Apogee Therapeutics Inc Financials
This page shows Apogee Therapeutics Inc (APGE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Apogee is operating as an equity-funded development company, with R&D-led cash burn accelerating faster than any self-funding capacity.
From FY2023 to FY2025, operating cash outflow widened from-$74.8M to-$227.5M while free cash flow stayed only modestly worse, showing cash use is being driven mainly by research operations rather than heavy capital spending. Just as important, the gap between operating loss and cash burn stays fairly tight across those years, so the reported losses are largely cash losses rather than accounting effects that might reverse on their own.
In FY2025, R&D spending of
The balance sheet remains equity financed: FY2025 liabilities were just
Financial Health Signals
Apogee Therapeutics Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Apogee Therapeutics Inc passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
Apogee Therapeutics Inc reported a net loss of $255.8M while operations used $227.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Apogee Therapeutics Inc's EBITDA was -$284.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 31.1% from the prior year.
Apogee Therapeutics Inc reported -$255.8M in net income in fiscal year 2025. This represents a decrease of 40.5% from the prior year.
Apogee Therapeutics Inc earned -$4.22 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 27.9% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Apogee Therapeutics Inc recorded an outflow of $232.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 35.0% from the prior year.
Apogee Therapeutics Inc held $131.5M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Apogee Therapeutics Inc's ROE was -28.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.9 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Apogee Therapeutics Inc invested $214.7M in research and development in fiscal year 2025. This represents an increase of 27.9% from the prior year.
Apogee Therapeutics Inc invested $5.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 346.8% from the prior year.
Not reported for fiscal year 2025.
APGE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| R&D Expenses | N/A | $214.7M+27.9% | $167.9M+145.3% | $68.4M+146.3% | $27.8M |
| SG&A Expenses | N/A | $70.9M+44.6% | $49.0M+99.4% | $24.6M+735.7% | $2.9M |
| Operating Income | N/A | -$285.6M-31.7% | -$216.9M-133.2% | -$93.0M-202.7% | -$30.7M |
| Income Tax | N/A | $278K+1444.4% | $18K | $0 | N/A |
| Net Income | N/A | -$255.8M-40.5% | -$182.1M-116.9% | -$84.0M-111.1% | -$39.8M |
| EPS (Diluted) | — | -$4.22-27.9% | -$3.30 | -$3.36 | -$16.16 |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
APGE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Total Assets | $937.1M+24.3% | $754.0M+87.8% | $401.4M+164.0% | $152.1M |
| Current Assets | $741.4M+40.0% | $529.7M+33.0% | $398.4M+162.0% | $152.1M |
| Cash & Equivalents | $131.5M-7.2% | $141.8M+19.8% | $118.3M-22.1% | $151.9M |
| Total Liabilities | $33.3M-10.5% | $37.2M+72.9% | $21.5M+115.3% | $10.0M |
| Current Liabilities | $27.9M-2.3% | $28.6M+38.9% | $20.6M+106.0% | $10.0M |
| Total Equity | $903.9M+26.1% | $716.8M+88.7% | $379.9M+167.4% | $142.1M |
| Retained Earnings | -$561.8M-83.6% | -$305.9M-147.2% | -$123.8M-211.1% | -$39.8M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
APGE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$243.9M | -$227.4M-32.9% | -$171.2M-129.0% | -$74.8M-355.1% | -$16.4M |
| Capital Expenditures | N/A | $5.1M+346.8% | $1.2M+589.8% | $167K | N/A |
| Free Cash Flow | N/A | -$232.6M-35.0% | -$172.3M-130.0% | -$74.9M | N/A |
| Investing Cash Flow | -$687.9M | -$179.6M+40.2% | -$300.5M-9.7% | -$273.9M | N/A |
| Financing Cash Flow | $912.9M | $396.5M-19.9% | $495.1M+57.0% | $315.4M+87.4% | $168.3M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
APGE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Return on Equity | -28.3%-2.9pp | -25.4%-3.3pp | -22.1%+5.9pp | -28.0% |
| Return on Assets | -27.3%-3.1pp | -24.2%-3.2pp | -20.9%+5.2pp | -26.2% |
| Current Ratio | 26.57+8.0x | 18.55-0.8x | 19.38+4.1x | 15.24 |
| Debt-to-Equity | 0.040.0x | 0.050.0x | 0.060.0x | 0.07 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Apogee Therapeutics Inc Ranks
Frequently Asked Questions
Is Apogee Therapeutics Inc profitable?
No, Apogee Therapeutics Inc (APGE) reported a net income of -$255.8M in fiscal year 2025.
What is Apogee Therapeutics Inc's EBITDA?
Apogee Therapeutics Inc (APGE) had EBITDA of -$284.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Apogee Therapeutics Inc's return on equity (ROE)?
Apogee Therapeutics Inc (APGE) has a return on equity of -28.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Apogee Therapeutics Inc's free cash flow?
Apogee Therapeutics Inc (APGE) recorded an outflow of $232.6M in free cash flow during fiscal year 2025. This represents a -35.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Apogee Therapeutics Inc's operating cash flow?
Apogee Therapeutics Inc (APGE) recorded an outflow of $227.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Apogee Therapeutics Inc's total assets?
Apogee Therapeutics Inc (APGE) had $937.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Apogee Therapeutics Inc's capital expenditures?
Apogee Therapeutics Inc (APGE) invested $5.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Apogee Therapeutics Inc spend on research and development?
Apogee Therapeutics Inc (APGE) invested $214.7M in research and development during fiscal year 2025.
What is Apogee Therapeutics Inc's current ratio?
Apogee Therapeutics Inc (APGE) had a current ratio of 26.57 as of fiscal year 2025, which is generally considered healthy.
What is Apogee Therapeutics Inc's debt-to-equity ratio?
Apogee Therapeutics Inc (APGE) had a debt-to-equity ratio of 0.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Apogee Therapeutics Inc's return on assets (ROA)?
Apogee Therapeutics Inc (APGE) had a return on assets of -27.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Apogee Therapeutics Inc's cash runway?
Based on fiscal year 2025 data, Apogee Therapeutics Inc (APGE) had $131.5M in cash against an annual operating cash burn of $227.4M. This gives an estimated cash runway of approximately 7 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Apogee Therapeutics Inc's Piotroski F-Score?
Apogee Therapeutics Inc (APGE) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Apogee Therapeutics Inc's earnings high quality?
Apogee Therapeutics Inc (APGE) reported a net loss of $255.8M while operations used $227.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.