Adaptin Bio Inc (APTN) is a clinical-stage biopharmaceutical company developing precision medicine drug candidates, with its principal office in Charlotte, NC. The company generates no product revenue as of December 31, 2025, funding operations entirely through equity offerings. Its lead program, APTN-101, is in a Phase 1 investigator-led trial targeting glioblastoma multiforme (GBM). The underlying technology is licensed exclusively from Duke University under a January 2023 agreement (the Duke License), which obligates Adaptin Bio to pay clinical and commercial milestone payments totaling approximately $11.7 million if all milestones are met, plus low- to mid-single digit royalties on net sales. The company reported net losses of $5,167,569 for FY2025 and $3,122,557 for FY2024, with cash used in operating activities of $4,777,892 and $649,283 for those same periods. Adaptin Bio outsources all manufacturing and most clinical development, targeting a capital-efficient model that reserves direct commercialization for smaller or orphan patient populations in the United States.

Revenue model

No product revenue as of December 31, 2025. Operations funded through equity offerings. Future revenue model, if products are approved, is royalty- and milestone-bearing licensing plus direct specialty pharmaceutical sales for orphan or smaller-population indications in the United States, with partnership-based commercialization planned for larger addressable markets and ex-U.S. territories.

Products and services

APTN-101: lead product candidate in a Phase 1 investigator-led clinical trial for glioblastoma multiforme (GBM), based on precision medicine technology licensed from Duke University.

Customers and end markets

Target end markets are oncology patients, specifically those with glioblastoma multiforme. Anticipated customers upon approval would include physicians, hospitals, and third-party payers (federal and state government health programs, managed care providers, private health insurers). No commercial customers as of December 31, 2025.

Value-chain role

Drug developer and future specialty pharmaceutical commercializer. Outsources all manufacturing and most clinical development operations. Holds an exclusive worldwide license from Duke University for the underlying precision medicine technology.

Geographic exposure

Principal executive office in Charlotte, NC (month-to-month lease as of the 10-K filed 2026-04-01). Duke License covers worldwide rights. Near-term commercialization focus on the United States, with partnership-based strategy for ex-U.S. markets.

Source: SEC 10-K, filed 2026-04-01

Industry: Biological Products, (No Diagnostic Substances)