Apogee Therapeutics Reports $66.1 Million Net Loss in Q2 2025 Amid Increased R&D Expenses

Apogee Therapeutics, Inc. reported significant financial results for the second quarter of 2025, revealing a net loss of $66.1 million, compared to a net loss of $33.8 million for the same period in 2024. For the six months ending June 30, 2025, the company recorded a net loss of $121.4 million, up from $65.9 million in the prior year. The increase in losses is attributed to heightened research and development expenses, which surged to $55.7 million in Q2 2025 from $33.2 million in Q2 2024, primarily driven by the advancement of the APG777 program and increased personnel costs.

Total operating expenses for the second quarter reached $73.2 million, a 66% increase from $44.1 million in the previous year. This rise was largely due to a $22.5 million increase in research and development costs and a $6.5 million increase in general and administrative expenses. The latter was influenced by higher personnel-related costs and equity-based compensation, reflecting the company's expansion efforts. Interest income also saw a decline, dropping to $7.1 million from $10.3 million year-over-year, contributing to the overall increase in net loss.

In terms of operational developments, Apogee Therapeutics has made strides in its clinical pipeline, particularly with its lead candidate, APG777, which targets IL-13 for the treatment of atopic dermatitis. The company announced positive interim results from its Phase 2 APEX trial, demonstrating significant efficacy in reducing eczema severity compared to placebo. The trial met its primary endpoint, with a 71% reduction in the Eczema Area Severity Index (EASI) score for patients treated with APG777. The company is also advancing other candidates, including APG990 and APG808, with ongoing clinical trials expected to yield further data in the coming months.

As of June 30, 2025, Apogee Therapeutics reported total assets of $657.8 million, down from $754.0 million at the end of 2024. The decrease in assets was primarily due to a reduction in cash and cash equivalents, which fell to $124.2 million from $141.8 million. The company’s accumulated deficit increased to $427.4 million, reflecting its ongoing investment in research and development without generating revenue. Looking ahead, Apogee anticipates that its existing cash and marketable securities will be sufficient to fund operations through at least the first quarter of 2028, although it will require additional funding to support its growth strategy and clinical development efforts.