ACTUNasdaqPharmaceutical PreparationsUS GAAP · USD

Actuate Therapeutics, Inc

Actuate Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing cancer therapies based on inhibiting glycogen synthase kinase-3 (GSK-3). Its lead and currently sole product candidate is elraglusib (formerly 9-ING-41), an ATP-competitive small molecule designed to enter cancer cells and block GSK-3β signaling pathways associated with tumor survival, growth, migration, and invasion. The company is also developing oral dosage forms of elraglusib, including a selected tablet candidate intended to broaden addressable indications and improve dosing convenience. Actuate has no approved products and has not generated product revenue since inception, funding operations primarily through equity and other financing.

Operating profit (EBIT)-22.5m USD
+10.6 %y/y
Net income-22.2m USD
+18.5 %y/y

Fiscal year 2025 · change from previous year

Development 2023–2025

-30-20-100m USD2023: EBIT -25 m USD20232024: EBIT -25 m USD20242025: EBIT -22 m USD2025-22
RevenueOperating profit (EBIT)

Business

Share of revenue
Elraglusib clinical development (IV/other formulations)70 %

R&D, clinical operations, and supporting activities for elraglusib in oncology indications, including combination studies.

Elraglusib oral formulation program15 %

Development of oral dosage forms including the selected tablet candidate and planned Phase 1 Actuate-2401 study (subject to funding).

CMC, manufacturing and supply chain10 %

Third-party drug substance/drug product manufacturing management, quality, and supply activities to support trials and potential commercialization.

IP, licensing and corporate infrastructure5 %

Patent portfolio, licensing obligations (milestones/royalties), and public-company G&A needed to operate the platform and programs.

Customers

Actuate is pre-commercial and does not currently sell approved products; its near-term “customers” are primarily research partners and service providers engaged to run trials and manufacture clinical supply. If elraglusib is approved, the purchasing decision would shift to oncology care delivery channels, with demand driven by clinicians treating difficult-to-treat cancers and by payors assessing clinical benefit and reimbursement. The company’s commercialization economics would also depend on any licensing or collaboration counterparties that could provide funding, development support, or commercial infrastructure. Until approval, value creation is tied to clinical trial outcomes, regulatory progress, and the ability to finance development.

Clinical trial ecosystem (sites, investigators, CROs)

They deliver patient enrollment, trial conduct, and data generation needed to advance elraglusib through development.

Contract manufacturing and CMC vendors

They supply drug substance and dosage forms for trials and enable scale-up/quality systems for potential approval.

Strategic partners (licenses/collaborations)

Potential counterparties that may fund development and/or provide commercialization capabilities in exchange for economics.

Future oncology channel (providers, hospitals, specialty pharmacies)

If approved, they would procure and administer/dispense elraglusib based on clinical utility and guidelines.

Third-party payors

Coverage and reimbursement decisions would shape access, pricing power, and real-world adoption post-approval.

Strategy

The company’s strategy centers on advancing elraglusib as a GSK-3β inhibitor for high-impact, difficult-to-treat cancers and demonstrating efficacy in clinically meaningful settings, including combination regimens. A parallel priority is improving delivery and convenience through oral dosage forms, with a selected tablet candidate and a planned Phase 1 study (Actuate-2401) to establish MTD and RP2D, subject to funding. Actuate also emphasizes building and protecting its intellectual property position and maintaining third-party manufacturing arrangements to ensure clinical supply. Given limited cash runway disclosed in filings, near-term execution is tightly linked to financing access and disciplined allocation across trials, CMC, and public-company infrastructure.

Finance operations to avoid program delaysShort term

Management disclosed cash may not fund operations beyond Q2 FY2025, making capital access gating for trials and CMC.

Advance elraglusib through ongoing and planned clinical trialsMedium term

Clinical outcomes drive regulatory path, partnering leverage, and eventual commercialization potential.

Develop Elraglusib Oral Tablet and initiate Actuate-2401Medium term

Oral dosing could expand target indications and improve patient convenience, but requires additional funding and dose-finding data.

Geography

Actuate is headquartered in the United States and operates as a development-stage biotech with outsourced manufacturing and clinical operations. A key geographic exposure is its reliance on a single drug substance manufacturer located in China for elraglusib, creating sensitivity to U.S.–China trade policy, tariffs, and supply continuity. Clinical development and regulatory interactions are primarily oriented toward the U.S. market, with potential expansion to additional jurisdictions depending on trial strategy and funding. Because the company has no product revenue, reported results are driven more by where costs are incurred and where critical suppliers are located than by end-market sales mix.

Risks

Actuate’s core risk is clinical and regulatory: elraglusib may fail to demonstrate sufficient safety/efficacy, or regulators may require additional studies that increase cost and timelines. Liquidity risk is acute; the company disclosed substantial doubt about its ability to continue as a going concern and indicated existing cash may not fund operations beyond the second quarter of fiscal year 2025, which could force program delays or cessation. The business also has concentrated supply-chain risk because it relies on a single China-based manufacturer for elraglusib drug substance, exposing it to tariffs, trade restrictions, and disruption. Like other clinical-stage biotechs, it faces IP protection risk, dependence on third parties (CROs/CMOs), and future commercialization risks including market acceptance and reimbursement if approval is achieved.

Sorted by severity
Substantial doubt about ability to continue as a going concernCritical

The company disclosed its financial condition raises substantial doubt and that cash may not fund operations beyond Q2 FY2025, risking delays or termination of programs.

Exposure: Liquidity / financing access

Single-source drug substance manufacturing in ChinaHigh

Reliance on one China-based manufacturer for elraglusib drug substance creates vulnerability to supply disruption and cost increases.

Exposure: Sourcing / supply chain concentration

Tariffs and adverse trade policy changes affecting importsMedium

Potential U.S.–China trade actions and tariffs could increase drug substance costs for trials and potential commercialization.

Exposure: Geopolitical / trade policy

Accounting

Judgemental items
R&D expense recognition and accrued R&D estimates

Clinical trial and manufacturing services are billed with lags; management must estimate incurred-but-not-invoiced costs, affecting period expenses and accruals.

Impact: Can create material quarterly volatility in operating expenses and working capital

Fair value measurement of warrant liability

Changes in fair value are recognized in earnings and can meaningfully affect net loss independent of core operating performance.

Impact: Non-cash P&L volatility; limited impact on cash burn

Fair value accounting for related-party convertible notes

Remeasurement and issuance-related fair value impacts can create non-cash gains/losses and affect comparability across periods.

Impact: Non-cash items within other income/expense and financing-related line items

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Actuate Therapeutics, Inc (Nasdaq) – Pharmaceutical Preparations | Financial Analysis – Clarifo