Business Context and Reporting Period
Company: Aprea Therapeutics, Inc. (APRE)
Filing Type: Form 10-Q (Quarterly Report)
Period Ended: March 31, 2026
Business Overview: Aprea is a clinical-stage precision medicine oncology company focused on synthetic lethality-based cancer therapeutics. Its primary programs are APR-1051 (a WEE1 inhibitor) and ATRN-119 (an ATR inhibitor). The company has no commercial product revenue and relies on grants and equity financing.
Key Financial Metrics
| Metric | Q1 2026 | Q1 2025 |
|---|---|---|
| Grant Revenue | $0 | $162,463 |
| Total Operating Expenses | $3,430,412 | $4,248,045 |
| Net Loss | $(3,287,917) | $(3,932,659) |
| Net Loss Per Share (Basic & Diluted) | $(0.22) | $(0.66) |
| Cash and Cash Equivalents (End of Period) | $46,466,202 | $19,275,721 |
| Accumulated Deficit | $(336,929,358) | $(324,974,531) |
| Net Cash Used in Operating Activities | $(2,756,726) | $(3,631,163) |
| Net Cash Provided by Financing Activities | $34,624,149 | $55,849 |
Material Changes vs. Prior Period
- Revenue: Grant revenue decreased to $0 from $162,463 in Q1 2025 as NIH grants were exhausted.
- Operating Expenses: Total operating expenses decreased by approximately $818,000 (19%).
- R&D Expenses: Decreased by $872,000 to $1.61 million, primarily due to a $0.8 million reduction in costs for the ABOYA-119 clinical trial (ATRN-119), which was voluntarily paused in October 2025.
- G&A Expenses: Increased slightly by $54,000 to $1.82 million.
- Liquidity: Cash and cash equivalents increased significantly from $14.6 million (Dec 31, 2025) to $46.5 million (Mar 31, 2026) due to substantial equity financing.
- Financing: The company raised approximately $34.6 million in net proceeds during Q1 2026 through private placements of common stock and pre-funded warrants (January and March 2026 offerings), compared to minimal financing activity in Q1 2025.
Guidance, Outlook, and Risks
- Cash Runway: Management believes the $46.5 million cash balance as of March 31, 2026, is sufficient to fund operating expenses and capital expenditures into the first quarter of 2028.
- Product Development:
- APR-1051: Phase 1 dose-escalation study (ACESOT-1051) is ongoing. The company announced confirmed partial responses in patients with PPP2R1A-mutated endometrial cancer. Dose escalation is expected to continue through 300mg, 400mg, and potentially 500mg cohorts. Expansion to include 50+ patients with uterine serous carcinoma is planned.
- ATRN-119: The ABOYA-119 monotherapy study is being wound down. The company is exploring combination approaches (e.g., with immunotherapy, chemotherapy, or ADCs) and is in discussions with academic centers.
- Listing Status Risk: On January 23, 2026, the company received a deficiency letter from Nasdaq regarding the minimum bid price requirement (stock closed below $1.00 for 30 consecutive days). The company has 180 days to regain compliance; failure to do so could result in delisting.
- Going Concern: While the recent financing extends the runway, the company has incurred significant losses since inception and will require additional financing to sustain operations beyond 2028.
Investor Verification Checklist
- Financing Terms: Verify the dilution impact of the March 2026 private placement, which involved the issuance of pre-funded warrants for approximately 37.2 million shares at $0.807 per share.
- Nasdaq Compliance: Monitor the company's progress in regaining compliance with the $1.00 minimum bid price requirement to avoid delisting.
- Clinical Data: Review upcoming data readouts for APR-1051, specifically the safety and efficacy data from the 300mg cohort and the expansion phase in uterine serous carcinoma.
- ATRN-119 Strategy: Confirm the timeline and partners for the new combination studies for ATRN-119 following the wind-down of the monotherapy trial.
- Subscription Receivable: Note that approximately $0.5 million of proceeds from the March 2026 offering was recorded as a subscription receivable and received on April 1, 2026.