Apogee Therapeutics, Inc.
For the period ended Jun 30, 2026. Filed Aug 10, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 10, 2026
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Item 2. Results of Operations
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The following table summarizes our consolidated statements of operations for the periods presented (in thousands):
| THREE MONTHS ENDED JUNE 30, | |||
|---|---|---|---|
| 2026 | 2025 | $ CHANGE | |
| Operating expenses: | |||
| Research and development | $67,301 | $55,703 | $11,598 |
| General and administrative | 24,342 | 17,462 | 6,880 |
| Merger transaction costs | 4,361 | — | 4,361 |
| Total operating expenses | 96,004 | 73,165 | 22,839 |
| Loss from operations | (96,004) | (73,165) | (22,839) |
| Other income, net: | |||
| Interest income, net | 11,808 | 7,141 | 4,667 |
| Interest expense | (1,580) | — | (1,580) |
| Total other income, net | 10,228 | 7,141 | 3,087 |
| Net loss before taxes | (85,776) | (66,024) | (19,752) |
| Provision for income taxes | (78) | (72) | (6) |
| Net loss after taxes | $(85,854) | $(66,096) | $(19,758) |
The following table summarizes our research and development expenses incurred for the periods presented (in thousands):
| THREE MONTHS ENDED JUNE 30, | ||
|---|---|---|
| 2026 | 2025 | |
| External research and development costs by program: | ||
| Zumilokibart | $25,664 | $22,052 |
| APG990/APG279 | 3,310 | 3,975 |
| APG333/APG273 | 397 | 1,185 |
| APG531 | 1,142 | — |
| Unallocated research and development costs: | ||
| External-discovery related costs and other(1) | 7,303 | 6,774 |
| Personnel-related (excluding equity-based compensation) | 20,278 | 16,105 |
| Equity-based compensation | 9,129 | 5,538 |
| Depreciation expense | 78 | 74 |
| Total research and development expenses | $67,301 | $55,703 |
(1)
Includes research and development expenses related to APG808
Research and development expenses for the three months ended June 30, 2026 and 2025 were $67.3 million and $55.7 million, respectively. The increase of $11.6 million was primarily driven by the continued development of our zumilokibart program and higher personnel and equity-based compensation expenses associated with the growth in our research and development team.
Research and development expense related to the zumilokibart program increased by $3.6 million in the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily driven by an increase in clinical trial-related expenses associated with our APEX Phase 2 clinical trial. Research and development expenses related to the APG990/APG279 and APG333/APG273 programs decreased by $0.7 million and $0.8 million respectively, in the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to decreases in preclinical research and development expenses. Research and development expense related to the APG531 program was $1.1 million for the three months ended June 30, 2026. No such expense was recorded in the three months ended June 30, 2025, as expenses were recorded to unallocated external-discovery related costs prior to 2026.
Personnel-related expenses increased by $4.2 million in the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily driven by increased headcount. Equity-based compensation expense increased by $3.6 million over the same period, primarily driven by the amortization of equity awards granted between the third quarter of 2025 and the second quarter of 2026.
General and Administrative Expense
The following table summarizes our general and administrative expenses for the periods presented (in thousands):
| THREE MONTHS ENDED JUNE 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Personnel-related (excluding equity-based compensation) | $8,349 | $6,395 |
| Equity-based compensation | 7,534 | 5,806 |
| Legal and professional fees | 1,116 | 1,211 |
| Depreciation expense | 331 | 325 |
| Other | 7,012 | 3,725 |
| Total general and administrative expenses | $24,342 | $17,462 |
General and administrative expenses for the three months ended June 30, 2026 and 2025 were $24.3 million and $17.5 million, respectively. The increase of $6.9 million was primarily due to increases in personnel-related expenses of $2.0 million, driven by increased headcount and equity-based compensation of $1.7 million, primarily driven by the amortization of equity awards granted between the third quarter of 2025 and the second quarter of 2026. Additionally, other expenses increased by $3.3 million, primarily due to increases in IT and other employee-related expenses.
Merger Transaction Expense
Merger transaction expense for the three months ended June 30, 2026 was $4.4 million, primarily related to legal costs and SEC fees incurred in connection with the Merger Agreement.
Other Income, Net
Other income, net increased $3.1 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily related to interest income earned on our cash, cash equivalents and marketable securities, partially offset by non-cash interest expense associated with our Revenue Share Agreement entered into during the second quarter of 2026.
Comparison of the Six Months Ended June 30, 2026 and 2025
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