Apogee Therapeutics (APGE) Q1 2026 earnings summary

Executive summary

• Advanced multiple antibody programs for inflammatory and immunology indications, including atopic dermatitis, asthma, and COPD, with several in Phase 1 and 2 trials.

• Zumilokibart showed durable maintenance and improved efficacy in moderate-to-severe atopic dermatitis with every 3- and 6-month dosing in APEX Phase 2 Part A 52-week data.

• Positive interim results from Phase 1b asthma trial support expansion into asthma and eosinophilic esophagitis indications.

• Combination pipeline advancing with APG279 and APG273 in AD and respiratory indications.

• Raised $377.4 million in a March 2026 equity offering and $29.7 million through an ATM facility, strengthening liquidity.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $1.3 billion as of March 31, 2026, up from $902.9 million at December 31, 2025, following a $403 million upsized public equity offering.

• Net loss of $74.1 million for Q1 2026, compared to $55.3 million in Q1 2025, driven by increased R&D and G&A expenses.

• Research and development expenses rose to $60.8 million, up $14.4 million year-over-year, mainly due to clinical trial and personnel costs.

• General and administrative expenses increased to $22.0 million, up $5.3 million year-over-year, reflecting higher headcount and equity-based compensation.

• Interest income grew to $8.7 million, up $0.9 million year-over-year.

Outlook and guidance

• Existing cash, cash equivalents, and marketable securities expected to fund operations into 2029, including through a planned BLA filing for zumilokibart in atopic dermatitis.

• Phase 3 trials for zumilokibart in AD are planned for the second half of 2026, with APEX Phase 2 Part B 16-week data anticipated in Q2 2026.

• Additional trial details for asthma and EoE, and interim data from APG279 head-to-head study versus DUPIXENT in AD, are expected later in 2026.