Recent News
June 22, 2026: AbbVie announced a definitive agreement to acquire Apogee and its clinical pipeline, including candidates targeting atopic dermatitis and asthma. May 26, 2026: Apogee entered a revenue participation agreement with an affiliate of Blackstone Life Sciences that delivered a $100.0 million tranche of financing tied to future product sales. Late May 2026: Apogee published pipeline progress and confirmed participation in June investor conferences and clinical-readout timing for its APEX Phase 2 program.
Technical Analysis
Trend Strength (ADX): ADX at 64.5 indicates a very strong directional trend; this strength amplifies near-term momentum implications from other indicators and raises the probability that a directional move will carry through short windows.
Directional Indicators (DI+/DI-): DI+ at 48.93 shows prior bullish dominance but the DI+ trend registered a peak-and-reversal, which signals waning bullish directional pressure; DI- at 9.59 shows a dip-and-reversal that signifies increasing bearish directional pressure. Together, these directional reads suggest directional leadership shifting away from the earlier advance, which weighs on the immediate upside case tied to valuation re-rating.
MACD: MACD reads 3.71 with the MACD signal at 5.01 while the MACD trend shows a dip-and-reversal. The dip-and-reversal indicates a resumption of bullish momentum, but MACD remains below its signal line, so a confirmed bullish crossover has yet to occur; momentum recovery requires confirmation before altering the valuation-driven outlook.
MRO (Momentum/Regression Oscillator): MRO at 26.39 sits positive, indicating price sits above the technical target and implies pressure for mean reversion. This suggests a higher probability of downward pressure toward valuation-aligned levels in the near term.
RSI: RSI at 76.46 with a peak-and-reversal trend signals overbought conditions and an elevated risk of a pullback; the RSI profile and MRO together point to short-term reversal risk even as longer-term averages remain supportive.
Price vs. Moving Averages and Bands: Closing price $134.55 trades well above the 200-day average of $85.73 and above the 50-day average of $120.30, consistent with a sustained uptrend; the 12-day EMA shows a peak-and-reversal while the 20-day average at $134.41 sits nearly level with price, and narrow Bollinger band width reflects compressed volatility around recent highs. Price’s proximity to the 52-week high ($134.88) increases the technical sensitivity to mean-reversion signals described above.
Volume and Ichimoku: Today’s volume at ~1.48M sits slightly above the 10-day average and roughly in line with the 200-day average but below the 50-day average, indicating the recent advance lacks the broader volume confirmation seen earlier. Price sits above the Ichimoku cloud (Senkou A $106.01, Senkou B $104.08), supporting longer-term bullish bias while short-term indicators suggest pullback risk tied to mean reversion.
Fundamental Analysis
Profitability and Earnings: Trailing EPS stands at -$1.08 versus an estimate of -$0.96, producing an EPS shortfall of $0.12 or -12.5% versus expectations. Net income for the period registered a loss of $74,111,000 and operating income (EBIT) shows a loss of $82,772,000, reflecting ongoing development-stage spending that drove negative EBITDA of $82,364,000.
Cash, Liquidity, and Capital Structure: Cash of $451,797,000 and cash and short-term investments totaling $1,059,885,000 provide a substantial liquidity buffer relative to total current liabilities of $32,952,000; the current ratio equals 32.59, a QoQ increase of 22.66% and a YoY increase of 105.94%, and it sits above the industry peer high. Total debt remains minimal at $8,047,000, producing a debt-to-assets ratio of 0.62% and a debt-to-equity ratio near 0.64%—both materially low and supportive of optionality for near-term corporate actions tied to the pipeline.
Cash Generation and Capital Use: Operating cash flow shows an outflow of $73,687,000 and free cash flow at -$55,570,000; free cash flow yield stands at -0.93% with a YoY contraction of roughly 60.79% QoQ change also negative. Cash flow to earnings at ~99.43% indicates the company’s cash flows closely track reported losses in the period, reflecting R&D investment intensity ($60,819,000 in R&D).
Valuation Multiples: Price-to-book ratio sits at 4.75, below the industry peer mean of 7.51 and below the peer median of 5.88; P/B QoQ declined ~9.11% but rose ~44.03% YoY. Trailing P/E and forward P/E remain negative (trailing P/E ~ -75.16, forward P/E ~ -54.58) reflecting current negative earnings per share and negative forward EPS. PEG metrics show large negative moves QoQ and YoY consistent with loss-making status. WMDST values the stock as under-valued given the balance between deep liquidity, low leverage, and pipeline valuation optionality versus current multiples.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-08-10 |
| NEXT REPORT DATE: | 2026-11-09 |
| CASH FLOW | Begin Period Cash Flow | $ 131.5 M |
| Operating Cash Flow | $ -73.69 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ 1.5 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 320.2 M | |
| End Period Cash Flow | $ 451.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 408.0 K | |
| Depreciation and Amortization | $ 408.0 K | |
| Research and Development | $ 60.8 M | |
| Total Operating Expenses | $ 82.8 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -82.36 M | |
| EBIT | $ -82.77 M | |
| Operating Income | $ -82.77 M | |
| Interest Income | $ 8.7 M | |
| Interest Expense | — | |
| Net Interest Income | $ 8.7 M | |
| Income Before Tax | $ -74.03 M | |
| Tax Provision | $ 79.0 K | |
| Tax Rate | 40.0 % | |
| Net Income | $ -74.11 M | |
| Net Income From Continuing Operations | $ -74.11 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.96 | |
| EPS Actual | $ -1.08 | |
| EPS Difference | $ -0.12 | |
| EPS Surprise | -12.5 % | |
| Forward EPS | $ -1.31 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.3 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.3 B | |
| Total Current Assets | $ 1.1 B | |
| Cash and Short-Term Investments | $ 1.1 B | |
| Cash | $ 451.8 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 8.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.2 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 33.0 M | |
| Net Debt | — | |
| Total Debt | $ 8.0 M | |
| Total Liabilities | $ 37.9 M | |
| EQUITY | ||
| Total Equity | $ 1.3 B | |
| Retained Earnings | $ -635.87 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 16.77 | |
| Shares Outstanding | 74.882 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 6.0 B |
| Enterprise Value | $ 4.9 B | |
| Enterprise Multiple | -59.658 | |
| Enterprise Multiple QoQ | 15.735 % | |
| Enterprise Multiple YoY | 118.219 % | |
| Enterprise Multiple IPRWA | high: 75.51 median: 50.282 mean: 17.378 APGE: -59.658 low: -126.596 |
|
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.03 | |
| Asset To Liability | 34.169 | |
| Debt To Capital | 0.006 | |
| Debt To Assets | 0.006 | |
| Debt To Assets QoQ | -34.11 % | |
| Debt To Assets YoY | -62.417 % | |
| Debt To Assets IPRWA | high: 1.112 mean: 0.188 median: 0.066 APGE: 0.006 low: 0.0 |
|
| Debt To Equity | 0.006 | |
| Debt To Equity QoQ | -34.525 % | |
| Debt To Equity YoY | -63.476 % | |
| Debt To Equity IPRWA | high: 1.864 mean: 0.269 median: 0.051 APGE: 0.006 low: -1.172 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.75 | |
| Price To Book QoQ | -9.106 % | |
| Price To Book YoY | 44.034 % | |
| Price To Book IPRWA | high: 20.844 mean: 7.506 median: 5.877 APGE: 4.75 low: -11.267 |
|
| Price To Earnings (P/E) | -75.155 | |
| Price To Earnings QoQ | 12.088 % | |
| Price To Earnings YoY | 91.373 % | |
| Price To Earnings IPRWA | high: 74.242 median: 50.465 mean: 11.716 APGE: -75.155 low: -121.28 |
|
| PE/G Ratio | -25.8 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -54.576 | |
| Forward PE/G | -18.735 | |
| 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: 499.798 mean: 219.741 median: 208.031 APGE: 0 low: -303.652 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.3 B | |
| Net Invested Capital | $ 1.3 B | |
| Invested Capital | $ 1.3 B | |
| Net Tangible Assets | $ 1.3 B | |
| Net Working Capital | $ 1.0 B | |
| LIQUIDITY | ||
| Cash Ratio | 32.165 | |
| Current Ratio | 32.587 | |
| Current Ratio QoQ | 22.662 % | |
| Current Ratio YoY | 105.943 % | |
| Current Ratio IPRWA | APGE: 32.587 high: 32.449 mean: 3.696 median: 1.967 low: 0.016 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.098 | |
| Cost Of Debt | 0.071 % | |
| Interest Coverage Ratio | -8277.2 | |
| Interest Coverage Ratio QoQ | 6.042 % | |
| Interest Coverage Ratio YoY | 31.184 % | |
| Interest Coverage Ratio IPRWA | high: 604.866 median: -7.668 mean: -69.428 low: -1643.72 APGE: -8277.2 |
|
| Operating Cash Flow Ratio | -2.236 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 38.044 % | |
| Revenue Growth | — | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | — | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | 2.913 % | |
| Earnings Growth QoQ | -140.419 % | |
| Earnings Growth YoY | -114.444 % | |
| Earnings Growth IPRWA | high: 215.789 % APGE: 2.913 % median: -3.279 % mean: -10.511 % 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) | $ -55.57 M | |
| Free Cash Flow Yield | -0.932 % | |
| Free Cash Flow Yield QoQ | -29.819 % | |
| Free Cash Flow Yield YoY | -60.791 % | |
| Free Cash Flow Yield IPRWA | high: 11.709 % median: 0.78 % mean: -0.279 % APGE: -0.932 % low: -49.776 % |
|
| Free Cash Growth | -11.444 % | |
| Free Cash Growth QoQ | -173.083 % | |
| Free Cash Growth YoY | -48.06 % | |
| Free Cash Growth IPRWA | high: 253.163 % mean: 1.86 % APGE: -11.444 % median: -19.248 % low: -249.577 % |
|
| Free Cash To Net Income | 0.75 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 0.994 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -6.644 % | |
| Return On Assets QoQ | -25.155 % | |
| Return On Assets YoY | -11.872 % | |
| Return On Assets IPRWA | high: 38.074 % median: -6.451 % APGE: -6.644 % mean: -12.325 % low: -67.817 % |
|
| Return On Capital Employed (ROCE) | -6.566 % | |
| Return On Equity (ROE) | -0.059 | |
| Return On Equity QoQ | -23.121 % | |
| Return On Equity YoY | -28.182 % | |
| Return On Equity IPRWA | high: 0.797 APGE: -0.059 median: -0.076 mean: -0.308 low: -1.265 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | -3.955 % | |
| Return On Invested Capital QoQ | -42.026 % | |
| Return On Invested Capital YoY | -46.576 % | |
| Return On Invested Capital IPRWA | high: 41.877 % median: 3.585 % mean: 0.965 % APGE: -3.955 % low: -51.333 % |
|