Applied Therapeutics, Inc. (APLT)

Applied Therapeutics, Inc. was a clinical-stage biopharmaceutical company based in New York City. It was founded in 2016 by Shoshana Shendelman and focused on treatments for rare diseases and conditions tied to disordered metabolism, particularly those involving the aldose reductase enzyme. The company completed its initial public offering on Nasdaq in May 2019.

Its lead product candidate was govorestat, previously called AT-007, an aldose reductase inhibitor. It was studied in galactosemia, a rare inherited disorder of sugar metabolism, in sorbitol dehydrogenase deficiency and in phosphomannomutase 2 deficiency. The company also developed a candidate for diabetic cardiomyopathy.

The company's regulatory path was difficult. In late 2024 the U.S. Food and Drug Administration issued a complete response letter for govorestat in classic galactosemia, citing concerns over data integrity and clinical trial conduct. The decision, along with subsequent trial results in other indications, caused a steep drop in the share price. Leadership changes and cost reductions followed as the company sought funding.

In 2025 the company continued to look for financing and strategic options. Its small cash position and declining market value left it with limited ability to continue development independently.

On December 11, 2025, Applied Therapeutics entered into a merger agreement with Cycle Group Holdings Limited, a UK-based company focused on rare diseases, acting through an indirect subsidiary. Cycle launched a tender offer to purchase all outstanding shares for $0.088 per share in cash, together with one non-transferable contingent value right per share. Each right could pay up to $0.40 in milestone payments, plus a pro rata share of any closing cash payment under the CVR agreement.

The tender offer expired on February 2, 2026, with about 79.5 million shares, around 51.56 percent of the total, validly tendered. The shares were accepted for payment on February 3, 2026, and the merger closed on the same day under Section 251(h) of the Delaware General Corporation Law without a stockholder vote. Aggregate cash consideration was about $14.3 million. Nasdaq suspended trading before the open on February 3, 2026, and a Form 25 was filed.