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 The price and figures on this page are from its last trading day and final filings, and are no longer updated.
Latest Ratios: P/E Ratio N/A · EV/EBITDA N/A · ROE N/A. (2022–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Market Cap | — | $4.6B | $2.5B | $1.4B | — |
| Enterprise Value | — | $4.5B | $2.4B | $1.3B | — |
| P/E Ratio → | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — |
| P/B Ratio | — | 5.07 | 3.49 | 3.73 | — |
| P/FCF | — | — | — | — | — |
| P/OCF | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — |
| EV / FCF | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — |
| Operating Margin | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | — | -31.6% | -33.2% | -32.2% | -28.0% |
| ROA | — | -30.3% | -31.5% | -30.3% | -26.2% |
| ROIC | — | -31.3% | -38.3% | -55.0% | — |
| ROCE | — | -34.9% | -39.2% | -35.6% | -21.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | — | 0.01 | 0.02 | 0.01 | — |
| Debt / EBITDA | — | — | — | — | — |
| Net Debt / Equity | — | -0.14 | -0.18 | -0.31 | -1.07 |
| Net Debt / EBITDA | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -4.35 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | — | 26.57 | 18.55 | 19.38 | 15.24 |
| Quick Ratio | — | 26.57 | 18.55 | 19.38 | 15.24 |
| Cash Ratio | — | 26.17 | 18.23 | 19.24 | 15.22 |
| Asset Turnover | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — |
| FCF Yield | — | — | — | — | — |
| Buyback Yield | — | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | — | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $61M | $55M | $51M | $51M |
Includes 30+ ratios · 4 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying APGE stock.
Based on historical data, Apogee Therapeutics, Inc. is trading at valuation metrics that vary. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
Cash runway and dilution risk
Metrics are mathematically derived from official filings.
Liquidity Masked by High Current Ratio
Despite a current ratio of 26.44 in Q2 2026, cash dropped to $105.6M from $451.8M in Q1 2026, implying under two quarters of runway based on recent burn rates, per balance sheet data.
The current ratio appears robust, but it is inflated by the absence of near-term liabilities and does not reflect the rapid cash consumption. With quarterly operating cash outflows averaging around $50M, the liquidity buffer is depleting quickly. Investors should monitor the pace of cash burn relative to clinical milestones, as the current ratio may overstate financial flexibility.
Minimal Debt Masks Future Financing Needs
Debt-to-equity stands at 0.01 with total debt of $6.8M, but the company's reliance on equity funding implies potential dilution risk as cash reserves dwindle, based on reported balance sheet figures.
The negligible leverage suggests no immediate debt service concerns, but it also indicates that the company has not tapped debt markets, likely due to its pre-revenue status. The absence of debt does not eliminate refinancing risk; rather, it shifts the risk to equity dilution. As the cash runway shortens, the company may need to raise capital, which could dilute existing shareholders.
Asset-Light Model with Minimal Working Capital Needs
Asset turnover is not meaningful due to no revenue, but PP&E is under 1% of total assets, indicating an asset-light model where value resides in intangible pipeline assets, per balance sheet data.
The efficiency ratios are largely uninformative for a pre-revenue biotech, as there is no revenue to turn over assets. However, the minimal tangible asset base suggests that the company's value is tied to its clinical pipeline and intellectual property. Working capital swings have been minimal, averaging -$1.7M per quarter, indicating that the company does not require significant inventory or receivables management, typical of a clinical-stage firm.
Negative Returns Reflect Pre-Revenue Investment Phase
ROIC has deteriorated from -8.4% in Q2 2024 to -7.5% in Q2 2026, with ROE at -7.0%, reflecting heavy investment in clinical development with no revenue, as reported in financial statements.
The negative returns on capital are expected for a clinical-stage biotech, as the company is investing heavily in R&D with no top-line revenue. The slight improvement in ROIC from -9.9% in Q1 2024 to -7.5% in Q2 2026 may indicate that the company is becoming more efficient in its capital deployment, but this is likely due to a larger capital base rather than operational improvements. Investors should focus on the potential for future returns if the pipeline succeeds, rather than current negative returns.
Losses Swell with Stock-Based Compensation
Net loss deepened to -$85.9M in Q2 2026, including $16.7M in stock-based compensation, which represents 19% of operating expenses and inflates reported losses, according to income statement data.
The profitability metrics are all negative, as expected for a pre-revenue company. However, the reported net loss overstates the cash burn because it includes non-cash stock-based compensation. Adjusting for SBC, the operational burn is lower, but still substantial. The lack of revenue means that gross, operating, and net margins are not meaningful, and investors should focus on cash burn and clinical progress rather than traditional profitability ratios.
Misapplied P/B Ratio in Pre-Revenue Biotech
The price-to-book ratio of 9.04 is often misapplied to pre-revenue biotechs, as book value is dominated by cash and intangible pipeline assets, obscuring the true value driver, per valuation data.
For a clinical-stage company like Apogee, P/B is not a reliable valuation metric because book value is largely composed of cash raised from equity offerings and intangible assets that have no market value until clinical success. The market's valuation is driven by the probability-adjusted net present value of the pipeline, not by the accounting book value. A more appropriate metric would be EV/Invested Capital or a risk-adjusted NPV analysis, which better captures the value of the clinical pipeline and the potential for future cash flows.