Apogee Therapeutics (APGE) Q4 2025 earnings summary

Executive summary

• Advanced zumilokibart (APG777) in atopic dermatitis (AD) with positive Phase 2 Part A results and proof-of-concept in asthma; Phase 3 in AD planned for 2H 2026.

• Pipeline includes ongoing trials in asthma, EoE, and combination therapies, with multiple data readouts expected in 2026.

• Strong cash position of $902.9 million as of December 31, 2025, supporting operations into 2H 2028.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $902.9 million at year-end 2025, up from $731.1 million at year-end 2024.

• R&D expenses rose to $214.7 million in 2025 from $167.9 million in 2024, driven by pipeline advancement and increased personnel costs.

• G&A expenses increased to $70.9 million in 2025 from $49.0 million in 2024, reflecting higher headcount and equity-based compensation.

• Net loss widened to $255.8 million in 2025 from $182.1 million in 2024, primarily due to higher R&D and G&A expenses.

Outlook and guidance

• 52-week APEX Phase 2 Part A data for zumilokibart in AD expected in March 2026; 16-week Part B data in Q2 2026.

• Phase 3 trial in AD anticipated to begin in 2H 2026, with potential launch targeted for 2029.

• Additional data on asthma and EoE trials, and head-to-head APG279 vs. DUPIXENT results, expected in 2H 2026.

• Cash runway projected into the second half of 2028 based on current operating plans.