Aprea Therapeutics, Inc.

Previous wording

is less than $100 million during the most recently completed fiscal year and the market value of our common stock held by non-affiliates is less than $700 million. As a smaller reporting company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and smaller reporting companies have reduced disclosure obligations regarding executive compensation.

Current wording

We are a “smaller reporting company,” as such term is defined in Rule 12b-2 of the Exchange Act, meaning that the market value of our common stock held by non-affiliates is less than $700 million and our annual revenue is less than $100 million during the most recently completed fiscal year. We may continue to be a smaller reporting company if either (i) the market value of our common stock held by non-affiliates is less than $250 million or (ii) our annual revenue is less than $100 million during the most recently completed fiscal year and the market value of our common stock held by non-affiliates is less than $700 million. As a smaller reporting company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and smaller reporting companies have reduced disclosure obligations regarding executive compensation.

Previous wording

Grant revenue primarily from the National Cancer Institute of the National Institutes of Health (“NIH”) for the three months ended March 31, 2025 and 2024 was approximately $0.2 million and $0.4 million, respectively.

Current wording

Grant revenue primarily from the National Cancer Institute of the National Institutes of Health (“NIH”) for the three months ended June 30, 2025 and 2024 was approximately $0.1 million and $0.6 million, respectively. The decrease in grant revenue of $0.5 million is due to receiving less grant revenue from the NIH.

Previous wording

Research and development expenses for the three months ended March 31, 2025 were approximately $2.5 million, compared to approximately $1.6 million for the three months ended March 31, 2024. The overall increase of $0.9 million was primarily due to the following:

Current wording

Research and development expenses for the three months ended June 30, 2025 were approximately $1.9 million, compared to approximately $2.6 million for the three months ended June 30, 2024. The overall decrease of $0.6 million was primarily due to the following:

Previous wording

Foreign currency loss for the three months ended March 31, 2025 was $51,803 compared to a foreign currency gain of $56,176 for the three months ended March 31, 2024. The change in the foreign currency of $107,979 was primarily due to a weakening of the U.S. dollar against the Swedish Krona during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. Interest income, net for the three months ended March 31, 2025 and 2024 primarily consisted of interest income on our cash and cash equivalents.

Current wording

Foreign currency loss for the three months ended June 30, 2025 was $29,124 compared to a foreign currency loss of $5,502 for the three months ended June 30, 2024. The change in the foreign currency loss of $23,622 was primarily due to a weakening of the U.S. dollar against the Swedish Krona during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. Interest income, net for the three months ended June 30, 2025 and 2024 primarily consisted of interest income on our cash and cash equivalents.

Previous wording

General and administrative expenses for the three months ended March 31, 2025 were approximately $1.8 million, compared to approximately $1.9 million for the three months ended March 31, 2024. The decrease was primarily due to a decrease in professional fees primarily related to legal expenses.

Current wording

General and administrative expenses for the six months ended June 30, 2025 were approximately $3.4 million, compared to approximately $3.8 million for the six months ended June 30, 2024. The decrease was primarily due to decreases of $0.3 million in professional fees primarily related to legal expenses and $0.1 million in insurance premiums.

Previous wording

Since our inception, we have incurred significant losses on an aggregate basis. We have not yet commercialized any of our product candidates, which are in various phases of preclinical and clinical development, and we do not expect to generate revenue from sales of any products for several years, if at all. Our ability to generate product revenue sufficient to achieve profitability will depend on the successful development and eventual commercialization of one or more of our product candidates. Since 2019, our primary source of funds has been from the public sales of our common stock. As of March 31, 2025, we had cash and cash equivalents of $19.3 million. We believe that our existing cash and cash equivalents will not enable us to fund our operating expenses and capital expenditure requirements through at least twelve months from the date of issuance of these condensed consolidated financial statements.

Current wording

Since our inception, we have incurred significant losses on an aggregate basis. We have not yet commercialized any of our product candidates, which are in various phases of preclinical and clinical development, and we do not expect to generate revenue from sales of any products for several years, if at all. Our ability to generate product revenue sufficient to achieve profitability will depend on the successful development and eventual commercialization of one or more of our product candidates. Since 2019, our primary source of funds has been from the public sales of our common stock. As of June 30, 2025, we had cash and cash equivalents of $16.5 million. We believe that our existing cash and cash equivalents will not enable us to fund our operating expenses and capital expenditure requirements through at least twelve months from the date of issuance of these condensed consolidated financial statements.

Previous wording

Our net losses were $3.9 million and $2.8 million for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, we had an accumulated deficit of $325.0 million. These losses have resulted primarily from costs incurred in connection with research and development activities, patent investment, and general and administrative costs associated with our operations. We expect to continue to incur significant expenses and increasing operating losses for at least the next several years.

Current wording

Our net losses were $7.2 million and $6.3 million for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, we had an accumulated deficit of $328.2 million. These losses have resulted primarily from costs incurred in connection with research and development activities, patent investment, and general and administrative costs associated with our operations. We expect to continue to incur significant expenses and increasing operating losses for at least the next several years.

Previous wording

On November 8, 2024, we entered into an At the Market Offering Agreement, or the 2024 ATM Agreement, with H.C. Wainright & Co., LLC, or HCW. Pursuant to the 2024 ATM Agreement and the prospectus supplement filed in connection therewith, we may, from time to time, in our sole discretion, issue and sell through HCW, acting as sales agent and/or principal, up to $3.0 million of shares of our common stock. During the three months ended

Current wording

On November 8, 2024, we entered into an At the Market Offering Agreement, or the 2024 ATM Agreement, with H.C. Wainright & Co., LLC, or HCW. Pursuant to the 2024 ATM Agreement and the prospectus supplement filed in connection therewith, we may, from time to time, in our sole discretion, issue and sell through HCW, acting as sales agent and/or principal, up to $3.0 million of shares of our common stock. During the three months ended June 30, 2025,

Previous wording

March 31, 2025 we issued and sold 22,406 shares of common stock under the Sales Agreement resulting in net proceeds of approximately $0.1 million. During the year ended December 31, 2024, we issued and sold 41,152 shares of common stock under the Sales Agreement resulting in net proceeds of approximately $0.1 million.

Current wording

we issued and sold 220,733 shares of common stock under the 2024 ATM Agreement resulting in net proceeds of approximately $0.4 million after deducting approximately $15,000 in issuance costs. During the six months ended June 30, 2025 we issued and sold 243,139 shares of common stock under the Sales Agreement resulting in net proceeds of approximately $0.4 million. During the year ended December 31, 2024, we issued and sold 41,152 shares of common stock under the Sales Agreement resulting in net proceeds of approximately $0.1 million.

Previous wording

Cash used in operating activities resulted primarily from our net losses adjusted for non-cash charges and changes in components of working capital. Net cash used in operating activities was $3.6 million for the three months ended March 31, 2025 compared to $3.9 million for the three months ended March 31, 2024. The decrease in cash used in operating activities of $0.3 million was primarily attributable to a change in operating assets and liabilities of $1.3 million, partially offset by a increase in our net loss of $1.1 million.

Current wording

Cash used in operating activities resulted primarily from our net losses adjusted for non-cash charges and changes in components of working capital. Net cash used in operating activities was $6.8 million for the six months ended June 30, 2025 compared to $7.6 million for the six months ended June 30, 2024. The decrease in cash used in operating activities of $0.8 million was primarily attributable to a change in operating assets and liabilities of $1.5 million, partially offset by an increase in our net loss of $0.9 million.

Previous wording

No cash was used in or provided by investing activities the three months ended March 31, 2025. Cash used in investing activities of $7,978 for the three months ended March 31, 2024 was for the purchase of property and equipment.

Current wording

No cash was used in or provided by investing activities the six months ended June 30, 2025. Cash used in investing activities of $15,478 for the six months ended June 30, 2024 was for the purchase of property and equipment.

Previous wording

Net cash provided by financing activities was $0.1 million for the three months ended March 31, 2025. Cash provided by financing activities for the three months ended March 31, 2025 was attributable to the net proceeds of approximately $0.1 million, after deducting approximately $3,000 in issuance costs, received from sales of common stock under our ATM program.

Current wording

Net cash provided by financing activities was $0.4 million for the six months ended June 30, 2025. Cash provided by financing activities for the six months ended June 30, 2025 was attributable to the net proceeds of approximately $0.4 million, after deducting approximately $18,000 in issuance costs, received from sales of common stock under our ATM program.

Previous wording

Net cash provided by financing activities of $14.7 million for the three months ended March 31, 2024 was attributable tothe net proceeds of $14.7 million, after deducting underwriting discounts and offering expenses of approximately $1.3 million, received from the sale of 1,687,712 shares of common stock, 507,076 pre-funded common stock purchase warrants, 1,097,394 tranche A common stock purchase warrants and 1,097,394 tranche B common stock purchase warrants in March 2024.

Current wording

Net cash provided by financing activities of $14.7 million for the six months ended June 30, 2024 was attributable tothe net proceeds of $14.7 million, after deducting underwriting discounts and offering expenses of approximately $1.3 million, received from the sale of 1,687,712 shares of common stock, 507,076 pre-funded common stock purchase warrants, 1,097,394 tranche A common stock purchase warrants and 1,097,394 tranche B common stock purchase warrants in March 2024.

Previous wording

As of March 31, 2025, we had cash and cash equivalents of $19.3 million. We believe that our existing cash and cash equivalents will not enable us to fund our operating expenses and capital expenditure requirements through at least twelve months from the date of issuance of these condensed consolidated financial statements. Therefore, we have concluded that substantial doubt exists about our ability to continue as a going concern.

Current wording

As of June 30, 2025, we had cash and cash equivalents of $16.5 million. We believe that our existing cash and cash equivalents will not enable us to fund our operating expenses and capital expenditure requirements through at least twelve months from the date of issuance of these condensed consolidated financial statements. Therefore, we have concluded that substantial doubt exists about our ability to continue as a going concern.

Previous wording

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (ASC 740): Improvements to Income Tax Disclosures”, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We do not expect the adoption of this standard to have a material effect on our consolidated financial statements and continue to evaluate disclosure presentation alternatives.

Current wording

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (ASC 740): Improvements to Income Tax Disclosures”, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company adopted this standard on January 1, 2025, which will expand the Company’s disclosures beginning with its annual consolidated financial statements for the year ended December 31, 2025, but is not expected to have an impact on the consolidated financial results.