Aprea Therapeutics, Inc.(APRE), a biopharmaceutical company fo cused on developing novel cancer therapies, has released its unaudited condensed consolidated financial statements for the second quarter of 2023. The company reported a net loss of $3.26 million for the quarter, accompanied by grant revenue of $249,688. Despite the operating expenses incurred during the period, Aprea Therapeutics continues to advance its mission of pioneering innovative treatments for cancer.
Current Asset Position
The company's financial snapshot as of June 30, 2023, revealed that Aprea Therapeutics holds cash and cash equivalents amounting to $27.68 million, a slight decrease from the $28.79 million reported at the end of 2022. Additionally, prepaid expenses and other current assets were valued at $953,670, compared to $1.37 million in the previous year. The total current assets for the quarter were reported at $28.64 million, showing a decrease from the $30.15 million reported at the close of 2022.
Liabilities and Equity
Current liabilities for the period were noted at $3.95 million, indicating an increase from the $3.20 million reported in the prior year. Among these, accounts payable stood at $1.13 million, up from $842,754 in December 2022. Accrued expenses were reported at $2.82 million, compared to $2.36 million in the previous year.
The company's Series A convertible preferred stock remained unchanged at $1.31 million, with 56,227 shares issued and outstanding. Aprea Therapeutics' total stockholders' equity for the quarter was reported at $23.42 million, reflecting a decrease from $25.64 million at the end of 2022.
Grant Revenue and Operating Expenses
Aprea Therapeutics reported grant revenue of $249,688 for the second quarter of 2023, compared to no reported grant revenue in the same period of the previous year. The company directed its resources towards research and development, with expenses amounting to $2.20 million for the quarter, down from $6.81 million in the second quarter of 2022. General and administrative expenses were reported at $1.70 million, showing a decrease from $15.63 million in the previous year. The acquired in-process research and development costs remained consistent at $0 for the quarter, compared to $76.02 million reported in the second quarter of 2022.
Net Loss and Comprehensive Loss
Aprea Therapeutics reported a net loss of $3.26 million for the second quarter of 2023, a significant improvement from the net loss of $98.26 million reported in the same period of the previous year. This reduction in net loss can be attributed to the company's cost management and the inclusion of grant revenue.
Despite the challenges posed by operating expenses, Aprea Therapeutics remains committed to its goal of developing innovative cancer therapies. The company's strategic focus on research and development, coupled with its prudent financial management, continues to position it as a key player in the biopharmaceutical sector. As the company advances through 2023, investors and industry analysts will be keenly observing Aprea Therapeutics' efforts to translate its research into potential breakthrough treatments for cancer patients.