Apogee Therapeutics, Inc. (APGE)

Price$135.07Cached quoteAs of 2026-09-03 22:44 UTC

AI: Fair-priced

Price checkThe shares are fairly priced because they sit almost exactly at AbbVie’s agreed cash offer.

AbbVie agreed to buy Apogee for about $135 per share in cash, and the observed market price is less than 0.2% below that consideration. Nasdaq says the merger is tentatively scheduled to close before trading on September 3, after shareholder approval and key antitrust clearances. That leaves only a tiny return for taking residual closing risk. A larger discount would be warranted if the deal looked shaky, but current evidence instead supports Fair-priced rather than clearly cheap or expensive.

Big pictureApogee burns cash rapidly, but its large liquid reserve sharply reduces near-term financing pressure.

Apogee has no product revenue, so recent losses reflect development spending rather than a weak sales cycle. In the first half of 2026 it lost about $160 million and used about $127 million of operating cash, while research spending reached $128 million. At June 30, cash plus short- and long-term marketable securities totaled about $1.29 billion, against $37.5 million of current liabilities. Annualizing first-half operating cash use suggests roughly five years of coverage, though actual Phase 3 spending could be much higher.

Business strengthStrong clinical data and funding attracted AbbVie, but shareholders paid heavily through dilution before the deal.

In the 346-patient Phase 2 study, 65.9% of patients on the chosen mid dose achieved at least a 75% reduction in eczema severity, versus 23.4% on placebo. Blackstone also committed up to $1.3 billion through royalty-linked funding and possible senior debt, reducing the need for more equity. Still, shares outstanding rose from 58.1 million at year-end 2024 to 75.3 million by June 2026, about 30%. This is not a cyclical business; value swings mainly with trial results, financing, and regulatory milestones.

What could change the storyDeal completion is the main upside trigger; a break would revive large standalone biotech risk.

At the observed price, the remaining upside to AbbVie’s cash consideration is only about 0.1%. If the merger closes as scheduled, little else matters for shareholders. If it breaks, Apogee again becomes a pre-revenue biotech valued near $10.2 billion on June basic shares, versus roughly $1.29 billion of liquid cash and securities, leaving about $8.9 billion tied to future drug success. That standalone value requires strong Phase 3 results, approval, and large commercial sales; failure on any of those assumptions could reopen substantial downside.

AI: News

AbbVie takeover announcedAbbVie agreed to buy Apogee in cash, instantly making deal completion the stock’s main driver.

On June 22, AbbVie announced an all-cash acquisition valuing Apogee at about $10.9 billion, a roughly 49% premium to Apogee’s prior closing price. The transaction centers on zumilokibart and the rest of Apogee’s inflammatory-disease pipeline. This event changed the valuation framework from uncertain standalone drug-development value to a mostly fixed cash outcome if the merger closes, while preserving meaningful downside if closing conditions fail.

Merger approvals advancedShareholders and major regulators cleared the merger, leaving little besides routine closing risk before completion.

Apogee shareholders approved the merger on August 11 with 46.5 million votes for and only 3,885 against. The U.S. antitrust waiting period expired on August 5, while Germany and Austria had also cleared or completed review. Nasdaq then said on August 26 that closing was tentatively scheduled before trading on September 3. These steps materially reduced completion uncertainty and help explain why APGE now trades almost exactly at the agreed cash consideration.

Eczema data and financingStrong eczema results improved the drug case, while unusual financing terms created a mixed investor reaction.

On May 27, the 346-patient Phase 2 trial showed 65.9% of mid-dose patients achieved at least a 75% reduction in eczema severity, versus 23.4% on placebo, supporting Phase 3 advancement. The same day, Blackstone offered up to $1.3 billion through royalty-linked funding and possible senior debt. Reuters reported the shares fell nearly 12% before the market opened. Because the clinical update and financing arrived together, that reaction cannot be cleanly assigned to either item alone.

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Revenue

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2025

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Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022
Revenue	$0	$0	$0	$0
Research & development	$214.7M	$167.9M	$68.4M	$27.8M
Operating expenses	$285.6M	$216.9M	$93.0M	$30.7M
Operating income	−$285.6M	−$216.9M	−$93.0M	−$30.7M
EBITDA	−$284.2M	−$216.7M	−$93.0M	−$30.6M
Net income	−$255.8M	−$182.1M	−$84.0M	−$39.8M
Basic EPSper basic share	-$4.22	-$3.30	-$3.36	-$16.16
Diluted EPSper diluted share	-$4.22	-$3.30	-$3.36	-$16.16

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Owners

Reported shareholders

Ownership data is not available for this listing yet.

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys3$15.99M disclosed value

Sells (SEC code S)128$183.40M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 22, 2026Form 4 · 10b5-1	Dambkowski CarlChief Medical Officer	SellCommon Stock	26.4K	$132.60	$3.50M	179.2K
Jun 22, 2026Form 4 · 10b5-1	HENDERSON MICHAEL THOMASChief Executive Officer	SellCommon Stock	80.0K	$132.54	$10.60M	1.02M
Jun 10, 2026Form 4 · 10b5-1	HENDERSON MICHAEL THOMASChief Executive Officer	SellCommon Stock	614	$86.89	$53.4K	1.10M
Jun 10, 2026Form 4 · 10b5-1	HENDERSON MICHAEL THOMASChief Executive Officer	SellCommon Stock	2.3K	$86.27	$198.9K	1.10M
Jun 10, 2026Form 4 · 10b5-1	HENDERSON MICHAEL THOMASChief Executive Officer	SellCommon Stock	1.6K	$85.19	$134.3K	1.10M