UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 AADI BIOSCIENCE, INC. (Exact Name of Registrant as Specified in its Charter) ☒ ☒ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number: 001-38560 Delaware 61- ...

Financial Performance - For the fiscal year ended December 31, 2021, Aadi Bioscience recorded revenue of $1.1 million and a net loss of $110.1 million[283]. - Total revenue for the year ended December 31, 2021, was $1.1 million, a decrease of 92.3% compared to $14.6 million in 2020[305]. - The net loss for the year ended December 31, 2021, was $110.1 million, compared to a net loss of $3.5 million in 2020[313]. - Cash used in operating activities for the year ended December 31, 2021, was $22.4 million, an increase from $12.7 million in 2020[314]. - The net and comprehensive loss for 2021 was $110,090,000, compared to a loss of $3,478,000 in 2020, reflecting an increase in loss of approximately 3061.5%[347]. - The net loss per share attributable to common stockholders for 2021 was $(12.41), a significant increase from $(1.76) in 2020[347]. Revenue Sources - The company recognized $14.0 million in revenue from the EOC License Agreement in December 2020, with potential additional payments of up to $257.0 million upon achieving certain milestones[296]. - License revenue for the year ended December 31, 2021, was $1.0 million, a significant decrease from $14.0 million in 2020, attributed to the timing of FDA approval milestones[306]. - The company recognized $1.0 million in license revenue from EOC for achieving the FDA approval milestone on November 22, 2021[363]. - The company is eligible for an additional $257.0 million in milestone and royalty payments upon achieving specific development, regulatory, and sales milestones[421]. Expenses and Liabilities - Research and development expenses increased to $19.7 million in 2021, up 31.3% from $15.0 million in 2020, primarily due to increased clinical drug manufacturing costs and external clinical development expenses[309]. - General and administrative expenses rose significantly to $18.5 million in 2021, an increase of 777.4% compared to $2.1 million in 2020, driven by increased headcount and costs associated with being a public company[309]. - Total operating expenses for 2021 were $112.34 million, up from $17.13 million in 2020, primarily due to a $74.16 million impairment of acquired contract intangible assets[347]. - Total liabilities decreased from $31.3 million in 2020 to $21.5 million in 2021, with current liabilities dropping from $30.1 million to $15.3 million[344]. Cash and Liquidity - As of December 31, 2021, Aadi Bioscience had cash and cash equivalents of $149.0 million, which are expected to support operations into 2024[292]. - Cash and cash equivalents at the end of 2021 were $148,989,000, up from $4,455,000 at the end of 2020, marking an increase of approximately 3341.5%[353]. - The company raised $155 million from PIPE investors, resulting in net proceeds of $145.4 million after deducting expenses[356]. - Cash acquired in connection with the merger was $29,700,000, contributing positively to the cash flow[353]. Merger and Corporate Structure - The merger with Aerpio Pharmaceuticals was completed on August 26, 2021, with a reverse stock split of 15:1 occurring prior to the merger[356]. - The company accounted for the merger as a reverse asset acquisition, resulting in no goodwill recognized on the balance sheet[322]. - A total of 5,776,660 shares of common stock were issued to holders of Private Aadi common stock at the closing of the merger[356]. - The Company entered into a Contingent Value Rights Agreement, allowing CVR Holders to receive rights to certain net proceeds from a license agreement with Gossamer Bio, Inc.[356]. Impairments and Valuation - Aadi Bioscience incurred a non-cash impairment charge of $74.2 million in 2021 to adjust the carrying amount of a contract intangible asset to its estimated fair value of $3.9 million[291]. - The company recognized an impairment of $74.2 million on the acquired contract intangible asset, adjusting its carrying amount to an estimated fair value of $3.9 million[322]. - The estimated fair value of total consideration given in the Merger was $110.4 million, based on 3,208,718 shares of common stock at a fair value of $33.00 per share[408]. Research and Development Focus - Aadi's lead drug product, FYARRO, is focused on precision therapies for diseases driven by the mTOR pathway activation[355]. - The company expects research and development costs to increase in 2022 due to anticipated expenses related to the PRECISION 1 trial[291]. - Research and development expenses for the year ended December 31, 2021, amounted to $657,000, while general and administrative expenses were $1.449 million, totaling $2.106 million[330]. Stock and Equity - The company issued and sold 11,852,862 shares of common stock to PIPE Investors for total gross proceeds of $155 million during the merger[286]. - The weighted average number of common shares outstanding increased to 8,923,369 in 2021 from 2,542,358 in 2020, reflecting the impact of stock issuances[347]. - The Company has a total operating lease liability of $605,000 as of December 31, 2021, up from $125,000 in 2020[417]. Tax and Regulatory Matters - The company did not record a current or deferred income tax expense for the years ended December 31, 2021, and 2020, due to net and comprehensive losses[444]. - The Company has accrued expenses of $4.8 million and $3.3 million for clinical and contract manufacturing vendors as of December 31, 2021 and 2020, respectively[452]. - The balance of gross unrecognized tax benefits increased from $2.4 million in 2020 to $2.7 million in 2021[448].

WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number: 001-38560 AADI BIOSCIENCE, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 61- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number: 001-38560 Aerpio Pharmaceuticals, Inc. (Exact Name of Registrant as Specified in its Charter) Delaw ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number: 001-38560 Aerpio Pharmaceuticals, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware E ...

Financial Performance - For the three months ended March 31, 2020, total operating expenses were $4,114,933, a decrease of 53.5% compared to $8,841,293 for the same period in 2019[85]. - The net and comprehensive loss for the three months ended March 31, 2020, was $3,918,663, compared to a loss of $8,492,825 for the same period in 2019, indicating a 53.8% improvement[85]. - Net loss for Q1 2020 was $3.9 million, a decrease from a net loss of $8.5 million in Q1 2019[91]. - Net cash used in operating activities for Q1 2020 was $3.9 million, compared to $9.1 million in Q1 2019[94]. - Total other income for Q1 2020 was $196,270, a decrease from $348,468 in Q1 2019[88]. Operating Expenses - Research and development expenses for the three months ended March 31, 2020, were $1,829,042, down from $5,586,251 in the prior year, reflecting a reduction of 67.2%[85]. - General and administrative expenses decreased to $2,285,891 for the three months ended March 31, 2020, compared to $3,255,042 for the same period in 2019, a reduction of 29.8%[85]. - Research and development expenses for Q1 2020 decreased by approximately $3.8 million or 67.3% compared to Q1 2019[87]. - General and administrative expenses for Q1 2020 decreased by approximately $1.0 million or 29.8% compared to Q1 2019[88]. Cash Position - As of March 31, 2020, the company had cash reserves of $34.6 million as of March 31, 2020, which are expected to fund operations through at least the second quarter of 2021[78]. - Cash and cash equivalents as of March 31, 2020, were $34.6 million, with an accumulated deficit of $146.2 million[91]. - The company anticipates that existing cash and cash equivalents will support operations through at least Q2 2021[91]. Strategic Plans - The company plans to initiate a Phase 2 clinical trial for its glaucoma program in Q3 2020, with results expected in Q1 2021, subject to potential delays due to COVID-19[74]. - The company is developing ARP-1536, a humanized monoclonal antibody for diabetic vascular complications, and a bispecific antibody targeting both VEGF and VE-PTP[77]. - The company continues to explore strategic alternatives, including potential acquisitions or mergers, to maximize stockholder value[91]. Clinical Trials - In the TIME-2b trial, subcutaneous AKB-9778 showed a 21% reduction in Urine Albumin-Creatinine Ratio (UACR) from baseline, indicating potential benefits in diabetic kidney disease[75]. Other Financial Information - The company recorded a severance expense of $1.9 million in 2019 due to a realignment plan and leadership changes[78]. - There were no investing cash flows in Q1 2020, and no financing cash flows during the same period[95][96]. - No shares of common stock had been sold under the Controlled Equity Offering Sales Agreement as of March 31, 2020[91].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-38560 Aerpio Pharmaceuticals, Inc. (Exact name of Registrant as specified in its Charter) Delaware (State or other jurisdiction of in ...