Actuate Therapeutics (ACTU) Financials

Actuate Therapeutics (NASDAQ: ACTU) remains a pre-revenue biotech with no product sales yet, so the story continues to be about cash, expenses, and balance sheet strength rather than operating profitability.

What stands out in Q1 2026 is that the company ended the quarter with $8.1 million in cash and equivalents, down sharply from $16.9 million at the end of Q3 2025. That drop reflects continued operating losses and a meaningful cash burn rate, even after some financing activity.

The company reported no revenue in the quarter and posted a net loss of $5.6 million, or $(0.24) per share. Operating expenses totaled $5.7 million, with R&D at $2.6 million and SG&A at $3.1 million. For investors, that means Actuate is still in the development stage and burning cash to fund research and corporate overhead.

From a liquidity standpoint, the balance sheet is mixed. Total current assets were $8.5 million versus total current liabilities of $4.7 million, which gives the company some near-term coverage. However, that cushion is much thinner than it was earlier in the year, and the company’s retained earnings deficit was still very large at $(160.2 million), reflecting years of cumulative losses.

Cash flow also showed ongoing pressure. Operating cash flow was negative $5.0 million in Q1 2026, while financing activities were only slightly negative at $(8,092). The company raised $519,624 from common equity issuance, but that was not enough to offset the burn.

Looking at the broader trend over the last year, Actuate’s quarterly cash balance has been volatile:

• Cash improved dramatically in late 2024 and mid-2025 after financing inflows, showing the company can access capital when needed.
• Current assets still exceed current liabilities in Q1 2026, so near-term liquidity has not disappeared yet.
• The company continues to carry no revenue, so valuation depends heavily on clinical progress and future financing conditions.
• Operating expenses have been fairly steady in the $4.7 million to $6.4 million quarterly range, suggesting a predictable burn profile.
• Interest and investment income provided a modest offset, but not enough to materially change the loss profile.
• Cash fell from $16.9 million in Q3 2025 to $8.1 million in Q1 2026, a significant drop in just two quarters.
• Q1 2026 operating cash outflow of $5.0 million indicates the company is still consuming cash quickly.
• The company has a long history of net losses, with quarterly losses generally ranging from about $4.5 million to $8.3 million over the last several years.
• Stockholders’ equity remains depressed relative to the accumulated deficit, highlighting the strain on the capital structure.

Bottom line: Actuate Therapeutics remains a high-risk, cash-burning biotech story. The company still has some liquidity, but the rapid decline in cash and continued operating losses suggest investors should watch the next financing move and any clinical updates very closely.