Full Press Release Details
Aprea Therapeutics Reports First Quarter 2023 Financial Results and Provides Update on Business Operations
DOYLESTOWN, PA, May 15, 2023 (GLOBE NEWSWIRE) - Aprea Therapeutics, Inc. (Nasdaq: APRE) ("Aprea", or the "Company"), a clinical stage biopharmaceutical company focused on developing novel synthetic lethality-based cancer therapeutics targeting DNA damage response (DDR) pathways, today reported financial results for the three months ended March 31, 2023 and provided a business update.
"We are excited about the strong start for 2023 as we focus on the execution of the pipeline development plan and continue enrollment in our Phase 1/2a dose escalation study of our ATR inhibitor, ATRN-119, in patients with biomarkers related to DDR mutations," said Oren Gilad, Ph.D., President and Chief Executive Officer of Aprea. "Our cash position remains strong with a runway to carry us into the third quarter of 2024 and cross meaningful clinical milestones in our two lead inhibitor programs, ATR and WEE1. In February, we closed an underwritten public offering pursuant to which the Company received approximately $4.9 million in net proceeds. In April, we participated in the American Association of Cancer Research Conference where we had the opportunity to share preclinical results pointing to the potential, groundbreaking benefits of combination therapy with ATRN-119 and ATRN-1051. Our IND-enabling studies continue to progress for our ATRN-1051 inhibitor program and anticipate filing an IND by the end of 2023."
Key Business and Financial Updates
Select Financial Results for the First Quarter ended March 31, 2023
About Aprea Therapeutics, Inc.
Aprea Therapeutics, Inc. is a clinical stage biopharmaceutical company headquartered in Doylestown, Pennsylvania, focused on developing novel synthetic lethality-based cancer therapeutics that target DNA damage response pathways. The Company's lead program is ATRN-119, a clinical-stage small molecule ATR inhibitor being developed for solid tumor indications. Our WEE1 inhibitor is being advanced to IND submission. For more information, please visit the company website at www.aprea.com.
The Company may use, and intends to use, its investor relations website at https://ir.aprea.com/ as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.
Forward Looking Statement
Certain information contained in this press release includes "forward-looking statements", within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, related to our study analyses, clinical trials, regulatory submissions, and projected cash position. We may, in some cases use terms such as "future," "predicts," "believes," "potential," "continue," "anticipates," "estimates," "expects," "plans," "intends," "targeting," "confidence," "may," "could," "might," "likely," "will," "should" or other words that convey uncertainty of the future events or outcomes to identify these forward-looking statements. Our forward-looking statements are based on current beliefs and expectations of our management team and on information currently available to management that involve risks, potential changes in circumstances, assumptions, and uncertainties. All statements contained in this press release other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations. Any or all of the forward-looking statements may turn out to be wrong or be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. These forward-looking statements are subject to risks and uncertainties including, without limitation, risks related to the success, timing and cost of our ongoing clinical trials and anticipated clinical trials for our current product candidates, including statements regarding the timing of initiation, pace of enrollment and completion of the trials, futility analyses, presentations at conferences and data reported in an abstract, and receipt of interim or preliminary results (including, without limitation, any preclinical results or data), which are not necessarily indicative of the final results of our ongoing clinical trials, and the other risks, uncertainties, and other factors described under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the documents we file with the U.S. Securities and Exchange Commission. For all these reasons, actual results and developments could be materially different from those expressed in or implied by our forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which are made only as of the date of this press release. We undertake no obligation to update such forward-looking statements for any reason, except as required by law.
Source: Aprea Therapeutics, Inc.
Investors and Media:
Aprea Therapeutics, Inc.
Condensed Consolidated Balance Sheets
| March 31, | December 31, | ||||||
| 2023 | 2022 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 30,995,714 | $ | 28,786,647 | |||
| Prepaid expenses and other current assets | 1,022,803 | 1,366,859 | |||||
| Total current assets | 32,018,517 | 30,153,506 | |||||
| Property and equipment, net | 1,912 | 2,321 | |||||
| Total assets | $ | 32,020,429 | $ | 30,155,827 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 826,027 | $ | 842,754 | |||
| Accrued expenses | 3,401,361 | 2,358,332 | |||||
| Total current liabilities | 4,227,388 | 3,201,086 | |||||
| Total liabilities | 4,227,388 | 3,201,086 | |||||
| Commitments and contingencies (Note 8) | |||||||
| Series A convertible preferred stock, $0.001 par value, 40,000,000 shares authorized; 56,227 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively. | 1,311,063 | 1,311,063 | |||||
| Stockholders' equity: | |||||||
| Common stock, $0.001 par value, 400,000,000 shares authorized, 3,731,562 and 2,655,269 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively. | 3,731 | 2,655 | |||||
| Additional paid-in capital | 335,215,994 | 330,060,836 | |||||
| Accumulated other comprehensive loss | (10,561,452) | (10,623,408) | |||||
| Accumulated deficit | (298,176,295) | (293,796,405) | |||||
| Total stockholders' equity | 26,481,978 | 25,643,678 | |||||
| Total liabilities and stockholders' equity | $ | 32,020,429 | $ | 30,155,827 |
Aprea Therapeutics, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
| Three Months Ended March 31, | |||||||
| 2023 | 2022 | ||||||
| Operating expenses: | |||||||
| Research and development | $ | 1,256,542 | $ | 4,089,577 | |||
| General and administrative | 3,365,961 | 3,985,298 | |||||
| Acquired in-process research and development | - | - | |||||
| Total operating expenses | 4,622,503 | 8,074,875 | |||||
| Other income (expense): | |||||||
| Interest income, net | 256,410 | 1,971 | |||||
| Foreign currency (loss) gain | (13,797) | 136,211 | |||||
| Total other income | 242,613 | 138,182 | |||||
| Net loss | $ | (4,379,890) | $ | (7,936,693) | |||
| Other comprehensive loss: | |||||||
| Foreign currency translation | 61,956 | (65,505) | |||||
| Total comprehensive loss | (4,317,934) | (8,002,198) | |||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (1.34) | $ | (7.25) | |||
| Weighted-average common shares outstanding, basic and diluted | 3,260,484 | 1,095,076 |