Apogee Therapeutics (NASDAQ: APGE) is a clinical-stage biopharmaceutical company developing antibody-based therapies for immunology and inflammation indications. The company generates no product revenue and funds operations through equity financing, having raised net cash of $396.5M from financing activities in FY2025 and $495.1M in FY2024. Its pipeline is concentrated in atopic dermatitis, asthma, eosinophilic esophagitis, and COPD, with lead programs including zumilokibart, APG279, APG273, APG990, APG333, and APG808. Operating cash outflows were $227.5M in FY2025 and $171.2M in FY2024, reflecting a pre-revenue R&D spending profile. The company is headquartered in Waltham, Massachusetts, with laboratory space in Boston, Massachusetts, and office space in San Francisco, California. General and administrative expenses totaled $70.9M in FY2025, up from $49.0M in FY2024, driven by personnel costs and equity-based compensation.

Revenue model

No product revenue as of the 10-K filed 2026-03-02. Operations are funded through equity capital raises, including an at-the-market sales agreement with Jefferies LLC dated August 12, 2024. Future revenue, if any, would come from product sales, licensing, collaboration agreements, or royalty arrangements upon regulatory approval.

Products and services

Clinical-stage antibody pipeline targeting immunology and inflammation: zumilokibart (atopic dermatitis, frontline moderate-to-severe), APG279 (atopic dermatitis, alternative or refractory patients), APG273, APG990, APG333, and APG808. Programs span atopic dermatitis, asthma, eosinophilic esophagitis, and COPD. The company applies half-life extension and antibody engineering technologies across its pipeline.

Customers and end markets

No commercial customers as of the 10-K filed 2026-03-02. Target end markets are patients with moderate-to-severe atopic dermatitis, asthma, eosinophilic esophagitis, and COPD. Intended prescribers are clinicians treating immunology and inflammation conditions.

Value-chain role

Drug discovery and clinical development organization. Relies on third-party contract research organizations (CROs) and contract manufacturing organizations (CMOs) for clinical trial execution and supply. Does not own commercial manufacturing infrastructure.

Geographic exposure

Primarily United States-based operations. Offices in Waltham, Massachusetts (1,087 sq ft, lease expires September 2026), Boston, Massachusetts (17,685 sq ft lab and office, lease expires November 2026), and San Francisco, California (15,710 sq ft, lease expires September 2029). Clinical trials conducted at sites outside the United States as disclosed in the 10-K filed 2026-03-02.

Source: SEC 10-K, filed 2026-03-02

Industry: Biological Products, (No Diagnostic Substances) Peers: Celldex Therapeutics Inc Veracyte Inc Inhibrx, Inc. Kymera Therapeutics Inc Myriad Genetics Inc Morphic Holding, Inc. PTC Therapeutics Inc Syndax Pharmaceuticals Inc Vera Therapeutics, Inc