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Apogee Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing research and development expenses of $45.7 million, an increase from $17.1 million in the same quarter the previous year. The increase is attributed to further development of the APG777, APG808, APG990, and APG333 programs.
General and administrative expenses for the quarter were $12.9 million, up from $7.2 million in the previous year, primarily due to increased personnel costs.
The company reported a net loss of $49.0 million for the quarter, compared to $20.8 million in the previous year, with the increase attributed to higher operating expenses.
Interest income for the quarter was $9.7 million, compared to $3.5 million in the previous year, primarily related to interest on cash, cash equivalents, and marketable securities.
As of September 30, 2024, Apogee had cash and cash equivalents of $118.8 million, marketable securities of $407.3 million, and long-term marketable securities of $227.7 million.
The company expects its existing cash resources to fund operations and capital expenditure requirements into the first quarter of 2028.
Apogee continues to advance its clinical programs, with ongoing trials for APG777, APG808, and APG990, and has initiated a Phase 2 trial for APG777 in patients with moderate-to-severe atopic dermatitis.
The filing also details various collaborations and licensing agreements, including those with Paragon Therapeutics, Inc., for antibody discovery and development.
Apogee anticipates the need for substantial additional funding to support its continued operations and growth strategy, with plans to finance through equity, debt financings, or other capital sources.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Apogee Therapeutics Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.