The primary objective of this study is to assess whether the combination of BP1001 and LDAC provides greater efficacy (Complete Remission [CR], Complete Remission with incomplete hematologic recovery [CRi], Complete Remission with incomplete platelet recovery [CRp]) than LDAC alone (by historical comparison) in participants with AML that cannot or elect not to be treated with more intensive chemotherapy. Safety, pharmacokinetics, overall survival, time to response, and duration of response will also be studied.