Actuate Therapeutics, Inc. Q3 2025 earnings summary — revenue, EPS & margin

What went well

Completed a September 2025 underwritten public offering of 2,142,858 shares (plus over-allotment) at $7.00 per share for net proceeds of approximately $15.6 million, materially strengthening the balance sheet.
Ended September 30, 2025 with $16.9 million in cash and cash equivalents and $11.1 million of working capital, a sharp improvement from the mid-year working-capital deficit.
Continued to advance lead candidate elraglusib in first-line metastatic pancreatic cancer (Actuate-1801) and progressed development of an oral elraglusib formulation.
Narrowed net loss to $5.4 million from $6.0 million a year earlier as research and development expense declined to $2.2 million (from $3.8 million).

What went wrong

Substantial doubt about the company's ability to continue as a going concern persisted, with an accumulated deficit of $150.1 million and continued dependence on capital raises.
General and administrative expense rose to $3.3 million from $1.6 million a year earlier on higher public-company and personnel costs.
Funding remained dilutive, including a related-party June 2025 private placement and ongoing sales under the B. Riley committed equity facility.

Guidance Changes

Metric	Period	Current guidance
Cash runway	As of September 30, 2025	$16.9M in cash and $11.1M working capital following the September public offering; company continued to require additional capital
elraglusib mPDAC program (Actuate-1801)	Ongoing	Continued follow-up on the Phase 2 first-line mPDAC study that met its primary overall-survival endpoint

Metric	YoY	Note
Research & development expense	$2.2M (vs $3.8M)	Lower clinical spend after completion of Phase 2 mPDAC enrollment.
General & administrative expense	$3.3M (vs $1.6M)	Higher public-company and personnel costs.
Net loss	$5.4M (vs $6.0M)	Lower R&D partly offset by higher G&A.
Diluted net loss per share	$(0.25)	Loss per share on 21.4M weighted-average shares outstanding.
Cash & cash equivalents	$16.9M	Boosted by ~$15.6M net proceeds from the September 2025 public offering.

Topic	Previous mention	Current period	Trend
Balance sheet	$6.5M cash; working-capital deficit	$16.9M cash; $11.1M working capital after September offering	Up
mPDAC program	Positive Phase 2 topline	Continued advancement in first-line mPDAC	Steady
Going concern	Runway into October 2025	Doubt persists; accumulated deficit $150.1M	Steady