Apogee Therapeutics, Inc.
APGE · Biological Products, (No Diagnostic Substances) · 58.1M shares · +219%/yr ↑ shares · EDGAR filings ↗
Reference price $132.60 · est. market cap ~$7.7B — last insider sale, 2026-06-22 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — immuno-dermatology clinical, heavy burn ($233M), very cash-rich.
Strengths
- Liquidity — current ratio 26.6 (97th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Chronic dilutionShare count +219%/yr over 2y (dilution)
- Cash burnNegative free cash flow (-232.6M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Exec changeRecent 8-K item 5.02 8-K ↗
- Trial resultPositive trial readout — primary endpoint met (8-K) 8-K ↗
- Strong balance sheetStrong balance sheet — $903M cash & investments, ~16 quarters of runway
- Insider sellingInsider selling — 61 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$162M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-11 — PHASE2 · Atopic Dermatitis
- Notable holderHeld by 4 notable fund(s): FMR LLC, STATE STREET CORP, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)
Key metrics
Return on assets
-27.3%
Current ratio
26.6×
Free cash flow
-$233M
Cash & investments
$903M
Cash runway
16q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | HENDERSON MICHAEL THOMAS | Sell | 80K | $132.54 |
| 2026-06-22 | Dambkowski Carl | Sell | 26K | $132.60 |
| 2026-06-10 | HENDERSON MICHAEL THOMAS | Sell | 1.1K | $84.18 |
| 2026-06-10 | HENDERSON MICHAEL THOMAS | Sell | 1.6K | $85.19 |
| 2026-06-10 | HENDERSON MICHAEL THOMAS | Sell | 2.3K | $86.27 |
| 2026-06-10 | HENDERSON MICHAEL THOMAS | Sell | 614 | $86.89 |
| 2026-06-10 | HENDERSON MICHAEL THOMAS | Sell | 7.7K | $82.78 |
| 2026-06-10 | HENDERSON MICHAEL THOMAS | Sell | 6.8K | $82.21 |
| 2026-06-03 | Dambkowski Carl | Option exercise | 4.1K | $22.86 |
| 2026-06-03 | Dambkowski Carl | Sell | 5.5K | $78.71 |
| 2026-05-13 | HENDERSON MICHAEL THOMAS | Sell | 1.3K | $82.58 |
| 2026-05-13 | HENDERSON MICHAEL THOMAS | Sell | 19K | $82.05 |
| 2026-05-06 | Dambkowski Carl | Option exercise | 4.1K | $22.86 |
| 2026-05-06 | Dambkowski Carl | Sell | 3.7K | $83.92 |
| 2026-05-06 | Dambkowski Carl | Sell | 1.8K | $84.60 |
| 2026-05-01 | Henderson Jane | Sell | 811 | $81.02 |
| 2026-05-01 | Henderson Jane | Sell | 900 | $82.60 |
| 2026-05-01 | Henderson Jane | Sell | 289 | $83.16 |
| 2026-04-16 | HENDERSON MICHAEL THOMAS | Option exercise | 3.0K | $22.86 |
| 2026-04-16 | Henderson Jane | Sell | 2.0K | $90.00 |
| 2026-04-08 | HENDERSON MICHAEL THOMAS | Sell | 18K | $82.48 |
| 2026-04-08 | HENDERSON MICHAEL THOMAS | Sell | 2.0K | $83.26 |
| 2026-04-08 | HENDERSON MICHAEL THOMAS | Sell | 200 | $85.00 |
| 2026-04-01 | Henderson Jane | Sell | 900 | $84.46 |
| 2026-04-01 | Dambkowski Carl | Option exercise | 4.1K | $22.86 |
| 2026-04-01 | Dambkowski Carl | Sell | 2.7K | $84.31 |
| 2026-04-01 | Dambkowski Carl | Sell | 2.7K | $85.33 |
| 2026-04-01 | Dambkowski Carl | Sell | 100 | $85.89 |
| 2026-04-01 | Henderson Jane | Sell | 1.1K | $85.46 |
| 2026-03-25 | Henderson Jane | Sell | 2.0K | $85.00 |
| 2026-03-11 | HENDERSON MICHAEL THOMAS | Sell | 8.4K | $74.29 |
| 2026-03-11 | HENDERSON MICHAEL THOMAS | Sell | 8.2K | $74.83 |
| 2026-03-11 | HENDERSON MICHAEL THOMAS | Sell | 3.4K | $75.86 |
| 2026-03-04 | Dambkowski Carl | Option exercise | 4.1K | $22.86 |
| 2026-03-04 | Dambkowski Carl | Sell | 3.2K | $70.33 |
| 2026-03-04 | Dambkowski Carl | Sell | 2.1K | $71.98 |
| 2026-03-04 | Dambkowski Carl | Sell | 200 | $73.26 |
| 2026-03-02 | Henderson Jane | Sell | 300 | $68.27 |
| 2026-03-02 | Henderson Jane | Sell | 300 | $69.43 |
| 2026-03-02 | Henderson Jane | Sell | 994 | $70.45 |
| 2026-03-02 | Henderson Jane | Sell | 406 | $71.66 |
| 2026-02-11 | HENDERSON MICHAEL THOMAS | Sell | 11K | $62.96 |
| 2026-02-11 | HENDERSON MICHAEL THOMAS | Sell | 7.6K | $63.73 |
| 2026-02-11 | HENDERSON MICHAEL THOMAS | Sell | 955 | $64.99 |
| 2026-02-04 | Dambkowski Carl | Option exercise | 4.1K | $22.86 |
| 2026-02-04 | Dambkowski Carl | Sell | 2.5K | $64.88 |
| 2026-02-04 | Dambkowski Carl | Sell | 1.4K | $65.83 |
| 2026-02-04 | Dambkowski Carl | Sell | 1.3K | $66.85 |
| 2026-02-04 | Dambkowski Carl | Sell | 100 | $67.88 |
| 2026-02-04 | Dambkowski Carl | Sell | 200 | $68.94 |
| 2026-02-02 | Henderson Jane | Sell | 792 | $65.21 |
| 2026-02-02 | Henderson Jane | Sell | 1.1K | $66.15 |
| 2026-02-02 | Henderson Jane | Sell | 100 | $66.89 |
| 2026-01-22 | Fairmount Funds Management LLC | Sell | 1.8M | $76.30 |
| 2026-01-14 | HENDERSON MICHAEL THOMAS | Sell | 1.9K | $82.41 |
| 2026-01-14 | HENDERSON MICHAEL THOMAS | Sell | 1.4K | $78.64 |
| 2026-01-14 | HENDERSON MICHAEL THOMAS | Sell | 8.5K | $79.82 |
| 2026-01-14 | HENDERSON MICHAEL THOMAS | Sell | 2.4K | $81.00 |
| 2026-01-14 | HENDERSON MICHAEL THOMAS | Sell | 5.4K | $83.16 |
| 2026-01-14 | HENDERSON MICHAEL THOMAS | Sell | 470 | $83.79 |
| 2026-01-07 | Dambkowski Carl | Sell | 3.0K | $77.13 |
| 2026-01-07 | Dambkowski Carl | Sell | 15K | $77.90 |
| 2026-01-07 | Dambkowski Carl | Sell | 826 | $79.04 |
| 2026-01-07 | Dambkowski Carl | Sell | 100 | $80.06 |
| 2026-01-07 | Dambkowski Carl | Option exercise | 14K | $22.86 |
| 2026-01-06 | Henderson Jane | Sell | 2.0K | $80.00 |
| 2026-01-02 | Henderson Jane | Sell | 4.1K | $75.20 |
| 2026-01-02 | Henderson Jane | Sell | 1.9K | $74.13 |
| 2025-12-19 | Henderson Jane | Sell | 1.5K | $80.00 |
| 2025-12-10 | HENDERSON MICHAEL THOMAS | Sell | 9.4K | $74.88 |
| 2025-12-10 | HENDERSON MICHAEL THOMAS | Sell | 10K | $75.79 |
| 2025-12-10 | HENDERSON MICHAEL THOMAS | Sell | 560 | $76.58 |
| 2025-12-04 | Henderson Jane | Sell | 1.5K | $75.00 |
| 2025-12-04 | Dambkowski Carl | Sell | 11K | $75.00 |
| 2025-12-04 | HENDERSON MICHAEL THOMAS | Sell | 40K | $75.01 |
| 2025-11-25 | Henderson Jane | Sell | 1.5K | $70.00 |
| 2025-11-14 | Henderson Jane | Sell | 2.0K | $65.00 |
| 2025-11-13 | HENDERSON MICHAEL THOMAS | Sell | 15K | $63.14 |
| 2025-11-13 | HENDERSON MICHAEL THOMAS | Sell | 1.8K | $63.89 |
| 2025-11-13 | HENDERSON MICHAEL THOMAS | Sell | 100 | $64.52 |
| 2025-11-13 | HENDERSON MICHAEL THOMAS | Sell | 3.3K | $61.93 |
| 2025-11-11 | Henderson Jane | Sell | 1.0K | $60.00 |
| 2025-11-05 | Dambkowski Carl | Option exercise | 8.1K | $22.86 |
| 2025-11-05 | Dambkowski Carl | Sell | 2.3K | $53.62 |
| 2025-11-05 | Dambkowski Carl | Sell | 2.2K | $54.83 |
| 2025-11-05 | Dambkowski Carl | Sell | 5.6K | $55.58 |
| 2025-11-05 | Dambkowski Carl | Sell | 678 | $56.51 |
| 2025-10-01 | Dambkowski Carl | Option exercise | 2.4K | $22.86 |
| 2025-10-01 | Dambkowski Carl | Sell | 5.1K | $39.80 |
| 2025-09-03 | Dambkowski Carl | Sell | 2.5K | $37.82 |
| 2025-09-03 | Dambkowski Carl | Sell | 190 | $38.55 |
| 2025-08-06 | Dambkowski Carl | Sell | 2.7K | $37.78 |
| 2025-07-02 | Dambkowski Carl | Option exercise | 7.4K | $22.86 |
| 2025-07-02 | Dambkowski Carl | Sell | 6.4K | $44.77 |
| 2025-07-02 | Dambkowski Carl | Sell | 2.9K | $45.49 |
| 2025-07-02 | Dambkowski Carl | Sell | 746 | $46.26 |
| 2025-06-04 | Dambkowski Carl | Sell | 2.7K | $36.96 |
| 2025-05-07 | Dambkowski Carl | Sell | 2.7K | $35.75 |
| 2025-04-02 | Dambkowski Carl | Sell | 2.5K | $35.56 |
| 2025-04-02 | Dambkowski Carl | Sell | 500 | $37.03 |
| 2025-04-02 | Dambkowski Carl | Sell | 889 | $37.59 |
| 2025-03-05 | Dambkowski Carl | Sell | 1.6K | $30.48 |
| 2025-03-05 | HENDERSON MICHAEL THOMAS | Sell | 7.3K | $29.98 |
| 2025-03-05 | HENDERSON MICHAEL THOMAS | Sell | 2.7K | $30.62 |
| 2025-02-05 | Dambkowski Carl | Option exercise | 795 | $22.86 |
| 2025-02-05 | Dambkowski Carl | Sell | 3.5K | $40.69 |
| 2025-02-05 | HENDERSON MICHAEL THOMAS | Sell | 15K | $40.58 |
| 2025-01-31 | HENDERSON MICHAEL THOMAS | Option exercise | 8.5K | $22.86 |
| 2025-01-08 | HENDERSON MICHAEL THOMAS | Sell | 12K | $48.72 |
| 2025-01-08 | HENDERSON MICHAEL THOMAS | Sell | 2.9K | $49.38 |
| 2025-01-02 | Dambkowski Carl | Option exercise | 1.4K | $22.86 |
| 2025-01-02 | Dambkowski Carl | Sell | 1.5K | $46.42 |
| 2025-01-02 | Dambkowski Carl | Sell | 2.5K | $47.21 |
| 2025-01-02 | Dambkowski Carl | Sell | 100 | $47.92 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07003425 ↗ | A Long-term Safety and Efficacy Study Evaluating APG777 in Atopic Dermatitis Atopic Dermatitis | PHASE2 | Recruiting | 2029-12-01 |
| NCT07027527 ↗ | An Active Comparator Safety Study Evaluating the Combination of APG777 + APG990 in Moderate-to-Severe Atopic Dermatitis Atopic Dermatitis | PHASE1 | Active Not Recruiting | 2026-12-01 |
| NCT06395948 ↗ | A Study Evaluating APG777 in Atopic Dermatitis Atopic Dermatitis | PHASE2 | Active Not Recruiting | 2026-11-01 |
| NCT06920901 ↗ | A Study to Evaluate the Safety, Tolerability, Pharmacokinetics (PK), and Immunogenicity of APG777 in Adults With Asthma Asthma | PHASE1 | Active Not Recruiting | 2026-09-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-22 | Material agreementExhibits | filing ↗ |
| 2026-06-22 | Material agreementShareholder voteReg FDOtherExhibits | filing ↗ |
| 2026-06-12 | Shareholder vote | filing ↗ |
| 2026-05-27 | Material agreementReg FDExhibits | filing ↗ |
| 2026-05-27 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-11 | ResultsExhibits | filing ↗ |
| 2026-04-24 | Exec/director change | filing ↗ |
| 2026-03-25 | Material agreementExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-17 | 0001140361-26-025841 ↗ |
| 8-K | 2026-06-22 | 2026-06-18 | 0001140361-26-025844 ↗ |
| 8-K | 2026-06-12 | 2026-06-09 | 0001193125-26-269650 ↗ |
| 8-K | 2026-05-27 | 2026-05-26 | 0001104659-26-066575 ↗ |
| 8-K | 2026-05-27 | 2026-05-27 | 0001104659-26-066572 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001193125-26-215683 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001193125-26-215698 ↗ |
| 8-K | 2026-04-24 | 2026-04-21 | 0001193125-26-177288 ↗ |
| 8-K | 2026-03-25 | 2026-03-24 | 0001104659-26-034579 ↗ |
| 8-K | 2026-03-23 | 2026-03-23 | 0001104659-26-032950 ↗ |
| 8-K | 2026-03-02 | 2026-03-02 | 0001974640-26-000001 ↗ |
| 10-K | 2026-03-02 | 2025-12-31 | 0001974640-26-000002 ↗ |