The firm maintains a highly liquid but capital-dependent structure, holding $451.8 million in cash as of 2026Q1 while relying on equity financing to offset a $635.9 million accumulated deficit.
| Total Current Assets | 1.07B | 741.36M | 529.71M | 398.41M | 152.06M |
| Cash & Short-Term Investments | 1.06B | 730.19M | 520.65M | 395.46M | 151.89M |
| Cash Only | 451.8M | 131.55M | 141.79M | 118.32M | 151.89M |
| Short-Term Investments | 608.09M | 598.64M | 378.86M | 277.14M | 0 |
| Accounts Receivable | 0 | 0 | 4.7M | 1.21M | 0 |
| Days Sales Outstanding | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 13.91M | 11.17M | 1.74M | 0 | 57K |
| Total Non-Current Assets | 219.86M | 195.78M | 224.24M | 3M | 0 |
| Property, Plant & Equipment | 12.99M | 14.38M | 13.32M | 2.59M | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 177.41M | 0 | 210.42M | 0 | 0 |
| Other Non-Current Assets | 206.87M | 181.4M | 498K | 401K | 0 |
| Total Assets | 1.29B | 937.13M | 753.95M | 401.4M | 152.06M |
| Asset Turnover | 0.00x | - | - | - | - |
| Asset Growth % | 68.25% | 24.3% | 87.83% | 163.99% | - |
| Total Current Liabilities | 32.95M | 27.91M | 28.56M | 20.56M | 9.98M |
| Accounts Payable | 1.24M | 1.22M | 1.07M | 2.14M | 418K |
| Days Payables Outstanding | 1.9K | 314.29 | - | - | - |
| Short-Term Debt | 3.14M | 3.5M | 3.23M | 1.1M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 28.58M | 23.18M | 22.36M | 17.15M | 515K |
| Current Ratio | 32.59x | 26.57x | 18.55x | 19.38x | 15.24x |
| Quick Ratio | 32.59x | 26.57x | 18.55x | 19.38x | 15.24x |
| Cash Conversion Cycle | - | - | - | - | - |
| Total Non-Current Liabilities | 4.91M | 5.34M | 8.6M | 933K | 0 |
| Long-Term Debt | 4.91M | 5.34M | 0 | 0 | 0 |
| Capital Lease Obligations | 12.59M | 0 | 8.6M | 933K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 37.86M | 33.25M | 37.16M | 21.49M | 9.98M |
| Total Debt | 8.05M | 8.85M | 11.83M | 2.03M | 0 |
| Net Debt | -443.75M | -122.7M | -129.96M | -116.28M | -151.89M |
| Debt / Equity | 0.01x | 0.01x | 0.02x | 0.01x | - |
| Debt / EBITDA | -0.03x | - | - | - | - |
| Net Debt / EBITDA | 1.46x | - | - | - | - |
| Interest Coverage | - | - | - | - | -4.35x |
| Total Equity | 1.26B | 903.88M | 716.79M | 379.91M | 142.07M |
| Equity Growth % | 72.5% | 26.1% | 88.67% | 167.4% | - |
| Book Value per Share | 18.03 | 14.89 | 12.99 | 7.50 | 2.80 |
| Total Shareholders' Equity | 1.26B | 903.88M | 716.79M | 379.91M | 142.07M |
| Common Stock | 1K | 1K | 1K | 0 | 2.25M |
| Retained Earnings | -635.87M | -561.76M | -305.92M | -123.77M | -39.78M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -749K | 1.08M | 915K | 329K | 2.14M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding dependency
As reported in financial statements, the company's equity base has fluctuated significantly, reaching $1.3 billion in 2026Q1, yet this growth is primarily driven by external financing rather than internal value creation, signaling a business model that remains entirely dependent on periodic capital market access for survival.
The trajectory of the balance sheet reflects a classic pre-revenue biotech profile where asset accumulation is tethered to equity issuance rather than operational success. Investors should monitor whether the recent increase in total assets can be converted into meaningful clinical milestones before the current cash reserves are exhausted.
Based on Apogee's reported figures, the cash position reached $451.8 million in 2026Q1, providing a temporary buffer, though the historical volatility in cash balances—ranging from $106.9 million to $485.5 million—suggests that liquidity is highly sensitive to the timing of dilutive financing events.
While the current ratio of 32.59 appears robust, it is a function of the company's lack of significant short-term liabilities rather than operational efficiency. The reliance on cash infusions to maintain this liquidity profile implies that any disruption in capital markets could rapidly compromise the firm's ability to fund ongoing clinical trials.
According to quarterly filings, the company's retained earnings have deepened to a deficit of $635.9 million as of 2026Q1, illustrating the substantial cost of R&D and the ongoing reliance on equity-based financing to offset persistent operational losses and rising stock-based compensation expenses.
The quality of equity is currently constrained by the absence of profitable operations, making the book value a reflection of invested capital rather than intrinsic business value. The consistent expansion of the deficit warrants investigation into whether future clinical readouts will be sufficient to justify the ongoing dilution of existing shareholders.
As indicated by the balance sheet data, the company maintains minimal PPE of $13.0 million, which suggests an asset-light model that relies heavily on third-party manufacturing and clinical sites, potentially exposing the firm to supply chain bottlenecks and limited control over critical development infrastructure.
The lack of significant tangible assets means that the company's value is almost entirely tied to intangible intellectual property and clinical trial progress. This concentration of risk implies that any negative clinical data or regulatory setback could lead to a rapid impairment of the firm's perceived value, as there are few tangible assets to provide a floor for the valuation.
Quick answers to the most common questions about buying APGE stock.
As of 2025, Apogee Therapeutics, Inc. (APGE) had total assets of $937.1M including $741.4M in current assets.
Apogee Therapeutics, Inc. (APGE) carries total debt of $8.8M, offset by $730.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Apogee Therapeutics, Inc. (APGE) has total shareholders' equity (book value) of $903.9M ($14.89 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Apogee Therapeutics, Inc. (APGE) reported a current ratio of 26.57x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.