Northwire Canada EditionThursday, October 15, 2026
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GOLD 4107.90 −1.7% SILVER 55.88 −6.1% COPPER 6.62 −1.6% OIL 95.09 +1.0% PALLADIUM 1096.50 −2.7% CIA 2.64 −0.4% BTO 7.09 −4.3% MCI 0.155 +0.0% CAN 0.065 +0.0% BLDS 0.335 +8.1% SAO 0.050 +0.0% SF 0.315 +0.0% BEA 0.055 −15.4% BMM 3.90 +11.1% AUGC 0.295 −13.2% MFG 3.34 −3.8% CDE 21.33 −7.7% CYG 0.160 −5.9% RSMX 0.100 −4.8% TUF 0.830 −5.7% GPG 0.285 −3.4% GOLD 4107.90 −1.7% SILVER 55.88 −6.1% COPPER 6.62 −1.6% OIL 95.09 +1.0% PALLADIUM 1096.50 −2.7% CIA 2.64 −0.4% BTO 7.09 −4.3% MCI 0.155 +0.0% CAN 0.065 +0.0% BLDS 0.335 +8.1% SAO 0.050 +0.0% SF 0.315 +0.0% BEA 0.055 −15.4% BMM 3.90 +11.1% AUGC 0.295 −13.2% MFG 3.34 −3.8% CDE 21.33 −7.7% CYG 0.160 −5.9% RSMX 0.100 −4.8% TUF 0.830 −5.7% GPG 0.285 −3.4%
Earnings Neutral

Aptose Reports First Quarter 2026 Results

Hanmi Acquisition Delayed to May 2026 as Aptose Burns Cash Faster Than Expected

Executive Summary
  • Aptose Biosciences reported Q1 2026 financial results with a net loss of $7.6 million, an increase from $5.5 million in the prior year period.
  • Research and Development expenses rose to $3.6 million, driven by tuspetinib program costs of $2.9 million.
  • Cash position stands at $4.1 million as of March 31, 2026, with management noting insufficient cash to fund operations independently without Hanmi advances.
  • The acquisition by Hanmi Pharmaceutical Co. Ltd. has been delayed due to pending Korean regulatory approvals; the new target closing date remains May 2026.
  • Clinical data from the Phase 1/2 TUSCANY trial (tuspetinib + venetoclax + azacitidine) was selected for an oral presentation at EHA 2026 in June.
  • Aptose terminated the exclusive license rights for luxeptinib to CGI Invites Co., Ltd., winding down that program.
Material Impact
  • The acquisition terms remain unchanged at C$2.41 per share, representing a 28% premium over the 30-day VWAP of C$1.88.
  • The delay in closing was previously announced on April 30, 2026; therefore, this update is not unexpected and does not alter the fundamental transaction thesis.
  • Increased cash burn ($7.6M loss vs $5.5M prior year) narrows the runway to less than two months without Hanmi support, but the company has an existing US$11.1 million facility with Hanmi to fund operations until closing.
  • The stock price is trading at $2.34, very close to the offer price of C$2.41, indicating the market already prices in a high probability of deal completion.
  • No material upside or downside surprise exists relative to previous expectations; the news confirms the status quo regarding the M&A timeline and financial burn rate.
APS · Price
Company Overview
  • Aptose Biosciences is a clinical-stage biopharmaceutical company focused on oncology.
  • Flagship Project: Tuspetinib (TUS), an oral pan-FLT3 inhibitor, being evaluated in combination with venetoclax and azacitidine for frontline treatment of newly diagnosed acute myeloid leukemia (AML).
  • Clinical Trial: TUSCANY Phase 1/2 trial showing high response rates (90% overall CR/CRh) across diverse mutational subtypes including TP53-mutated disease.
  • Secondary Program: Luxeptinib program has been wound down and license rights returned to CGI Invites Co., Ltd.
Read the original news release →

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