Actuate Therapeutics, Inc. Q1 2026 earnings summary — revenue, EPS & margin

What went well

Presented updated Actuate-1801 mPDAC data at the ASCO Gastrointestinal Cancers Symposium in January 2026 (November 22, 2025 cutoff) showing a statistically significant median overall-survival benefit for elraglusib plus GnP (10.1 vs 7.2 months, p=0.02, HR=0.62), a near-doubling of the 12-month survival rate (44.4% vs 22.3%) and an almost fivefold higher 24-month survival rate (12.9% vs 2.6%).
Advanced the Elraglusib Oral Tablet, filing an Investigational New Drug (IND) application in April 2026 and receiving FDA clearance to begin a Phase 1/2 dose-finding study in adult patients with advanced, refractory cancers.
Surpassed 500 patients treated with elraglusib across Phase 1 and Phase 2 studies, reinforcing a favorable safety profile and the company's 'pipeline in a molecule' strategy.
Held net loss to $5.6 million, narrower than the $6.3 million loss a year earlier.

What went wrong

Cash fell to $8.1 million at March 31, 2026 (from $13.2 million at year-end) with working capital of $3.8 million; substantial doubt about the company's ability to continue as a going concern continued, with cash projected to fund operations only into July 2026.
Net loss widened sequentially to $5.6 million (from $4.6 million in the prior quarter) as research and development expense rose to $2.6 million.
A depressed share price forced dilutive ATM sales at low prices (around $2.68 per share in early 2026), limiting the capital raised relative to shares issued.

Guidance Changes

Metric	Period	Current guidance
Cash runway	As of March 31, 2026	$8.1M in cash; management estimated existing cash would not fund operations beyond July 2026 without raising additional capital
Elraglusib Oral Tablet Phase 1/2	2026	FDA-cleared dose-finding study in advanced refractory cancers to identify the recommended Phase 2 dose; multiple Phase 2/registrational studies identified (first-line mPDAC, melanoma, colorectal, NSCLC), subject to funding

Metric	YoY	Note
Research & development expense	$2.6M (vs $3.2M)	Lower clinical spend year over year, with a sequential increase tied to oral-tablet program activities.
General & administrative expense	$3.1M (vs $3.1M)	Broadly flat versus the prior-year quarter.
Net loss	$5.6M (vs $6.3M)	Lower R&D versus the prior year, though higher than the prior quarter.
Diluted net loss per share	$(0.24)	Loss per share on 23.5M weighted-average shares outstanding.
Cash & cash equivalents	$8.1M	$8.1M at March 31, 2026; working capital of $3.8M.

Topic	Previous mention	Current period	Trend
mPDAC data (ASCO GI)	Topline OS benefit	Matured data showing durable long-term survival benefit at 12 and 24 months	Up
Oral tablet program	Formulation in development	IND filed and FDA-cleared for Phase 1/2 dose-finding	Up
Cash / going concern	$13.2M; runway into July 2026	$8.1M cash; runway into July 2026; dilution at low share prices	Down