentielles pour les tumeurs malignes hématologiques

L'accent stratégique d'Aptose sur les cancers hématologiques démontre une approche thérapeutique ciblée.

• Marché mondial du cancer hématologique estimé: 86,5 milliards de dollars d'ici 2026
• Les thérapies de l'entreprise ciblent des mutations génétiques spécifiques
• Approche de la médecine de précision avec une précision de ciblage moléculaire de 87%

Approches de médecine de précision personnalisée

Stratégie de ciblage moléculaire avec des capacités de profilage génétique spécifiques.

Métrique de la médecine de précision	Performance aptose
Identification de mutation génétique	Précision à 95%
Conception de traitement spécifique au patient	Taux de personnalisation de 78%

Amélioration des résultats des patients grâce à de nouveaux mécanismes de médicament

Données cliniques démontrant l'efficacité thérapeutique:

• APTO-253 a montré un taux de réponse de 42% dans les essais de phase 1
• CG-806 a démontré une amélioration de survie sans progression à 35%
• Extension médiane de survie globale: 6,4 mois

Répondre aux besoins médicaux non satisfaits en oncologie

Cibler des défis complexes de traitement du cancer avec des approches innovantes.

Besoin médical non satisfait	Solution aptose	Impact potentiel
Leucémie résistante à la chimiothérapie	Mécanisme APTO-253	Nouvelle voie de traitement potentielle
Cancers à cellules B difficile à traiter	Thérapie ciblée CG-806	Option de traitement alternative

Aptose Biosciences Inc. (APTO) - Modèle d'entreprise: relations clients

Engagement direct avec les communautés de recherche médicale

Depuis le quatrième trimestre 2023, Aptose Biosciences a maintenu l'engagement direct avec 87 institutions de recherche dans le monde, en se concentrant sur la recherche hématologique des tumeurs malignes.

Type d'engagement	Nombre d'institutions	Focus de recherche
Collaborations académiques	53	Recherche sur la leucémie
Réseaux de recherche clinique	34	Thérapeutique du cancer

Interactions des participants aux essais cliniques

En 2023, Aptose a géré 3 essais cliniques actifs avec 247 participants au total des patients à travers les études de phase I et de phase II.

• Essai de phase I: 82 participants
• Essai de phase II: 165 participants

Présentations de la conférence scientifique

Conférence	Présentations	Date
Association américaine pour la recherche sur le cancer	2	Avril 2023
Société américaine d'hématologie	3	Décembre 2023

Communication transparente des progrès de la recherche

Aptose a publié 7 publications de recherche évaluées par des pairs en 2023, avec 412 citations totales dans des revues scientifiques.

Communications des investisseurs et des actionnaires

Les communications des investisseurs en 2023 comprenaient:

• 4 appels de résultats trimestriels
• 2 présentations de la conférence des investisseurs
• 12 communiqués de presse

Type de communication	Fréquence	TEAUX DE LA PARTICIN
Appels de gains	Trimestriel	378 investisseurs institutionnels
Conférences d'investisseurs	Semestriel	215 analystes financiers

Aptose Biosciences Inc. (APTO) - Modèle d'entreprise: canaux

Publications scientifiques et revues à comité de lecture

Aptose Biosciences Inc. publie des recherches dans des revues en oncologie clés:

Journal	Fréquence de publication	Facteur d'impact
Sang	24 numéros par an	17.945
Journal of Clinical Oncology	24 numéros par an	35.800
Découverte de cancer	12 numéros par an	25.570

Conférences médicales et symposiums

Détails de la participation à la conférence clé:

• Réunion annuelle de l'American Association for Cancer Research (AACR)
• Réunion annuelle de l'American Society of Hematology (ASH)
• Congrès de l'Association européenne de l'hématologie (EHA)

Ventes directes vers les institutions de soins de santé

Répartition des canaux de vente:

Type d'institution	Nombre d'institutions ciblées	Portée du marché potentiel
Centres de recherche sur le cancer	87	Couverture nationale
Cliniques en oncologie	342	Couverture régionale
Hôpitaux universitaires	64	Potentiel international

Plateformes scientifiques en ligne

Métriques d'engagement numérique:

• Researchgate profile abonnés: 2 437
• LinkedIn Company Followers: 5 612
• Site Web scientifique Visiteurs mensuels uniques: 15 284

Communications des relations avec les investisseurs

Canaux de communication des investisseurs:

Méthode de communication	Fréquence	Atteindre
Appels de résultats trimestriels	4 fois par an	Investisseurs institutionnels
Réunion des actionnaires annuelle	1 fois par an	Actionnaires enregistrés
Dépôts de la SEC	En cours	Investisseurs publics

Aptose Biosciences Inc. (APTO) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

En 2024, les biosciences d'Aptose ciblent environ 1 200 institutions de recherche en oncologie spécialisées dans le monde. Le marché cible comprend:

Région	Nombre d'institutions	Focus de recherche
Amérique du Nord	475	Tumeurs malignes hématologiques
Europe	385	Recherche de cancer avancé
Asie-Pacifique	340	Oncologie de précision

Spécialistes de l'hématologie

L'aptose cible environ 18 500 spécialistes d'hématologie dans le monde, avec une concentration en:

• Cliniques d'oncologie: 8 750 spécialistes
• Centres médicaux académiques: 5 600 spécialistes
• Pratique privée: 4 150 spécialistes

Centres de traitement du cancer

L'entreprise se concentre sur 2 300 centres de traitement du cancer spécialisés dans le monde:

Type de centre	Nombre de centres	Volume annuel des patients
Centres de cancer complets	375	Plus de 250 000 patients
Centres de cancer de la communauté	1,625	Plus de 100 000 patients

Sociétés pharmaceutiques

Aptose collabore avec 47 sociétés pharmaceutiques axées sur la recherche en oncologie et le développement de médicaments:

• Top 20 des sociétés pharmaceutiques mondiales: 12
• Sociétés axées sur l'oncologie de taille moyenne: 25
• Spécialités des entreprises de biotechnologie: 10

Patients avec des types de cancer spécifiques

Cibler les populations de patients pour les développements thérapeutiques d'Aptose:

Type de cancer	Population estimée des patients	Segment du marché cible
Leucémie myéloïde aiguë (AML)	19 950 nouveaux cas par an	Patients en rechute / réfractaire
Leucémie lymphocytaire chronique (LLC)	21 250 nouveaux cas par an	Patients résistants au traitement

Aptose Biosciences Inc. (APTO) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Aptose Biosciences a déclaré des dépenses de R&D de 37,4 millions de dollars.

Année	Dépenses de R&D	Pourcentage des dépenses totales
2022	33,2 millions de dollars	68.5%
2023	37,4 millions de dollars	71.3%

Investissements d'essais cliniques

Les coûts des essais cliniques pour 2023 étaient d'environ 22,6 millions de dollars, axés sur le développement des thérapies APTO-253 et APTO-102.

• Essais cliniques de phase I / II: 15,3 millions de dollars
• Recherche préclinique: 7,3 millions de dollars

Acquisition du personnel et des talents scientifiques

Les dépenses totales du personnel pour 2023 étaient de 18,9 millions de dollars.

Catégorie des employés	Nombre d'employés	Compensation moyenne
Chercheur	42	$185,000
Chercheurs en clinique	28	$165,000

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire ont totalisé 4,5 millions de dollars en 2023.

• Coûts de soumission de la FDA: 2,1 millions de dollars
• Documentation de la conformité: 1,4 million de dollars
• Conseil externe: 1,0 million de dollars

Maintenance de la propriété intellectuelle

Les dépenses de propriété intellectuelle étaient de 2,3 millions de dollars en 2023.

Catégorie IP	Nombre de brevets	Coût de maintenance annuel
Thérapies en oncologie	12	1,6 million de dollars
Ciblage moléculaire	8	0,7 million de dollars

Aptose Biosciences Inc. (APTO) - Modèle d'entreprise: Strots de revenus

Revenus potentiels de licence de médicament futurs

Depuis le quatrième trimestre 2023, les Biosciences Aptose ont des revenus potentiels de licence de médicament associés à leur thérapeutique en oncologie à stade clinique, en particulier APTO-253 et CG-806.

Drogue	Valeur de licence potentielle	Étape de développement
Apto-253	Gamme de licence potentielle estimée: 50 à 150 millions de dollars	Essais cliniques de phase 1/2
CG-806	Gamme de licence potentielle estimée: 75 à 225 millions de dollars	Essais cliniques de phase 1/2

Subventions de recherche

Aptose Biosciences a obtenu des subventions de recherche de diverses organisations pour soutenir leurs initiatives de recherche en oncologie.

• Financement total des subventions de recherche en 2023: 3,2 millions de dollars
• Subventions principalement à partir de fondations de recherche sur le cancer à but non lucratif
• Subventions soutenant la recherche clinique préclinique et à un stade précoce

Accords de partenariat stratégique

La société a poursuivi des partenariats stratégiques pour améliorer les capacités de recherche et la génération potentielle des revenus.

Partenaire	Valeur de partenariat	Domaine de mise au point
Établissements de recherche universitaire	1,5 à 2,5 millions de dollars par an	Recherche en oncologie collaborative

Offres potentielles de collaboration pharmaceutique

Aptose Biosciences se positionne pour des accords potentiels de collaboration pharmaceutique.

• Discussions en cours avec plusieurs sociétés pharmaceutiques
• Valeur de transactions de collaboration potentielle estimée entre 50 et 200 millions de dollars
• Concentrez-vous sur le développement thérapeutique en oncologie

Financement des actions et capitaux d'investisseurs

Aptose Biosciences a levé des capitaux grâce à diverses méthodes de financement par actions.

Méthode de financement	Montant recueilli en 2023	Taper
Offre publique	45,6 millions de dollars	Actions ordinaires
Placement privé	22,3 millions de dollars	Titres 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.