APGE is no longer listed. Its last trade on record was Sep 4, 2026. The price and figures on this page are from its last trading day and final filings, and are no longer updated.
Operating cash outflows averaged 87% of net losses over the past ten quarters, with Q2 2026 FCF of -$71.4M, while cumulative losses (-$598M) exceeded cash burn (-$526M) by $72M due to non-cash SBC, indicating a lower operational burn than reported.
Apogee Therapeutics, Inc. (APGE) cash flow statement — 4-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Cash from Operations | -243.89M | -227.45M | -171.17M | -74.76M | -16.43M |
| Operating CF Margin % | - | - | - | - | - |
| Operating CF Growth % | -49.87% | -32.88% | -128.96% | -355.11% | - |
| Net Income | -294.37M | -255.84M | -182.15M | -83.98M | -39.78M |
| Depreciation & Amortization | 1.63M | 1.42M | 189K | 0 | 0 |
| Stock-Based Compensation | 57.63M | 46.28M | 23.33M | 6.1M | 2.14M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 4.17M | -3.82M | -10.55M | -2.98M | 11.4M |
| Working Capital Changes | -12.94M | -15.48M | -2M | 6.11M | 9.81M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -2.6M | 150K | -1.07M | 1.61M | 418K |
| Cash from Investing | -687.89M | -179.57M | -300.46M | -273.91M | 0 |
| Capital Expenditures | -62K | -5.15M | -1.15M | -167K | 0 |
| CapEx % of Revenue | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 6K | 0 | 0 | 0 | 0 |
| Cash from Financing | 912.87M | 396.49M | 495.11M | 315.39M | 168.32M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 814.11M | 396.49M | 493.48M | 315.39M | 168.32M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 98.76M | 0 | 1.63M | 0 | 0 |
| Net Change in Cash | -18.91M | -10.53M | 23.47M | -33.28M | 151.89M |
| Free Cash Flow | -243.96M | -232.6M | -172.33M | -74.93M | -16.43M |
| FCF Margin % | - | - | - | - | - |
| FCF Growth % | - | -34.98% | -129.99% | -356.13% | - |
| FCF per Share | -3.23 | -3.83 | -3.12 | -1.48 | -0.32 |
| FCF Conversion (FCF/Net Income) | 0.83x | 0.89x | 0.94x | 0.89x | 0.41x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying APGE stock.
Apogee Therapeutics, Inc. (APGE) generated $-227.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Apogee Therapeutics, Inc. (APGE) reported negative free cash flow of $232.6M in 2025, indicating capital requirements exceeded cash from operations.
Apogee Therapeutics, Inc. (APGE) spent $5.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Cash runway and dilution risk
Metrics are mathematically derived from official filings.
Cash Conversion Lags Reported Losses
Operating cash outflows averaged 87% of net losses over the past ten quarters, with Q2 2026 OCF/NI at 0.83, indicating non-cash charges like SBC partially offset cash burn.
The persistent gap between net income and operating cash flow, though modest, suggests that reported losses are not fully cash-based. In Q2 2026, SBC of $16.7M exceeded the $14.5M difference between net loss and OCF, implying other working capital changes consumed cash. This pattern indicates that the company's cash burn is slightly more severe than the income statement suggests, warranting close monitoring of cash runway.
Burn Rate Accelerates with Clinical Progress
Free cash flow deteriorated from -$32.0M in Q1 2024 to -$71.4M in Q2 2026, a 123% increase, reflecting expanded Phase 2 trials and pipeline advancement.
The FCF trajectory shows a clear acceleration in cash consumption, consistent with the company's transition into later-stage clinical development. Despite the positive Phase 2 data, the quarterly burn has more than doubled over two years, suggesting that the company is investing heavily in its pipeline. With cash reserves of $131.5M, the current burn rate implies less than two quarters of runway, underscoring the urgency for additional financing.
Minimal CapEx Reflects Asset-Light Model
Capital expenditures have been negligible, averaging under $0.5M per quarter, indicating a virtual asset-light model where R&D outsourcing and partnerships dominate, not physical infrastructure.
The near-zero capex is typical for a clinical-stage biotech that relies on contract research organizations and manufacturing partners. This suggests that the company's cash burn is almost entirely operational, driven by R&D expenses rather than capital investment. Investors should note that future commercialization would likely require significant capex, but for now, the capital intensity remains minimal.
Working Capital Swings Minimal but Negative
Working capital changes have been consistently negative, averaging -$1.7M per quarter, with Q2 2026 at -$1.5M, indicating slight cash drag from operational timing.
The negative working capital changes, though small, suggest that the company is using cash to fund receivables or prepaid expenses, possibly related to clinical trial activities. The fluctuations are not material relative to the overall burn, but they do indicate that the company's cash conversion cycle is slightly unfavorable. This is typical for a pre-revenue company with limited operational scale.
No Capital Returns; All Cash to R&D
No dividends or buybacks were paid over the past ten quarters, with all cash directed toward R&D and operations, reflecting a pure reinvestment strategy in clinical development.
The absence of capital returns is expected for a clinical-stage biotech, as the company prioritizes funding its pipeline. The cash deployment is entirely focused on advancing APG777 and other programs, which is consistent with the company's growth strategy. However, the lack of any return to shareholders means that investors are entirely reliant on clinical success and potential future partnerships or acquisitions for value realization.
Cumulative Losses Exceed Cash Burn
Over the past ten quarters, cumulative net losses totaled -$598M, while cumulative operating cash outflows were -$526M, a $72M divergence driven by non-cash charges like SBC.
The cumulative gap between net income and operating cash flow indicates that reported losses overstate the actual cash consumed, primarily due to stock-based compensation. This divergence suggests that the company's cash burn is less severe than the income statement implies, but still substantial. Investors should adjust for SBC when assessing the true cash runway, as the company's cash position may last slightly longer than net loss trends suggest.
What the Cash Flow Statement Obscures
Stock-based compensation of $16.7M in Q2 2026, representing 19% of operating expenses, inflates reported losses but does not consume cash, potentially masking a lower operational burn.
The cash flow statement reveals that SBC is a significant non-cash charge, which may lead investors to overestimate the actual cash consumption. However, the company's cash runway remains critically short, and the lack of revenue means that all cash outflows are operational. Additionally, potential future milestone payments related to licensing agreements, such as the Xencor YTE technology, could create lumpy cash requirements not fully captured in current statements, warranting close attention to contractual obligations.