Apogee Therapeutics, Inc. Leases Disclosure
In November 2023, the Company entered into a lease agreement for lab space. In June 2024, the agreement was amended to expand the space and extend the lease term through November 2026, with the option to extend for one year. In January 2025, the agreement was amended to further expand the space. As of December 31, 2025, the remaining lease term was 0.9 years and the weighted average incremental borrowing rate used to determine the operating lease liability was 9.1%.
In September 2024, the Company entered into a lease agreement for office space. The lease term is five years with two one-year options to extend. As of December 31, 2025, the remaining lease term was 3.8 years and the incremental borrowing rate used to determine the operating lease liability was 6.0%.
As of December 31, 2025, the current and non-current operating lease liabilities were $3.5 million and $5.3 million, respectively. The Company incurred lease expense of $4.4 million, $2.3 million and $0.1 million for the years ended December 31, 2025, 2024, and 2023, respectively. As of December 31, 2025, the weighted average remaining lease term was 3.2 years and the weighted average incremental borrowing rate used to determine the operating lease liability was 6.7%.
As of December 31, 2025, the future minimum lease payments for the Company’s operating lease for each of the years ending December 31 were as follows (in thousands):
|
|
Amount |
|
|
2026 |
|
$ |
3,916 |
|
2027 |
|
|
2,049 |
|
2028 |
|
|
2,110 |
|
2029 |
|
|
1,617 |
|
Thereafter |
|
|
— |
|
Total undiscounted lease payments |
|
|
9,692 |
|
Present value adjustment |
|
|
(843 |
) |
Total net lease liabilities |
|
$ |
8,849 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Mar 5, 2024 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.