Business Context and Reporting Period
Company: Aprea Therapeutics, Inc. (APRE)
Filing Type: Form 10-Q (Quarterly Report)
Period Ended: June 30, 2026
Business Overview: Aprea is a clinical-stage precision medicine oncology company focused on synthetic lethality-based cancer therapeutics. Its primary programs include 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 | Q2 2026 (3 Months) | YTD 2026 (6 Months) | YTD 2025 (6 Months) |
|---|---|---|---|
| Grant Revenue | $0 | $0 | $280,574 |
| Total Operating Expenses | $4,032,180 | $7,462,592 | $7,753,929 |
| Net Loss | $(3,591,304) | $(6,879,221) | $(7,171,529) |
| Net Loss Per Share (Basic/Diluted) | $(0.07) | $(0.20) | $(1.19) |
| Cash and Cash Equivalents (End of Period) | $41,233,428 (as of June 30, 2026) | ||
| Accumulated Deficit | $(340,520,662) (as of June 30, 2026) |
Material Changes vs. Prior Period
- Revenue: Grant revenue ceased in 2026 after NIH grants were exhausted in the prior year.
- Operating Expenses: Total operating expenses decreased by approximately $291,000 year-to-date compared to 2025. This was driven by a $1.1 million decrease in ATRN-119 costs (due to the closure of the ABOYA-119 Phase 1 study) partially offset by a $0.9 million increase in APR-1051 costs as the ACESOT-1051 Phase 1 study expanded.
- Liquidity: Cash balances increased significantly from $14.6 million at year-end 2025 to $41.2 million at June 30, 2026, primarily due to net proceeds of approximately $32.7 million from private placements in January and March 2026.
- Share Count: Weighted-average shares outstanding increased substantially due to the issuance of common stock and pre-funded warrants in recent private placements.
Guidance, Outlook, and Risks
- Clinical Outlook:
- APR-1051: The company announced confirmed partial responses in patients with PPP2R1A-mutated endometrial cancer. Enrollment in the ACESOT-1051 Phase 1 study is accelerating, with plans to expand to at least 50 patients. Next data updates are expected in Q4 2026.
- ATRN-119: The Phase 1/2a ABOYA-119 study was closed to focus resources on APR-1051. The company is exploring combination approaches for ATRN-119 with academic centers.
- Liquidity Runway: Management believes the $41.2 million cash balance is sufficient to fund operations into the first quarter of 2028.
- Listing Status Risk: The company received a deficiency letter from Nasdaq in January 2026 regarding the minimum bid price requirement (stock trading below $1.00). It was granted an extension until January 19, 2027, to regain compliance. Failure to comply could result in delisting.
- Capital Needs: The company expects to incur significant losses for the foreseeable future and will require additional financing to support clinical development and commercialization efforts.
Investor Verification Checklist
- Nasdaq Compliance: Verify the current stock price and the company's progress toward regaining compliance with the $1.00 minimum bid price requirement by the January 2027 deadline.
- Capital Structure: Review the terms of the March 2026 private placement, specifically the 37.1 million pre-funded warrants and associated warrants, to assess potential future dilution.
- Clinical Data: Monitor the upcoming Q4 2026 data readout for the ACESOT-1051 study to confirm the durability of the observed partial responses and safety profile.
- Burn Rate: Compare the projected cash runway (Q1 2028) against the accelerating enrollment costs for the APR-1051 trial to assess the likelihood of needing additional capital before the projected date.