Logo

APLT

Applied Therapeutics, Inc.

APLT

Applied Therapeutics, Inc. • NASDAQ
$0.26 ▼ -2.16% (-0.01)
Market Cap $37.20 M
52w High $2.09
52w Low $0.22
Dividend Yield 0%
P/E -2.58
Volume 4.57M
Outstanding Shares 143.92M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1M ▲ $17.758M ▲ $-18.99M ▲ -1.899K% ▼ $-0.13 ▲ $-18.879M ▲
Q2-2025 $0 $13.175M ▼ $-21.33M ▲ 0% $-0.15 $-23.098M ▲
Q1-2025 $0 $17.688M ▼ $-21.825M ▼ 0% $-0.15 ▼ $-25.525M ▲
Q4-2024 $0 ▼ $21.327M ▼ $44.007M ▲ 0% ▲ $0.32 ▲ $-33.022M ▼
Q3-2024 $122K $29.865M $-68.591M -56.222K% $-0.48 $-29.639M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $11.945M ▼ $34.374M ▼ $34.935M ▲ $-561K ▼
Q2-2025 $30.421M ▼ $37.342M ▼ $19.904M ▼ $17.438M ▼
Q1-2025 $50.762M ▼ $56.907M ▼ $20.239M ▼ $36.668M ▼
Q4-2024 $79.398M ▼ $86.691M ▼ $29.685M ▼ $57.006M ▲
Q3-2024 $98.867M $106.566M $100.674M $5.892M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-18.99M ▲ $-18.401M ▲ $0 $-75K ▼ $-18.476M ▲ $-18.401M ▲
Q2-2025 $-21.33M ▲ $-20.341M ▲ $0 $0 $-20.341M ▲ $-20.341M ▲
Q1-2025 $-21.825M ▼ $-28.636M ▼ $0 $0 $-28.636M ▼ $-28.636M ▼
Q4-2024 $44.007M ▲ $-19.469M ▲ $0 $0 $-19.469M ▲ $-19.469M ▲
Q3-2024 $-68.591M $-23.33M $0 $0 $-23.33M $-23.33M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q3-2025
License
License
 $0 ▲$0 ▲$0 ▲$0 ▲
Research and Development Services
Research and Development Services
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Applied Therapeutics is still a classic clinical‑stage biotech story: essentially no product revenue yet and ongoing operating losses every year. The losses come mainly from research, development, and overhead needed to run trials and keep the platform moving forward. While there has been some gradual improvement in operating loss over time, net results are still firmly negative, and per‑share losses remain meaningful. From an income statement perspective, the business is in the investment phase, not in an earnings or profitability phase.

Balance Sheet

Balance Sheet The balance sheet is small and relatively simple. Assets are limited and mostly made up of cash, which has fluctuated as the company raises money and then spends it on trials. There is no meaningful financial debt, which keeps the capital structure clean but also means the company relies heavily on equity and potential partnerships or transactions for funding. Shareholders’ equity has moved from positive to negative and back to positive, reflecting the pressure of accumulated losses and capital raises. Overall, the company appears thinly capitalized and sensitive to funding conditions.

Cash Flow

Cash Flow Cash flows show a consistent pattern of cash being used rather than generated. Operating cash flow has been negative for several years, reflecting spending on research, clinical trials, regulatory work, and overhead. Free cash flow mirrors operating cash flow, as there is essentially no heavy capital spending on physical assets. This means the company’s “burn rate” is the key financial factor: progress on the pipeline must be weighed against the pace at which cash is being consumed and the likely need for fresh capital or strategic deals over time.

Competitive Edge

Competitive Edge Competitively, Applied Therapeutics occupies a narrow but potentially attractive niche. Its focus is on rare and ultra‑rare diseases where there are no approved treatments, and where its drugs could qualify for regulatory benefits such as market exclusivity. Its specialization in aldose reductase inhibition gives it a clear scientific focus and some differentiation versus broader‑based biotech and pharma players. At the same time, the company is small, resource‑constrained, and highly exposed to regulatory decisions. The recent U.S. rejection of govorestat in Classic Galactosemia shows how fragile its position can be: a single regulatory outcome can significantly affect its competitive standing. In larger indications like diabetic cardiomyopathy, it also faces indirect competition from much bigger companies and established treatment classes.

Innovation and R&D

Innovation and R&D Innovation is the core of the story. Applied Therapeutics has built a platform around next‑generation aldose reductase inhibitors aimed at tackling the root metabolic cause of several diseases rather than just symptoms. Govorestat, its lead candidate, targets rare metabolic and neuromuscular conditions and has shown clear biological activity by reducing toxic metabolites. It also benefits from multiple orphan and rare pediatric designations, which can be valuable if approvals are eventually secured. Caficrestat addresses heart complications in diabetes, with a more nuanced data picture—overall trial results were mixed, but a defined subgroup showed promising benefit, which might support a more targeted path forward. An earlier‑stage program for diabetic eye disease extends the same core technology into another potential market. The main R&D risk is regulatory: translating promising biomarker and subgroup data into approvals acceptable to agencies like the FDA, all while managing cost and trial complexity.

Summary

Applied Therapeutics is a high‑risk, high‑uncertainty, early‑stage biotech that has not yet transitioned to a revenue‑generating business. Financially, it runs recurring losses, consumes cash, and depends on its ability to raise capital or execute strategic transactions. Its balance sheet is lean but uncomplicated by debt, making future deals more flexible but leaving little margin for prolonged setbacks. The company’s value hinges on the success of a focused pipeline built around aldose reductase inhibition in rare metabolic and diabetic complications. Orphan designations, first‑in‑class potential, and disease‑modifying mechanisms are clear strengths, but the recent regulatory setback for govorestat in Galactosemia highlights how binary outcomes can be. Near‑term developments around regulatory discussions, potential filings in SORD deficiency, any clarified path for caficrestat, funding updates, and strategic alternatives will likely be the key drivers of the company’s longer‑term trajectory.

NEWS

November 20, 2025 · 7:00 AM UTC

Applied Therapeutics Announces Corporate Updates

Read more

November 13, 2025 · 7:00 AM UTC

Applied Therapeutics Reports Third Quarter 2025 Financial Results

Read more

October 28, 2025 · 10:25 AM UTC

Halper Sadeh LLC Encourages Applied Therapeutics, Inc. Shareholders to Contact the Firm to Discuss Their Rights

Read more

September 29, 2025 · 7:00 AM UTC

Applied Therapeutics Provides Update Following Meeting with FDA

Read more