ACTU

Actuate Therapeutics, Inc. (ACTU) - Q2 2026 Filing Summary

Business Context and Reporting Period

This Form 10-Q covers the quarterly period ended June 30, 2026. Actuate Therapeutics is a clinical-stage biopharmaceutical company developing elraglusib, a GSK-3 inhibitor, for the treatment of various cancers. The company has no product revenue and relies on capital markets to fund operations. As of the filing date, the company is classified as an emerging growth company and a smaller reporting company.

Key Financial Metrics

Material Changes vs. Prior Period

• Expense Reduction: Total operating expenses decreased by approximately $1.72 million (14%) compared to the prior year period, driven primarily by a $2.0 million reduction in external clinical study expenses due to fewer patients on study in the Phase 2 mPDAC trial.
• Cash Burn: Cash and cash equivalents declined by approximately $8.7 million during the six-month period, compared to a decline of $2.1 million in the same period in 2025.
• Financing Activity: The company raised approximately $1.25 million net proceeds through its At-the-Market (ATM) facility in the current period. In contrast, the prior year period included significant proceeds from a private placement and a committed equity facility.
• Stock-Based Compensation: Stock-based compensation expense remained relatively flat at approximately $2.7 million for the six-month period in both years.

Guidance, Outlook, Risks, and Contingencies

• Going Concern Warning: Management has concluded there is substantial doubt regarding the company's ability to continue as a going concern. Cash on hand is projected to satisfy operational requirements only until September 2026 without additional capital.
• Capital Resources: The company has approximately $98.7 million remaining capacity under its ATM facility and 3.36 million shares remaining under its Committed Equity Facility with B. Riley. No shares were issued under the Committed Equity Facility in the current period.
• Nasdaq Compliance Risk: The company received notice from Nasdaq on July 15, 2026, that it failed to meet the $50 million minimum market value of listed securities requirement. The company has until January 11, 2027, to regain compliance or risk delisting.
• Clinical Progress: The company received FDA clearance to proceed with a Phase 1/2 study for the oral tablet formulation of elraglusib. Data from the Phase 2 mPDAC study (Actuate-1801 Part 3B) showed a statistically significant improvement in median overall survival.
• Debt Obligations: The company has a license payable of $404,991 to the University of Illinois (UIC) accruing interest at 5% per annum, with specific triggers for repayment including financing milestones or change of control.

Investor Verification Checklist

• Liquidity Runway: Verify the company's ability to secure funding before September 2026 to avoid operational delays or cessation.
• Nasdaq Status: Monitor the company's progress in regaining compliance with the $50 million market value requirement to avoid delisting.
• ATM Utilization: Track the utilization of the remaining $98.7 million ATM capacity and the impact of share issuance on dilution.
• Clinical Milestones: Confirm the enrollment and data readout timelines for the new Phase 1/2 oral tablet study and the pediatric neuroblastoma study (BEACON2).
• UIC Debt Triggers: Review the specific conditions under the UIC license agreement that could trigger immediate repayment of the $404,991 deferred amount.