Apogee Therapeutics Reports Increased Operating Expenses and Net Loss for Q1 2025

Apogee Therapeutics, Inc. reported a significant increase in operating expenses for the three months ended March 31, 2025, totaling $63.1 million, compared to $38.2 million for the same period in 2024. The rise in expenses was primarily driven by a 62% increase in research and development costs, which reached $46.4 million, up from $28.7 million in the prior year. General and administrative expenses also rose to $16.7 million from $9.5 million. The company recorded a net loss of $55.3 million for the quarter, compared to a loss of $32.1 million in the previous year, resulting in a net loss per share of $0.95, compared to $0.64 in the same quarter of 2024.

The increase in operating expenses reflects Apogee's ongoing investment in its clinical programs, particularly the APG777 program, which saw a substantial rise in clinical trial-related expenses. The company has been advancing multiple antibody programs targeting inflammatory and immunology conditions, including atopic dermatitis and asthma. Apogee's total cash, cash equivalents, and marketable securities stood at $681.4 million as of March 31, 2025, which the company believes will be sufficient to fund its operations through at least the first quarter of 2028.

Strategically, Apogee has made significant progress in its clinical trials, including the initiation of a Phase 2 trial for APG777 in patients with moderate-to-severe atopic dermatitis and a Phase 1 trial for APG990. The company has also entered into various agreements with third-party manufacturers and collaborators, including a biologics master services agreement with WuXi Biologics and a master services agreement with Samsung Biologics, to support its clinical development and manufacturing needs.

Despite these advancements, Apogee faces challenges typical of early-stage biotechnology companies, including the need for substantial additional funding to support ongoing research and development efforts. The company has not yet generated any revenue from product sales and does not expect to do so for several years. As a result, Apogee's future growth and ability to achieve profitability will depend heavily on the successful development and commercialization of its clinical programs, as well as its ability to navigate the complex regulatory landscape associated with bringing new therapies to market.