Applied Therapeutics starts review, plans 46% workforce reduction

Rhea-AI Filing Summary

Applied Therapeutics, Inc. has begun a broad review of strategic alternatives aimed at maximizing shareholder value, which may include possible business combinations. The company has not set a timetable and does not plan to provide updates unless its board approves a specific path or additional disclosure is deemed appropriate.

As part of this process, Applied Therapeutics is cutting its workforce by approximately 46% and implementing other cost-containment and cash conservation measures. The workforce reduction is expected to be substantially completed by the end of the quarter ending December 31, 2025, indicating a significant downsizing alongside the strategic review.

Positive

• None.

Negative

• Applied Therapeutics is reducing its workforce by approximately 46%, representing a major downsizing that suggests significant operational and organizational contraction.
• The strategic alternatives review has no assurance of resulting in a transaction, creating uncertainty about the company’s long-term direction and potential outcomes for shareholders.

Insights

Biopharma equity analyst

Large 46% headcount cut and strategic review signal significant reset at Applied Therapeutics.

Applied Therapeutics is initiating a comprehensive review of strategic alternatives, including potential business combinations, with the stated goal of maximizing shareholder value. This type of process can encompass a sale of the company, mergers, or other major transactions, but the company explicitly notes there is no assurance that any transaction will occur or that terms would be attractive.

Concurrently, the company plans to reduce its workforce by approximately 46% and undertake additional cost-containment and cash conservation measures. A reduction of this size typically reflects a material scaling back of operations and can affect development, commercial plans, and internal capabilities.

The company expects to substantially complete the workforce reduction by the end of the quarter ending December 31, 2025, providing a rough timing marker for when much of the cost action will be in place. The overall impact on the business will depend on the outcome of the strategic review and how the smaller organization prioritizes remaining programs.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

What did Applied Therapeutics (APLT) announce in its latest 8-K?

Applied Therapeutics announced that it has initiated a comprehensive review of strategic alternatives focused on maximizing shareholder value, which may include possible business combinations.

Is Applied Therapeutics (APLT) cutting jobs as part of this strategic review?

Yes. The company is reducing its workforce by approximately 46%, along with other cost-containment and cash conservation measures.

When will Applied Therapeutics complete its workforce reduction?

Applied Therapeutics expects to substantially complete the workforce reduction by the end of the quarter ending December 31, 2025.

Is Applied Therapeutics guaranteeing a sale or business combination from its strategic review?

No. The company states there can be no assurance that the strategic review will lead to a transaction or that any transaction, if pursued, will be completed on attractive terms.

Will Applied Therapeutics provide regular updates on the strategic review process?

The company does not intend to comment further on the process unless its board approves a definitive course of action or it determines that other disclosure is appropriate.

What forward-looking risks does Applied Therapeutics highlight in this announcement?

The company notes that statements about identifying and executing a strategic transaction, the planned workforce reduction, and cash preservation efforts are forward-looking and subject to risks described in its Form 10-K for the year ended December 31, 2024 and Form 10-Q for the quarter ended September 30, 2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/20/2025 - 08:04 AM Learn about SEC filing dates

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 20, 2025

Applied Therapeutics, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-38898	81-3405262
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
545 Fifth Avenue, Suite 1400
New York, New York				10017
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 212 220-9226

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0001		APLT		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

Applied Therapeutics, Inc. (the “Company”) has initiated a comprehensive review of strategic alternatives focused on maximizing shareholder value, including possible business combinations. The Company has not set a timetable for completion of this strategic review and does not intend to comment further on the status of this process unless or until its Board of Directors has approved a definitive course of action, or it is determined that other disclosure is appropriate. There can be no assurance that this strategic review will result in the Company pursuing a transaction or that any transaction, if pursued, will be completed on attractive terms.

In connection with the evaluation of strategic alternatives, the Company is reducing the Company’s workforce by approximately 46%, in addition to other cost-containment and cash conservation measures. The Company expects to substantially complete the reduction in its workforce by the end of the quarter ending December 31, 2025.

On November 20, 2025, the Company issued a press release announcing its plans to explore strategic alternatives. The full text of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “expects,” “intends,” “projects,” “plans,” and “future” or similar expressions are intended to identify forward-looking statements. Forward-looking statements include statements regarding its ability to identify, assess and execute a strategic transaction, its planned workforce reduction and its ability to preserve cash as a result of such workforce reduction. Forward-looking statements are based on management’s current expectations and are subject to various risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied by such forward-looking statements. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding the Company’s business are described in detail in its Securities and Exchange Commission (“SEC”) filings, including in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which are available on the SEC’s website at www.sec.gov. Additional information will be made available in other filings that the Company makes from time to time with the SEC. These forward-looking statements speak only as of the date hereof, and the Company disclaims any obligation to update these statements except as may be required by law.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

The following exhibit is attached with this current report on Form 8-K:

Exhibit No.		Description
99.1		Press Release, dated November 20, 2025.
104		Cover Page Interactive Data File - the cover page iXBRL tags are embedded within the inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			APPLIED THERAPEUTICS, INC.
Date:	November 20, 2025	By:	/s/ Les Funtleyder
			Les Funtleyder, Interim Chief Executive Officer and Chief Financial Officer