APRE earnings analysis
What we found in APRE's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.07
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing APRE makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever