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APTO Nasdaq· Aptose Biosciences Inc.
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APTO Nasdaq· Aptose Biosciences Inc.
Earnings report Q3 2023

APTO Reports Decrease in Revenue for Latest Quarter

Segments of Revenue

APTO's latest financial quarter saw a decrease in revenue across its segments. The specific breakdown of segment revenues is not provided in the given context block.

Strengths

Despite the decrease in revenue, APTO demonstrated strengths in managing costs and expenses. The company successfully reduced program costs for APTO-253 by approximately $317 thousand, following the decision to discontinue further clinical development of APTO-253. Personnel-related expenses also decreased by $714 thousand, attributed to a reduction in the number of employees, partially offset by salary increases. Additionally, stock-based compensation decreased by approximately $740 thousand, primarily due to stock options granted with lower grant date fair values in the current period.

Challenges

APTO faced challenges in its research and development expenses, which increased by $6.3 million to $27.6 million for the nine-month period ended September 30, 2023, compared to $21.3 million for the same period in 2022. The increase in research and development expenses can be attributed to program costs for tuspetinib, which amounted to $18.7 million for the nine-month period. APTO acquired sponsorship and related costs for the tuspetinib study effective January 1, 2022, following its licensing in the fourth quarter of 2021. The discontinuation of the APTO-253 program also impacted research and development expenses.

Noteworthy

APTO's decision to discontinue further clinical development of APTO-253 resulted in cost savings for the company. This strategic move allowed APTO to reduce program costs by approximately $317 thousand in the nine-month period and $64 thousand in the three-month period. The decrease in stock-based compensation was primarily driven by lower grant date fair values of stock options in the current period.

Summary

APTO faced a decrease in revenue in its latest financial quarter. However, the company demonstrated strengths in cost management, successfully reducing program costs and personnel-related expenses. Challenges were observed in the increase of research and development expenses, primarily driven by program costs for tuspetinib and the discontinuation of the APTO-253 program. APTO's decision to discontinue APTO-253 resulted in cost savings, while the decrease in stock-based compensation was influenced by lower grant date fair values. Overall, APTO's financial performance in the latest quarter reflects a mixed outcome, with both strengths and challenges to consider.

Source documents

Form 10-Q  filed on Nov 09, 2023
470 pages scanned

Reference data

Company financials Q3 revenue 0
Analyst estimates Q3 EPS missed by -28.89%
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