Actuate Therapeutics, Inc. Q4 2025 earnings summary — revenue, EPS & margin

What went well

Established a $100 million at-the-market (ATM) equity facility on November 28, 2025 with B. Riley Securities and Craig-Hallum Capital Group, adding significant funding flexibility.
Locked in a November 22, 2025 data cutoff for updated Actuate-1801 mPDAC results, later presented at the ASCO Gastrointestinal Cancers Symposium in January 2026, that continued to show a statistically significant overall-survival benefit for elraglusib plus GnP.
Narrowed fourth-quarter net loss to $4.6 million from $6.4 million a year earlier, with research and development expense of $2.1 million and general and administrative expense of $2.6 million both down year over year.
Ended 2025 with $13.2 million in cash and cash equivalents and $7.9 million of working capital.

What went wrong

Substantial doubt about the company's ability to continue as a going concern remained; the accumulated deficit reached $154.6 million at year-end and cash was projected to fund operations only into July 2026 without additional capital.
Actuate generated no product revenue and remained a single-asset (elraglusib) clinical-stage business dependent on the capital markets.
The company drew nothing on the new ATM facility in 2025, and early-2026 ATM sales were priced at roughly $2.68 per share, well below the $7.00 September 2025 offering price, reflecting a sharply lower share price.

Guidance Changes

Metric	Period	Current guidance
Cash runway	As of December 31, 2025	$13.2M in cash; management estimated existing cash would not fund operations beyond July 2026 without raising additional capital
Updated Actuate-1801 mPDAC data	January 2026	Updated overall-survival results (November 22, 2025 cutoff) to be presented at the ASCO GI symposium
ATM facility capacity	As of December 31, 2025	$100M remaining capacity available under the November 2025 ATM program

Metric	YoY	Note
Research & development expense	$2.1M (vs $3.7M)	Lower clinical spend following completion of Phase 2 mPDAC enrollment.
General & administrative expense	$2.6M (vs $2.9M)	Lower professional and personnel costs versus the prior-year quarter.
Net loss	$4.6M (vs $6.4M)	Lower R&D and G&A spend.
Diluted net loss per share	$(0.18)	Loss per share on 23.5M weighted-average shares outstanding.
Cash & cash equivalents	$13.2M	$13.2M at December 31, 2025; accumulated deficit of $154.6M.

Topic	Previous mention	Current period	Trend
Funding capacity	$16.9M cash after September offering	$100M ATM facility established; $13.2M cash at year-end	Up
mPDAC data	May 2025 topline	Updated OS data (Nov 22 cutoff) queued for ASCO GI January 2026	Up
Going concern	Doubt persists	Runway into July 2026; accumulated deficit $154.6M	Down