Apollomics (APLM) Q2 2024 earnings summary

Executive summary

• Reported continued clinical progress for vebreltinib, including new data in non-CNS MET fusion tumors and NSCLC with MET amplification.

• Strategic focus shifted to vebreltinib for NSCLC with MET amplification, prioritizing resources for regulatory submissions.

• Uproleselan Phase 3 study in China to close early after negative global results; $10.0 million impairment loss recorded.

• Leadership changes announced, with key executives transitioning to consulting roles.

Financial highlights

• Cash and cash equivalents totaled $25.9 million as of June 30, 2024, with a projected runway into Q3 2025.

• Net loss for H1 2024 was $35.2 million ($0.38 per share), compared to $150.7 million ($2.55 per share) in H1 2023.

• R&D expenses were $16.9 million (including $3.7 million share-based compensation) for H1 2024, up from $16.5 million in H1 2023.

• G&A expenses were $10.2 million (including $4.5 million share-based compensation) for H1 2024, up from $9.7 million in H1 2023.

• Raised $5.8 million in PIPE financing in May 2024.

Outlook and guidance

• Cash position expected to fund planned operations into the third quarter of 2025.

• Focused on advancing vebreltinib to its first regulatory submission and generating additional clinical data.