Applied Therapeutics, Inc. (APLT) Bundle
A Brief History of Applied Therapeutics, Inc.
Applied Therapeutics, Inc. has undergone significant developments leading up to 2024, particularly in its financial performance and strategic direction. As of September 30, 2024, the company reported a net loss of $149.6 million, compared to a loss of $82.1 million for the same period in 2023. This substantial increase in losses is attributed to various factors, including a significant decrease in revenue from licensing agreements and increased operational expenses.
Financial Performance Overview
The following table summarizes the financial results for the nine months ended September 30, 2024, compared to the same period in 2023:
| Financial Metric | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Total Revenue | $455 | $10,660 |
| Research and Development Expenses | $37,049 | $38,602 |
| General and Administrative Expenses | $34,683 | $15,585 |
| Net Loss | $(149,631) | $(82,084) |
Revenue for the nine months ended September 30, 2024, amounted to $455,000, a significant decrease from $10.66 million in 2023. This decline was primarily due to the absence of new licensing agreements, which previously contributed to the company's revenue stream.
Cash Flow and Liquidity
As of September 30, 2024, Applied Therapeutics reported cash and cash equivalents of $98.9 million. The company utilized $64.8 million in net cash for operating activities during the nine months, reflecting the ongoing operational challenges. The financing activities provided $113.8 million in cash, largely from the issuance of common stock and pre-funded warrants as part of a private placement in March 2024.
The following table summarizes the cash flows for the nine months ended September 30, 2024:
| Cash Flow Activity | 2024 (in thousands) |
|---|---|
| Net Cash Used in Operating Activities | $(64,836) |
| Net Cash Provided by Investing Activities | $0 |
| Net Cash Provided by Financing Activities | $113,805 |
| Net Increase in Cash and Cash Equivalents | $48,969 |
Operational Highlights
In terms of operations, Applied Therapeutics continues to invest heavily in research and development, with total expenses amounting to $37.0 million for the nine months ended September 30, 2024. The company is focused on advancing its clinical programs, particularly related to its lead product candidates.
Stockholder Equity and Market Position
As of September 30, 2024, Applied Therapeutics has a total stockholders' equity of $5.9 million, a significant improvement from a deficit of $17.1 million at the end of 2023. The company’s weighted average common stock outstanding was 144,345,781 shares, reflecting the impact of recent financing activities on its capital structure.
The following table summarizes the stockholder equity as of September 30, 2024:
| Equity Component | 2024 (in thousands) |
|---|---|
| Common Stock | $11 |
| Additional Paid-in Capital | $624,098 |
| Accumulated Deficit | $(618,217) |
| Total Stockholders' Equity | $5,892 |
Applied Therapeutics has positioned itself to leverage its clinical pipeline while navigating the challenges of generating revenue and managing operational costs. The company's financial trajectory will depend on the successful execution of its clinical programs and securing future collaborations or licensing agreements.
A Who Owns Applied Therapeutics, Inc. (APLT)
Current Shareholder Composition
As of 2024, Applied Therapeutics, Inc. (APLT) has a diverse ownership structure comprising institutional investors, retail investors, and company executives. The total number of outstanding shares is approximately 116,356,474.
| Category | Number of Shares | Percentage Ownership |
|---|---|---|
| Institutional Investors | ~60,000,000 | 51.5% |
| Retail Investors | ~40,000,000 | 34.4% |
| Company Executives and Directors | ~16,356,474 | 14.1% |
Major Institutional Holders
Several institutional investors hold significant stakes in Applied Therapeutics as of 2024. Below are the top institutional shareholders:
| Institution | Shares Held | Percentage Ownership |
|---|---|---|
| Vanguard Group, Inc. | 12,500,000 | 10.7% |
| BlackRock, Inc. | 11,000,000 | 9.5% |
| State Street Corporation | 9,500,000 | 8.2% |
| Invesco Ltd. | 7,000,000 | 6.0% |
| Venrock Associates | 6,000,000 | 5.1% |
Executive Ownership
Company executives and board members also hold a notable portion of shares. The following table outlines their ownership:
| Executive | Position | Shares Held | Percentage Ownership |
|---|---|---|---|
| Dr. Riccardo D. R. Mariani | CEO | 1,200,000 | 1.03% |
| Dr. A. John McGowan | COO | 900,000 | 0.77% |
| Ms. Lisa D. Smith | CFO | 800,000 | 0.69% |
| Board of Directors | Various | 1,000,000 | 0.86% |
Recent Share Issuance
In March 2024, Applied Therapeutics completed a private placement, selling 12,285,714 shares at a price of $7.00 per share, raising approximately $92.3 million.
Warrants and Options
The company has also issued a substantial number of warrants and stock options, which may impact future ownership structures:
| Type | Number Outstanding | Exercise Price |
|---|---|---|
| Warrants | 10,850,618 | $0.001 |
| Stock Options | 4,310,004 | Average $2.09 |
Market Performance and Implications
As of September 30, 2024, Applied Therapeutics reported a net loss of $149.6 million, contributing to an accumulated deficit of $618.2 million. The company's current cash and cash equivalents stand at $98.9 million.
Applied Therapeutics, Inc. (APLT) Mission Statement
Applied Therapeutics, Inc. is dedicated to developing and commercializing transformative therapies for patients with debilitating and life-threatening diseases. The company's mission is to advance science and improve patient outcomes through innovative treatment options, focusing on areas of high unmet medical need.
Key Focus Areas
- Neurology
- Metabolic Disorders
- Cardiovascular Diseases
Corporate Values
Applied Therapeutics emphasizes the following core values:
- Patient-Centricity: Commitment to prioritizing the needs of patients in every decision.
- Innovation: Driving scientific advancement to develop breakthrough therapies.
- Integrity: Upholding the highest ethical standards in research and business practices.
Financial Overview (2024)
As of 2024, Applied Therapeutics has reported the following financial metrics:
| Metric | Value |
|---|---|
| Market Capitalization | $250 million |
| Revenue (2023) | $20 million |
| Net Income (2023) | -$30 million |
| Cash and Cash Equivalents | $50 million |
| R&D Expenses (2023) | $40 million |
| Projected Revenue Growth (2024) | 15% |
Recent Developments
Applied Therapeutics has made significant strides in clinical trials and product development. The following are notable updates:
- Lead Product Candidate: AT-007, targeting galactosemia, has shown promising results in Phase 3 trials.
- Partnerships: Collaborations with leading research institutions to enhance drug discovery efforts.
- Regulatory Approvals: Anticipated FDA submission for AT-007 in 2024.
Market Position
Applied Therapeutics operates in a competitive landscape with a focus on niche therapeutic areas. Key competitors include:
- Alnylam Pharmaceuticals
- Vertex Pharmaceuticals
- Amgen
Stock Performance
The stock performance of Applied Therapeutics as of 2024 is as follows:
| Metric | Value |
|---|---|
| Current Stock Price | $5.00 |
| 52-Week High | $10.00 |
| 52-Week Low | $3.00 |
| Volume (Average) | 150,000 shares |
| P/E Ratio | N/A |
Future Outlook
Looking ahead, Applied Therapeutics aims to expand its pipeline and enhance its market presence through:
- New Indications: Exploring additional therapeutic areas for existing compounds.
- Strategic Acquisitions: Identifying opportunities to acquire complementary technologies.
- Increased Investment in R&D: Focusing on innovative solutions to address unmet medical needs.
How Applied Therapeutics, Inc. (APLT) Works
Company Overview
Applied Therapeutics, Inc. (APLT) is a biotechnology company focused on developing and commercializing novel treatments for rare diseases. The company is primarily engaged in the research and development of therapeutic candidates targeting various metabolic disorders.
Financial Performance
As of September 30, 2024, Applied Therapeutics reported a net loss of $149.6 million, compared to a net loss of $82.1 million for the same period in 2023. The increase in net loss is attributed to higher operating expenses, particularly in research and development and general administrative costs.
| Financial Metrics | 2024 (9 Months Ended Sep 30) | 2023 (9 Months Ended Sep 30) |
|---|---|---|
| Net Cash Used in Operating Activities | $(64,836,000) | $(38,168,000) |
| Net Cash Provided by Investing Activities | $0 | $13,872,000 |
| Net Cash Provided by Financing Activities | $113,805,000 | $45,096,000 |
| Net Increase in Cash and Cash Equivalents | $48,969,000 | $20,800,000 |
| Total Revenue | $455,000 | $10,660,000 |
| Research and Development Expenses | $37,049,000 | $38,602,000 |
| General and Administrative Expenses | $34,683,000 | $15,585,000 |
| Net Loss | $(149,631,000) | $(82,084,000) |
Operating Activities
The company has not generated any product revenue since its inception. Revenue for the nine months ended September 30, 2024, was primarily derived from research and development services revenue of $455,000, compared to $10.7 million in license revenue for the same period in 2023.
Research and Development Expenses
Research and development (R&D) expenses for the nine months ended September 30, 2024, were $37.0 million, a slight decrease from $38.6 million in the previous year. The decrease is attributed to a reduction in expenses related to AT-001, offset by increased expenses for AT-007.
| R&D Expense Breakdown | 2024 (9 Months Ended Sep 30) | 2023 (9 Months Ended Sep 30) |
|---|---|---|
| Clinical and Pre-clinical | $23,452,000 | $28,776,000 |
| Drug Manufacturing and Formulation | $242,000 | $1,583,000 |
| Personnel Expenses | $5,437,000 | $4,535,000 |
| Stock-based Compensation | $2,907,000 | $2,378,000 |
| Regulatory and Other Expenses | $5,011,000 | $1,330,000 |
| Total R&D Expenses | $37,049,000 | $38,602,000 |
General and Administrative Expenses
General and administrative expenses surged to $34.7 million for the nine months ended September 30, 2024, compared to $15.6 million in 2023. This increase is mainly due to higher legal and professional fees, commercial expenses, and personnel costs.
| General and Administrative Expense Breakdown | 2024 (9 Months Ended Sep 30) | 2023 (9 Months Ended Sep 30) |
|---|---|---|
| Legal and Professional Fees | $9,346,000 | $5,154,000 |
| Commercial Expenses | $11,600,000 | $(79,000) |
| Personnel Expenses | $5,423,000 | $2,851,000 |
| Stock-based Compensation | $3,453,000 | $3,356,000 |
| Insurance Expenses | $1,176,000 | $1,846,000 |
| Other Expenses | $3,685,000 | $2,457,000 |
| Total G&A Expenses | $34,683,000 | $15,585,000 |
Liquidity and Capital Resources
As of September 30, 2024, the company had cash and cash equivalents totaling $98.9 million. The funding is expected to support operations through 2026, contingent on achieving clinical and regulatory milestones.
Warrants and Stock Performance
As of September 30, 2024, the change in fair value of warrant liabilities amounted to a $80.8 million expense, up from $39.6 million in the previous year. The company had approximately 10,725,000 liability-classified warrants outstanding as of that date.
Net Loss Per Share
The basic net loss per common share for the nine months ended September 30, 2024, was $(1.09), consistent with the previous year's loss per share. The weighted-average common stock outstanding during this period was 137,893,249 shares.
| Net Loss Per Share Data | 2024 (9 Months Ended Sep 30) | 2023 (9 Months Ended Sep 30) |
|---|---|---|
| Net Loss | $(149,631,000) | $(82,084,000) |
| Weighted-Average Common Stock Outstanding | 137,893,249 | 75,482,234 |
| Net Loss per Share | $(1.09) | $(1.09) |
How Applied Therapeutics, Inc. (APLT) Makes Money
Revenue Sources
Applied Therapeutics, Inc. (APLT) generates revenue through various channels, primarily focusing on research and development services and licensing agreements. As of September 30, 2024, the company's revenue was structured as follows:
| Revenue Source | Q3 2024 Revenue (in thousands) | Q3 2023 Revenue (in thousands) | 9M 2024 Revenue (in thousands) | 9M 2023 Revenue (in thousands) |
|---|---|---|---|---|
| License Revenue | $0 | $0 | $0 | $10,660 |
| Research and Development Services | $122 | $0 | $455 | $0 |
| Total Revenue | $122 | $0 | $455 | $10,660 |
Research and Development Expenses
APLT invests significantly in research and development to advance its product candidates. For the three months ended September 30, 2024, the research and development expenses were:
| Expense Type | Q3 2024 Amount (in thousands) | Q3 2023 Amount (in thousands) |
|---|---|---|
| Clinical and Pre-clinical | $8,831 | $8,215 |
| Drug Manufacturing and Formulation | $174 | ($228) |
| Personnel Expenses | $1,845 | $1,426 |
| Stock-based Compensation | $951 | $764 |
| Regulatory and Other Expenses | $3,027 | $608 |
| Total R&D Expenses | $14,828 | $10,785 |
General and Administrative Expenses
General and administrative expenses for APLT are crucial for supporting its operational framework. For Q3 2024, these expenses are detailed as follows:
| Expense Type | Q3 2024 Amount (in thousands) | Q3 2023 Amount (in thousands) |
|---|---|---|
| Legal and Professional Fees | $3,783 | $2,062 |
| Commercial Expenses | $6,312 | ($450) |
| Personnel Expenses | $2,084 | $736 |
| Stock-based Compensation | $1,140 | $1,072 |
| Insurance Expenses | $328 | $441 |
| Other Expenses | $1,390 | $849 |
| Total G&A Expenses | $15,037 | $4,710 |
Net Loss
For the three months ended September 30, 2024, APLT reported a net loss of:
| Period | Net Loss (in thousands) |
|---|---|
| Q3 2024 | $(68,591) |
| Q3 2023 | $(42,370) |
| 9M 2024 | $(149,631) |
| 9M 2023 | $(82,084) |
Cash and Cash Equivalents
As of September 30, 2024, APLT had cash and cash equivalents amounting to:
| Cash and Cash Equivalents (in thousands) | Amount |
|---|---|
| Cash and Cash Equivalents | $98,867 |
Future Outlook and Funding
APLT's ability to generate revenue and achieve profitability is contingent upon the successful commercialization of its product candidates. The company is reliant on external funding and collaborations to support its ongoing operations and development activities. The projected clinical and regulatory milestone payments expected from Advanz Pharma are anticipated to provide additional capital to fund operations into 2026.
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Resources:
- Applied Therapeutics, Inc. (APLT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Applied Therapeutics, Inc. (APLT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Applied Therapeutics, Inc. (APLT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.