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Apogee Therapeutics (APGE) Financials

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$84.09 +0.80 (+0.96%)
As of 11:10 AM Eastern
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Annual Income Statements for Apogee Therapeutics

Annual Income Statements for Apogee Therapeutics

This table shows Apogee Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
-84 -182 -256
Consolidated Net Income / (Loss)
-84 -182 -256
Net Income / (Loss) Continuing Operations
-84 -182 -256
Total Pre-Tax Income
-84 -182 -256
Total Operating Income
-93 -217 -286
Total Gross Profit
0.00 0.00 0.00
Total Revenue
0.00 0.00 0.00
Total Cost of Revenue
0.00 0.00 0.00
Total Operating Expenses
93 217 286
Selling, General & Admin Expense
25 49 71
Research & Development Expense
68 168 215
Total Other Income / (Expense), net
9.02 35 30
Interest & Investment Income
9.02 35 30
Income Tax Expense
0.00 0.02 0.28
Basic Earnings per Share
($3.36) ($3.30) ($4.22)
Weighted Average Basic Shares Outstanding
25.01M 55.19M 60.69M
Diluted Earnings per Share
($3.36) ($3.30) ($4.22)
Weighted Average Diluted Shares Outstanding
25.01M 55.19M 60.69M
Weighted Average Basic & Diluted Shares Outstanding
50.66M 59.50M 69.49M

Quarterly Income Statements for Apogee Therapeutics

This table shows Apogee Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
-19 -21 -32 -32 -34 -49 -67 -55 -66 -65 -69
Consolidated Net Income / (Loss)
-19 -21 -32 -32 -34 -49 -67 -55 -66 -65 -69
Net Income / (Loss) Continuing Operations
-19 -21 -32 -32 -34 -49 -67 -55 -66 -65 -69
Total Pre-Tax Income
-19 -21 -32 -32 -34 -49 -67 -55 -66 -65 -69
Total Operating Income
-19 -24 -37 -38 -44 -59 -76 -63 -73 -71 -78
Total Operating Expenses
19 24 37 38 44 59 76 63 73 71 78
Selling, General & Admin Expense
4.94 7.24 8.20 9.47 11 13 16 17 17 17 20
Research & Development Expense
14 17 29 29 33 46 60 46 56 54 58
Total Other Income / (Expense), net
0.00 3.47 5.42 6.09 10 9.67 8.68 7.84 7.14 6.32 8.73
Interest & Investment Income
0.00 3.47 5.42 6.09 10 9.67 8.68 7.84 7.14 6.32 8.73
Income Tax Expense
- - - 0.00 0.00 0.00 - 0.08 0.07 0.06 0.06
Basic Earnings per Share
($3.78) ($0.51) $3.44 ($0.64) ($0.60) ($0.86) ($1.20) ($0.95) ($1.13) ($1.11) ($1.03)
Weighted Average Basic Shares Outstanding
5M 41.23M 25.01M 50.19M 56.52M 56.80M 55.19M 58.20M 58.43M 58.77M 60.69M
Diluted Earnings per Share
($3.78) ($0.51) $3.44 ($0.64) ($0.60) ($0.86) ($1.20) ($0.95) ($1.13) ($1.11) ($1.03)
Weighted Average Diluted Shares Outstanding
5M 41.23M 25.01M 50.19M 56.52M 56.80M 55.19M 58.20M 58.43M 58.77M 60.69M
Weighted Average Basic & Diluted Shares Outstanding
- 50.67M 50.66M 58.46M 58.49M 48.51M 59.50M 59.53M 59.60M 81.81M 69.49M

Annual Cash Flow Statements for Apogee Therapeutics

This table details how cash moves in and out of Apogee Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents
-33 23 -11
Net Cash From Operating Activities
-75 -171 -227
Net Cash From Continuing Operating Activities
-75 -171 -227
Net Income / (Loss) Continuing Operations
-84 -182 -256
Consolidated Net Income / (Loss)
-84 -182 -256
Depreciation Expense
0.00 0.19 1.42
Amortization Expense
-3.07 -12 -7.50
Non-Cash Adjustments To Reconcile Net Income
6.19 25 50
Changes in Operating Assets and Liabilities, net
6.11 -2.00 -15
Net Cash From Investing Activities
-274 -300 -180
Net Cash From Continuing Investing Activities
-274 -300 -180
Purchase of Property, Plant & Equipment
-0.17 -1.15 -5.15
Purchase of Investments
-304 -649 -642
Sale and/or Maturity of Investments
30 350 468
Net Cash From Financing Activities
315 495 396
Net Cash From Continuing Financing Activities
315 495 396
Issuance of Common Equity
315 493 390
Other Financing Activities, net
0.00 1.63 6.86

Quarterly Cash Flow Statements for Apogee Therapeutics

This table details how cash moves in and out of Apogee Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Change in Cash & Equivalents
-16 63 -70 367 -178 -189 23 -35 17 -17 24
Net Cash From Operating Activities
-15 -20 -30 -32 -29 -43 -68 -48 -62 -54 -63
Net Cash From Continuing Operating Activities
-15 -20 -30 -32 -29 -43 -68 -48 -62 -54 -63
Net Income / (Loss) Continuing Operations
-19 -21 -32 -32 -34 -49 -67 -55 -66 -65 -69
Consolidated Net Income / (Loss)
-19 -21 -32 -32 -34 -49 -67 -55 -66 -65 -69
Depreciation Expense
- - - 0.03 0.04 0.05 0.08 0.21 0.40 0.41 0.41
Amortization Expense
- -0.23 -2.84 -2.71 -3.04 -3.51 -2.99 -2.38 -1.76 -1.62 -1.74
Non-Cash Adjustments To Reconcile Net Income
1.11 1.51 2.30 4.45 5.98 6.23 8.37 12 12 13 13
Changes in Operating Assets and Liabilities, net
3.20 -0.31 2.52 -1.31 1.54 3.73 -5.96 -2.95 -6.84 -0.84 -4.86
Net Cash From Investing Activities
- -234 -40 -52 -149 -146 46 13 78 18 -289
Net Cash From Continuing Investing Activities
- -234 -40 -52 -149 -146 46 13 78 18 -289
Purchase of Property, Plant & Equipment
- - -0.17 -0.35 -0.05 -0.75 0.00 -4.32 -0.77 - -0.06
Purchase of Investments
- -234 -70 -126 -227 -236 -61 -98 -47 -108 -389
Sale and/or Maturity of Investments
- - 30 75 78 90 107 116 126 126 101
Net Cash From Financing Activities
-1.69 317 -0.21 451 -0.15 0.38 44 0.62 1.18 20 375
Net Cash From Continuing Financing Activities
-1.69 317 -0.21 451 -0.15 0.38 44 0.62 1.18 20 375
Issuance of Common Equity
- 316 -0.21 450 -0.54 - 44 0.00 - 19 370
Other Financing Activities, net
- - - 0.02 0.39 0.38 0.83 0.62 1.18 0.36 4.70

Annual Balance Sheets for Apogee Therapeutics

This table presents Apogee Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets
152 401 754 937
Total Current Assets
152 398 530 741
Cash & Equivalents
152 118 142 132
Short-Term Investments
0.00 277 379 599
Prepaid Expenses
0.17 2.95 9.06 11
Plant, Property, & Equipment, net
0.00 0.38 1.96 5.69
Total Noncurrent Assets
0.00 2.62 222 190
Long-Term Investments
- 0.00 210 173
Other Noncurrent Operating Assets
0.00 2.62 12 17
Total Liabilities & Shareholders' Equity
152 401 754 937
Total Liabilities
9.98 21 37 33
Total Current Liabilities
9.98 21 29 28
Accounts Payable
0.42 2.14 1.07 1.22
Accrued Expenses
9.56 17 24 23
Other Current Liabilities
0.00 1.10 3.23 3.50
Total Noncurrent Liabilities
0.00 0.93 8.60 5.35
Other Noncurrent Operating Liabilities
0.00 0.93 8.60 5.35
Commitments & Contingencies
0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest
177 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
-35 380 717 904
Total Preferred & Common Equity
-35 380 717 904
Total Common Equity
-35 380 717 904
Common Stock
4.39 503 1,022 1,465
Retained Earnings
-40 -124 -306 -562
Accumulated Other Comprehensive Income / (Loss)
0.00 0.33 0.92 1.08

Quarterly Balance Sheets for Apogee Therapeutics

This table presents Apogee Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025
Total Assets
426 824 801 776 714 658 626
Total Current Assets
426 821 682 534 522 516 540
Cash & Equivalents
188 485 307 119 107 124 108
Short-Term Investments
235 331 369 407 406 381 419
Prepaid Expenses
3.57 4.41 5.63 8.43 8.20 11 13
Plant, Property, & Equipment, net
0.00 0.70 0.71 1.42 5.68 6.44 6.03
Total Noncurrent Assets
0.00 2.35 118 240 187 135 80
Long-Term Investments
- - 113 228 168 116 62
Other Noncurrent Operating Assets
- 2.35 4.70 13 19 19 18
Total Liabilities & Shareholders' Equity
426 824 801 776 714 658 626
Total Liabilities
17 22 27 42 41 38 40
Total Current Liabilities
17 22 25 33 33 32 34
Accounts Payable
1.21 4.30 5.53 2.22 2.45 5.68 0.38
Accrued Expenses
16 16 17 28 27 22 30
Other Current Liabilities
- 1.14 1.68 2.87 3.98 4.03 4.08
Total Noncurrent Liabilities
0.00 0.63 2.40 9.27 7.84 6.82 5.77
Other Noncurrent Operating Liabilities
- 0.63 2.40 9.27 7.84 6.82 5.77
Commitments & Contingencies
0.00 - 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest
0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
409 801 774 734 673 619 586
Total Preferred & Common Equity
409 801 774 734 673 619 586
Total Common Equity
409 801 774 734 673 619 586
Common Stock
501 958 964 970 1,034 1,046 1,078
Retained Earnings
-92 -156 -190 -239 -361 -427 -492
Accumulated Other Comprehensive Income / (Loss)
0.14 -0.18 -0.29 3.27 1.07 0.69 1.03

Annual Metrics And Ratios for Apogee Therapeutics

This table displays calculated financial ratios and metrics derived from Apogee Therapeutics' official financial filings.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding
- - 81,806,871.00
DEI Adjusted Shares Outstanding
- - 81,806,871.00
DEI Earnings Per Adjusted Shares Outstanding
- - -3.13
Growth Metrics
- - -
Profitability Metrics
- - -
Net Operating Profit after Tax (NOPAT)
-65 -152 -200
Return On Investment Capital (ROIC_SIMPLE)
-17.14% -21.18% -22.12%
Earnings before Interest and Taxes (EBIT)
-93 -217 -286
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-96 -229 -292
Valuation Ratios
- - -
Leverage & Solvency
- - -
Liquidity Ratios
- - -
Cash Flow Metrics
- - -
Free Cash Flow to Firm (FCFF)
0.00 -153 -215
Efficiency Ratios
- - -
Capital & Investment Metrics
- - -
Invested Capital
-16 -14 0.96
Increase / (Decrease) in Invested Capital
0.00 1.27 15
Book Value per Share
$7.50 $14.78 $11.05
Tangible Book Value per Share
$7.50 $14.78 $11.05
Total Capital
380 717 904
Total Debt
0.00 0.00 0.00
Total Long-Term Debt
0.00 0.00 0.00
Net Debt
-395 -731 -903
Capital Expenditures (CapEx)
0.17 1.15 5.15
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-18 -20 -17
Debt-free Net Working Capital (DFNWC)
378 501 713
Net Working Capital (NWC)
378 501 713
Net Nonoperating Expense (NNE)
19 30 56
Net Nonoperating Obligations (NNO)
-395 -731 -903
Total Depreciation and Amortization (D&A)
-3.07 -12 -6.08
Earnings Adjustments
- - -
Adjusted Basic Earnings per Share
($3.36) ($3.30) ($4.22)
Adjusted Weighted Average Basic Shares Outstanding
25.01M 55.19M 60.69M
Adjusted Diluted Earnings per Share
($3.36) ($3.30) ($4.22)
Adjusted Weighted Average Diluted Shares Outstanding
25.01M 55.19M 60.69M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
50.66M 59.50M 69.49M
Normalized Net Operating Profit after Tax (NOPAT)
-65 -152 -200
Debt Service Ratios
- - -
Payout Ratios
- - -

Quarterly Metrics And Ratios for Apogee Therapeutics

This table displays calculated financial ratios and metrics derived from Apogee Therapeutics' official financial filings.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
DEI Shares Outstanding
- - - - - - - - - - 81,806,871.00
DEI Adjusted Shares Outstanding
- - - - - - - - - - 81,806,871.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - - - -0.85
Growth Metrics
- - - - - - - - - - -
Profitability Metrics
- - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)
-13 -17 -26 -27 -31 -41 -53 -44 -51 -50 -55
Return On Investment Capital (ROIC_SIMPLE)
- - -6.85% - - - -7.41% -6.56% -8.27% -8.51% -6.04%
Earnings before Interest and Taxes (EBIT)
-19 -24 -37 -38 -44 -59 -76 -63 -73 -71 -78
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-19 -25 -40 -41 -47 -62 -79 -65 -75 -72 -79
Valuation Ratios
- - - - - - - - - - -
Leverage & Solvency
- - - - - - - - - - -
Liquidity Ratios
- - - - - - - - - - -
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
0.00 -3.40 0.00 -12 -15 -35 -54 -51 -65 -67 -70
Efficiency Ratios
- - - - - - - - - - -
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
0.00 -14 -16 -15 -16 -19 -14 -8.07 -1.79 -2.59 0.96
Increase / (Decrease) in Invested Capital
0.00 -14 0.00 -15 -16 -5.78 1.27 6.65 14 17 15
Book Value per Share
$0.00 $9.93 $7.50 $15.82 $13.23 $12.56 $14.78 $11.32 $10.40 $9.84 $11.05
Tangible Book Value per Share
$0.00 $9.93 $7.50 $15.82 $13.23 $12.56 $14.78 $11.32 $10.40 $9.84 $11.05
Total Capital
0.00 409 380 801 774 734 717 673 619 586 904
Total Debt
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt
0.00 -423 -395 -816 -790 -754 -731 -681 -621 -589 -903
Capital Expenditures (CapEx)
0.00 0.00 0.17 0.35 0.05 0.75 -0.00 4.32 0.77 0.00 0.06
Debt-free, Cash-free Net Working Capital (DFCFNWC)
0.00 -14 -18 -17 -19 -24 -20 -25 -21 -21 -17
Debt-free Net Working Capital (DFNWC)
0.00 409 378 799 657 502 501 489 485 506 713
Net Working Capital (NWC)
0.00 409 378 799 657 502 501 489 485 506 713
Net Nonoperating Expense (NNE)
5.67 3.83 5.73 5.37 2.93 7.94 14 11 15 15 15
Net Nonoperating Obligations (NNO)
0.00 -423 -395 -816 -790 -754 -731 -681 -621 -589 -903
Total Depreciation and Amortization (D&A)
0.00 -0.23 -2.84 -2.68 -3.00 -3.46 -2.91 -2.17 -1.36 -1.21 -1.34
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.00 ($0.51) $3.44 ($0.64) ($0.60) ($0.86) ($1.20) ($0.95) ($1.13) ($1.11) ($1.03)
Adjusted Weighted Average Basic Shares Outstanding
0.00 41.23M 25.01M 50.19M 56.52M 56.80M 55.19M 58.20M 58.43M 58.77M 60.69M
Adjusted Diluted Earnings per Share
$0.00 ($0.51) $3.44 ($0.64) ($0.60) ($0.86) ($1.20) ($0.95) ($1.13) ($1.11) ($1.03)
Adjusted Weighted Average Diluted Shares Outstanding
0.00 41.23M 25.01M 50.19M 56.52M 56.80M 55.19M 58.20M 58.43M 58.77M 60.69M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 50.67M 50.66M 58.46M 58.49M 48.51M 59.50M 59.53M 59.60M 81.81M 69.49M
Normalized Net Operating Profit after Tax (NOPAT)
-13 -17 -26 -27 -31 -41 -53 -44 -51 -50 -55
Debt Service Ratios
- - - - - - - - - - -
Payout Ratios
- - - - - - - - - - -

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from Apogee Therapeutics (APGE) across the last four years of quarterly statements, focusing on trends you may care about as a retail investor.

  • Significant equity financing in Q4 2025: Issuance of Common Equity around $370.3 million, with net cash from financing activities about $374.95 million, dramatically boosting liquidity.
  • Ongoing equity fundraising in prior periods supports runway: Q4 2024 saw common equity issuance of about $43.5 million, contributing roughly $44.36 million in net financing cash flow.
  • Liquidity cushion on the balance sheet: As of Q3 2025, cash & equivalents were $107.9 million and short-term investments $419.4 million, with total current assets of $540.1 million and total assets of $626.2 million, implying a substantial liquidity buffer for continued R&D spend.
  • Strong equity base on the books: Total Common Equity around $586.3 million (Q3 2025), reflecting capital raised from financing activity.
  • No revenue in several quarters: Revenue remains essentially zero in many periods, aligning with a pre-revenue biotech development profile.
  • R&D and SG&A continue to be high: Research & Development and Selling, General & Administrative expenses remain elevated, consistent with ongoing pipeline work and company-building activity.
  • Persistent quarterly losses: Net income (or loss) runs around the mid-$60s to $70 million per quarter in 2025 (e.g., Q4 2025 net income about -$69.4 million; Q3 2025 about -$65.0 million).
  • Cash burn from operations: Net cash from operating activities is negative across quarters (e.g., Q4 2025 around -$62.69 million; Q3 2025 around -$54.26 million), signaling ongoing cash burn before financing activities.
  • Significant investing outflows in some quarters: Substantial purchases of investments in several periods (e.g., Q4 2025 about -$389.1 million; Q3 2025 about -$107.6 million; Q1 2025 about -$98.2 million), contributing to large cash outflows despite financing inflows.
05/06/26 11:10 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Apogee Therapeutics' Financials

When does Apogee Therapeutics' financial year end?

According to the most recent income statement we have on file, Apogee Therapeutics' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Apogee Therapeutics' net income changed over the last 2 years?

Apogee Therapeutics' net income appears to be on an upward trend, with a most recent value of -$255.84 million in 2025, rising from -$83.99 million in 2023. The previous period was -$182.15 million in 2024. See where experts think Apogee Therapeutics is headed by visiting Apogee Therapeutics' forecast page.

What is Apogee Therapeutics' operating income?
Apogee Therapeutics' total operating income in 2025 was -$285.60 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $285.60 million
How has Apogee Therapeutics' revenue changed over the last 2 years?

Over the last 2 years, Apogee Therapeutics' total revenue changed from $0.00 in 2023 to $0.00 in 2025, a change of 0.0%.

How much debt does Apogee Therapeutics have?

Apogee Therapeutics' total liabilities were at $33.25 million at the end of 2025, a 10.5% decrease from 2024, and a 233.2% increase since 2022.

How much cash does Apogee Therapeutics have?

In the past 3 years, Apogee Therapeutics' cash and equivalents has ranged from $118.32 million in 2023 to $151.89 million in 2022, and is currently $131.55 million as of their latest financial filing in 2025.

How has Apogee Therapeutics' book value per share changed over the last 2 years?

Over the last 2 years, Apogee Therapeutics' book value per share changed from 7.50 in 2023 to 11.05 in 2025, a change of 47.4%.



Financial statements for NASDAQ:APGE last updated on 3/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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