Recent News
On February 17, 2026 an institutional investor disclosed an incremental stake increase in Apogee, reported via regulatory filings. The company announced management participation at multiple investor conferences in early March 2026, including a TD Cowen fireside chat and attendance at UBS and Jefferies biotech summits. A definitive proxy statement set virtual shareholder meeting logistics and director/auditor votes for 2026. The company filed routine SEC materials and annual-form disclosures in late February 2026 showing updated share counts and registrant information.
Technical Analysis
Directional indicators show trend strength (ADX 26.12) concurrent with bearish positioning: DI+ issued a peak-and-reversal signal while DI– produced a dip-and-reversal, implying a strengthening downside bias within a developing trend. ADX at 26.12 confirms a trending environment rather than rangebound conditions.
MACD sits below its signal line (MACD 3.25 vs signal 3.67) and carries a peak-and-reversal profile, indicating bearish momentum and absence of a bullish MACD crossover; momentum appears to be rolling over from prior strength.
The Momentum/Regression Oscillator registers positive at 35.34 with a peak-and-reversal pattern; price currently sits above the model target, which corresponds to a higher probability of mean reversion downward toward target levels over the near term.
RSI at 58.41 with a peak-and-reversal pattern signals waning upside momentum; the indicator remains below extreme overbought levels but shows a short-term retreat from recent highs.
Price behavior versus moving averages shows short-term weakness against the fastest EMAs and SMAs: the close at $86.47 sits below the 12-day EMA ($87.62) and the 20-day average ($88.29), yet remains above the 50-day ($77.73) and 200-day ($60.95) averages—this alignment suggests short-term pressure constrained by longer-term support bands.
Bollinger context places the share price inside the 1x standard-deviation band (upper $91.19 / lower $85.38) with the lower 1x band near immediate support; the SuperTrend lower at $84.02 offers a secondary floor. Volume at 834,131 currently exceeds the 10-day average, providing conviction to recent moves while remaining below the 200-day average.
Fundamental Analysis
Operating results remain loss-making: EBIT -$78,056,000 and EBITDA -$77,650,000, with net income -$69,387,000 for the period. EPS came in at -$1.03 versus an estimate of -$1.04, producing a positive EPS surprise of 0.96%.
Cash resources prove ample: cash and short-term investments total $730,192,000 while operating cash flow registered -$68,136,000 and free cash flow -$62,751,000, indicating available runway against current burn. Research & development expense reached $58,444,000, reflecting pipeline investment intensity.
Leverage remains minimal—total debt $8,849,000 and debt-to-assets 0.94%—and liquidity metrics sit well above peers: current ratio 26.57 (industry peer mean 3.87), demonstrating a strong short-term coverage position relative to typical biotech comparators.
Valuation math shows a price-to-book of 5.226 (book value $13.21), marginally above the industry peer mean of 5.187 and below the industry peer median of 6.164; P/B rose approximately 8.91% quarter-over-quarter and roughly 124.63% year-over-year. P/E remains negative (-67.05) and forward EPS projections stay below zero (forward EPS -$1.36 / forward PE -47.53), limiting earnings-based valuation comparators.
WMDST values the stock as over-valued based on negative operating profitability, elevated price-to-book, and forward negative earnings despite a significant cash balance and very low leverage; the balance between strong liquidity and absent near-term profitability supports an over-valued classification rather than fair or undervalued status.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-03-02 |
| NEXT REPORT DATE: | 2026-06-01 |
| CASH FLOW | Begin Period Cash Flow | $ 107.9 M |
| Operating Cash Flow | $ -68.14 M | |
| Capital Expenditures | $ -62.00 K | |
| Change In Working Capital | $ -4.86 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 23.6 M | |
| End Period Cash Flow | $ 131.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 406.0 K | |
| Depreciation and Amortization | $ 406.0 K | |
| Research and Development | $ 58.4 M | |
| Total Operating Expenses | $ 78.1 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -77.65 M | |
| EBIT | $ -78.06 M | |
| Operating Income | $ -78.06 M | |
| Interest Income | $ 8.7 M | |
| Interest Expense | — | |
| Net Interest Income | $ 8.7 M | |
| Income Before Tax | $ -69.33 M | |
| Tax Provision | $ 62.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -69.39 M | |
| Net Income From Continuing Operations | $ -69.39 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.04 | |
| EPS Actual | $ -1.03 | |
| EPS Difference | $ 0.01 | |
| EPS Surprise | 0.962 % | |
| Forward EPS | $ -1.36 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 937.1 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 903.9 M | |
| Total Current Assets | $ 741.4 M | |
| Cash and Short-Term Investments | $ 730.2 M | |
| Cash | $ 131.5 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 8.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.2 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 27.9 M | |
| Net Debt | — | |
| Total Debt | $ 8.8 M | |
| Total Liabilities | $ 33.3 M | |
| EQUITY | ||
| Total Equity | $ 903.9 M | |
| Retained Earnings | $ -561.76 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 13.21 | |
| Shares Outstanding | 68.401 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 4.7 B |
| Enterprise Value | $ 4.0 B | |
| Enterprise Multiple | -51.547 | |
| Enterprise Multiple QoQ | 59.092 % | |
| Enterprise Multiple YoY | 109.12 % | |
| Enterprise Multiple IPRWA | high: 67.346 median: 46.684 mean: 12.661 APGE: -51.547 low: -114.076 |
|
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.037 | |
| Asset To Liability | 28.184 | |
| Debt To Capital | 0.01 | |
| Debt To Assets | 0.009 | |
| Debt To Assets QoQ | -40.025 % | |
| Debt To Assets YoY | -39.834 % | |
| Debt To Assets IPRWA | high: 1.032 mean: 0.122 APGE: 0.009 median: 0.003 low: 0.0 |
|
| Debt To Equity | 0.01 | |
| Debt To Equity QoQ | -41.726 % | |
| Debt To Equity YoY | -15.458 % | |
| Debt To Equity IPRWA | high: 1.524 mean: 0.137 APGE: 0.01 median: 0.005 low: -0.957 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.226 | |
| Price To Book QoQ | 8.908 % | |
| Price To Book YoY | 124.627 % | |
| Price To Book IPRWA | high: 19.432 median: 6.164 APGE: 5.226 mean: 5.187 low: -10.511 |
|
| Price To Earnings (P/E) | -67.051 | |
| Price To Earnings QoQ | 59.097 % | |
| Price To Earnings YoY | 94.873 % | |
| Price To Earnings IPRWA | high: 71.892 mean: -21.078 median: -32.121 APGE: -67.051 low: -107.019 |
|
| PE/G Ratio | 9.304 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -47.526 | |
| Forward PE/G | 6.594 | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | — | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | — | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 937.301 mean: 220.236 median: 192.562 APGE: 0 low: -594.03 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | -0.153 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 903.9 M | |
| Net Invested Capital | $ 903.9 M | |
| Invested Capital | $ 903.9 M | |
| Net Tangible Assets | $ 903.9 M | |
| Net Working Capital | $ 713.5 M | |
| LIQUIDITY | ||
| Cash Ratio | 26.166 | |
| Current Ratio | 26.566 | |
| Current Ratio QoQ | 67.47 % | |
| Current Ratio YoY | 43.235 % | |
| Current Ratio IPRWA | high: 27.397 APGE: 26.566 mean: 3.871 median: 2.827 low: 0.027 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.114 | |
| Cost Of Debt | 0.084 % | |
| Interest Coverage Ratio | -7805.6 | |
| Interest Coverage Ratio QoQ | 9.509 % | |
| Interest Coverage Ratio YoY | 2.866 % | |
| Interest Coverage Ratio IPRWA | high: 671.002 mean: 40.31 median: 3.11 low: -1571.333 APGE: -7805.6 |
|
| Operating Cash Flow Ratio | -2.442 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 49.664 % | |
| Revenue Growth | — | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | — | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | -7.207 % | |
| Earnings Growth QoQ | 307.175 % | |
| Earnings Growth YoY | -118.782 % | |
| Earnings Growth IPRWA | high: 204.0 % APGE: -7.207 % median: -14.286 % mean: -16.965 % low: -237.5 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -62.75 M | |
| Free Cash Flow Yield | -1.328 % | |
| Free Cash Flow Yield QoQ | -31.12 % | |
| Free Cash Flow Yield YoY | -53.371 % | |
| Free Cash Flow Yield IPRWA | high: 21.452 % median: 0.303 % mean: 0.182 % APGE: -1.328 % low: -51.848 % |
|
| Free Cash Growth | 15.659 % | |
| Free Cash Growth QoQ | -215.114 % | |
| Free Cash Growth YoY | -72.271 % | |
| Free Cash Growth IPRWA | high: 177.21 % APGE: 15.659 % median: -24.526 % mean: -33.041 % low: -201.25 % |
|
| Free Cash To Net Income | 0.904 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 0.982 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -8.877 % | |
| Return On Assets QoQ | -12.352 % | |
| Return On Assets YoY | 1.047 % | |
| Return On Assets IPRWA | high: 33.814 % median: 1.099 % mean: -2.68 % APGE: -8.877 % low: -65.985 % |
|
| Return On Capital Employed (ROCE) | -8.585 % | |
| Return On Equity (ROE) | -0.077 | |
| Return On Equity QoQ | -30.769 % | |
| Return On Equity YoY | 16.707 % | |
| Return On Equity IPRWA | high: 0.809 median: 0.036 mean: 0.001 APGE: -0.077 low: -1.16 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | -6.822 % | |
| Return On Invested Capital QoQ | -28.967 % | |
| Return On Invested Capital YoY | -145.745 % | |
| Return On Invested Capital IPRWA | high: 50.944 % median: 3.016 % mean: -0.095 % APGE: -6.822 % low: -58.737 % |
|