Apollomics (APLM) Q4 2025 earnings summary

Executive summary

• Advanced global development of vebreltinib, a differentiated c-MET inhibitor, with ongoing Phase 2 studies and over 600 patients dosed.

• Submitted Phase 2/3 IND for vebreltinib in combination with EGFR inhibitor for NSCLC in the U.S. and select Asian countries.

• Out-licensed China rights for vebreltinib and immuno-oncology assets, retaining global (ex-China) rights.

• New management team appointed in September 2025, executing a strategic turnaround plan.

Financial highlights

• Revenue for 2025 was $8.5 million, up from $0 in 2024, driven by an upfront payment from the LaunXP licensing agreement.

• Net loss for 2025 was $(10.9) million, or $(7.57) per diluted share, compared to $(53.9) million, or $(52.80) per diluted share, in 2024.

• Research and development expenses decreased to $5.5 million from $24.6 million year-over-year.

• General and administrative expenses fell to $12.4 million from $17.8 million year-over-year.

• Cash and equivalents at year-end 2025 were $3.3 million, down from $9.8 million at year-end 2024.

Outlook and guidance

• Anticipates submitting an IND for accelerated approval of vebreltinib for second-line NSCLC with c-MET amplification in the first half of 2027, based on FDA guidance.

• Committed to expanding the clinical pipeline and maximizing vebreltinib's potential through global partnerships and new combination therapies.