Apogee Therapeutics, Inc. Earnings Per Share Disclosure
Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data):
|
|
YEAR ENDED DECEMBER 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Numerator: |
|
|
|
|
|
|
|
|
|
|||
Net loss |
|
$ |
(255,843 |
) |
|
$ |
(182,146 |
) |
|
$ |
(83,985 |
) |
Net loss attributable to common stockholders, basic and diluted |
|
$ |
(255,843 |
) |
|
$ |
(182,146 |
) |
|
$ |
(83,985 |
) |
Denominator: |
|
|
|
|
|
|
|
|
|
|||
Weighted average shares of common stock outstanding, basic and diluted |
|
|
60,690,820 |
|
|
|
55,193,971 |
|
|
|
25,005,774 |
|
Net loss per share attributable to common stockholders, basic and diluted |
|
$ |
(4.22 |
) |
|
$ |
(3.30 |
) |
|
$ |
(3.36 |
) |
The following potential common shares, presented based on amounts outstanding at period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the period indicated because including them would have been anti-dilutive:
|
|
YEAR ENDED DECEMBER 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Stock options |
|
|
5,610,444 |
|
|
|
5,155,414 |
|
|
|
2,506,017 |
|
Unvested restricted common stock |
|
|
637,594 |
|
|
|
1,415,827 |
|
|
|
2,316,902 |
|
Unvested restricted stock units |
|
|
177,615 |
|
|
|
267,564 |
|
|
|
144,090 |
|
Total |
|
|
6,425,653 |
|
|
|
6,838,805 |
|
|
|
4,967,009 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Mar 5, 2024 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.