Apogee Therapeutics, Inc. APGE

Healthcare SIC 2836 - Biological Products, (No Diagnostic Substances) Nasdaq

We are a clinical stage biotechnology company advancing optimized, novel biologics with the potential for differentiated efficacy and dosing in the largest inflammatory and immunology ("I&I") markets, including for the treatment of atopic dermatitis ("AD"), asthma, eosinophilic esophagitis ("EoE"), chronic obstructive pulmonary disease ("COPD"), and other I&I indications. Our antibody programs are designed to overcome limitations of existing therapies by targeting well-established mechanisms of action and incorporating advanced antibody engineering to optimize half-life and other properties.

Our pipeline comprises multiple antibody programs being developed initially for the treatment of I&I indications as monotherapies and combinations, including zumilokibart (APG777), APG279 (zumilokibart + APG990), APG273 (zumilokibart + APG333), and APG808 (each, a "program" or "product candidate"). With four validated targets in our portfolio, we are seeking to achieve best-in-class efficacy and dosing through monotherapies and combinations of our novel antibodies. Based on a broad pipeline and depth of expertise, we believe we can deliver value and meaningful benefit to patients underserved by today's standard of care. We believe each of our product candidates has potential for broad application across multiple I&I indications.

Last close 135.07 2026-09-02
Market cap $10.19B estimated share count
52-week range 35.39 - 135.09

Valuation FY2025 figures against the last close

P/S
P/E
P/FCF
EV/EBITDA
Dividend yield
Diluted EPS-4.22

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022
R&D $214.7M$167.9M$68.4M$27.8M
SG&A $70.9M$49.0M$24.6M$2.9M
Total operating expenses $285.6M$216.9M$93.0M$30.7M
Operating income -$285.6M-$216.9M-$93.0M-$30.7M
Pre-tax income -$255.6M-$182.1M-$84.0M
Income tax $278.0K$18.0K$0
Net income -$255.8M-$182.1M-$84.0M-$39.8M
EPS, basic -4.22-3.30-3.36-16.16
EPS, diluted -4.22-3.30-3.36-16.16
Shares, diluted (wtd. avg.) $60.7M$55.2M$25.0M$2.5M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022
Cash and equivalents $131.5M$141.8M$118.3M$151.9M
Short-term investments $598.6M$378.9M$277.1M
Total current assets $741.4M$529.7M$398.4M$152.1M
Property, plant and equipment $5.7M$2.0M$377.0K
Total assets $937.1M$754.0M$401.4M$152.1M
Accounts payable $1.2M$1.1M$2.1M$418.0K
Total current liabilities $27.9M$28.6M$20.6M$10.0M
Total liabilities $33.3M$37.2M$21.5M$10.0M
Retained earnings -$561.8M-$305.9M-$123.8M-$39.8M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022
Operating cash flow -$227.4M-$171.2M-$74.8M-$16.4M
Depreciation and amortisation $1.4M$189.0K
Stock-based compensation $46.3M$23.3M$6.1M$2.1M
Capital expenditure $5.1M$1.2M$167.0K
Investing cash flow -$179.6M-$300.5M-$273.9M
Financing cash flow $396.5M$495.1M$315.4M$168.3M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-177342.

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