Aptose enters $11.9M (U.S.) amended loan facility

Executive Summary

• Aptose Biosciences entered into an amended $11.9-million (U.S.) loan facility agreement with Hanmi Pharmaceutical to fund clinical operations for tuspetinib, with the first advance expected soon.
• The company received the final advance of $1.4-million (U.S.) from a prior June 2025 facility, bringing the total received from that specific tranche to $8.5-million (U.S.).
• Clinical data from the Tuscany phase 1/2 study showed 100% complete remission in the 80mg and 120mg cohorts, including patients with difficult-to-treat mutations (TP53, RAS, FLT3).

Key Details

• New Facility Terms:
  • Total facility size: $11.9 million (U.S.).
  • Structure: Uncommitted, administered through multiple advances until December 31, 2025.
  • Advance Limit: No single advance exceeds $2 million (U.S.).
  • Interest Rate: 6% per annum on unpaid principal.
  • Use of Proceeds: Business and clinical operations expenses related to tuspetinib advancement.
  • Status: Aptose has not yet received funds from this new facility but expects the first advance soon.
• Prior Facility Completion:
  • Final advance of $1.4 million (U.S.) received from the June 2025 facility.
  • Total amount received from the June 2025 facility: $8.5 million (U.S.).
• Clinical Data (Tuscany Phase 1/2 Study):
  • Study Design: Testing doses/schedules of tuspetinib (TUS) with azacitidine and venetoclax in newly diagnosed AML patients ineligible for induction chemotherapy.
  • Results: Nine out of 10 patients responded to the TUS triplet therapy.
  • Remission Rates: 100% complete remission (CR) achieved in the 80-milligram and 120-milligram cohorts.
  • Specific Mutations: Patients with TP53, RAS, and FLT3 mutations achieved a 100% CR/CRh rate.
  • Safety: Data demonstrated safety and minimal residual disease negativity across diverse mutations.
• Regulatory & Governance:
  • The September 2025 loan constitutes a related-party transaction under Multilateral Instrument 61-101.
  • Aptose relied on the financial hardship exemption from formal valuation and minority shareholder approval requirements.
  • The Board unanimously determined the agreement improves the company's financial position and terms are reasonable.
  • No material change report was filed 21 days prior as details were unknown at that time.

Notable Quotes

• "The growing body of positive data on tuspetinib demonstrates that, by adding TUS to the VEN+AZA standard of care in AML, we can safely and more effectively treat some of AML's largest patient populations, in addition to subgroups having adverse genetics defined by FLT3, NKRAS and TP53 genes," said Dr. William G. Rice, PhD, chairman, president and chief executive officer of Aptose.