Apogee Therapeutics, Inc. (APGE) FY2025 10-K Annual Report
Apogee Therapeutics, Inc. (APGE) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Apogee Therapeutics, Inc. FY2025 10-K Analysis
Business Overview
- • Core business: Clinical-stage biotech developing breakthrough therapeutics focused on protein modulation and drug candidates
- • Emphasis on zumilokibart (APG777) with $76.4M R&D spend in 2025, up $27.2M YoY, reflecting clinical trial expansion and manufacturing scale-up
- • Strategic focus shift: Increased R&D and headcount investment, with personnel-related expenses rising $29.5M and equity comp up $12.4M for 2025
- • Capital raised: $324.1M net proceeds from October 2025 equity offering; total cash + securities balance $902.8M as of Dec 31, 2025
- • Net loss sharply increased to $255.8M in 2025 from $182.1M in 2024, driven by higher R&D and G&A expenses tied to program advancement and scaling
Management Discussion & Analysis
- • No revenue or profitability figures disclosed for fiscal year 2026 due to clinical-stage status
- • Pipeline focus on four antibody programs targeting inflammatory and immunology diseases, no segment financials given
- • No cash flow, capital allocation, buybacks, dividends, or capex data provided
- • Forward-looking risks include reliance on clinical development outcomes and uncertainty in market approval
- • Management emphasizes potential for differentiated efficacy and dosing in large I&I markets without specific guidance
Apogee Therapeutics, Inc. FY2025 Key Financial MetricsXBRL
Net Income
-$256M
▼ -40.5% YoY
Total Assets
$937M
▲ +24.3% YoY
EPS (Diluted)
$-4.22
▼ -27.9% YoY
Operating Cash Flow
-$227M
▼ -32.9% YoY
Source: XBRL data from Apogee Therapeutics, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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