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Mar 31, 2025
Apogee Q1 2025 Earnings Report
Estimated EPS:-$1.19
98.3% YoY
Key Takeaways
Apogee Therapeutics reported a net loss of $55.3 million for Q1 2025, an increase from $32.1 million in Q1 2024, primarily due to higher R&D and G&A expenses. The company's cash position remains strong at $681.4 million, supporting operations into Q1 2028. Key pipeline advancements include progress in the APEX trial for APG777 in atopic dermatitis and positive interim data for APG808 in asthma.
Net loss for Q1 2025 was $55.3 million, compared to $32.1 million for Q1 2024.
Cash, cash equivalents, and marketable securities totaled $681.4 million as of March 31, 2025, providing a runway into Q1 2028.
R&D expenses increased to $46.4 million in Q1 2025 from $28.7 million in Q1 2024, driven by pipeline advancement.
G&A expenses rose to $16.7 million in Q1 2025 from $9.5 million in Q1 2024, due to increased headcount and equity awards.
Forward Guidance
Apogee Therapeutics anticipates a transformative year in 2025 with significant pipeline advancements and clinical trial readouts. The company expects to initiate new trials and continue progress on existing programs, aiming to reshape the standard of care for inflammatory and immunological diseases.
Positive Outlook
- Interim Part A 16-week data for Phase 2 APEX trial of APG777 in atopic dermatitis expected in mid-2025.
- First patient dosed in Phase 1b trial of APG777 in mild-to-moderate asthma with readout expected in 1H 2026.
- APG279 (APG777 + APG990) Phase 1b head-to-head study against DUPIXENT on track to initiate in 2025 with interim readout expected in 2H 2026.
- Positive interim Phase 1b readout of APG808 in patients with mild-to-moderate asthma demonstrated rapid, robust and sustained suppression of FeNO.
- APG990 Phase 1 interim results in healthy volunteers unlocked potential maintenance dosing every three and six months for APG279.
Challenges Ahead
- Net loss increased due to higher R&D and G&A expenses.
- The company's cash position decreased from $731.1 million as of December 31, 2024, to $681.4 million as of March 31, 2025.
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