Revenue remains highly erratic with negative quarterly figures reported in 2024Q4, while operating losses frequently exceed $25 million per quarter, indicating a lack of scalable commercial traction.
| Sales/Revenue | 1.02M | 8.5M | 198K | 821K | 323K | 2K | 1.84M | 0 |
| Revenue Growth % | 213.54% | 4192.93% | -75.88% | 154.18% | 16050% | -99.89% | - | - |
| Cost of Goods Sold | 0 | 255K | 0 | 0 | 0 | 0 | 0 | 369K |
| COGS % of Revenue | - | 3% | - | - | - | - | - | - |
| Gross Profit | 1.02M | 8.24M | 198K | 821K | 323K | 2K | 1.84M | -369K |
| Gross Margin % | 100% | 97% | 100% | 100% | 100% | 100% | 100% | - |
| Gross Profit Growth % | - | 4064.14% | -75.88% | 154.18% | 16050% | -99.89% | 598.1% | - |
| Operating Expenses | 97.17M | 17.72M | 42.33M | 54.83M | 45.4M | 50.86M | 42.48M | 24.38M |
| OpEx % of Revenue | - | 208.45% | 21380.81% | 6678.93% | 14056.97% | 2542950% | 2311.43% | - |
| Selling, General & Admin | 38.41M | 12.44M | 17.77M | 20.64M | 9.95M | 15.29M | 11.04M | 5.94M |
| SG&A % of Revenue | - | 146.38% | 8973.74% | 2514.13% | 3079.57% | 764550% | 600.82% | - |
| Research & Development | 58.76M | 5.53M | 24.57M | 34.19M | 35.46M | 35.57M | 31.44M | 18.44M |
| R&D % of Revenue | - | 65.07% | 12407.07% | 4164.8% | 10977.4% | 1778400% | 1710.61% | - |
| Other Operating Expenses | 0 | -255K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -96.15M | -9.47M | -42.14M | -54.01M | -45.08M | -50.86M | -40.65M | -24.75M |
| Operating Margin % | -9435.62% | -111.45% | -21280.81% | -6578.93% | -13956.97% | -2542850% | -2211.43% | - |
| Operating Income Growth % | - | 77.52% | 21.99% | -19.81% | 11.36% | -25.12% | -64.24% | - |
| EBITDA | -95.97M | -9.22M | -42.06M | -53.91M | -44.9M | -50.7M | -40.51M | -24.38M |
| EBITDA Margin % | -9418.45% | -108.45% | -21244.44% | -6566.38% | -13900.62% | -2535200% | -2203.97% | - |
| EBITDA Growth % | -0.39% | 78.09% | 21.97% | -20.07% | 11.45% | -25.17% | -66.16% | - |
| D&A (Non-Cash Add-back) | 175K | 255K | 72K | 103K | 182K | 153K | 137K | 369K |
| EBIT | -94.68M | -9.47M | -41.13M | -53.55M | -44.06M | -50.27M | -40.65M | -45.71M |
| Net Interest Income | 904K | 87K | 301K | 603K | 338K | 384K | 258K | 656K |
| Interest Income | 904K | 152K | 480K | 753K | 431K | 467K | 330K | 702K |
| Interest Expense | 0 | 65K | 179K | 150K | 93K | 83K | 72K | 46K |
| Other Income/Expense | -130.04M | -1.46M | -11.46M | -118.58M | -195.73M | -43.94M | -34.26M | -21M |
| Pretax Income | -226.19M | -10.94M | -53.6M | -172.59M | -240.81M | -94.8M | -74.91M | -45.75M |
| Pretax Margin % | -22197.25% | -128.66% | -27070.2% | -21022.05% | -74554.18% | -4739800% | -4075.35% | - |
| Income Tax | 269K | 3K | 259K | 10K | 1K | 1K | -85K | 153K |
| Effective Tax Rate % | -0.12% | -0.03% | -0.48% | -0.01% | -0% | -0% | 0.11% | -0.33% |
| Net Income | -226.46M | -10.94M | -53.86M | -172.6M | -240.81M | -94.8M | -74.82M | -45.91M |
| Net Margin % | -22223.65% | -128.69% | -27201.01% | -21023.26% | -74554.49% | -4739850% | -4070.73% | - |
| Net Income Growth % | 32.52% | 79.69% | 68.8% | 28.33% | -154.03% | -26.7% | -62.99% | - |
| Net Income (Continuing) | -226.46M | -10.94M | -53.86M | -172.6M | -240.81M | -94.8M | -74.82M | -45.91M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -205.39 | -7.57 | -52.80 | -231.99 | -61.60 | -23.45 | -20.70 | -0.53 |
| EPS Growth % | -3727.08% | 85.66% | 77.24% | -276.61% | -162.69% | -13.29% | -3805.66% | - |
| EPS (Basic) | - | -7.57 | -52.80 | -231.99 | -61.60 | -23.45 | -20.70 | -0.53 |
| Diluted Shares Outstanding | 1.1M | 1.45M | 926.47K | 743.97K | 867.96K | 867.96K | 867.96K | 867.96K |
| Basic Shares Outstanding | 1.1M | 1.45M | 926.47K | 743.97K | 867.96K | 867.96K | 867.96K | 867.96K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Imminent liquidity and financing risk
As reported in financial statements, Apollomics' revenue trajectory remains highly erratic, characterized by negative quarterly figures in late 2024 that underscore the absence of a sustainable commercial base, with growth metrics appearing more reflective of accounting adjustments than genuine market adoption of the company's oncology pipeline.
The revenue profile is dominated by non-recurring milestone payments, which creates significant quarter-over-quarter volatility. Investors should interpret the negative revenue figures in recent periods as a potential reversal of prior accruals, suggesting that the company lacks a predictable or recurring revenue stream necessary to support its current operational scale.
Based on the company's reported figures, research and development expenses have remained consistently elevated near $17 million per quarter, highlighting a rigid cost structure that continues to outstrip the sporadic and unreliable inflows generated from licensing activities or collaboration-based milestone payments.
The company's cost structure is heavily skewed toward clinical trial maintenance, which provides little flexibility for expense reduction without compromising the core pipeline. This persistent R&D burn, combined with significant stock-based compensation, suggests that the firm is prioritizing clinical milestones over immediate fiscal discipline, which may be unsustainable given the current cash position.
According to recent SEC filings, Apollomics continues to exhibit deeply negative operating margins, with operating losses frequently exceeding $25 million per quarter, indicating that the firm has yet to achieve the necessary scale to leverage its fixed overhead against its limited and lumpy revenue base.
The lack of operating leverage is a direct consequence of the company's pre-commercial status, where SG&A and R&D costs are decoupled from revenue generation. Without a clear path to commercialization, the current operating structure suggests that further scaling of clinical activities will only exacerbate the existing cash burn, necessitating external capital infusions.
As indicated by the company's reported cash reserves of approximately $3.27 million, the firm faces an acute liquidity crisis that warrants further investigation into its ability to fund ongoing clinical trials without resorting to highly dilutive equity financing or seeking immediate strategic partnerships.
The disparity between the company's quarterly cash burn and its reported cash balance suggests that the current financial trajectory is unsustainable in the near term. Short-sellers would likely focus on this narrow runway as a primary catalyst for potential equity dilution, which could significantly impair shareholder value if the company fails to secure non-dilutive funding.
Quick answers to the most common questions about buying APLM stock.
For fiscal year 2025, Apollomics, Inc. (APLM) reported total revenue of $8.5M.
Apollomics, Inc. (APLM) reported a net loss of $10.9M for the fiscal year ending 2025.
Apollomics, Inc. (APLM) reported an operating income of $-9.5M, resulting in an operating profit margin of -111.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Apollomics, Inc. (APLM) generated $8.2M in gross profit for the year, representing a gross profit margin of 97.0%. This demonstrates the company's core pricing power and production efficiency.