Apogee Therapeutics, Inc.
- Open
- 132.75
- Day high
- 132.85
- Day low
- 132.69
- Prev close
- 132.73
- Volume
- 1.6M
- Mkt cap
- $10.0B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 8.0
- P/S
- —
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$20.9M over the last 3 months (0 open-market buys, 25 sales)
- 🏛Institutions accumulating (13F)
Apogee Therapeutics, Inc. (APGE) is a Healthcare company listed on NASDAQ. The stock is up 200% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 25 sales (SEC Form 4).
Apogee Therapeutics, Inc. (APGE) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 13 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
APGE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 11, 2026 | $-1.12 | $-1.06 | +5.4% | — | — |
| Mar 3, 2025 | $-0.94 | $-1.19 | -26.6% | — | — |
| Mar 5, 2024 | $-0.45 | $-0.32 | +28.9% | — | — |
| Nov 13, 2023 | $-0.38 | $-0.51 | -34.2% | — | — |
| Jul 17, 2023 | $-1.70 | $-3.78 | -122.4% | — | — |
APGE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 24, 2026 | HENDERSON MICHAEL THOMASdirector, officer: Chief Executive Officer | Sell | 80,000 | $132.54 |
| Jun 24, 2026 | Dambkowski Carlofficer: Chief Medical Officer | Sell | 26,400 | $132.60 |
| Jun 12, 2026 | HENDERSON MICHAEL THOMASdirector, officer: Chief Executive Officer | Sell | 1,080 | $84.18 |
| Jun 12, 2026 | HENDERSON MICHAEL THOMASdirector, officer: Chief Executive Officer | Sell | 6,770 | $82.21 |
| Jun 12, 2026 | HENDERSON MICHAEL THOMASdirector, officer: Chief Executive Officer | Sell | 7,654 | $82.78 |
| Jun 12, 2026 | HENDERSON MICHAEL THOMASdirector, officer: Chief Executive Officer | Sell | 614 | $86.89 |
| Jun 12, 2026 | HENDERSON MICHAEL THOMASdirector, officer: Chief Executive Officer | Sell | 2,305 | $86.27 |
| Jun 12, 2026 | HENDERSON MICHAEL THOMASdirector, officer: Chief Executive Officer | Sell | 1,577 | $85.19 |
| Jun 11, 2026 | Bollinger Lisadirector | Grant | 7,657 | $85.00 |
| Jun 11, 2026 | Fairmount Funds Management LLCdirector | Grant | 7,657 | $85.00 |
| Jun 11, 2026 | Shah Nimish Pdirector | Grant | 7,657 | $85.00 |
| Jun 11, 2026 | McKenna Mark C.director | Grant | 7,657 | $85.00 |
| Jun 11, 2026 | JONES WILLIAM A JRdirector | Grant | 7,657 | $85.00 |
| Jun 11, 2026 | Fox Jennifer A.director | Grant | 7,657 | $85.00 |
| Jun 5, 2026 | Dambkowski Carlofficer: Chief Medical Officer | Sell | 5,500 | $78.71 |
Source: APGE SEC Form 4 filings, latest Jun 24, 2026. For informational purposes only — not investment advice.
See the full APGE insider & 13F page →Apogee Therapeutics, Inc. company profile
Overview
Apogee Therapeutics, Inc. (NASDAQ:APGE) is a clinical-stage biotechnology company founded in 2022 and headquartered in Waltham, Massachusetts. The company went public in July 2023, raising capital to advance its pipeline of extended half-life monoclonal antibody therapies. Apogee focuses on developing innovative treatments for inflammatory and immunological conditions, particularly atopic dermatitis and chronic obstructive pulmonary disease, using proprietary antibody engineering technologies designed to improve patient convenience and treatment outcomes.
Business
Apogee Therapeutics operates in the biotechnology sector, specifically developing monoclonal antibody therapeutics for inflammatory and immunological diseases. Monoclonal antibodies are laboratory-produced molecules engineered to mimic the immune system's ability to fight harmful pathogens by targeting specific proteins that cause disease. The company's core innovation lies in creating extended half-life antibodies, which remain active in the body for longer periods than conventional treatments. This extended duration potentially allows patients to receive injections less frequently, improving treatment adherence and quality of life. All of Apogee's therapies are designed for subcutaneous administration, meaning they can be injected under the skin rather than requiring intravenous infusion in clinical settings. Apogee's pipeline consists of four main programs targeting two primary disease areas: 1. APG777 represents the company's lead program, targeting atopic dermatitis (commonly known as eczema), a chronic inflammatory skin condition affecting millions of people worldwide. This antibody is designed to block specific inflammatory pathways that drive the persistent itching, redness, and skin damage characteristic of the disease. 2. APG808 targets chronic obstructive pulmonary disease (COPD), a progressive lung disease that makes breathing difficult and affects over 300 million people globally. This therapy aims to reduce inflammation in the airways and potentially slow disease progression. 3. APG990 and APG222 represent earlier-stage programs also focused on atopic dermatitis, exploring different therapeutic approaches and potentially targeting different patient populations or disease severities. As a clinical-stage company, Apogee currently generates no revenue from product sales, with all programs still undergoing clinical testing to establish safety and efficacy before potential regulatory approval and commercialization.
Revenue model
As a pre-revenue biotechnology company, Apogee currently operates on a research and development model funded entirely by investor capital. The company does not yet generate revenue, as all its therapeutic candidates remain in clinical development phases. Once products receive regulatory approval, Apogee's business model will likely center on product sales of its proprietary antibody therapies to healthcare providers, hospitals, and specialty pharmacies. The target customers will primarily be healthcare providers treating patients with atopic dermatitis and COPD, including dermatologists, pulmonologists, and primary care physicians. Given the chronic nature of these conditions and the extended half-life properties of Apogee's therapies, the company anticipates generating recurring revenue through ongoing patient treatment regimens. Several factors could significantly impact Apogee's future profitability and margins. Positive factors include the large addressable markets for both atopic dermatitis and COPD, with existing therapies often requiring frequent dosing or having limited efficacy. The extended half-life properties of Apogee's antibodies could command premium pricing due to improved patient convenience and potentially better outcomes. Additionally, successful clinical trials demonstrating superior efficacy or safety profiles could support strong market positioning. Challenging factors include intense competition from established pharmaceutical companies with approved therapies and deep pockets for research and marketing. Manufacturing costs for monoclonal antibodies remain high, requiring specialized facilities and quality control processes. Regulatory approval timelines are lengthy and uncertain, with the possibility of clinical trial failures requiring additional investment or program termination. Pricing pressure from healthcare payers and government agencies could also limit revenue potential, particularly as biosimilar competitors may eventually enter the market following patent expiration. The company's current cash burn rate of approximately $170-180 million annually reflects the substantial costs associated with conducting multiple clinical trials simultaneously, including patient recruitment, clinical site management, manufacturing of clinical supplies, and regulatory preparation activities.
Competitive moat
Apogee's competitive positioning relies primarily on its proprietary antibody engineering technology that creates extended half-life therapeutics, but this represents a relatively narrow and potentially temporary moat. The company's core differentiation stems from its ability to engineer antibodies that remain active in patients' bodies for extended periods, potentially allowing for less frequent dosing compared to existing treatments. However, this technological advantage faces several limitations. The extended half-life approach, while innovative, is not unique to Apogee, as several large pharmaceutical companies possess similar antibody engineering capabilities and resources. Major competitors like Regeneron, Sanofi, and others already have approved therapies in the atopic dermatitis space with established market presence and physician relationships. Apogee's intellectual property portfolio around its specific antibody designs and manufacturing processes provides some protection, but patents in biotechnology typically offer limited duration exclusivity, and competitors can often develop alternative approaches targeting the same biological pathways. The company's small size and limited resources compared to pharmaceutical giants also constrains its ability to conduct large-scale clinical trials or extensive post-market studies that might demonstrate superior long-term outcomes. The regulatory approval process itself provides a temporary moat, as competitors would need to conduct their own clinical trials to enter the market. However, this barrier diminishes over time, particularly as biosimilar manufacturers may eventually develop competing products following patent expiration. The company's strongest potential moat lies in achieving superior clinical outcomes that clearly differentiate its therapies from existing treatments. If Apogee's extended half-life antibodies demonstrate meaningfully better efficacy, safety, or patient quality of life improvements in clinical trials, this could establish a more durable competitive advantage and support premium pricing. However, until such clinical differentiation is definitively established through Phase 3 trials and real-world evidence, the company's moat remains relatively weak and dependent on execution excellence rather than structural competitive advantages.
Risks & safety
Apogee demonstrates a relatively strong financial position typical of well-funded clinical-stage biotechnology companies, though with significant cash burn risks inherent to the business model. **Overall Assessment:** Moderate safety profile with adequate near-term funding but high execution risk • **Cash Position:** $107 million in cash and short-term investments as of Q1 2025, down from $142 million in Q4 2024 • **Burn Rate:** Approximately $170-180 million annual cash burn based on recent quarterly trends • **Runway:** Estimated 2-3 years of funding at current burn rates before requiring additional capital • **Debt Level:** Minimal debt with debt-to-equity ratio of 0.018, indicating very low leverage • **Liquidity:** Exceptional current ratio of 15.8x and quick ratio of 15.8x, demonstrating strong short-term liquidity • **Solvency Risk:** Low near-term solvency risk given strong balance sheet and minimal debt obligations **Valuation Considerations:** • **No Traditional Metrics:** Price-to-earnings and revenue multiples not applicable due to pre-revenue status • **Price-to-Book:** 3.2x, reflecting market premium for development pipeline • **Enterprise Value:** Negative EV/EBITDA due to losses, typical for clinical-stage biotech **Other Risk Factors:** • **Clinical Trial Risk:** High probability of program failures or delays requiring additional investment • **Regulatory Risk:** Uncertain approval timelines and requirements • **Dilution Risk:** Likely need for additional equity financing within 2-3 years, potentially at unfavorable terms if clinical progress disappoints
Recent development
Since its founding in 2022 and IPO in 2023, Apogee has focused on advancing its pipeline of extended half-life monoclonal antibodies through clinical development. The company has been conducting clinical trials for its lead programs APG777 (atopic dermatitis) and APG808 (COPD), though specific trial results and progression timelines have not been detailed in available financial reports. The company's strategic approach centers on leveraging its proprietary antibody engineering platform to create differentiated therapies with improved dosing convenience. This focus on extended half-life properties represents a consistent strategic theme across all four development programs, suggesting a platform-based approach rather than pursuing diverse therapeutic modalities. Apogee has maintained a disciplined approach to capital allocation, focusing resources on advancing its core programs rather than pursuing broad pipeline expansion. The company's research and development spending has remained substantial, reflecting ongoing clinical trial activities and manufacturing of clinical supplies needed for patient studies. The organization has been building its clinical and regulatory capabilities to support multiple simultaneous development programs. This includes establishing relationships with clinical research organizations, regulatory consultants, and manufacturing partners necessary for conducting Phase 2 and potentially Phase 3 clinical trials. Recent financial trends show increasing quarterly losses, rising from approximately $34 million in Q2 2024 to $55 million in Q1 2025, indicating accelerating development activities and clinical trial costs. This spending pattern suggests the company may be advancing multiple programs toward important clinical milestones or expanding trial sizes to generate more robust efficacy and safety data. The company's focus remains concentrated on its core therapeutic areas of inflammatory and immunological conditions, with no apparent diversification into other disease areas or therapeutic modalities, indicating a disciplined approach to resource allocation and strategic focus.
APGE company profile · for informational purposes only — not investment advice.
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