Aptose Biosciences (APS) AI Stock Analysis

• Market Cap: C$5.62M
• Dividend Yield: N/A
• Average Volume (3M): 3.35K
• Price to Earnings (P/E): ―
• Beta (1Y): -1.15
• Revenue Growth: N/A
• EPS Growth: 90.81%
• Country: CA
• Employees: 13
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -2.75
• Shares Outstanding: 2,552,429
• 10 Day Avg. Volume: 4,664
• 30 Day Avg. Volume: 3,346
• PEG Ratio: 0.06
• Price to Book (P/B): -34.40
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.34
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: C$2.50 ▲(13.64% Upside)
• Action: Upgraded Date: 12/30/25
• Date: Action: Upgraded 12/30/25

The score is held back primarily by very weak financial performance (no revenue, ongoing cash burn, negative equity and rising debt). Positive corporate catalysts (promising trial results and a pending acquisition) provide meaningful offset, while technical indicators are mixed-to-weak and valuation metrics are not supportive due to negative earnings and no dividend.

Positive Factors

Clinical progress & acquisition

Reported strong clinical response and safety for lead asset tuspetinib plus a pending Hanmi acquisition are structural positives. The deal and clinical validation can supply capital, commercialization resources and external validation, materially de-risking development and accelerating late-stage plans.

Improving loss and cash burn trend

Progressive narrowing of net losses and materially smaller operating cash outflows indicate improved cost control and operational efficiency. Sustained reduction in burn extends runway and lowers near-term funding dependency, improving odds of advancing clinical milestones without immediate dilutive financing.

Focused, specialized R&D model

A narrowly focused small-molecule oncology franchise and a very lean team suggest capital-efficient R&D and deep domain focus. This specialization can concentrate expertise on hematologic targets, improve trial execution speed, and make strategic partnerships or licensing easier to integrate long-term.

Negative Factors

No revenue base

Absence of revenue means the business must rely entirely on financing to fund operations and development. Without product sales or recurring income, long-term sustainability depends on external capital and successful clinical outcomes, raising structural execution and funding risk.

Materially stressed balance sheet

Negative equity, rising debt and shrinking assets create persistent solvency pressure. This structural imbalance limits financial flexibility, elevates creditor risk, and can constrict strategic options like partnering or additional R&D investment without costly refinancing or equity dilution.

High financing and dilution risk

Consistently negative free cash flow and ongoing heavy burn create persistent need for external funding. Over 2-6 months this raises the likelihood of shareholder dilution or expensive debt, constraining strategic choices and increasing execution risk for clinical programs absent deal financing.

Aptose Biosciences Business Overview & Revenue Model

Company Description

Aptose Biosciences Inc., a clinical-stage biotechnology company, discovers and develops personalized therapies addressing unmet medical needs in oncology primarily in the United States. Its clinical programs include APTO-253, which is in Phase 1a/b clinical trial for the treatment of patients with relapsed or refractory blood cancers, including acute myeloid leukemia (AML) and high-risk myelodysplastic syndrome (HR MDS); and HM43239 that is in Phase 1/2 clinical trial to treat patients with relapsed or refractory AML. The company also develops luxeptinib, which is in Phase 1a/b clinical trial for treating patients with relapsed or refractory B-cell malignancies, including chronic lymphocytic leukemia, small lymphocytic lymphoma, and various non-Hodgkin's lymphomas, as well as AML and HR MDS; and APL-581, a dual bromodomain and extra-terminal domain motif protein and kinase inhibitor program. It has agreements with CrystalGenomics, Inc. and OHM Oncology. The company was formerly known as Lorus Therapeutics Inc. and changed its name to Aptose Biosciences Inc. in August 2014. Aptose Biosciences Inc. was incorporated in 1986 and is headquartered in Toronto, Canada.

How the Company Makes Money

Aptose Biosciences generates revenue primarily through the development and potential commercialization of its proprietary drug candidates. The company seeks to monetize its innovations through strategic partnerships with larger pharmaceutical companies, licensing agreements, and eventual sales of approved therapeutics. Revenue streams may include upfront payments, milestone payments, royalties on product sales, and research and development funding from partners. As a clinical-stage company, Aptose's financial performance heavily depends on the successful clinical development, regulatory approval, and commercialization of its drug candidates.

Aptose Biosciences Financial Statement Overview

Summary

Very weak fundamentals: no revenue, persistent sizable losses and cash burn, and a materially stressed balance sheet with negative equity, rising debt, and shrinking assets. Improvements in loss and operating cash burn versus 2023 help, but financing/dilution risk remains high.

Income Statement

The company has generated no revenue across the available periods, while losses remain substantial. Profitability is consistently negative, though the loss profile has improved versus 2023 and 2021 (net loss narrowed from about -$51.2M in 2023 to about -$25.4M in 2024 and about -$19.3M in TTM (Trailing-Twelve-Months)). The key weakness is the lack of a revenue base to absorb operating expenses, making results highly dependent on funding and cost control rather than operating leverage.

Balance Sheet

The balance sheet shows meaningful stress: stockholders’ equity is negative in 2023, 2024, and TTM (Trailing-Twelve-Months), which is a major solvency red flag. Debt has increased sharply (from about $1.0M in 2023 to about $10.6M in 2024 and about $19.0M in TTM (Trailing-Twelve-Months)) while total assets have declined (about $12.99M in 2023 to about $10.13M in 2024 and about $6.34M in TTM). While leverage ratios are distorted by negative equity, the directionally higher debt load alongside shrinking assets increases financing risk.

Cash Flow

Cash burn remains heavy, with operating cash flow and free cash flow negative in every period. There is some improvement in cash usage versus 2023 (operating cash flow improved from about -$44.6M in 2023 to about -$36.0M in 2024 and about -$24.2M in TTM (Trailing-Twelve-Months)), but TTM (Trailing-Twelve-Months) free cash flow declined versus the prior period (free cash flow growth is negative). A modest positive is that free cash flow tracks closely with net loss, suggesting limited non-cash distortion—but the core issue remains persistent cash outflows requiring external capital.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	-474.55K	-507.08K	-616.53K	-646.43K
EBITDA	-18.04M	-26.23M	-52.27M	-42.48M	-65.30M	-55.12M
Net Income	-19.29M	-25.43M	-51.21M	-41.82M	-65.35M	-55.24M
Balance Sheet
Total Assets	6.34M	10.13M	12.99M	51.03M	82.53M	126.26M
Cash, Cash Equivalents and Short-Term Investments	613.00K	6.15M	9.25M	46.96M	79.13M	122.39M
Total Debt	19.02M	10.64M	1.01M	1.30M	574.00K	1.07M
Total Liabilities	25.79M	14.67M	15.89M	13.29M	8.29M	7.35M
Stockholders Equity	-19.45M	-4.54M	-2.90M	37.74M	74.24M	118.92M
Cash Flow
Free Cash Flow	-24.21M	-35.98M	-44.62M	-32.35M	-43.52M	-33.97M
Operating Cash Flow	-24.21M	-35.98M	-44.59M	-32.32M	-43.30M	-33.89M
Investing Cash Flow	0.00	18.00K	9.96M	30.07M	-35.21M	12.63M
Financing Cash Flow	17.88M	33.41M	6.91M	116.00K	226.00K	58.81M

Aptose Biosciences Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:APS, the sentiment is Neutral. The current price of 2.2 is below the 20-day moving average (MA) of 2.24, above the 50-day MA of 2.19, and above the 200-day MA of 1.99, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 47.54 is Neutral, neither overbought nor oversold. The STOCH value of 20.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:APS.

Aptose Biosciences Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
APS	51 Neutral	C$5.62M	-0.19	―	―	―	90.81%
XRTX	46 Neutral	C$3.41M	-0.74	-96.61%	―	―	-1939.32%
BETR	43 Neutral	C$7.59M	-3.76	―	―	―	62.43%
KNE	41 Neutral	C$7.26M	-3.28	―	―	―	―
BIOV	29 Underperform	C$4.08M	-0.63	―	―	―	25.09%

Aptose Biosciences Corporate Events

Aptose’s Tuspetinib Shows Promising Results in AML Treatment

Aptose Biosciences announced promising results from its TUSCANY trial, showcasing the efficacy and safety of its lead compound, tuspetinib, in combination with venetoclax and azacitidine for treating newly diagnosed acute myeloid leukemia (AML) patients. The triple drug therapy demonstrated high clinical response rates, particularly at higher doses, and was effective across diverse genetic mutations, positioning Aptose as a significant player in addressing AML’s unmet needs.

The most recent analyst rating on (TSE:APS) stock is a Hold with a C$2.41 price target. To see the full list of analyst forecasts on Aptose Biosciences stock, see the TSE:APS Stock Forecast page.

Aptose Biosciences to be Acquired by Hanmi Pharmaceutical

Aptose Biosciences has entered into an agreement to be acquired by Hanmi Pharmaceutical, with minority shareholders receiving C$2.41 per share in cash. This acquisition will allow Aptose to continue the development of its promising AML treatment, tuspetinib, and marks Hanmi’s strategic entry into the North American market, potentially expanding its clinical and partnership opportunities.

The most recent analyst rating on (TSE:APS) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on Aptose Biosciences stock, see the TSE:APS Stock Forecast page.

Aptose Biosciences Reports Promising Results in AML Therapy Trials

Aptose Biosciences announced promising results from its TUSCANY clinical trial, where the tuspetinib-based therapy showed excellent safety and complete responses in AML patients at increased dose levels. The company is now administering a 160 mg dose of tuspetinib, with previous doses achieving a 100% complete response rate, surpassing expectations. The data supports the use of tuspetinib with standard care across diverse AML populations, including those with adverse mutations, and has been accepted for presentation at the upcoming American Society of Hematology Annual Meeting.

The most recent analyst rating on (TSE:APS) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on Aptose Biosciences stock, see the TSE:APS Stock Forecast page.