Actuate Therapeutics (ACTU) Registration filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company developing therapies for difficult-to-treat cancers by inhibiting glycogen synthase kinase-3 (GSK-3).

• Lead product, elraglusib, is an ATP-competitive small molecule targeting GSK-3β, with potential applications across multiple cancer types.

• Pipeline includes intravenous and oral formulations, with ongoing trials in metastatic pancreatic cancer (mPDAC) and pediatric cancers.

• Operates as a semi-virtual company, leveraging partnerships with academic institutions and contract research organizations.

Financial performance and metrics

• Net loss of $24.7 million in 2023 and $8.3 million for the three months ended March 31, 2024.

• Accumulated deficit of $113.4 million as of March 31, 2024.

• Cash and cash equivalents of $2.1 million as of March 31, 2024, with a working capital deficit of $12.5 million.

• No revenue generated to date; operations funded primarily through equity and convertible note financings.

Use of proceeds and capital allocation

• Estimated net proceeds of $45.4 million from the IPO (or $52.4 million if over-allotment is exercised), based on a $9.00 per share offering price.

• Proceeds prioritized for completion of ongoing Phase 2 mPDAC trial, pediatric Ewing sarcoma trial, investigator-initiated studies, and development of oral elraglusib.

• Additional funds allocated to working capital, license obligations, and potential Phase 3 and further Phase 2 studies.

• Management expects proceeds to fund operations for at least 18 months.