The company faces widening operational losses, with quarterly R&D expenses surging to $60.8 million in 2026Q1, up from $29.0 million in 2023Q4, reflecting an intensifying clinical development burn.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - |
| Cost of Goods Sold | 408K | 1.42M | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - |
| Gross Profit | -408K | -1.42M | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - |
| Operating Expenses | 304.86M | 284.18M | 216.87M | 93M | 30.73M |
| OpEx % of Revenue | - | - | - | - | - |
| Selling, General & Admin | 75.86M | 70.88M | 49.01M | 24.58M | 2.94M |
| SG&A % of Revenue | - | - | - | - | - |
| Research & Development | 229.14M | 214.71M | 167.87M | 68.42M | 27.79M |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | -143K | 0 | 0 | 0 | 0 |
| Operating Income | -305.27M | -285.6M | -216.87M | -93M | -30.73M |
| Operating Margin % | - | - | - | - | - |
| Operating Income Growth % | - | -31.69% | -133.19% | -202.68% | - |
| EBITDA | -303.66M | -284.18M | -216.68M | -83.98M | -39.78M |
| EBITDA Margin % | - | - | - | - | - |
| EBITDA Growth % | -25.78% | -31.15% | -158% | -111.1% | - |
| D&A (Non-Cash Add-back) | 1.61M | 1.42M | 189K | 9.02M | 0 |
| EBIT | -298.95M | -285.6M | -216.87M | -83.98M | -39.78M |
| Net Interest Income | 900K | 30.03M | 34.74M | 9.02M | -9.06M |
| Interest Income | 900K | 30.03M | 34.74M | 9.02M | 92K |
| Interest Expense | 0 | 0 | 0 | 0 | 9.15M |
| Other Income/Expense | 30.93M | 30.03M | 34.74M | 9.02M | -9.06M |
| Pretax Income | -274.34M | -255.56M | -182.13M | -83.98M | -39.78M |
| Pretax Margin % | - | - | - | - | - |
| Income Tax | 274K | 278K | 18K | 0 | 0 |
| Effective Tax Rate % | -0.1% | -0.11% | -0.01% | 0% | 0% |
| Net Income | -274.62M | -255.84M | -182.15M | -83.98M | -39.78M |
| Net Margin % | - | - | - | - | - |
| Net Income Growth % | -33.7% | -40.46% | -116.88% | -111.1% | - |
| Net Income (Continuing) | -274.61M | -255.84M | -182.15M | -83.98M | -39.78M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.94 | -4.22 | -3.30 | -1.66 | -0.79 |
| EPS Growth % | -19.28% | -27.88% | -98.8% | -110.13% | - |
| EPS (Basic) | - | -4.22 | -3.30 | -1.66 | -0.79 |
| Diluted Shares Outstanding | 69.67M | 60.69M | 55.19M | 50.66M | 50.67M |
| Basic Shares Outstanding | 69.67M | 60.69M | 55.19M | 50.66M | 50.67M |
| Dividend Payout Ratio | - | - | - | - | - |
Clinical trial execution dependency
As indicated by the company's recent financial statements, quarterly R&D expenses have surged from $29.0 million in 2023Q4 to $60.8 million by 2026Q1, reflecting the intensifying capital requirements necessary to advance the firm's clinical-stage pipeline through increasingly complex and costly late-stage development phases.
The consistent upward trajectory in R&D spending suggests that Apogee is aggressively scaling its clinical trial infrastructure to meet critical data readouts. Investors should monitor whether this expenditure growth remains aligned with the company's stated milestones, as the lack of offsetting revenue makes this burn rate the primary determinant of future financing needs.
Based on reported figures, the company's operating loss has widened significantly from $37.2 million in 2023Q4 to $82.8 million in 2026Q1, demonstrating that overhead and clinical costs are currently scaling at a rate that far outpaces any potential operational efficiencies or cost-containment measures.
The widening gap between SG&A and R&D spending indicates that the firm is prioritizing rapid asset development over administrative leaness. This structure implies that the company remains entirely dependent on external capital markets to fund its ongoing operations until a commercial inflection point is reached.
According to quarterly filings, stock-based compensation has risen steadily from $2.2 million in 2023Q4 to $17.2 million in 2026Q1, representing a substantial non-cash expense that complicates the assessment of the firm's true operational burn rate and long-term shareholder value creation.
The rising reliance on equity-based incentives suggests a strategy to preserve cash while attracting specialized talent, yet it simultaneously increases the dilution risk for existing shareholders. Analysts should evaluate whether the magnitude of these awards is commensurate with the clinical progress achieved, as excessive SBC can mask the underlying economic cost of talent acquisition.
As reported in financial statements, the company's quarterly net loss reached $74.1 million in 2026Q1, raising questions regarding the long-term sustainability of its current development strategy in the absence of commercial revenue or strategic partnership inflows to offset the mounting clinical trial costs.
Short-term observers may focus on the potential for further capital raises, given that the current burn rate necessitates a robust balance sheet to avoid liquidity constraints. The reliance on a single-asset success profile warrants further investigation into whether the current cost structure provides sufficient flexibility to pivot if clinical data fails to meet expectations.
Quick answers to the most common questions about buying APGE stock.
For fiscal year 2025, Apogee Therapeutics, Inc. (APGE) reported total revenue of $0.0M.
Apogee Therapeutics, Inc. (APGE) reported a net loss of $255.8M for the fiscal year ending 2025.