HomeTop MoversWhy Aptose Biosciences Inc. (APTO) stock plummeted on Monday evening?

Why Aptose Biosciences Inc. (APTO) stock plummeted on Monday evening?

Aptose Biosciences Inc. (APTO) shares plummeted 16.92% in after-hours on Monday, December 13, 2021, and closed the daily trading at $1.62. Even in the regular trading session, APTO’s stock lost 2.01%. APTO shares have fallen 52.44% over the last 12 months, and they have moved down 3.94% in the past week. Over the past three months, the stock has lost 27.51%, while over the past six months, it has plunged 44.29%.

Let’s see what’s going on with the company?


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APTO update about oral myeloid kinome inhibitor HM43239

On December 13, 2021, Aptose Biosciences Inc. (APTO) reported that the oral myeloid kinome inhibitor HM43239 has demonstrated durable single-agent activity in patients with relapsed or refractory acute myeloid leukemia (AML). The company presented the data in an oral presentation at the 2021 American Society of Hematology (ASH) Annual Meeting by lead investigator Naval G. Daver, M.D., Associate Professor in the Department of Leukemia at MD Anderson Cancer Center.

APTO participation in the recent investor conference

Aptose Biosciences (APTO) recently participated in the Piper Sandler 33rd Annual Healthcare Conference, which was held from November 23 through December 2, 2021.

APTO latest financial results

On November 11, 2021, Aptose Biosciences Inc. (APTO) announced financial results for the three months that ended September 30, 2021.

Q3 2021 financial highlights

  • APTO earned no revenue in Q3 2021 and Q3 2020.
  • In Q3 2021, it spent $7.7 million in research and development expenses compared to $7.5 million in Q3 2020.
  • General and administrative expenses were $3.64 million in Q3 2021 compared to $5.7 million in Q3 2020.
  • It suffered a net loss of $11.3 million or $0.13 per share compared with $13.2 million or $0.15 per share for the quarter ended September 30, 2020.
  • The company ended the quarter with cash and cash equivalents and investments of $95.1 million.

APTO agreement with Hanmi Pharmaceutical

On November 04, 2021, Aptose Biosciences Inc. (APTO) entered into an exclusive license agreement with Hanmi Pharmaceutical to develop and commercialize HM43239, an oral, highly potent, clinical-stage myeloid kinome inhibitor (MKI), designed to target a distinct constellation of kinases operative in myeloid malignancies, including SYK, FLT3, and others.

According to the agreement, Aptose got exclusive worldwide rights to HM43239 for all indications. Hanmi will receive an upfront payment of $12.5 million, including $5 million in cash and $7.5 million in Aptose shares.

Conclusion

Well, Aptose stock plummeting on Monday is a bit strange because the company announced positive data about oral myeloid kinome inhibitor HM43239 but it faced a decline yesterday. We hope that it will perform well in the coming trading sessions.

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