Apogee Therapeutics (APGE) AI Stock Analysis

• Market Cap: $4.48B
• Dividend Yield: N/A
• Average Volume (3M): 937.12K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.17
• Revenue Growth: N/A
• EPS Growth: -58.35%
• Country: US
• Employees: 196
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -1.11
• Shares Outstanding: 54,833,588
• 10 Day Avg. Volume: 1,182,506
• 30 Day Avg. Volume: 937,121
• PEG Ratio: -0.14
• Price to Book (P/B): 3.49
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -14.51
• Enterprise Value/Market Cap: 0.78
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -8.74K
• Enterprise Value/Ebitda: -12.66
• 1Y Price Target: $105.67
• Price Target Upside: 61.30% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 15
• EPS Forecast (FY): -4.88
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: $70.00 ▲(6.85% Upside)

The score is held back primarily by heavy cash burn and widening losses despite a strong low-leverage balance sheet. Technicals are generally weak in the near term (below key moving averages and low RSI), while valuation offers little support due to negative earnings. Offsetting these risks, recent corporate updates highlight positive early-stage clinical data and continued pipeline progress.

Positive Factors

Low Leverage / Balance Sheet Strength

Extremely low leverage gives Apogee flexibility to fund multi-year clinical programs and withstand trial timelines without immediate solvency pressure. This reduces short-term refinancing risk and preserves strategic optionality for partnerships or targeted M&A while advancing late-stage plans.

Substantial Cash Runway

A significant financing that extends runway into second half of 2028 permits execution of an aggressive 2026 clinical agenda and a planned Phase 3 start in atopic dermatitis without immediate need for dilutive financing, enabling value-creating data generation before raising additional capital.

Promising Clinical Data & Platform Potential

Durable biomarker suppression and favorable safety in early data support potential for extended dosing intervals and cross-indication efficacy, underpinning a 'pipeline-in-a-product' strategy. This structural clinical differentiation could improve market positioning and commercial potential if confirmed in larger trials.

Negative Factors

High Cash Burn

Steep and growing cash burn translates losses into real cash outflows, necessitating further financing or re-prioritization of programs. Over the medium term this elevates dilution risk and could force unfavorable deal terms or program cuts if clinical readouts do not unlock non-dilutive funding.

Pre-Revenue Business Model

As a clinical-stage, pre-revenue biotech, Apogee lacks operational revenue to offset R&D spend, leaving sustainability dependent on capital markets, milestones, or partnerships. This structural absence of product cash flow lengthens the path to self-sufficiency and increases execution risk.

Declining Assets / Rising Spend Intensity

Eroding asset and equity base signals cash consumption from elevated R&D and operating losses; negative ROE reflects this trend. Persisting declines could constrain strategic options, increase pressure for dilutive financing, and necessitate narrowing of pipeline focus absent material clinical advances.

Apogee Therapeutics Business Overview & Revenue Model

Company Description

Apogee Therapeutics, Inc., through its subsidiary, operates as a biotechnology company that develops biologics for the treatment of atopic dermatitis (AD), chronic obstructive pulmonary disease (COPD), and related inflammatory and immunology indications. The company primarily develops APG777, a subcutaneous (SQ) extended half-life monoclonal antibody (mAb) for AD; and APG808, an SQ extended half-life mAb for COPD. Its earlier-stage programs include APG990, an SQ extended half-life mAb for the treatment of AD; and APG222, an extended half-life SQ antibodies for AD. The company was founded in 2022 and is based in Waltham, Massachusetts.

How the Company Makes Money

Apogee Therapeutics makes money primarily through the development and commercialization of its proprietary drug candidates. The company generates revenue through partnerships and collaborations with other pharmaceutical companies, licensing agreements, and potential milestone payments related to the successful development and commercialization of its therapies. Additionally, Apogee may earn revenue from selling its developed therapeutics once they receive regulatory approval and are brought to market.

Apogee Therapeutics Financial Statement Overview

Summary

Strong, low-debt balance sheet (very low debt-to-equity) is a clear positive, but this is offset by a pre-revenue profile with rapidly widening losses and very large ongoing cash burn (deeply negative operating cash flow and free cash flow in TTM), implying continued reliance on external funding.

Income Statement

APGE continues to report no revenue across the disclosed periods (including TTM (Trailing-Twelve-Months)), which is typical for clinical-stage biotech but limits visibility into operating leverage. Losses have widened materially over time (net loss from about -$39.8M in 2022 to -$182.1M in 2024 and -$253.7M in TTM), indicating rising spending intensity. The balance of the income statement shows persistently negative operating results (EBIT/EBITDA deeply negative), with no evidence yet of margin inflection or commercialization traction.

Balance Sheet

The balance sheet is a relative strength: leverage is very low (debt-to-equity ~0.017 in TTM (Trailing-Twelve-Months)), providing flexibility and lowering solvency risk. Equity remains sizable ($586.3M in TTM) versus total debt of just ~$9.9M, though total assets and equity have come down from 2024 levels, consistent with ongoing cash burn. Returns on equity are meaningfully negative (TTM ROE about -0.35), reflecting the loss-making stage rather than balance sheet stress.

Cash Flow

Cash flow is pressured by heavy operating burn: operating cash flow is -$232.5M and free cash flow is -$237.6M in TTM (Trailing-Twelve-Months), worsening versus 2024 (-$171.2M / -$172.3M). Free cash flow broadly tracks net income (free cash flow to net income ~1.02 in TTM), suggesting losses are translating into real cash usage rather than being cushioned by non-cash items. While reported free cash flow growth is positive in TTM, the absolute level of burn remains high and implies continued reliance on financing unless spending moderates or revenues emerge.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022
Income Statement
Total Revenue	0.00	0.00	0.00	0.00
Gross Profit	-400.00K	0.00	0.00	0.00
EBITDA	-276.02M	-216.68M	-74.97M	-39.78M
Net Income	-253.67M	-182.15M	-83.98M	-39.78M
Balance Sheet
Total Assets	626.16M	753.95M	401.40M	152.06M
Cash, Cash Equivalents and Short-Term Investments	527.29M	520.65M	395.46M	151.89M
Total Debt	9.85M	11.83M	2.03M	0.00
Total Liabilities	39.82M	37.16M	21.49M	9.98M
Stockholders Equity	586.34M	716.79M	379.91M	142.07M
Cash Flow
Free Cash Flow	-237.56M	-172.33M	-74.93M	-16.43M
Operating Cash Flow	-232.47M	-171.17M	-74.76M	-16.43M
Investing Cash Flow	155.42M	-300.46M	-273.91M	0.00
Financing Cash Flow	65.90M	495.11M	315.39M	168.32M

Apogee Therapeutics Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 65.51
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For APGE, the sentiment is Neutral. The current price of 65.51 is below the 20-day moving average (MA) of 76.45, below the 50-day MA of 74.68, and above the 200-day MA of 50.17, indicating a neutral trend. The MACD of -1.46 indicates Positive momentum. The RSI at 30.60 is Neutral, neither overbought nor oversold. The STOCH value of 17.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for APGE.

Apogee Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IDYA	63 Neutral	$2.82B	-17.35	-14.15%	―	5376.27%	20.97%
LQDA	54 Neutral	$3.69B	-29.64	-183.82%	―	343.41%	11.91%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
APGE	51 Neutral	$4.48B	-15.17	-38.41%	―	―	-58.35%
AGIO	49 Neutral	$1.60B	-3.95	-27.57%	―	36.26%	-158.98%
OCUL	49 Neutral	$1.95B	―	-81.83%	―	-9.21%	-8.84%
GLPG	47 Neutral	$2.23B	-4.55	-16.45%	―	―	―

Apogee Therapeutics Corporate Events

Apogee Therapeutics Reports Positive Phase 1b Asthma Results

On January 6, 2026, Apogee Therapeutics reported positive interim results from a Phase 1b trial of its anti-IL-13 antibody zumilokibart (APG777) in 19 adults with mild-to-moderate asthma and Type 2 inflammation, showing a favorable safety profile, robust and durable suppression of FeNO—a key biomarker linked to asthma exacerbations—through at least 16 weeks for all patients and up to 32 weeks in those with longer follow-up, along with encouraging trends in lung function and other Type 2 biomarkers. The company also highlighted cross-indication signals from its APEX Phase 2 atopic dermatitis program, laid out an aggressive 2026 clinical agenda including multiple Phase 2 data readouts, a planned Phase 3 start in atopic dermatitis by the second half of 2026, and an expanded head-to-head Phase 1b trial of its IL-13/OX40L combination APG279 versus Dupixent, positioning zumilokibart as a potential “pipeline-in-a-product” across dermatology and respiratory markets and reinforcing Apogee’s capacity—backed by long cash runway—to move toward a possible 2029 launch in atopic dermatitis and broader expansion in inflammatory and immunology diseases.

The most recent analyst rating on (APGE) stock is a Hold with a $81.00 price target. To see the full list of analyst forecasts on Apogee Therapeutics stock, see the APGE Stock Forecast page.

Apogee Therapeutics Announces Positive Phase 1 Results

On November 10, 2025, Apogee Therapeutics announced positive interim Phase 1 results for APG333, which exceeded trial objectives and demonstrated potential for 3- and 6-month dosing. The company also reported financial results for the third quarter of 2025, highlighting a strong cash position following a $345 million public offering, which supports operations into the second half of 2028. Apogee is advancing its pipeline with several key readouts expected in 2026, positioning itself for significant progress in the treatment of inflammatory and immunology diseases.

The most recent analyst rating on (APGE) stock is a Buy with a $109.00 price target. To see the full list of analyst forecasts on Apogee Therapeutics stock, see the APGE Stock Forecast page.