10-Q · May 13, 2026
Aprea Therapeutics reported a net loss of $3.3 million for Q1 2026, showing improvement from a $3.93 million loss in Q1 2025. Revenue was nonexistent for the quarter, a decrease from $162,463 in the prior year, while…
Earnings analysis · 10-Q
APRE earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
Aprea remains pre-revenue, with Q2 2026 revenue of $0, but diluted EPS improved to $(0.07) from $(0.53) a year earlier. The company held $41.2 million of cash and expects funding into Q1 2028, although it reported a…
Read full summary
Aprea remains pre-revenue, with Q2 2026 revenue of $0, but diluted EPS improved to $(0.07) from $(0.53) a year earlier. The company held $41.2 million of cash and expects funding into Q1 2028, although it reported a $6.9 million six-month net loss and continues to require additional capital over time. The principal risks are early-stage clinical execution, reliance on external funding and Nasdaq listing compliance, including a minimum bid-price deadline of January 19, 2027.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.07
What stood out
-
EPS loss improved year over year
Diluted EPS was $(0.07) in Q2 2026, improving from $(0.53) in Q2 2025 and $(0.22) in Q1 2026.
-
Cash runway extends into Q1 2028
Cash and cash equivalents totaled $41.2 million as of June 30, 2026, which management expects to fund operations and capital expenditures into the first quarter of 2028.
-
Losses remain controlled but substantial
The company reported a net loss of $6.9 million for the six months ended June 30, 2026, compared with an accumulated deficit of $340.5 million at June 30, 2026.
-
No material control weakness reported
Management stated that its disclosure controls and procedures were effective as of June 30, 2026, and reported no change in internal control over financial reporting that materially affected, or was reasonably likely to materially affect, those controls.
What to watch
-
No revenue and continuing operating losses
The company remains pre-commercial, reporting $0 of quarterly revenue and stating that it has never generated commercial revenue. Management expects significant expenses and increasing operating losses for the foreseeable future.
-
Additional financing may be required
The filing states that existing cash is expected to fund operations into the first quarter of 2028, but also warns that its assumptions may be wrong and that it could consume capital significantly faster. The company says it will need substantial additional funding.
-
Nasdaq listing compliance risk
A Nasdaq deficiency notice followed 30 consecutive business days below the $1.00 minimum bid price. The company received an additional 180-calendar-day period through January 19, 2027, and Nasdaq also approved a $5 million minimum market value of listed securities requirement.
-
China supply and tariff exposure
The company currently procures APIs and other raw materials from a supplier in China and is diversifying procurement to U.S. suppliers. The filing states that broad-based tariffs imposed in 2025 have created uncertainty in global supply chains and could increase operating costs.
-
Early-stage clinical development risk
APR-1051 is still in Phase 1 clinical trials, and the filing states that drug development typically takes about six to ten years from Phase 1 to approval, and may take longer. Early-stage results may not predict later-stage clinical outcomes.
Management's outlook
No quantitative EPS or revenue guidance was provided. Management stated that cash and cash equivalents of $41.2 million as of June 30, 2026 are expected to fund operations and capital expenditures into the first quarter of 2028.
Earlier filings 4
10-K · March 16, 2026
Aprea is a clinical-stage precision oncology company focused on synthetic-lethality DDR inhibitors, with two lead programs: APR-1051 (WEE1) and ATRN-119 (ATR). The 2025 filing highlights early clinical proof-of-concept…
10-K · March 25, 2025
Aprea is a clinical-stage precision oncology company focused on synthetic lethality with two clinical-stage assets (APR-1051, ATRN-119) and one preclinical DDR program. The 10-K documents clear clinical progress (IND…
10-K · March 26, 2024
Aprea’s 10-K frames the company as a clinical-stage, synthetic lethality-focused oncology developer that shifted strategy after the May 16, 2022 acquisition of Atrin and is advancing ATRN-119 (ATR inhibitor) and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.