APGE

MKT CAP:$5B

Apogee Therapeutics, Inc.

Market Cap

$5B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$88.29+$12.51 (+16.51%)

Apr 23, 2026

Company Details

Apogee Therapeutics, Inc., through its subsidiary, operates as a biotechnology company that develops biologics for the treatment of atopic dermatitis (AD), chronic obstructive pulmonary disease (COPD), and related inflammatory and immunolog...

CEO

Michael Thomas Henderson

IPO Date

Jul 14, 2023

Website

www.apogeetherapeutics.com

Key Metrics TTM

Revenue

$0

— YoY

Net Income

-$256M

EPS (Diluted)

-$4.22

Free Cash Flow

-$233M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Mar 2, 2026

$0EPS -$4.22

Q4 2025

Mar 2, 2026

$0EPS -$1.03

Q3 2025

Nov 10, 2025

$0EPS -$1.11

Q2 2025

Aug 11, 2025

$0EPS -$1.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$4M
Q2 22	$0	$0	-$2M
Q3 22	$0	$0	-$11M
Q4 22	$0	$0	-$14M
Q1 23	$0	$0	-$13M
Q2 23	$0	$0	-$19M
Q3 23	$0	$0	-$24M
Q4 23	$0	$0	-$37M
Q1 24	$0	$0	-$38M
Q2 24	$0	$0	-$44M
Q3 24	$0	$0	-$59M
Q4 24	$0	$0	-$76M
Q1 25	$0	$0	-$63M
Q2 25	$0	$0	-$73M
Q3 25	$0	-$400.0K	-$71M
Q4 25	$0	$400.0K	-$78M

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$0	$0
Q2 22	$0	$0
Q3 22	-$7M	-$7M
Q4 22	-$9M	-$9M
Q1 23	-$11M	-$11M
Q2 23	-$15M	-$15M
Q3 23	-$20M	-$20M
Q4 23	-$30M	-$30M
Q1 24	-$32M	-$32M
Q2 24	-$29M	-$29M
Q3 24	-$43M	-$43M
Q4 24	-$68M	-$68M
Q1 25	-$48M	-$53M
Q2 25	-$62M	-$63M
Q3 25	-$54M	-$54M
Q4 25	-$63M	-$63M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$167.0K
Q1 24	$351.0K
Q2 24	$51.0K
Q3 24	$751.0K
Q4 24	$1.0K
Q1 25	$4M
Q2 25	$768.0K
Q3 25	$0
Q4 25	$62.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	—	+194.0%
Q2 23	—	+939.9%
Q3 23	—	+131.3%
Q4 23	—	+163.5%
Q1 24	—	+201.6%
Q2 24	—	+133.6%
Q3 24	—	+141.5%
Q4 24	—	+104.2%
Q1 25	—	+65.3%
Q2 25	—	+65.8%
Q3 25	—	+21.5%
Q4 25	—	+2.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	—
Q2 22	$0	—
Q3 22	$0	—
Q4 22	$2M	—
Q1 23	$1M	—
Q2 23	$1M	—
Q3 23	$2M	—
Q4 23	$2M	—
Q1 24	$4M	—
Q2 24	$6M	—
Q3 24	$6M	—
Q4 24	$8M	—
Q1 25	$11M	—
Q2 25	$11M	—
Q3 25	$12M	—
Q4 25	$12M	—

OpEx Breakdown

Quarter	R&D	G&A
Q1 22	$4M	$60.0K
Q2 22	$1M	$368.0K
Q3 22	$10M	$622.0K
Q4 22	$12M	$2M
Q1 23	$8M	$4M
Q2 23	$14M	$5M
Q3 23	$17M	$7M
Q4 23	$29M	$8M
Q1 24	$29M	$9M
Q2 24	$33M	$11M
Q3 24	$46M	$13M
Q4 24	$60M	$16M
Q1 25	$46M	$17M
Q2 25	$56M	$17M
Q3 25	$54M	$17M
Q4 25	$58M	$20M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$152M	$0	$152M
Q1 23	$141M	$0	$141M
Q2 23	$125M	$0	$125M
Q3 23	$188M	$235M	$423M
Q4 23	$118M	$277M	$395M
Q1 24	$485M	$331M	$816M
Q2 24	$307M	$369M	$676M
Q3 24	$119M	$407M	$526M
Q4 24	$142M	$379M	$521M
Q1 25	$107M	$406M	$513M
Q2 25	$124M	$381M	$505M
Q3 25	$108M	$419M	$527M
Q4 25	$132M	$599M	$730M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	51M	—	—
Q2 22	51M	0.0%	—
Q3 22	51M	0.0%	—
Q4 22	51M	0.0%	—
Q1 23	51M	0.0%	0.0%
Q2 23	51M	0.0%	0.0%
Q3 23	51M	0.0%	0.0%
Q4 23	51M	-0.0%	-0.0%
Q1 24	50M	-0.9%	-1.0%
Q2 24	57M	+12.6%	+11.5%
Q3 24	57M	+0.5%	+12.1%
Q4 24	55M	-2.8%	+9.0%
Q1 25	58M	+5.4%	+16.0%
Q2 25	58M	+0.4%	+3.4%
Q3 25	59M	+0.6%	+3.5%
Q4 25	61M	+3.3%	+10.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	$0	91
Q1 24	$0	91
Q2 24	$0	91
Q3 24	$0	91
Q4 24	$0	150K
Q1 25	$0	150K
Q2 25	$0	150K
Q3 25	$0	150K
Q4 25	$0	150K

Revenue / Employee