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 targets GSK-3β, aiming to disrupt tumor cell survival and enhance anti-tumor immunity.

• Pipeline includes intravenous and oral formulations, with focus on metastatic pancreatic cancer and pediatric Ewing sarcoma.

• Operates as a semi-virtual company, leveraging third-party partnerships for R&D and manufacturing.

Financial performance and metrics

• No revenue generated to date; accumulated deficit of $113.4 million as of March 31, 2024.

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

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

• Research and development expenses were $21.7 million in 2023 and $6.9 million for Q1 2024.

Use of proceeds and capital allocation

• Estimated net proceeds of $21.8 million from the IPO, or $25.3 million if the over-allotment is exercised.

• Proceeds prioritized for completion of Phase 2 mPDAC trial, pediatric Ewing sarcoma trial, ongoing investigator-initiated studies, license obligations, and working capital.

• Additional funds may support oral tablet development and further Phase 2 studies in melanoma and colorectal cancer.

• Proceeds expected to fund operations for approximately 12 months.