Recent News
Jan 7, 2026 — Wolfe Research initiated coverage of Apogee with a Peer Perform recommendation. March 2026 — management scheduled investor appearances at TD Cowen (March 3), UBS Biotech Summit Miami (March 9) and Jefferies Biotech on the Beach (March 10). February–March 2026 — reports noted a Samsung Biologics manufacturing agreement that includes an exit fee in the high single-digit millions, and online posts in late March 2026 reported 52‑week maintenance data from the Phase 2 APEX trial.
Technical Analysis
Directional indicators: ADX reads 16.59, indicating no established trend; however, the positive directional indicator (DI+) shows a dip-and-reversal at 25.60 (bullish), while the negative directional indicator (DI-) shows a peak-and-reversal at 17.85 (also bullish). Together these directional readings favor near-term upward bias but lack the ADX confirmation of a strong trend.
MACD and momentum: MACD sits at 1.30 versus a signal line at 0.57 and shows a dip-and-reversal; the MACD has crossed above its signal line, signaling bullish momentum and recent acceleration in buying pressure.
MRO (Momentum/Regression Oscillator): MRO = 26.26 and has undergone a dip-and-reversal. Because the MRO is positive, the price sits above the model target and faces mean-reversion downside pressure despite the bullish momentum signal.
RSI: RSI = 53.66 with a dip-and-reversal. The RSI occupies a neutral-to-favorable band and the reversal suggests renewed upward momentum without an overbought reading.
Price vs. averages and bands: Last close $77.82 sits above the 20‑day average $73.19, the 50‑day average $71.24 and the 200‑day average $56.48, reinforcing short- and medium-term upside bias. Bollinger band upper bounds lie near $78–$83; the current price trades near the lower end of the upper band range, consistent with recent upward pressure but with room toward the upper band.
Volume and volatility: Today’s volume of 1,529,257 sits below the 10‑day average (1,743,156) but above the 50‑day (1,098,965) and 200‑day (904,163) averages, suggesting participation above longer-term norms even as very-short-term interest pulled back. 42‑day and 52‑week volatilities register 4%.
Fundamental Analysis
Profitability and cash flow: The company reported EBIT of -$78,056,000, EBITDA of -$77,650,000 and net income of -$69,387,000 for the period ending 2025-12-31. Operating cash flow totaled -$68,136,000 and free cash flow came in at -$62,751,000, while free cash to net income equaled 90.4%, indicating a cash conversion profile roughly tracking reported losses.
Balance sheet strength: Cash and short‑term investments total $730,192,000 and total current assets equal $741,358,000. The current ratio stands at 26.57, a QoQ change of -32.5% and a YoY change of -56.8% (current ratio remains very large in absolute terms). Total debt equals $8,849,000, producing a debt-to-assets ratio of 0.94% and debt-to-equity of 0.98%, reflecting minimal leverage.
R&D and operating profile: Research and development expense totaled $58,444,000 against total operating expenses roughly matching operating losses; capital expenditures remain negligible at -$62,000. The firm’s asset growth rate registers 49.66% year-over-year, reflecting investment into pipeline advancement.
Earnings per share and surprises: EPS actual = -$1.03 versus estimate -$1.04, an EPS surprise of approximately +0.96% (EPSdifference +$0.01). Forward EPS carries a negative value (-$1.374), and reported PE and forward PE remain negative, indicating the company lacks positive net earnings on a forward basis.
Valuation multiples and peer context: Price-to-book ratio = 5.23, a YoY increase of approximately 24.6% and a QoQ change of -91.1%; the P/B sits slightly below the industry peer mean of 5.37. Price-to-earnings remains negative at -67.05; forward PE also negative. Cash-rich balance sheet and minimal leverage elevate valuation multiples despite ongoing losses.
WMDST valuation view: The current valuation as determined by WMDST classifies the stock as over-valued. The consensus price target mean among analysts stands at $83.19 while the last close registered $77.82; that spread places market expectations modestly above the present price even as the WMDST view flags over-valuation given fundamentals and stated assumptions.
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 | $ -1.37 | |
| 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: 102.834 median: 58.093 mean: 23.276 APGE: -51.547 low: -124.494 |
|
| 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: 0.934 mean: 0.255 median: 0.191 APGE: 0.009 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: 1.62 mean: 0.403 median: 0.109 APGE: 0.01 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: 19.873 median: 5.998 mean: 5.374 APGE: 5.226 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: 90.06 median: 53.472 mean: 15.238 APGE: -67.051 low: -123.688 |
|
| 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: 30.664 APGE: 26.566 mean: 5.399 median: 2.901 low: 0.337 |
|
| 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: 404.333 mean: 38.993 median: 3.319 low: -696.975 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: 203.846 % APGE: -7.207 % mean: -21.145 % median: -28.395 % low: -250.0 % |
|
| 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 % mean: 0.307 % median: 0.303 % APGE: -1.328 % low: -34.522 % |
|
| Free Cash Growth | 15.659 % | |
| Free Cash Growth QoQ | -215.114 % | |
| Free Cash Growth YoY | -72.271 % | |
| Free Cash Growth IPRWA | high: 155.964 % APGE: 15.659 % median: -24.801 % mean: -28.191 % low: -220.947 % |
|
| 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: 27.866 % median: 1.475 % mean: -1.898 % APGE: -8.877 % low: -47.9 % |
|
| 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: 0.657 median: 0.051 mean: 0.015 APGE: -0.077 low: -0.924 |
|
| 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: 35.992 % median: 3.016 % mean: 0.917 % APGE: -6.822 % low: -50.412 % |
|