APTOF
Aptose Biosciences Inc.
Next earnings Aug 11, 2026
Last earnings -0.6% on 2026-05-13
$1.69
▲ +13.42%$1.69▲ +108.64%
over 1Y
L $0.81H $1.85
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+13.4%
1W+10.5%
1M+7.0%
3M+0.0%
YTD+9.7%
1Y+108.6%
Hold
Conviction
Horizon
Short (<3mo)
Street · 7 analysts
Buy
Cash-merger arb, not a business: trades near Hanmi's C$2.41 buyout; capped upside, brutal downside if the deal breaks.
Cash consideration C$2.41 / share · Arrangement (approved 2026-03-31)
APTOF is no longer a fundamentals story — it is a cash-merger situation. On November 18, 2025 Aptose signed a definitive arrangement to be acquired by Hanmi Pharmaceutical, with each shareholder receiving C$2.41 in cash per common share; shareholders approved the deal at a special meeting on March 31, 2026, and it is expected to close in H1 2026. At $1.69, the stock trades close to (a modest discount to) the C$2.41 cash consideration — the residual spread is the classic merger-arb gap that compensates for the remaining closing risk (regulatory/governmental approvals and legal restraints), not a bet on the underlying business.
The standalone company is uninvestable and would rate 'avoid' on its own: zero revenue in every year FY2021–FY2025, a fifth straight net loss (-$25.5M), stockholders' equity of -$27.2M (flipped from positive on a 153% jump in liabilities to $37.2M), and just $935K of cash left after an 85% drawdown — against a -$22.0M operating cash burn. Current liabilities ($9.31M) now exceed current assets ($6.45M), and accumulated deficit sits at -$566M. Absent the Hanmi cash, this is a going-concern that cannot fund itself; R&D was already cut 25% to $11.3M as the balance sheet emptied.
Is APTOF a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~30d expiry
- Long 100 shares @ ~1.69
- Short call 2 @ ~0.02 est
debit $167max +$33max −$166BE 1.67
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | -$65.4M | -$41.8M | -$51.2M | -$25.4M | -$25.5M |
| Diluted EPS | -$0.73 | -$6.80 | -$227.43 | -$36.38 | -$10.41 |
| Net margin | — | — | — | — | — |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$3.38M
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-590.4%
FCF yield-509.8%
Quality & risk
ROIC (est.)—
Free cash flow-$22.0M
Total debt—
Net cash$935K
Piotroski F-Score2/7
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Shares Δ YoY+0.0%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Change in control2026-07-01
Reg FD release, likely announcing completion of the Hanmi arrangement
- 8-K Reg FD disclosure2026-07-01
Reg FD release, likely announcing completion of the Hanmi arrangement
- 8-K Reg FD disclosure2026-06-15
Reg FD disclosure ahead of deal close; no new material terms
- 8-K Reg FD disclosure2026-05-29
Reg FD update on Hanmi arrangement progress
- 8-K Earnings results2026-05-13
Q1 2026: negative equity persists, but C$2.41 Hanmi buyout sets a cash floor
- 10-Q Quarterly report2026-05-13
Q1 2026: negative equity persists, but C$2.41 Hanmi buyout sets a cash floor
- 8-K Reg FD disclosure2026-04-30
Reg FD disclosure; routine arrangement/pipeline update
- 10-K Annual report2026-03-31
FY25 net loss $25.5M, negative equity; shareholders approved C$2.41 Hanmi takeover
- 10-Q Quarterly report2025-11-13
Q3 loss continues, cash nearly depleted; Hanmi arrangement signed Nov 18
Recent filings
all on EDGAR ↗4Period ending 2026-06-302026-07-02open ↗4Period ending 2026-06-302026-07-01open ↗4Period ending 2026-06-302026-07-01open ↗4Period ending 2026-06-302026-07-01open ↗4Period ending 2026-06-302026-07-01open ↗4Period ending 2026-06-302026-07-01open ↗4Period ending 2026-06-302026-07-01open ↗4Period ending 2026-06-302026-07-01open ↗15-12GFiling2026-07-01open ↗SC 13E3/AFiling2026-07-01open ↗8-KPeriod ending 2026-06-302026-07-01open ↗8-KPeriod ending 2026-06-302026-07-01open ↗
Frequently asked
- Is Aptose Biosciences Inc. (APTOF) a buy?
- APTOF currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Cash-merger arb, not a business: trades near Hanmi's C$2.41 buyout; capped upside, brutal downside if the deal breaks.
- What is Aptose Biosciences Inc.'s quality score?
- APTOF scores 44.5698596705308/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000882361, latest 10-Q filed 2026-05-13) · EODHD · Proprietary analysis · as of 7/4/2026, 10:11:36 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 4, 2026, 6:11 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.