Apogee Therapeutics Provides Pipeline Progress and Reports Full Year 2024 Financial Results

Core Insights - Apogee Therapeutics is advancing its clinical pipeline, particularly focusing on APG777 for atopic dermatitis (AD) and APG279, a combination therapy with APG990, with significant milestones achieved ahead of schedule [1][2][3] Pipeline Progress - The Phase 2 APEX clinical trial for APG777 has seen over-enrollment in Part A and the initiation of Part B ahead of schedule, with topline data expected by mid-2025 [1][2] - APG279, which combines APG777 and APG990, is set to enter a Phase 1b head-to-head study against DUPIXENT, with interim results anticipated in the second half of 2026 [1][3] - APG777 is a novel monoclonal antibody targeting IL-13, showing a half-life of 77 days and near complete inhibition of pSTAT6 for up to 12 months after a single dose [3] Financial Position - As of December 31, 2024, Apogee reported cash, cash equivalents, and marketable securities totaling $731.1 million, providing a runway into Q1 2028 [1][4] - Research and development expenses for 2024 were$167.9 million, significantly up from 68.4 million in 2023, reflecting ongoing clinical trials and expansion of the R&D team [4][6] - General and administrative expenses also increased to 49.0 million in 2024 from $24.6 million in 2023, driven by personnel-related costs and operational expansion [4][6] Upcoming Milestones - Apogee plans to initiate a Phase 1b trial for APG333 in asthma in the first half of 2025, followed by a Phase 2b trial in the second half of 2025 [3][6] - A Phase 2 trial for APG777 in eosinophilic esophagitis (EoE) is expected to start in 2026 [3][6] - Positive interim data for APG808, another monoclonal antibody targeting IL-4Rα, supports its potential for two- to three-month dosing, with a Phase 1b trial in asthma expected in the first half of 2025 [3][6]