Revenue remains erratic and non-recurring, with the company generating only $1.0 million in 2025Q3 while sustaining quarterly R&D expenses frequently exceeding $10 million.
| Sales/Revenue | 1M | 455K | 9.99M | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 573.93% | -95.45% | - | - | - | - | - | - | - |
| Cost of Goods Sold | 29.45M | 48.74M | 53.91M | 441K | 0 | 0 | 23K | 0 | 0 |
| COGS % of Revenue | - | 10712.97% | 539.43% | - | - | - | - | - | - |
| Gross Profit | -28.45M | -48.29M | -43.91M | -441K | 0 | 0 | -23K | 0 | 0 |
| Gross Margin % | -2845.5% | -10612.97% | -439.43% | - | - | - | - | - | - |
| Gross Profit Growth % | - | -9.97% | -9857.37% | - | - | 100% | - | - | - |
| Operating Expenses | 69.95M | 56.01M | 20.62M | 82.51M | 105.62M | 94.47M | 45.56M | 13.52M | 4.29M |
| OpEx % of Revenue | - | 12309.89% | 206.37% | - | - | - | - | - | - |
| Selling, General & Admin | 61.56M | 56.01M | 20.62M | 27.32M | 43.05M | 32.68M | 13.21M | 2.05M | 582K |
| SG&A % of Revenue | - | 12309.89% | 206.37% | - | - | - | - | - | - |
| Research & Development | 39.06M | 48.74M | 53.91M | 55.63M | 62.57M | 61.79M | 32.35M | 11.47M | 3.7M |
| R&D % of Revenue | - | 10712.97% | 539.43% | - | - | - | - | - | - |
| Other Operating Expenses | -4M | -48.74M | -53.91M | -441K | 0 | 1 | 0 | 0 | 0 |
| Operating Income | -98.4M | -104.3M | -64.53M | -82.95M | -105.62M | -94.47M | -45.58M | -13.52M | -4.29M |
| Operating Margin % | -9840.3% | -22922.86% | -645.8% | - | - | - | - | - | - |
| Operating Income Growth % | - | -61.62% | 22.2% | 21.46% | -11.81% | -107.24% | -237.19% | -215.47% | - |
| EBITDA | -98.29M | -104.3M | -64.53M | -82.51M | -105.62M | -94.47M | -45.56M | 0 | 0 |
| EBITDA Margin % | -9829.13% | -22922.64% | -645.79% | - | - | - | - | - | - |
| EBITDA Growth % | -6.78% | -61.62% | 21.79% | 21.88% | -11.8% | -107.35% | - | - | - |
| D&A (Non-Cash Add-back) | 111.75K | 1K | 1K | 441K | 1.33K | 0 | 23K | 13.52M | 4.29M |
| EBIT | -100.64M | -104.3M | -64.53M | -82.51M | -105.62M | -94.47M | -45.51M | -14.88M | -4.28M |
| Net Interest Income | 2.09M | 3.53M | 1.37M | 685K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.09M | 3.53M | 1.37M | 685K | 555K | 559K | 93K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 555K | 559K | 93K | 0 | 0 |
| Other Income/Expense | 80.27M | -1.32M | -55.23M | 442K | 34K | 505K | 69K | -3M | 3K |
| Pretax Income | -18.14M | -105.62M | -119.76M | -82.51M | -105.58M | -93.96M | -45.51M | -16.52M | -4.28M |
| Pretax Margin % | -1813.8% | -23214.07% | -1198.47% | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -18.14M | -105.62M | -119.76M | -82.51M | -105.58M | -93.96M | -45.51M | -16.52M | -4.28M |
| Net Margin % | -1813.8% | -23214.07% | -1198.47% | - | - | - | - | - | - |
| Net Income Growth % | 90.32% | 11.81% | -45.15% | 21.86% | -12.37% | -106.45% | -175.49% | -285.82% | - |
| Net Income (Continuing) | -18.14M | -105.62M | -119.76M | -82.51M | -105.58M | -93.96M | -45.51M | -16.52M | -4.28M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.12 | -0.76 | -1.42 | -2.18 | -4.12 | -4.28 | -3.55 | -1.80 | -0.47 |
| EPS Growth % | 93.64% | 46.48% | 34.86% | 47.09% | 3.74% | -20.56% | -97.22% | -282.98% | - |
| EPS (Basic) | - | -0.76 | -1.42 | -2.18 | -4.12 | -4.28 | -3.55 | -1.80 | -0.47 |
| Diluted Shares Outstanding | 145.56M | 139.53M | 84.24M | 37.83M | 25.6M | 21.97M | 12.83M | 9.16M | 9.16M |
| Basic Shares Outstanding | 145.56M | 139.53M | 84.24M | 37.83M | 25.6M | 21.97M | 12.83M | 9.16M | 9.16M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Regulatory binary outcome risk
As reported in recent financial filings, Applied Therapeutics generated a nominal $1.0 million in revenue during 2025Q3, which remains highly erratic and non-recurring, failing to demonstrate any sustainable growth trajectory or evidence of a commercialized product pipeline capable of supporting the company's current operational expenditure levels.
The absence of consistent revenue streams confirms that the company remains in a pre-commercial phase where top-line figures are essentially accounting artifacts. Investors should interpret these fluctuations as noise rather than indicators of market adoption or product-market fit.
According to the company's income statement data, R&D expenses have consistently remained the primary cost driver, with quarterly outlays frequently exceeding $10 million, reflecting the heavy capital requirements necessary to advance late-stage clinical candidates through the rigorous FDA regulatory review process.
The cost structure is entirely dominated by clinical trial execution and regulatory compliance, leaving little room for operational flexibility. This high fixed-cost burden necessitates constant capital infusions, as the current expense profile is fundamentally disconnected from any internal revenue generation.
Based on the provided quarterly data, net income figures exhibit extreme volatility, such as the $44.0 million profit reported in 2024Q4, which appears to be driven by non-operating adjustments rather than core operational performance, masking the underlying reality of persistent, deep-seated cash burn.
The presence of significant non-cash items and potential warrant liability revaluations complicates the assessment of true earnings quality. Analysts should focus on operating losses rather than net income to gauge the actual financial health of the enterprise.
As indicated by the consistent quarterly operating losses exceeding $16 million, the company's reliance on equity financing to sustain its clinical pipeline suggests a high probability of further shareholder dilution, which may continue to weigh on equity performance regardless of positive clinical trial outcomes.
The lack of a self-sustaining business model forces a dependence on external capital markets that are sensitive to both interest rates and regulatory sentiment. This creates a structural risk where the company's survival is tied more to financing availability than to the intrinsic value of its therapeutic assets.
Quick answers to the most common questions about buying APLT stock.
For fiscal year 2024, Applied Therapeutics, Inc. (APLT) reported total revenue of $0.5M.
Applied Therapeutics, Inc. (APLT) reported a net loss of $105.6M for the fiscal year ending 2024.
Applied Therapeutics, Inc. (APLT) reported an operating income of $-104.3M, resulting in an operating profit margin of -22922.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Applied Therapeutics, Inc. (APLT) generated $-48.3M in gross profit for the year, representing a gross profit margin of -10613.0%. This demonstrates the company's core pricing power and production efficiency.