Detailed financial statements for Apogee Therapeutics, Inc. (APGE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Apogee Therapeutics, Inc. is a biotechnology firm, operating via its subsidiary, dedicated to advancing biologic treatments for conditions such as atopic dermatitis (AD), chronic obstructive pulmonary disease (COPD), and a range of other inflammatory and immunological disorders.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $135.07, APGE has negative trailing earnings (P/E not meaningful) and an ROE of -29.88%. Market capitalisation stands at $8.4B.
Balance sheet quality for APGE: current ratio of 26.6, net cash position of $721.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | $1.4M |
| Gross Profit | 0 | 0 | 0 | -$1.4M |
| Research & Development | $27.8M | $68.4M | $167.9M | $214.7M |
| Selling, General & Admin | $2.9M | $24.6M | $49.0M | $70.9M |
| Operating Expenses | $30.7M | $93.0M | $216.9M | $284.2M |
| Operating Income | -$30.7M | -$93.0M | -$216.9M | -$285.6M |
| EBITDA | -$39.8M | -$75.0M | -$181.9M | -$254.1M |
| Interest Expense | $9.2M | 0 | 0 | 0 |
| Pre-tax Income | -$39.8M | -$84.0M | -$182.1M | -$255.6M |
| Income Tax | 0 | 0 | $18000 | $278000 |
| Net Income | -$39.8M | -$84.0M | -$182.1M | -$255.8M |
| EPS | $-0.79 | $-1.66 | $-3.30 | $-4.22 |
| EPS (Diluted) | $-0.79 | $-1.66 | $-3.30 | $-4.22 |
| Shares Outstanding (Diluted) | $50.7M | $50.7M | $55.2M | $60.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$400000 | $400000 | -$408000 | 0 |
| Operating Income | -$71.3M | -$78.1M | -$82.8M | -$96.0M |
| EBITDA | -$64.6M | -$68.9M | -$73.6M | -$84.2M |
| Net Income | -$65.0M | -$69.4M | -$74.1M | -$85.9M |
| EPS | $-1.11 | $-1.03 | $-1.06 | $-1.14 |
| EPS (Diluted) | $-1.11 | $-1.03 | $-1.06 | $-1.14 |
Balance Sheet (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $151.9M | $118.3M | $141.8M | $131.5M |
| Short-term Investments | 0 | $277.1M | $378.9M | $598.6M |
| Receivables | 0 | $1.2M | $4.7M | $6.0M |
| Inventory | 0 | 0 | 0 | 0 |
| Total Current Assets | $152.1M | $398.4M | $529.7M | $741.4M |
| Property, Plant & Equipment | 0 | $2.6M | $13.3M | $14.4M |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Total Assets | $152.1M | $401.4M | $754.0M | $937.1M |
| Accounts Payable | $418000 | $2.1M | $1.1M | $1.2M |
| Short-term Debt | 0 | $1.1M | $3.2M | 0 |
| Total Current Liabilities | $10.0M | $20.6M | $28.6M | $27.9M |
| Long-term Debt | 0 | 0 | 0 | $5.3M |
| Total Liabilities | $10.0M | $21.5M | $37.2M | $33.3M |
| Retained Earnings | -$39.8M | -$123.8M | -$305.9M | -$561.8M |
| Total Equity | $142.1M | $379.9M | $716.8M | $903.9M |
| Total Debt | 0 | $2.0M | $11.8M | $8.8M |
| Net Debt | -$151.9M | -$393.4M | -$508.8M | -$721.3M |
| Working Capital | $142.1M | $377.9M | $501.2M | $713.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $107.9M | $131.5M | $451.8M | $105.6M |
| Total Assets | $626.2M | $937.1M | $1.29B | $1.34B |
| Total Liabilities | $39.8M | $33.3M | $37.9M | $141.2M |
| Total Equity | $586.3M | $903.9M | $1.26B | $1.19B |
| Total Debt | $9.9M | $8.8M | $8.0M | $6.8M |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$39.8M | -$84.0M | -$182.1M | -$255.8M |
| Depreciation & Amortization | 0 | 0 | $189000 | $1.4M |
| Stock-based Compensation | $2.1M | $6.1M | $23.3M | $46.3M |
| Change in Working Capital | $9.8M | $6.1M | -$2.0M | -$15.5M |
| Operating Cash Flow | -$16.4M | -$74.8M | -$171.2M | -$227.4M |
| Capital Expenditure | 0 | -$167000 | -$1.2M | -$5.1M |
| Acquisitions | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$16.4M | -$74.9M | -$172.3M | -$232.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$54.3M | -$62.7M | -$55.6M | -$71.4M |
| Capital Expenditure | 0 | -$62000 | 0 | 0 |
| Free Cash Flow | -$54.3M | -$62.8M | -$55.6M | -$71.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $11.9M | $11.9M | $17.2M | $16.7M |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -111.1% | -116.9% | -40.5% |
| EPS Growth (YoY) | | -110.1% | -98.8% | -27.9% |
| Shares Change (YoY) | | -0.0% | +9.0% | +10.0% |
| FCF Growth (YoY) | | -356.1% | -130.0% | -35.0% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.1% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.32 | $-1.48 | $-3.12 | $-3.83 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $50.7M | $50.7M | $55.2M | $60.7M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -29.88% |
| Return on Invested Capital | -25.23% |
| Return on Assets | -22.04% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 26.44 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 81.73 |
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -26.87 | -16.83 | -13.73 | -17.89 |
| P/B | 7.57 | 3.73 | 3.49 | 5.07 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 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% |