Apogee Therapeutics, Inc. Announces Closing of Public Offering and Full Exercise of the Underwriters’ Option to Purchase Additional Shares for Gross Proceeds of $345 Million

Rhea-AI Summary

Apogee Therapeutics (Nasdaq: APGE) closed an underwritten public offering on Oct. 10, 2025, raising approximately $345 million in gross proceeds.

The offering comprised 8,048,782 shares of common stock (including full exercise of the underwriters’ 1,097,561‑share option) and pre‑funded warrants to purchase up to 365,853 shares at a public offering price of $41.00 per share (pre‑funded warrants priced at $40.99999), with the pre‑funded warrants exercisable immediately at an exercise price of $0.00001 per share. Joint book‑running managers included Jefferies, BofA Securities, Guggenheim Securities and TD Cowen.

Positive

• $345M gross proceeds from the offering
• Full exercise of 1,097,561‑share underwriters’ option
• 365,853 pre‑funded warrants issued, exercisable immediately
• Pre‑funded warrants exercise price of $0.00001 per share

Negative

• Issued 8,048,782 common shares, increasing share count
• Net proceeds will be reduced by underwriting discounts and offering expenses

Insights

Capital Markets Analyst

Apogee secured substantial cash via a $345 million public offering, including pre-funded warrants exercisable immediately.

Apogee Therapeutics, Inc. closed an underwritten offering on Oct. 10, 2025 that sold 8,048,782 common shares (including full exercise of a 1,097,561 share option) and issued pre-funded warrants for up to 365,853 shares, at a public offering price per share of $41.00 and per pre-funded warrant of $40.99999, generating approximately $345 million in gross proceeds before fees.

The business mechanism is a standard equity capital raise using an effective shelf registration (filed Aug. 12, 2024) and a mix of common stock plus immediately exercisable pre-funded warrants, underwritten by a syndicate led by Jefferies, BofA Securities, Guggenheim Securities and TD Cowen. The offering increases outstanding dilution potential because the pre-funded warrants are exercisable immediately and a material block of new shares was issued.

Key dependencies and risks are explicit: actual net proceeds will be lower after underwriting discounts, commissions and other offering expenses payable by the company. Monitor filings for the exact amounts deducted and any disclosure on planned use of proceeds; the offering documentation on the SEC website contains those details. Near-term items to watch include the final net cash raised reported in subsequent filings and any immediate warrant exercises; these are likely to be evident within the next reporting cycle.

SAN FRANCISCO and BOSTON, Oct. 10, 2025 (GLOBE NEWSWIRE) -- Apogee Therapeutics, Inc. (Nasdaq: APGE), a clinical-stage biotechnology company advancing optimized, novel biologics with potential for best-in-class profiles in the largest inflammatory and immunology (I&I) markets, today announced the closing of its previously announced underwritten public offering of 8,048,782 shares of its common stock, including the full exercise of the underwriters’ option to purchase up to 1,097,561 additional shares, at a public offering price per share of $41.00 and, in lieu of common stock to certain investors, pre-funded warrants to purchase up to 365,853 shares of its common stock at a public offering price of $40.99999 per pre-funded warrant. The pre-funded warrants have an exercise price of $0.00001 per share and are exercisable immediately. The aggregate gross proceeds to Apogee from the offering were approximately $345 million before deducting underwriting discounts and commissions and other offering expenses payable by Apogee.

Jefferies, BofA Securities, Guggenheim Securities and TD Cowen acted as joint book-running managers for the offering. BTIG acted as passive bookrunner for the offering.

An automatically effective shelf registration statement relating to these securities was filed with the Securities and Exchange Commission (SEC) on August 12, 2024. This offering was made only by means of a written prospectus, including a prospectus supplement, forming a part of an effective registration statement. A copy of the final prospectus supplement and the accompanying prospectus relating to the offering have been filed with the SEC, are available on the SEC’s website at www.sec.gov and may be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; BofA Securities, NC1-0220-02-24, Attention: Prospectus Department, 201 North Tryon Street, Charlotte, NC 28255-0001, or by email at: dg.prospectus_requests@bofa.com; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com; or TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, NY 10017, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at TDManualrequest@broadridge.com.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Apogee

Apogee Therapeutics is a clinical-stage biotechnology company advancing optimized, novel biologics with potential for best-in-class profiles in the largest I&I markets, including for the treatment of Atopic Dermatitis (AD), asthma, Eosinophilic Esophagitis (EoE), Chronic Obstructive Pulmonary Disease (COPD), and other I&I indications. Apogee’s antibody programs are designed to overcome limitations of existing therapies by targeting well-established mechanisms of action and incorporating advanced antibody engineering to optimize half-life and other properties. APG777, the Company’s most advanced program, is being initially developed for the treatment of AD, which is the largest and one of the least penetrated I&I markets. With four validated targets in its portfolio, Apogee is seeking to achieve best-in-class profiles through monotherapies and combinations of its novel antibodies. Based on a broad pipeline and depth of expertise, the Company believes it can deliver value and meaningful benefit to patients underserved by today’s standard of care.

Investor Contact:
Noel Kurdi
VP, Investor Relations
Apogee Therapeutics, Inc.
Noel.Kurdi@apogeetherapeutics.com

Media Contact:
Dan Budwick
1AB Media
dan@1abmedia.com

FAQ

How much did Apogee Therapeutics (APGE) raise in the Oct. 10, 2025 offering?

Apogee raised approximately $345 million in gross proceeds from the offering.

How many shares did APGE issue in the offering and was the underwriter option exercised?

APGE issued 8,048,782 shares including full exercise of the 1,097,561‑share underwriters’ option.

What are the terms of the pre‑funded warrants issued in the APGE offering?

Pre‑funded warrants cover up to 365,853 shares at a public price of $40.99999 and are exercisable immediately at $0.00001 per share.

Who managed the APGE public offering completed on Oct. 10, 2025?

Joint book‑running managers were Jefferies, BofA Securities, Guggenheim Securities and TD Cowen; BTIG acted as passive bookrunner.

Will APGE’s net cash from the offering equal $345 million?

No; the $345 million figure is gross proceeds and will be reduced by underwriting discounts, commissions and other offering expenses.