Aprea Therapeutics, Inc. (APRE) is a clinical-stage oncology company with no approved products and no revenue. The liquidation analysis for the Q1 2026 10-Q period (ending March 31, 2026) is severely constrained by the absence of any XBRL tag emissions in the TAG_CONTEXT provided. The sole quantitative anchor available from MFFAIS metadata is a cash liquidation value (CLV) of approximately $11.8 million, which is identical to both the liquid liquidation value (LLV) and operating liquidation value (OLV), indicating the entire recoverable asset base is cash or near-cash equivalents with no meaningful residual value attributed to other assets under any liquidation scenario. This is consistent with a pre-revenue biotech that carries no inventory, no receivables, and intangible assets (IP, pipeline, in-process R&D) with zero liquidation recovery. The filing discloses that total net deferred tax assets as of December 31, 2025 were $56.3 million, fully offset by a $56.3 million valuation allowance — these assets carry zero liquidation value. The company executed two equity offerings during Q1 2026 (January 2026 and March 2026), both involving pre-funded warrants and common warrants, which would have injected cash proceeds; the precise gross proceeds are not quantifiable from the provided filing body excerpt, but the CLV of $11.8M represents post-offering balance sheet cash net of all liabilities at face value. The ABOYA-119 clinical trial for ATRN-119 is in orderly wind-down of monotherapy arms, and the company received a Nasdaq minimum bid price deficiency notice on January 23, 2026, indicating the stock traded below $1.00 for 30 consecutive business days — a signal consistent with near-zero equity market capitalization. No PP&E, goodwill, or operating lease right-of-use assets are separately identified in TAG_CONTEXT; the filing discusses operating lease obligations and clinical trial commitments in narrative but these concepts are absent from XBRL tagging. Liability stack at face value consumes essentially all recoverable assets, leaving equity recovery at approximately $11.8 million at most under a liquidation scenario, before any wind-down costs, severance, or contingent liabilities crystallize. Recovery to equity is nominally positive only if the $11.8M CLV figure already nets liabilities; if it represents gross cash before netting, recovery to equity is likely zero or negative once accrued liabilities, accounts payable, and remaining lease obligations are deducted at face value. Filing discusses operating lease obligations and CRO/CMO contractual commitments in MD&A but does not separately tag these in XBRL, making quantification impossible from TAG_CONTEXT alone.
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