Full Press Release Details
Reports Fourth Quarter and Full Year 2022 Financial Results and Provides Update on Business Operations
PA, March 30, 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 and year ended December 31,
2022 and provided a business update.
has been another transformational year for Aprea with progress on multiple fronts," said Oren Gilad, Ph.D., President and Chief
Executive Officer of Aprea. "With the initiation of the Phase 1/2a clinical trial of our ATR inhibitor, ATRN-119, we remain on
track to provide an update on clinical data later this year. Following this important achievement, we further strengthened our cash position
with the closing of a public offering pursuant to which we received approximately $5.5 million in gross proceeds, allowing us to extend
our cash runway into the third quarter of 2024. We believe our current cash runway will allow us to cross meaningful clinical milestones
for our two lead programs. Additionally, we announced a non-dilutive SBIR award from the National Cancer Institute and welcomed John
Hamill to the Aprea team. We look forward to his contribution as Chief Financial Officer as we advance our clinical pipeline of synthetic
lethality-based cancer therapeutics targeting DDR pathways."
and Financial Updates
Results for the Fourth Quarter ended December 31, 2022
Results for the Year ended December 31, 2022
Aprea Therapeutics, Inc. is a clinical
stage biopharmaceutical company headquartered in Doylestown, Pennsylvania, focused on developing and commercializing novel synthetic
lethality-based cancer therapeutics targeting a critical pathway and some of the most central targets in DDR and cancer progression.
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 risks related to the success and timing of our clinical trials or other studies,
risks associated with the coronavirus pandemic and the other risks set forth in our filings 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
| December 31, 2022 | December 31, 2021 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 28,786,647 | $ | 53,076,052 | ||||
| Prepaid expenses and other current assets | 1,366,859 | 3,508,358 | ||||||
| Total current assets | 30,153,506 | 56,584,410 | ||||||
| Property and equipment, net | 2,321 | 23,870 | ||||||
| Right of use lease and other noncurrent assets | -- | 215,183 | ||||||
| Total assets | $ | 30,155,827 | $ | 56,823,463 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 842,754 | $ | 1,773,032 | ||||
| Accrued expenses | 2,358,332 | 5,352,996 | ||||||
| Lease liability-current | -- | 190,471 | ||||||
| Total current liabilities | 3,201,086 | 7,316,499 | ||||||
| Lease liability-noncurrent | -- | -- | ||||||
| Total liabilities | 3,201,086 | 7,316,499 | ||||||
| Commitments and contingencies | ||||||||
| Preferred stock, par value $0.001; 56,227 and 0 shares issued and outstanding at December 31, 2022 and 2021, respectively | 1,311,063 | -- | ||||||
| Stockholders' equity: | ||||||||
| Common stock, par value $0.001; 2,655,269 and 1,092,967 shares issued and outstanding at December 31, 2022 and 2021, respectively | 2,655 | 1,092 | ||||||
| Additional paid-in capital | 330,060,836 | 240,999,206 | ||||||
| Accumulated other comprehensive loss | (10,623,408 | ) | (10,358,956 | ) | ||||
| Accumulated deficit | (293,796,405 | ) | (181,134,378 | ) | ||||
| Total stockholders' equity | 25,643,678 | 49,506,964 | ||||||
| Total liabilities and stockholders' equity | $ | 30,155,827 | $ | 56,823,463 |
Aprea Therapeutics, Inc.
Condensed Consolidated
Statements of Operations and Comprehensive Loss
| Three Months Ended December 31, (Unaudited) | Year Ended December 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 531,406 | $ | 4,462,154 | $ | 16,402,273 | $ | 23,895,875 | ||||||||
| General and administrative | 2,120,222 | 3,366,525 | 20,969,771 | 13,550,478 | ||||||||||||
| Acquired in-process research and development | -- | -- | 76,020,184 | -- | ||||||||||||
| Total operating expenses | 2,651,628 | 7,828,679 | 113,392,228 | 37,446,353 | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 243,082 | 3,326 | 448,667 | 1,648 | ||||||||||||
| Foreign currency gain (loss) | (33,596 | ) | 70,169 | 281,534 | 317,402 | |||||||||||
| Total other income | 209,486 | 73,495 | 730,201 | 319,050 | ||||||||||||
| Net loss | $ | (2,442,142 | ) | $ | (7,755,184 | ) | $ | (112,662,027 | ) | $ | (37,127,303 | ) | ||||
| Other comprehensive income (loss): | ||||||||||||||||
| Foreign currency translation | (382,763 | ) | 95,743 | (264,452 | ) | (321,695 | ) | |||||||||
| Total comprehensive loss | (2,824,905 | ) | (7,659,441 | ) | (112,926,479 | ) | (37,448,998 | ) | ||||||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.92 | ) | $ | (7.20 | ) | $ | (67.99 | ) | $ | (34.88 | ) | ||||
| Weighted-average common shares outstanding, basic and diluted | 2,649,349 | 1,076,940 | 1,657,055 | 1,064,325 |