Apogee Therapeutics, Inc. reported a net loss of $182.1 million for the year ended December 31, 2024, compared to a net loss of $83.98 million for the year ended December 31, 2023. The increase in net loss was primarily driven by a rise in research and development expenses from $68.4 million to $167.9 million, and an increase in general and administrative expenses from $24.6 million to $49.0 million. The company attributed the increase in research and development expenses to the advancement of its APG777, APG990/APG279, and APG333/APG777 + APG333 programs into clinical trials, along with increased personnel and equity-based compensation costs. The rise in general and administrative expenses reflected increased headcount and higher equity-based compensation.
Significant operational developments during the year included the initiation of several clinical trials. In May 2024, a Phase 2 trial of APG777 in patients with moderate-to-severe atopic dermatitis commenced. A Phase 1 trial of APG990 began in August 2024, followed by a Phase 1 trial of APG333 in December 2024. A Phase 1 trial of APG808 was initiated in March 2024, with positive interim safety, pharmacokinetic (PK), and pharmacodynamic (PD) data announced in December 2024. The company also announced positive interim safety and PK data for APG990 in March 2025. As of December 31, 2024, Apogee employed 196 full-time employees, 144 of whom were engaged in research and development.
The company's financial performance was also influenced by several collaborations and licensing agreements. In January 2024, a research plan was finalized with Paragon Therapeutics, Inc. for the TSLP target, resulting in a $2.0 million non-refundable payment. Milestone payments totaling $17.0 million were incurred under various license agreements with Paragon. A biologics master services agreement with WuXi Biologics (Hong Kong) Limited governed manufacturing and testing for several programs. In the fourth quarter of 2024, a letter of intent was executed with Samsung Biologics Limited for drug product manufacturing, resulting in $9.9 million in research and development expenses.
Apogee's cash position as of December 31, 2024, included $141.8 million in cash and cash equivalents, $378.9 million in marketable securities, and $210.4 million in long-term marketable securities. The company estimates that these resources will fund operating expenses and capital expenditures into the first quarter of 2028, based on current assumptions. The company noted that this projection is subject to uncertainty and could change. The company has not generated any revenue from product sales and does not anticipate generating revenue for several years. Future funding will likely be secured through equity sales, debt financing, or collaborations.
About Apogee Therapeutics, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.