Apogee Therapeutics Inc
APGEHealthcare|Biotechnology|USA
$133.65
+0.08 (+0.06%)
Tangible Book
$16.77
Financials
Financial Snapshot
Market Cap
$10.05B
Enterprise Value
$1.05B
Revenue (TTM)
$0.00
Net Income (TTM)
$-274.6M
Cash & Equivalents
—
Net Cash/Share
$13.65
Free Cash Flow (TTM)
$-235.4M
Operating CF (TTM)
$-234.5M
Debt/Equity
0.01
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$58.6M
Monthly Burn
$19.5M
Est. Runway
—
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Cash & Investments | $151.9M | $395.5M | $520.7M | $730.2M | $1.06B | |
| Operating Cash Flow | $-16.4M | $-74.8M | $-171.2M | $-227.4M | $-234.5M | |
| Free Cash Flow | $-16.4M | $-74.9M | $-172.3M | $-232.6M | $-235.4M | |
| Capital Expenditure | $0.00 | $-167.0K | $-1.2M | $-5.1M | $-830.0K | |
| Financing Cash Flow | $168.3M | $315.4M | $495.1M | $396.5M | $807.0M |
R&D Spending
R&D (TTM)
$229.1M
R&D Intensity
—
R&D Growth YoY
+6.7%
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $27.8M | $68.4M | $167.9M | $214.7M | $229.1M | |
| R&D % of Revenue | — | — | — | — | — | |
| SG&A | $2.9M | $24.6M | $49.0M | $69.8M | $74.8M |
Income Statement
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $27.8M | $68.4M | $167.9M | $214.7M | $229.1M | |
| SG&A | $2.9M | $24.6M | $49.0M | $69.8M | $74.8M | |
| Operating Income | $-30.7M | $-93.0M | $-216.9M | $-285.6M | $-305.3M | |
| Interest Expense | $-9.2M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-39.8M | $-84.0M | $-182.1M | $-255.6M | $-274.3M | |
| Net Income | $-39.8M | $-84.0M | $-182.1M | $-255.8M | $-274.6M | |
| EPS (Diluted) | -1.46 | -3.36 | -3.30 | -4.22 | -4.33 | |
| EBITDA | $-30.6M | $-93.0M | $-216.7M | $-284.2M | $-303.7M | |
| Shares Out. (M) | 27.25 | 25.01 | 55.19 | 60.69 | 69.67 |
Balance Sheet
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $151.9M | $118.3M | $141.8M | $131.5M | $451.8M | |
| Marketable Securities | $0.00 | $277.1M | $378.9M | $598.6M | $608.1M | |
| Total Current Assets | $152.1M | $398.4M | $529.7M | $741.4M | $1.07B | |
| Total Assets | $152.1M | $401.4M | $754.0M | $937.1M | $1.29B | |
| Total Current Liabilities | $10.0M | $20.6M | $28.6M | $27.9M | $33.0M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $10.0M | $21.5M | $37.2M | $33.3M | $37.9M | |
| Stockholders' Equity | $142.1M | $379.9M | $716.8M | $903.9M | $1.26B | |
| Retained Earnings | $-39.8M | $-123.8M | $-305.9M | $-561.8M | $-635.9M |
Cash Flow Statement
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $-16.4M | $-74.8M | $-171.2M | $-227.4M | $-234.5M | |
| Capital Expenditure | $0.00 | $-167.0K | $-1.2M | $-5.1M | $-830.0K | |
| Free Cash Flow | $-16.4M | $-74.9M | $-172.3M | $-232.6M | $-235.4M | |
| Investing Cash Flow | $0.00 | $-273.9M | $-300.5M | $-179.6M | $-227.9M | |
| Financing Cash Flow | $168.3M | $315.4M | $495.1M | $396.5M | $807.0M | |
| Issuance of Stock | $0.00 | $315.4M | $493.5M | $389.6M | $796.7M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.1M | $6.1M | $23.3M | $46.3M | $52.3M | |
| Net Change in Cash | $151.9M | $-33.3M | $23.5M | $-10.5M | $344.6M |
Dilution Tracker
Shares outstanding grew 155.7% over 5 years — significant dilution
Shares Outstanding
70M
5-Year Share Growth
+155.7%
Stock Issuance (TTM)
$796.7M
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Shares Out. (M) | 27.25 | 25.01 | 55.19 | 60.69 | 69.67 | |
| YoY Change % | — | -8.2% | 120.7% | 10.0% | 14.8% | |
| Stock Issuance | $0.00 | $315.4M | $493.5M | $389.6M | $796.7M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.1M | $6.1M | $23.3M | $46.3M | $52.3M |
Margins & Profitability
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| Net Margin % | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| ROE % | -28.0% | -32.2% | -33.2% | -31.6% | -34.0% | |
| ROA % | -26.2% | -30.3% | -31.5% | -30.3% | -32.5% | |
| R&D / Revenue | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.41
P/S—
Historical— / — / —
Industry Med.9.51
P/B7.97
Historical— / — / 7.97
Industry Med.2.93
EV/EBITDA-29.63
Historical-29.63 / — / —
Industry Med.13.14
EV/Revenue—
Historical— / — / —
Industry Med.8.71
P/FCF—
Historical— / — / —
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$16.77
Net Current Assets
$13.830
Net-Net Working Capital
$13.65
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| PE Ratio | N/A | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | - | 0.00 | |
| PB Ratio | 0.00 | 3.57 | 3.76 | 5.71 | 7.97 | |
| EV/EBITDA | 0.00 | -10.35 | -10.09 | -15.63 | -29.63 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
3
Weak
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $0.00M | $0.00M | $6.76M |
| Net Income | $-324.95M | $-404.35M | $-495.61M |
| EPS | -4.37 | -5.39 | -6.33 |
| Book Value per Share | 14.93 | 10.87 | 8.79 |
| Operating Cash Flow per Share | -3.35 | -3.73 | -4.54 |
| Operating CF | $-233.39M | $-260.09M | $-316.29M |