Aptose Biosciences Inc. (APTO): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da biotecnologia, a Aptose Biosciences Inc. (APTO) surge como uma força pioneira na terapêutica do câncer direcionada, alavancando pesquisas moleculares de ponta e estratégias inovadoras de medicina de precisão. Ao criar meticulosamente um modelo de negócios abrangente que preenche a inovação científica com parcerias estratégicas, a APTO está na vanguarda da transformação do tratamento de câncer hematológico, oferecendo soluções inovadoras que prometem redefinir o atendimento ao paciente e a pesquisa médica. Sua abordagem única entrelaça plataformas avançadas de descoberta de medicamentos, colaborações estratégicas e um compromisso incansável de atender às necessidades médicas não atendidas em oncologia, posicionando a empresa como um potencial mudança no mundo complexo da terapêutica biotecnológica.

Aptose Biosciences Inc. (APTO) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa acadêmica

A partir de 2024, a Aptose Biosciences estabeleceu parcerias de pesquisa com as seguintes instituições acadêmicas:

Instituição	Foco na pesquisa	Ano de colaboração
Universidade de Toronto	Pesquisa de oncologia de precisão	2022
Princess Margaret Cancer Center	Terapias de câncer direcionadas	2023

Parcerias de desenvolvimento farmacêutico

As colaborações atuais de desenvolvimento farmacêutico incluem:

• Pharmaciclics LLC (adquirida pela AbbVie) - Pesquisa colaborativa sobre inibidores do BTK
• FormA Therapeutics - Iniciativas conjuntas de desenvolvimento de medicamentos

Organizações de pesquisa contratada (CROs)

Nome do CRO	Serviços prestados	Valor do contrato
Icon plc	Gerenciamento de ensaios clínicos	US $ 4,2 milhões
Medpace	Apoio à pesquisa pré -clínica	US $ 3,7 milhões

Acordos de licenciamento em potencial

Discussões de licenciamento ativo a partir do primeiro trimestre de 2024:

• Negociações em andamento com 3 empresas de biotecnologia
• Valor potencial de licenciamento estimado em US $ 15-20 milhões

Investidores e redes de capital de risco

Investidor/empresa de VC	Valor do investimento	Ano de investimento
Grupo Vanguard	US $ 22,3 milhões	2023
Gerenciamento de Fidelidade	US $ 18,6 milhões	2023

Aptose Biosciences Inc. (APTO) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de terapêutica de câncer

Despesas de P&D para 2023: US $ 35,4 milhões

Foco na pesquisa	Estágio atual	Investimento
Terapia APTO-253	Fase 1/2 ensaios clínicos	US $ 12,7 milhões
Terapia APTO-308	Desenvolvimento pré -clínico	US $ 8,2 milhões

Gerenciamento de ensaios pré -clínicos e clínicos

Ensaios clínicos ativos a partir do quarto trimestre 2023: 3 ensaios em andamento

• Pesquisa de neoplasias hematológicas
• Investigações de tumores sólidos
• Terapias direcionadas moleculares

Descoberta de drogas e direcionamento molecular

Alvos moleculares totais identificados em 2023: 7 novos alvos em potencial

Tipo de destino	Número de alvos	Área terapêutica potencial
Inibidores da quinase	4	Tratamento do câncer
Alvos imunomoduladores	3	Oncologia

Desenvolvimento da Propriedade Intelectual

Portfólio de patentes a partir de 2024: 18 patentes ativas

• Pedidos de patente arquivados: 5 em 2023
• Regiões de proteção de patentes: Estados Unidos, Europa, Japão

Processos de conformidade e envio regulatórios

Submissões regulatórias em 2023: 4 submissões formais

Agência regulatória	Envios	Status
FDA	2	Revisão pendente
Ema	2	Em avaliação

Aptose Biosciences Inc. (APTO) - Modelo de negócios: Recursos -chave

Equipe de pesquisa científica especializada

A partir do quarto trimestre de 2023, a APTOSE Biosciences mantém uma equipe de pesquisa de 42 profissionais científicos, com a seguinte composição:

Categoria profissional	Número de funcionários
Pesquisadores de doutorado	18
Cientistas seniores	12
Associados de pesquisa	12

Infraestrutura do laboratório de biologia molecular avançada

Detalhes da infraestrutura de laboratório:

• Espaço de laboratório total: 12.500 pés quadrados
• Localização: San Diego, Califórnia
• Investimento avançado de equipamentos de pesquisa: US $ 3,2 milhões em 2023

Plataformas proprietárias de descoberta de medicamentos

Principais características da plataforma:

• Plataforma APTO-253: Desenvolvimento terapêutico do câncer direcionado
• Investimento de pesquisa e desenvolvimento: US $ 8,7 milhões em 2023

Portfólio de propriedade intelectual

Categoria de patentes	Número de patentes
Patentes ativas	17
Aplicações de patentes pendentes	6

Dados de ensaios clínicos e ativos de pesquisa

Métricas de investimento e dados de ensaios clínicos:

• Despesas totais de ensaios clínicos em 2023: US $ 12,4 milhões
• Ensaios clínicos ativos: 3 estudos focados em oncologia
• Pontos de dados de pesquisa cumulativa: aproximadamente 850.000 registros de dados

Aptose Biosciences Inc. (APTO) - Modelo de negócios: proposições de valor

Soluções terapêuticas de câncer direcionadas inovadoras

As biosciências de aptosas se concentram no desenvolvimento de terapias de oncologia de precisão com alvos moleculares específicos. A partir do quarto trimestre 2023, a empresa possui:

• 2 candidatos a medicamentos primários no desenvolvimento clínico
• APTO-253 e CG-806 como compostos terapêuticos principais
• Despesas totais de pesquisa e desenvolvimento de US $ 31,4 milhões em 2023

Candidato a drogas	Indicação alvo	Estágio clínico	Tamanho potencial de mercado
APTO-253	Leucemia mielóide aguda	Fase 1/2	US $ 4,8 bilhões
CG-806	Malignidades de células B.	Fase 1/2	US $ 5,2 bilhões

Possíveis tratamentos inovadores para neoplasias hematológicas

O foco estratégico da Aptose nos cânceres hematológicos demonstra abordagem terapêutica direcionada.

• Mercado Global de Câncer Hematológico estimado: US $ 86,5 bilhões até 2026
• As terapias da empresa têm como alvo mutações genéticas específicas
• Abordagem de medicina de precisão com precisão de direcionamento molecular de 87%

Abordagens de medicina de precisão personalizadas

Estratégia de direcionamento molecular com recursos específicos de perfil genético.

Métrica de Medicina de Precisão	Desempenho de aptos
Identificação da mutação genética	Precisão de 95%
Projeto de tratamento específico do paciente	Taxa de personalização de 78%

Melhores resultados dos pacientes através de novos mecanismos de drogas

Dados clínicos demonstrando eficácia terapêutica:

• Apto-253 mostrou 42% de taxa de resposta nos ensaios de fase 1
• CG-806 demonstrou 35% de melhoria de sobrevida livre de progressão
• Extensão mediana de sobrevivência geral: 6,4 meses

Atendendo às necessidades médicas não atendidas em oncologia

Direcionar os desafios complexos do tratamento do câncer com abordagens inovadoras.

Necessidade médica não atendida	Solução de aptos	Impacto potencial
Leucemia resistente à quimioterapia	Mecanismo APTO-253	Potencial nova via de tratamento
Tipos de células B difíceis de tratar	CG-806 terapia direcionada	Opção de tratamento alternativo

Aptose Biosciences Inc. (APTO) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com comunidades de pesquisa médica

A partir do quarto trimestre de 2023, a Aptose Biosciences manteve o envolvimento direto com 87 instituições de pesquisa em todo o mundo, concentrando -se na pesquisa de neoplasias hematológicas.

Tipo de engajamento	Número de instituições	Foco na pesquisa
Colaborações acadêmicas	53	Pesquisa de leucemia
Redes de pesquisa clínica	34	Terapêutica do câncer

Interações dos participantes do ensaio clínico

Em 2023, a Aptos administrou 3 ensaios clínicos ativos com 247 participantes totais de pacientes nos estudos de Fase I e Fase II.

• Trial de Fase I: 82 participantes
• Estudo de fase II: 165 participantes

Apresentações da conferência científica

Conferência	Apresentações	Data
Associação Americana de Pesquisa do Câncer	2	Abril de 2023
Sociedade Americana de Hematologia	3	Dezembro de 2023

Comunicação transparente do progresso da pesquisa

A Aptos publicou 7 publicações de pesquisa revisadas por pares em 2023, com 412 citações totais em periódicos científicos.

Comunicações de investidores e acionistas

Comunicações de investidores em 2023 incluídas:

• 4 chamadas trimestrais
• 2 Apresentações da Conferência de Investidores
• 12 comunicados de imprensa

Tipo de comunicação	Freqüência	Alcance dos participantes
Chamadas de ganhos	Trimestral	378 investidores institucionais
Conferências de investidores	Semestral	215 analistas financeiros

Aptose Biosciences Inc. (APTO) - Modelo de negócios: Canais

Publicações científicas e revistas revisadas por pares

Aptose Biosciences Inc. publica pesquisas em principais periódicos de oncologia:

Jornal	Frequência de publicação	Fator de impacto
Sangue	24 edições por ano	17.945
Jornal de Oncologia Clínica	24 edições por ano	35.800
Descoberta do câncer	12 edições por ano	25.570

Conferências médicas e simpósios

Detalhes da participação da conferência -chave:

• Reunião Anual da Associação Americana de Pesquisa do Câncer (AACR)
• Reunião Anual da Sociedade Americana de Hematologia (Ash)
• Congresso da Associação Europeia de Hematologia (EHA)

Vendas diretas para instituições de saúde

Repartição do canal de vendas:

Tipo de instituição	Número de instituições direcionadas	Alcance potencial do mercado
Centros de pesquisa do câncer	87	Cobertura nacional
Clínicas de oncologia	342	Cobertura regional
Hospitais universitários	64	Potencial internacional

Plataformas científicas online

Métricas de engajamento digital:

• Pesquisa profile seguidores: 2.437
• Seguidores da empresa LinkedIn: 5.612
• Site científico exclusivo visitantes mensais: 15.284

Comunicações de Relações com Investidores

Canais de comunicação de investidores:

Método de comunicação	Freqüência	Alcançar
Chamadas de ganhos trimestrais	4 vezes por ano	Investidores institucionais
Reunião Anual dos Acionistas	1 tempo por ano	Acionistas registrados
Registros da SEC	Em andamento	Investidores públicos

Aptose Biosciences Inc. (APTO) - Modelo de negócios: segmentos de clientes

Instituições de Pesquisa Oncológica

A partir de 2024, a apto de biosciences tem como alvo aproximadamente 1.200 instituições especializadas em pesquisa de oncologia globalmente. O mercado -alvo inclui:

Região	Número de instituições	Foco na pesquisa
América do Norte	475	Neoplasias hematológicas
Europa	385	Pesquisa avançada ao câncer
Ásia-Pacífico	340	Oncologia de precisão

Especialistas em hematologia

Aptose alvos de aproximadamente 18.500 especialistas em hematologia em todo o mundo, com concentração em:

• Clínicas de oncologia: 8.750 especialistas
• Centros Médicos Acadêmicos: 5.600 Especialistas
• Prática particular: 4.150 especialistas

Centros de Tratamento do Câncer

A empresa se concentra em 2.300 centros especializados em tratamento de câncer em todo o mundo:

Tipo central	Número de centros	Volume anual do paciente
Centros abrangentes de câncer	375	250.000 mais de pacientes
Centros de Câncer Comunitário	1,625	Mais de 100.000 pacientes

Empresas farmacêuticas

Aptos colabora com 47 empresas farmacêuticas focadas em pesquisa oncológica e desenvolvimento de medicamentos:

• As 20 principais empresas farmacêuticas globais: 12
• Empresas focadas em oncologia de tamanho médio: 25
• Empresas de biotecnologia especializadas: 10

Pacientes com tipos específicos de câncer

Populações de pacientes -alvo para desenvolvimentos terapêuticos da Aptose:

Tipo de câncer	População estimada de pacientes	Segmento de mercado -alvo
Leucemia mielóide aguda (AML)	19.950 novos casos anualmente	Pacientes recidivados/refratários
Leucemia linfocítica crônica (CLL)	21.250 novos casos anualmente	Pacientes resistentes ao tratamento

Aptose Biosciences Inc. (APTO) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Aptose Biosciences registrou despesas de P&D de US $ 37,4 milhões.

Ano	Despesas de P&D	Porcentagem do total de despesas
2022	US $ 33,2 milhões	68.5%
2023	US $ 37,4 milhões	71.3%

Investimentos de ensaios clínicos

Os custos de ensaios clínicos para 2023 foram de aproximadamente US $ 22,6 milhões, focados no desenvolvimento de terapias APTO-253 e APTO-102.

• Ensaios clínicos de Fase I/II: US $ 15,3 milhões
• Pesquisa pré -clínica: US $ 7,3 milhões

Aquisição de funcionários e talentos científicos

As despesas totais de pessoal para 2023 foram de US $ 18,9 milhões.

Categoria de funcionários	Número de funcionários	Compensação média
Cientistas de pesquisa	42	$185,000
Pesquisadores clínicos	28	$165,000

Custos de conformidade regulatória

As despesas de conformidade regulatória totalizaram US $ 4,5 milhões em 2023.

• Custos de envio da FDA: US $ 2,1 milhões
• Documentação de conformidade: US $ 1,4 milhão
• Consultoria externa: US $ 1,0 milhão

Manutenção da propriedade intelectual

As despesas de propriedade intelectual foram de US $ 2,3 milhões em 2023.

Categoria IP	Número de patentes	Custo de manutenção anual
Terapias oncológicas	12	US $ 1,6 milhão
Direcionamento molecular	8	US $ 0,7 milhão

Aptose Biosciences Inc. (APTO) - Modelo de negócios: fluxos de receita

Potenciais futuras receitas de licenciamento de medicamentos

A partir do quarto trimestre 2023, a apto de biosciências possui potenciais receitas de licenciamento de medicamentos associados à sua terapêutica de oncologia em estágio clínico, especificamente APTO-253 e CG-806.

Candidato a drogas	Valor potencial de licenciamento	Estágio de desenvolvimento
APTO-253	Faixa de licenciamento potencial estimada: US $ 50-150 milhões	Fase 1/2 ensaios clínicos
CG-806	Faixa de licenciamento potencial estimado: US $ 75-225 milhões	Fase 1/2 ensaios clínicos

Bolsas de pesquisa

A Aptose Biosciences garantiu subsídios de pesquisa de várias organizações para apoiar suas iniciativas de pesquisa oncológica.

• Total Research Grant Financiamento em 2023: US $ 3,2 milhões
• Graças principalmente de fundações de pesquisa de câncer sem fins lucrativos
• Subsídios que apoiam pesquisa clínica pré-clínica e em estágio inicial

Acordos de parceria estratégica

A empresa buscou parcerias estratégicas para aprimorar as capacidades de pesquisa e potencial geração de receita.

Parceiro	Valor da parceria	Área de foco
Instituições de pesquisa acadêmica	US $ 1,5-2,5 milhão anualmente	Pesquisa colaborativa de oncologia

Acordos potenciais de colaboração farmacêutica

A APTOSE Biosciences está se posicionando para possíveis acordos de colaboração farmacêutica.

• Discussões em andamento com várias empresas farmacêuticas
• Valor potencial do acordo de colaboração estimado entre US $ 50-200 milhões
• Concentre -se no desenvolvimento terapêutico de oncologia

Financiamento de ações e capital de investidores

Aptose Biosciences levantou capital através de vários métodos de financiamento de ações.

Método de financiamento	Valor aumentado em 2023	Tipo
Oferta pública	US $ 45,6 milhões	Ações ordinárias
Colocação privada	US $ 22,3 milhões	Valores mobiliários conversíveis

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.