Apollomics (Nasdaq: APLM) slashes 2025 loss amid cost cuts and new vebreltinib deal revenue
Rhea-AI Filing Summary
Apollomics Inc. reported full-year 2025 results showing its first revenue of $8.5M, driven by an upfront payment from the LaunXP licensing deal for vebreltinib in parts of Asia. The company sharply cut operating expenses to $19.8M from $55.7M, reducing its net loss to $10.9M (or $7.57 per diluted share) from $53.9M in 2024.
Cash, cash equivalents, bank deposits and money market funds were $3.3M as of December 31, 2025, down from $9.8M a year earlier, despite raising $4.1M via a PIPE in September 2025. The balance sheet showed a total equity deficit of $3.2M, reflecting accumulated losses. Strategically, Apollomics highlighted global Phase 2 development of its lead c-MET inhibitor vebreltinib, Chinese approvals for vebreltinib and PD-L1 antibody APL-502 in multiple indications, and a 2025 turnaround effort under a new management team with substantial cost reductions and resolution of legacy legal and clinical obligations.
Positive
- First revenue from partnering: 2025 revenue reached $8.5M, entirely from an upfront payment under the LaunXP vebreltinib licensing agreement, marking a shift from zero revenue in prior years.
- Major cost and loss reductions: Operating expenses fell to $19.8M from $55.7M (a 64% decrease), and net loss narrowed to $10.9M from $53.9M, reflecting significant turnaround-driven cost controls.
Negative
- Weak liquidity and negative equity: Cash and equivalents were only $3.3M at December 31, 2025, and total equity swung to a deficit of $3.2M, signaling financial pressure despite reduced expenses.
- Net current liability position: Net current liabilities of $0.3M at year-end 2025 indicate short-term obligations exceed current assets, heightening near-term funding risk.
Insights
Apollomics cut losses and costs sharply, but ends 2025 with very limited cash and negative equity.
Apollomics generated its first revenue of $8.5M in 2025 from a vebreltinib licensing upfront, transforming a purely expense-driven model into one with partnering income. Operating expenses fell to $19.8M from $55.7M, driven by R&D dropping to $5.5M and G&A to $12.4M. Net loss narrowed to $10.9M from $53.9M, reflecting the new management team’s turnaround and cost controls.
However, liquidity is tight: year-end cash and equivalents were only $3.3M, even after a $4.1M PIPE in September 2025. The statement of financial position shows a total equity deficit of $3.2M and net current liabilities, indicating financial strain despite reduced burn. Future disclosures will need to clarify how Apollomics funds ongoing global Phase 2 work on vebreltinib and broader pipeline activities.
Key Figures
Key Terms
c-MET inhibitor medical
NSCLC medical
Investigational New Drug Application regulatory
Phase 2 multicohort clinical trial medical
private investment in public equity (PIPE) financial
fair value through profit and loss financial
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2026
Commission file number: 001-41670
Apollomics Inc.
(Exact name of registrant as specified in its charter)
Not Applicable
(Translation of registrant’s name into English)
989 E. Hillsdale Blvd., Suite 220
Foster City, California 94404
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
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On April 27, 2026, Apollomics Inc. issued a press release titled “Apollomics Reports Full Year 2025 Financial Results and Highlights Clinical Updates and Business Progress.” A copy of this press release is furnished as Exhibit 99.1 herewith.
The press release set forth in Exhibit 99.1 is being furnished with the Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.
Exhibit No. |
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Description |
99.1 |
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Press Release, dated April 27, 2026, entitled “Apollomics Reports Full Year 2025 Financial Results and Provides Clinical Updates and Business Progress” |
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Apollomics Inc.
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Date: April 27, 2026 |
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By: |
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/s/ Peter Lin |
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Peter Lin |
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Chief Financial Officer |
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Exhibit 99.1
Apollomics Reports Full Year 2025 Financial Results and Provides Clinical Updates and Business Progress
FOSTER CITY, CALIF. – April 27, 2026 – Apollomics Inc. (Nasdaq: APLM), a clinical-stage biopharmaceutical company advancing innovative oncology therapies to transform the treatment landscape for patients with few or no options, today announced financial results for the full year ended December 31, 2025.
“Our primary focus is to advance the global development of vebreltinib for the treatment of patients with c-MET alterations across different tumors,” said Hung-wen (Howard) Chen, Chief Executive Officer of Apollomics. “Based on guidance from the U.S. Food and Drug Administration (FDA), we anticipate submitting an Investigational New Drug Application for accelerated approval of vebreltinib for second-line treatment for non-small cell lung cancer (NSCLC) patients with c-MET amplification in the first half of 2027.”
Pipeline Update
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Business Highlights
Full Year 2025 Financial Results
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About Apollomics Inc.
Apollomics Inc. is an innovative clinical-stage biopharmaceutical company focused on the discovery and development of oncology therapies with the potential to be combined with other treatment options to harness the immune system and target specific molecular pathways to inhibit cancer. Apollomics’ lead program is vebreltinib (APL-101), a potent, selective c-MET inhibitor for the treatment of non-small cell lung cancer and other advanced tumors with c-MET alterations, which is currently in a Phase 2 multicohort clinical trial in the United States and other countries.
For more information, please visit http://www.apollomics.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes statements that constitute “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of present or historical fact included in this press release, regarding Apollomics’ strategy, prospects, plans, objectives and anticipated outcomes from the development and commercialization of vebreltinib are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “seek,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. In addition, Apollomics cautions you that the forward-looking statements contained in this press release are subject to unknown risks, uncertainties and other factors, including those risks and uncertainties discussed in the Annual Report on Form 20-F for the year ended December 31, 2025, filed by Apollomics Inc. with the U.S. Securities and Exchange Commission (“SEC”) under the heading “Risk Factors” and the other documents filed, or to be filed, by Apollomics with the SEC. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that Apollomics has filed and will file from time to time with the SEC. Forward-looking statements speak only as of the date made by Apollomics. Apollomics undertakes no obligation to update publicly any of its forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law.
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Investor Contacts
Peter Lin, Chief Financial Officer
Apollomics, Inc.
1-650-209-4055
peter.lin@apollomicsinc.com
Peter Vozzo
ICR Healthcare
Peter.Vozzo@icrhealthcare.com
1-443-213-0505
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APOLLOMICS INC.
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE LOSS
(All amounts in thousands of $, except for per share data)
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Years Ended December 31, |
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2025 |
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2024 |
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2023 |
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$ |
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$ |
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$ |
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Revenue |
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$ |
8,500 |
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$ |
— |
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$ |
— |
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Other income |
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494 |
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1,489 |
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1,217 |
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Foreign exchange (losses) gains |
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(141 |
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145 |
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1,191 |
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Fair value change of financial assets at FVTPL |
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— |
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198 |
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821 |
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Fair value change of financial liabilities at FVTPL |
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(22 |
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222 |
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1,597 |
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Fair value change of convertible preferred shares |
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— |
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— |
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(76,430 |
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Research and development expenses |
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(5,531 |
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(24,566 |
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(34,193 |
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Administrative expenses |
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(12,442 |
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(17,768 |
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(20,641 |
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Impairment of intangible assets |
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(1,717 |
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(13,000 |
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— |
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Finance costs |
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(65 |
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(179 |
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(150 |
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Other expense |
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(12 |
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(140 |
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(46,003 |
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Loss before taxation |
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(10,936 |
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(53,599 |
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(172,591 |
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Income tax expenses |
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(3 |
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(259 |
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(10 |
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Loss and total comprehensive loss for the period, net of taxation, |
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(10,939 |
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(53,858 |
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(172,601 |
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Loss per share |
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Basic and diluted ($) |
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(7.57 |
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(52.80 |
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(231.99 |
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APOLLOMICS INC.
CONDENSED STATEMENTS OF FINANCIAL POSITION
(All amounts in thousands of $)
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As of December 31, |
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2025 |
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2024 |
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$ |
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$ |
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Non-current assets |
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Plant and equipment, net |
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$ |
3 |
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$ |
92 |
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Right-of-use assets |
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577 |
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927 |
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Intangible assets, net |
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— |
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1,737 |
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Rental deposits |
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83 |
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75 |
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Total non-current assets |
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663 |
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2,831 |
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Current assets |
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Deposits, prepayments and deferred expenses |
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470 |
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501 |
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Accounts receivable |
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2,305 |
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— |
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Cash and cash equivalents |
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3,276 |
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9,766 |
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Total current assets |
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6,051 |
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10,267 |
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Total assets |
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6,714 |
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13,098 |
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Current liabilities |
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Other payables and accruals |
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6,117 |
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7,166 |
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Lease liabilities, current portion |
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209 |
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233 |
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Total current liabilities |
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6,326 |
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7,399 |
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Net current (liabilities) assets |
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(275 |
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2,868 |
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Total assets less current liabilities |
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388 |
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5,699 |
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Non-current liabilities |
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Lease liabilities, non-current portion |
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434 |
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733 |
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Warrant liabilities at fair value through profit and loss (“FVTPL”) |
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124 |
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102 |
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Other non-current liabilities |
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3,018 |
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— |
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Total non-current liabilities |
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3,576 |
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835 |
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Net (liabilities) assets |
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$ |
(3,188 |
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$ |
4,864 |
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Equity |
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Share capital |
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21 |
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11 |
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Share premium |
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670,384 |
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666,528 |
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Reserves |
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38,169 |
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39,148 |
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Accumulated deficits |
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(711,762 |
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(700,823 |
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Total (deficit) equity |
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$ |
(3,188 |
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$ |
4,864 |
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