Apogee Therapeutics, Inc. Segments Disclosure
The Company has one operating segment and one reporting unit. The Company’s chief operating decision maker (“CODM”), its , manages the Company’s operations on a consolidated basis for the purposes of assessing performance and allocating resources. All of the Company’s assets are located in the United States.
The following table summarizes the Company’s segment information for the periods presented (in thousands):
|
|
YEAR ENDED DECEMBER 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Operating expenses(1): |
|
|
|
|
|
|
|
|
|
|||
Research and development personnel-related (excluding equity-based compensation) |
|
$ |
68,490 |
|
|
$ |
39,013 |
|
|
$ |
9,387 |
|
External research and development costs - zumilokibart (APG777) |
|
|
76,441 |
|
|
|
49,241 |
|
|
|
21,644 |
|
External research and development costs - APG990 / APG279 |
|
|
16,250 |
|
|
|
20,000 |
|
|
|
— |
|
External research and development costs - APG333 / APG273 |
|
|
5,257 |
|
|
|
28,095 |
|
|
|
— |
|
External research and development costs - APG808 |
|
|
3,136 |
|
|
|
10,311 |
|
|
|
20,801 |
|
External-discovery related costs and other |
|
|
22,469 |
|
|
|
11,064 |
|
|
|
15,019 |
|
General and administrative personnel-related (excluding equity-based compensation) |
|
|
26,740 |
|
|
|
16,935 |
|
|
|
8,047 |
|
General and administrative operations(2) |
|
|
19,117 |
|
|
|
18,690 |
|
|
|
12,002 |
|
Equity-based compensation |
|
|
46,277 |
|
|
|
23,332 |
|
|
|
6,103 |
|
Depreciation expense |
|
|
1,418 |
|
|
|
189 |
|
|
|
— |
|
Interest income |
|
|
(30,030 |
) |
|
|
(34,742 |
) |
|
|
(9,018 |
) |
Provision for income taxes |
|
|
278 |
|
|
|
18 |
|
|
|
— |
|
Consolidated net loss |
|
$ |
255,843 |
|
|
$ |
182,146 |
|
|
$ |
83,985 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.