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Jun 30
Apogee Q2 2025 Earnings Report
Apogee reported second quarter 2025 results and pipeline progress.
Key Takeaways
The company posted a wider quarterly net loss on higher R&D and G&A spending, maintained a strong $621.2M cash and securities balance, and highlighted positive APG777 Phase 2 Part A data with accelerated timelines for Part B.
Cash, cash equivalents and marketable securities totaled $621,200,000 as of June 30, 2025.
Net loss for Q2 2025 was $66,096,000.
R&D expenses were $55,703,000; G&A expenses were $17,462,000.
APG777 Phase 2 APEX Part A met primary and key secondary endpoints; Part B readout accelerated to mid-2026.
Apogee
Apogee
Forward Guidance
Management expects continued advancement of APG777 programs, including 52-week APEX Part A maintenance data in 1H26 and an accelerated Part B readout in mid-2026, with cash runway into Q1 2028.
Positive Outlook
- APG777 Part A met primary and key secondary endpoints (EASI reduction and EASI-75).
- Maintenance dosing being evaluated every 3–6 months, potentially 2–4 injections per year.
- Part B readout timing accelerated to mid-2026 due to strong enrollment.
- First patient dosed in APG279 head-to-head vs. DUPIXENT; readout expected 2H26.
- Cash runway expected to fund operations into Q1 2028.
Challenges Ahead
- Company reported no product revenue and continues to operate at a loss.
- Quarterly net loss widened versus prior year due to higher operating expenses.
- R&D expenses increased significantly to support programs, pressuring near-term profitability.
- Key clinical data readouts extend into 2026, delaying potential commercialization timelines.
- G&A expenses rose with headcount and equity-based compensation increases.