Form 8-K

8-K — Apogee Therapeutics, Inc.

Accession: 0001104659-26-066572

Filed: 2026-05-27

Period: 2026-05-27

CIK: 0001974640

SIC: 2836 (BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES))

Item: Regulation FD Disclosure

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — tm2615568d1_8k.htm (Primary)

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EX-99.2 — EXHIBIT 99.2 (tm2615568d1_ex99-2.htm)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13

or 15(d)

of the Securities

Exchange Act of 1934

Date of Report (Date of earliest event reported):

May 27, 2026

Apogee

Therapeutics, Inc.

(Exact Name of Registrant as Specified in Its

Charter)

Delaware

001-41740

93-4958665

(State

of Incorporation or

Organization)

(Commission File Number)

(I.R.S.

Employer Identification

No.)

221

Crescent Street, Building 17,

Suite 102b,

Waltham,

MA, 02453

(Address of Principal

Executive Offices, including Zip Code)

(650)

394-5230

(Registrant’s telephone

number, including area code)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant

to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant

to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications

pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications

pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common

Stock, par value $0.00001 per share

APGE

The

Nasdaq Global

Market

Indicate by check mark whether the registrant is

an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2

of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check

mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting

standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 7.01 Regulation FD Disclosure.

On May 27, 2026, Apogee Therapeutics, Inc. (the “Company”)

issued a press release and made publicly available a data presentation announcing positive 16-week induction dose optimization results

from Part B of the Phase 2 APEX clinical trial of zumilokibart (APG777), its potentially best-in-class anti-IL-13 antibody, in patients

with moderate-to-severe atopic dermatitis (“AD”). The Company will host a conference call and webcast today, Wednesday, May 27,

2026, at 8:00 a.m., Eastern Time, to discuss the data results.

Copies of the press release and the data presentation are furnished

as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K (this “Report”) and are

incorporated by reference herein. The exhibits furnished under Item 7.01 of this Report shall not be deemed to be “filed”

for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject

to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Exchange Act or the Securities

Act of 1933, as amended, regardless of any general incorporation language in such filing.

Item 8.01 Other Events.

On May 27, 2026, the Company announced positive 16-week induction

dose optimization results from Part B of the Phase 2 APEX clinical trial of zumilokibart in patients with moderate-to-severe AD.

Zumilokibart Phase 2 Part B Key 16-Week Results

The APEX Phase 2 clinical trial is a randomized, placebo-controlled

study evaluating zumilokibart in patients with moderate-to-severe AD. In July 2025, the Company announced the APEX Phase 2 Part A

16-week results, and in March 2026, it announced the APEX Phase 2 Part A 52-week maintenance results.

In the Part B portion of the trial, 346 adult patients were dosed

after being randomized 1:1:1:1 to high-, mid- or low-dose zumilokibart versus placebo. The primary endpoint is the proportion of patients

who achieve an Eczema Area and Severity Index (“EASI”) percent score reduction of at least 75 (“EASI-75”) at Week

16. Secondary endpoints include Validated Investigator’s Global Assessment (“IGA”) 0/1, EASI-90, Itch Numeric Rating

Scale (“I-NRS ≥4”), EASI-100, and Very Low Disease Activity (vLDA; EASI-90 + I-NRS 0/1) at Week 16.

The trial met its primary endpoint. EASI-75 scores at Week 16 were

as follows:

· High-dose: 61.6% achieved EASI-75 (p<0.001 vs placebo)

· Mid-dose: 65.9% achieved EASI-75 (p<0.001 vs placebo)

· Low-dose: 50.5% achieved EASI-75 (p<0.001 vs placebo)

· Placebo: 23.4% achieved EASI-75

Mid-dose zumilokibart met key secondary endpoints at Week 16 as follows:

· IGA 0/1 response in 46.0% of patients, compared to 10.9% in the placebo arm

(p<0.001)

· EASI-90 response in 47.4% of patients, compared to 9.3% in the placebo arm

(p<0.001)

· I-NRS ≥4 reduction from baseline in 50.5% of patients, compared to 13.9%

in placebo arm (p <0.001)

· EASI-100 response in 16.5% of patients, compared to 3.4% in the placebo arm

(p<0.01)

· vLDA response in 20.6% of patients, compared to 4.5% in the placebo arm (p<0.01)

Zumilokibart was well tolerated, with a safety profile generally consistent

with other agents in the class.

· The most common treatment-emergent adverse events in zumilokibart-treated

patients were nasopharyngitis, headache, and noninfective conjunctivitis.

· For the planned Phase 3 dose (the mid-dose from Phase 2), the pooled conjunctivitis

rate (all conjunctivitis preferred terms) was 10.6%, compared to 15.1% for the low-dose and 20.7% for the high-dose.

Based on results from the APEX clinical program, Apogee plans to initiate

Phase 3 trials of zumilokibart for moderate-to-severe AD with the mid-dose in the second half of 2026, pending regulatory interactions.

Zumilokibart ADventure Phase 3 Trials in AD

The ADventure 1 and ADventure 2 trials are randomized,

placebo-controlled, replicate Phase 3 monotherapy trials evaluating zumilokibart in patients with moderate-to-severe AD (EASI ≥16,

vIGA ≥3, BSA ≥10%). Each study is expected to enroll approximately 400 patients and includes a 16-week induction period followed

by maintenance through Week 52. In maintenance, patients will receive dosing every three or six months. The co-primary endpoint is EASI-75

and IGA 0/1 at Week 16, with additional assessment at Week 52.

The ADventure TCS Phase 3 trial will evaluate

zumilokibart in combination with background topical corticosteroids (“TCS”) in patients with moderate-to-severe AD (EASI ≥16,

vIGA ≥3, BSA ≥10%). The randomized, placebo-controlled study is expected to enroll approximately 400 patients and includes a 16-week

induction period and maintenance through Week 52. The co-primary endpoint is EASI-75 and IGA 0/1 at Week 16, with longer-term outcomes

assessed at Week 52.

Zumilokibart ASPIRE Phase 2b trial in Asthma

The ASPIRE Phase 2b trial is a randomized, placebo-controlled

study evaluating multiple dosing regimens of zumilokibart in patients with moderate-to-severe asthma with elevated Type 2 biomarkers and

a history of exacerbations. The study is designed to be potentially registrational and is expected to enroll approximately 500 patients

randomized across dosing intervals of every three, six, or twelve months, or placebo. The primary endpoint is annualized exacerbation

rate at Week 52, with additional assessments of lung function and symptoms.

Zumilokibart ELEVATE Phase 2a trial in Eosinophilic

Esophagitis (“EoE”)

The ELEVATE Phase 2a trial is an open-label, proof-of-concept

study evaluating zumilokibart in patients with EoE. The study is expected to enroll approximately 30 to 50 patients and will assess dosing

every three or six months. The primary endpoint is histologic response, including reductions in eosinophil counts, with additional evaluation

of endoscopic findings and patient-reported outcomes.

Anticipated Program Milestones

The Company described expected program readouts and milestones through

2028.

Zumilokibart for the Treatment of AD

· Initiation of Phase 3 ADventure 1 and ADventure 2 monotherapy (16-week) clinical

trials expected 2H 2026

· Initiation of Phase 3 ADventure TCS combination (16-week) clinical trial

expected 2H 2026

· Phase 2 APEX Part B (52-week) maintenance data expected 1H 2027

· Phase 2 APEX Part A 2-year follow-up data expected 2H 2027

· Phase 3 ADventure 1 and ADventure 2 monotherapy (16-week) data readout expected

1H 2028

· Phase 3 ADventure TCS combination (16-week) data readout expected 2H 2028

· Launch anticipated in 2029

Zumilokibart for the Treatment of Asthma

· Initiation of Phase 2b ASPIRE trial expected 1H 2027

Zumilokibart for the Treatment of EoE

· Initiation of Phase 2a ELEVATE trial expected 2H 2026

· Phase 2a ELEVATE data readout expected 2H 2027

· Phase 2a ELEVATE long-term follow-up data expected 2H 2028

Additional Programs

· Phase 1b head-to-head clinical trial of APG279 (IL-13 + OX40L) vs. DUPIXENT

for moderate to severe AD data readout expected 2H 2026

· Announce further clinical plans for APG273 (zumilokibart+APG333) in 2H 2026

· Announce additional pipeline program in 1H 2027

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this Report may constitute “forward-looking

statements” within the meaning of the federal securities laws, including, but not limited to, statements regarding the Company’s

expectations regarding: the Company’s plans for its current and future product candidates, programs, and clinical trials, including

expansion of zumilokibart into additional indications, and announcement plans for APG273 and an additional pipeline program; the anticipated

timing of initiation of the Company’s clinical trials, including the Phase 2b trial of zumilokibart in asthma, the Phase 2a trial

of zumilokibart in eosinophilic esophagitis (EoE), and the Phase 3 ADventure program for zumilokibart in AD; the expected timing of results

from the Company’s clinical trials, including the 52-week readout from Part B and the two-year follow-up from Part A of

its Phase 2 trial of zumilokibart in AD, 16-week readouts from the Phase 3 ADventure program, the data readouts for the Phase 2a ELEVATE

program, and the Phase 1b readout for APG279 vs. DUPIXENT; the potential for the ASPIRE Phase 2b trial to support a registrational pathway;

additional program milestones; the expectation that the APEX Phase 2 Part B 16-week results will support commencement of a Phase

3 trial in zumilokibart; the Company’s planned clinical trial designs, including anticipated enrollment and dosing regimens; the Company's

dose selection choices or regulatory feedback on its chosen dose, given the dose-optimization nature of Part B and the Phase 3 dose

selection decision; the potential clinical benefit, dosing regimen, safety and efficacy profiles and treatment outcomes of zumilokibart;

the planned 2029 launch timeline for zumilokibart in AD; its planned business strategies; and expected timing for future pipeline updates,

regulatory decisions and interactions, and potential commercialization. Words such as “may,” “might,” “will,”

“objective,” “intend,” “should,” “could,” “can,” “would,” “expect,”

“believe,” “design,” “estimate,” “predict,” “potential,” “develop,”

“plan” or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations,

are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not

be placed on any such forward-looking statements, which are based on information available to the Company on the date of this Report.

These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties (including,

without limitation, those set forth in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”)),

many of which are beyond the Company’s control and subject to change. Actual results could be materially different. Risks and uncertainties

include: global macroeconomic conditions and related volatility, expectations regarding the initiation, progress, and expected results

of the Company’s preclinical studies, clinical trials and research and development programs; expectations regarding the timing,

completion and outcome of the Company’s clinical trials; the unpredictable relationship between preclinical study results and clinical

study results; the applicability of clinical study results to actual outcomes; the timing or likelihood of regulatory filings and approvals;

liquidity and capital resources; and other risks and uncertainties identified in the Company’s Annual Report on Form 10-K for

the year ended December 31, 2025, filed with the SEC on March 2, 2026, and subsequent disclosure documents the Company may file with

the SEC. The Company claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking

statements. The Company expressly disclaims any obligation to update or alter any statements whether as a result of new information, future

events or otherwise, except as required by law.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

EXHIBIT INDEX

Exhibit

No.

Description

99.1

Data Press

Release, dated May 27, 2026

99.2

Data Presentation,

dated May 27, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Apogee Therapeutics, Inc.

Date: May 27, 2026

By:

/s/ Michael Henderson, M.D.

Michael Henderson, M.D.

Chief Executive Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2615568d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

Apogee Therapeutics Announces Positive 16-Week

Part B Induction Dose Optimization Results from Phase 2 APEX Trial of Zumilokibart in Moderate-to-Severe Atopic Dermatitis

APEX Part B met all primary and secondary

endpoints with high statistical significance; mid-dose zumilokibart planned to advance into Phase 3 trials in moderate-to-severe atopic

dermatitis (AD) in 2H 2026

Zumilokibart was well tolerated with a safety

profile consistent with other agents in class

Strategic financing collaboration with Blackstone

Life Sciences announced today expected to provide funding through commercialization of zumilokibart in AD, asthma, and EoE

Results support pipeline-in-a-product potential

for zumilokibart with asthma and eosinophilic esophagitis (EoE) trial plans shared today

Management to host conference call today at

8:00 a.m. ET

SAN FRANCISCO and BOSTON, May 27, 2026

– Apogee Therapeutics, Inc. (Nasdaq: APGE), a clinical-stage biotechnology company advancing optimized, novel biologics with

potential for best-in-class profiles in the largest inflammatory and immunology (I&I) markets, today announced positive 16-week data

from Part B of the Phase 2 APEX clinical trial of zumilokibart (APG777), a potential best-in-class anti-IL-13 antibody, in patients

with moderate-to-severe AD. The trial met its primary and secondary endpoints with high statistical significance including 65.9% of patients

treated with mid-dose zumilokibart achieving EASI-75 (41.9% placebo adjusted). Based on these dose optimization results and subject to

regulatory interactions, Apogee plans to move forward with the mid-dose, which achieved the best clinical activity of the three doses

tested and was well-tolerated, in its Phase 3 trials.

"We are thrilled by the strength and consistency

that zumilokibart demonstrated across all endpoints from today's APEX Part B induction results, which we believe could

set a new standard of care for patients. Today’s results help clear our path to advance zumilokibart into the Phase

3 trials planned for the second half of this year and we look forward to engaging with regulatory agencies.” said Michael

Henderson, M.D., Chief Executive Officer of Apogee. "Zumilokibart has the potential to move the bar on disease

control and dosing based on both today's data as well as the robust APEX Part A maintenance results that showed continued improvement

in efficacy over 52 weeks with every 3- and 6- month dosing. Beyond AD, we are excited to develop zumilokibart's pipeline-in-a-product

potential and plan to commence Phase 2 studies in EoE in the second half of 2026 and asthma in the first half of 2027."

“Patients with atopic dermatitis and their

physicians want therapies that provide durable and deeper disease control with less frequent dosing. The APEX Part B results align

extremely well with these patient-centric goals, particularly the achievement of very low disease activity, or vLDA, with

simultaneous robust improvement in lesion and itch benefit in more than one fifth of mid-dose patients, which are results not seen with

any biologic to date,” said Ruth Ann Vleugels, MD, MPH, MBA, Heidi and Scott C. Schuster Distinguished Chair in Dermatology and

Director, Atopic Dermatitis Program at Mass General Brigham and Professor of Dermatology, Harvard Medical School. “The Part B

induction data demonstrated that zumilokibart delivered robust efficacy within the first 16 weeks with significantly fewer injections

versus the current standard-of-care. Together with Part A data demonstrating that zumilokibart can be dosed every 3 to 6 months in

maintenance with continuous and even enhanced efficacy, we are seeing a strong clinical profile that offers what dermatologists are looking

for in clinical practice for our patients.”

APEX Phase 2 Part B 16-Week Results

The Phase 2 APEX clinical trial is a randomized,

placebo-controlled study evaluating zumilokibart in patients with moderate-to-severe AD. In Part B, 346 adult patients were dosed

after being randomized 1:1:1:1 to high-, mid- or low-dose zumilokibart versus placebo. The primary endpoint is the proportion

of patients who achieve an Eczema Area and Severity Index (EASI) percent score reduction of at least 75 (EASI-75) at Week 16. Secondary

endpoints include Validated Investigator’s Global Assessment (IGA) 0/1, EASI-90, Itch Numeric Rating Scale (I-NRS ≥4), EASI-100,

and Very Low Disease Activity (vLDA; EASI-90 + I-NRS 0/1) at Week 16.

● The trial met its primary endpoint, with mid- and high-doses of zumilokibart demonstrating comparable

efficacy and both doses outperforming low dose and placebo with EASI-75 scores at Week 16:

o High dose: 61.6% achieved EASI-75 (p<0.001 vs placebo)

o Mid dose: 65.9% achieved EASI-75 (p<0.001 vs placebo)

o Low dose: 50.5% achieved EASI-75 (p<0.001 vs placebo)

o Placebo: 23.4% achieved EASI-75

● Mid-dose zumilokibart met key secondary endpoints at Week 16:

o IGA 0/1 response in 46.0% of patients, compared to 10.9% in the placebo arm (p<0.001)

o EASI-90 response in 47.4% of patients, compared to 9.3% in the placebo arm (p<0.001)

o I-NRS ≥4 reduction from baseline in 50.5% of patients, compared to 13.9% in placebo arm (p <0.001)

o EASI-100 response in 16.5% of patients, compared to 3.4% in the placebo arm (p<0.01)

o vLDA response in 20.6% of patients, compared to 4.5% in the placebo arm (p<0.01)

● Zumilokibart was well tolerated, with a safety profile generally consistent with other agents in the class.

o The most common treatment-emergent adverse events (TEAEs) in zumilokibart-treated patients were nasopharyngitis,

headache, and noninfective conjunctivitis.

o For the planned Phase 3 dose (mid dose), the pooled conjunctivitis rate (all conjunctivitis preferred

terms) was 10.6%, compared to 15.1% for the low dose and 20.7% for the high dose.

“The APEX Part B results demonstrated

meaningful improvements across all lesional and itch endpoints, achieved with just four dosing days during induction versus nine with

the current standard-of-care,” said Carl Dambkowski, M.D., Chief Medical Officer of Apogee. “Importantly, these results underscore

the potential for a significant reduction in treatment burden for patients while delivering robust clinical activity. We are grateful

to the patients and investigators whose participation made this study possible.”

“In the APEX Phase 2 Part B study,

the improvements in both skin outcomes and itch in the induction period are particularly encouraging given the replicability from prior

studies” said Jonathan I. Silverberg, M.D., Ph.D., MPH, Professor of Dermatology at The George Washington University School of Medicine

and Health Sciences. "These findings suggest the potential for sustained disease control with less frequent dosing, an important

goal in managing this chronic condition.”

Based on results from the APEX clinical program,

Apogee plans to initiate Phase 3 trials of zumilokibart for moderate-to-severe atopic dermatitis in the second half of 2026, pending regulatory

interactions. Apogee has also disclosed planned trial designs for its asthma and eosinophilic esophagitis (EoE) programs, further supporting

zumilokibart’s potential as a pipeline-in-a-product opportunity across multiple I&I diseases.

About the ADventure Phase 3 trials in AD

The ADventure 1 and ADventure 2 trials are randomized,

placebo-controlled, replicate Phase 3 monotherapy trials evaluating zumilokibart in patients with moderate-to-severe atopic dermatitis

(EASI ≥16, vIGA ≥3, BSA ≥10%). Each study is expected to enroll approximately 400 patients and includes a 16-week induction period

followed by maintenance through Week 52. In maintenance, patients will receive dosing every three or six months. The co-primary endpoint

is EASI-75 and IGA 0/1 at Week 16, with additional assessment at Week 52.

The ADventure TCS Phase 3 trial will evaluate

zumilokibart in combination with background topical corticosteroids in patients with moderate-to-severe atopic dermatitis (EASI ≥16,

vIGA ≥3, BSA ≥10%). The randomized, placebo-controlled study is expected to enroll approximately 400 patients and includes a 16-week

induction period and maintenance through Week 52. The co-primary endpoint is EASI-75 and IGA 0/1 at Week 16, with longer-term outcomes

assessed at Week 52.

About the ASPIRE Phase 2b trial in Asthma

The ASPIRE Phase 2b trial is a randomized, placebo-controlled

study evaluating multiple dosing regimens of zumilokibart in patients with moderate-to-severe asthma with elevated Type 2 biomarkers and

a history of exacerbations. The study is designed to be potentially registrational and is expected to enroll approximately 500 patients

randomized across dosing intervals of every three, six, or twelve months, or placebo. The primary endpoint is annualized exacerbation

rate at Week 52, with additional assessments of lung function and symptoms.

About the ELEVATE Phase 2a trial in Eosinophilic

Esophagitis (EoE)

The ELEVATE Phase 2a trial is an open-label, proof-of-concept

study evaluating zumilokibart in patients with EoE. The study is expected to enroll approximately 30 to 50 patients and will assess dosing

every three or six months. The primary endpoint is histologic response, including reductions in eosinophil counts, with additional evaluation

of endoscopic findings and patient-reported outcomes.

Webcast Details

Apogee Therapeutics’ live webcast of the

APEX Phase 2 Part B results will begin today at 8:00 a.m. ET. The live webcast can be accessed via this link or the

Investors section on the company’s website at https://investors.apogeetherapeutics.com/news-events/events. A replay of the

webcast will be available following the call.

About zumilokibart

Zumilokibart (APG777) is a novel, subcutaneous

extended half-life monoclonal antibody targeting IL-13 – a critical cytokine in inflammation and a primary driver of AD. In the

APEX Phase 2 Part A 52-week trial, zumilokibart demonstrated potential to maintain and deepen clinical responses with as little as

every 3- and 6-month dosing. AD is a chronic inflammatory skin disorder which can lead to sleep disturbance, psychological distress, elevated

infection risk and chronic pain, all of which significantly impact quality of life. Today’s treatments are associated with many

challenges, including frequent injection regimens that can lead to poor patient compliance. Zumilokibart has pipeline-in-a-product potential

with proof-of-concept demonstrated in asthma, and with expansion plans in asthma, EoE, and other I&I indications.

About Apogee

Apogee Therapeutics is a clinical-stage biotechnology

company advancing novel biologics with potential for differentiated efficacy and dosing in the largest I&I markets, including for

the treatment of AD, asthma, EoE, Chronic Obstructive Pulmonary Disease (COPD) and other I&I indications. Apogee’s antibody

programs are designed to overcome limitations of existing therapies by targeting well-established mechanisms of action and incorporating

advanced antibody engineering to optimize half-life and other properties. Zumilokibart, the company’s most advanced program, is

being initially developed for the treatment of AD, which is the largest and one of the least penetrated I&I markets, as well as asthma

and EoE. With four validated targets in its portfolio, Apogee is seeking to achieve best-in-class efficacy and dosing through monotherapies

and combinations of its novel antibodies. Based on a broad pipeline and depth of expertise, the company believes it can deliver value

and meaningful benefit to patients underserved by today’s standard of care. For more information, please visit https://apogeetherapeutics.com.

Forward Looking Statements

Certain statements in this press release may constitute

“forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, statements

regarding Apogee’s expectations regarding: Apogee’s plans for its current and future product candidates, programs, and clinical

trials, including expansion of zumilokibart into additional indications; the anticipated timing of initiation of its clinical trials,

including the Phase 2b trial of zumilokibart in asthma, the Phase 2a trial of zumilokibart in eosinophilic esophagitis (EoE), and the

Phase 3 ADventure program for zumilokibart in AD; the expected timing of results from its clinical trials, including the 52-week readout

from Part B and the 2-year follow-up from Part A of our Phase 2 trial of zumilokibart in AD, and 16-week readouts from the Phase

3 ADventure program; the expectation that the APEX Phase 2 Part B 16-week results will support commencement of a Phase 3 trial in

zumilokibart; its planned clinical trial designs, including anticipated enrollment and dosing regimens; the potential clinical benefit,

dosing regimen, safety and efficacy profiles and treatment outcomes of zumilokibart, including its potential to be a best-in-class therapy

and new standard of care in AD, and any other product candidates, including combination therapies; its planned 2029 launch timeline for

zumilokibart in AD; the pipeline-in-a-product potential for zumilokibart; and its planned business strategies; expected timing for future

pipeline updates, regulatory decisions, BLA filing for zumilokibart in AD, and potential commercialization; its expectations regarding

the time period over which Apogee’s capital resources will be sufficient to fund its anticipated operations; and estimates of market

size. Words such as “may,” “might,” “will,” “objective,” “intend,” “should,”

“could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,”

“predict,” “potential,” “develop,” “plan” or the negative of these terms, and similar

expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While Apogee believes these

forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based

on information available to Apogee on the date of this release. These forward-looking statements are based upon current estimates and

assumptions and are subject to various risks and uncertainties (including, without limitation, those set forth in Apogee’s filings

with the U.S. Securities and Exchange Commission (the SEC)), many of which are beyond Apogee’s control and subject to change. Actual

results could be materially different. Risks and uncertainties include: global macroeconomic conditions and related volatility, expectations

regarding the initiation, progress, and expected results of Apogee’s preclinical studies, clinical trials and research and development

programs; expectations regarding the timing, completion and outcome of Apogee’s clinical trials; the unpredictable relationship

between preclinical study results and clinical study results; the applicability of clinical study results to actual outcomes; the timing

or likelihood of regulatory filings and approvals; liquidity and capital resources; and other risks and uncertainties identified in Apogee’s

Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 2, 2026, and subsequent disclosure

documents Apogee may file with the SEC. Apogee claims the protection of the Safe Harbor contained in the Private Securities Litigation

Reform Act of 1995 for forward-looking statements. Apogee expressly disclaims any obligation to update or alter any statements whether

as a result of new information, future events or otherwise, except as required by law.

Investor Contact:

Noel Kurdi

VP, Investor Relations

Apogee Therapeutics, Inc.

Noel.Kurdi@apogeetherapeutics.com

Media Contact:

Dan Budwick

1AB Media

dan@1abmedia.com

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2615568d1_ex99-2.htm · Sequence: 3

Exhibit 99.2

May 27, 2026

APEX Part B

16-week data

Other than statements of historical facts, all statements included in this presentation are forward-looking statements, including statements about our plans for our current and future product candidates, programs, and

clinical trials, including expansion of zumilokibart into additional indications, and announcement plans for APG273 and an additional pipeline program; the anticipated timing of initiation of our clinical trials, including the

Phase 2b trial of zumilokibart in asthma, the Phase 2a trial of zumilokibart in eosinophilic esophagitis (EoE), and the Phase 3 ADventure program for zumilokibart in AD; the expected timing of results from our clinical

trials, including the 52-week readout from Part B and the 2-year follow-up from Part A of our Phase 2 trial of zumilokibart in AD, 16-week readouts from the Phase 3 ADventure program, the data readouts for the Phase

2a ELEVATE program, and the Phase 1b readout for APG279 vs. DUPIXENT; the timing of other program catalysts; the expectation that the APEX Phase 2 Part B 16-week results will support commencement of a

Phase 3 trial in zumilokibart; the potential for dose ranging trials in AD, asthma and EoE to enable a straight to Phase 3 approach; our planned clinical trial designs, including anticipated enrollment and dosing

regimens; the potential clinical benefit, dosing regimen, safety and efficacy profiles and treatment outcomes of zumilokibart, including its potential to be a best-in-class therapy, new standard of care and biologic of

choice in AD; the planned 2029 launch timeline for zumilokibart in AD; the pipeline-in-a-product potential for zumilokibart; our planned business strategies; expected timing for future pipeline updates, regulatory

decisions, the BLA filing for zumilokibart in AD, and potential commercialization; our expectations regarding the time period over which our capital resources will be sufficient to fund our anticipated operations; our future

funding needs, which do not include the need for equity financing; and estimates of market size. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “can,” “could,”

“design,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “suggest,” “target,” “will,” “would,” or the negative of these terms, and similar expressions intended to identify forward-looking

statements. The forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These statements are only

predictions based upon our current expectations and projections about future events. The data included in this presentation may be subject to change following the availability of additional data or following a more

comprehensive review of the data. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements

to be materially different from those expressed or implied by such forward-looking statements, including those risks described in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and

Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the SEC) on March 2, 2026 and subsequent disclosure

documents we have filed and may file with the SEC. Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there

may be other factors that cause results not to be as anticipated, estimated or intended. We claim the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking

statements.

This presentation concerns drug candidates that are under clinical investigation, and which have not yet been approved by the U.S. Food and Drug Administration. These are currently limited by federal law to

investigational use, and no representation is made as to their safety or effectiveness for the purposes for which they are being investigated.

The assumptions used in the preparation of this presentation, although considered reasonable by us at the time of preparation, may prove to be incorrect. You are cautioned that the information is based on

assumptions as to many factors and that actual results may vary from the results projected and such variations may be material. Accordingly, you should not place undue reliance on any forward-looking statements

contained herein or rely on them as predictions of future events. All forward-looking statements in this presentation apply only as of the date made and are expressly qualified by the cautionary statements included in

this presentation. We do not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

This presentation also uses estimates and other statistical data made by independent parties and us relating to the data and analysis about our industry. The data involves a number of assumptions and limitations, and

you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are

necessarily subject to a high degree of uncertainty and risk.

The trademarks, trade names and service marks appearing in this presentation are the property of their respective owners. Certain information contained in this presentation relate to or are based on studies,

publications and other data obtained from third-party sources as well as our own internal estimates and research. While we believe these third-party sources to be reliable as of the date of this presentation, we have not

independently verified, and make no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources.

This presentation contains data based on cross-study comparisons and not based on any head-to-head clinical trials. Cross-study comparisons are inherently limited and may suggest misleading similarities and

differences. The values shown in the cross-study comparisons are directional and may not be directly comparable.

Disclaimers and Forward-looking statements

Agenda

Introduction Michael Henderson, MD

Chief Executive Officer

Carl Dambkowski, MD

Chief Medical Officer

Kristine Nograles, MD, SVP, Head of Clinical

Development & Medical Affairs, Dermatology

Amol Kamboj, MD, SVP, Head of Clinical

Development, Respiratory & GI

APEX Phase 2 Part B 16-Week Results

Zumilokibart Development Program

Building a Leading I&I Company

Analyst Q&A

Michael Henderson, MD

Chief Executive Officer

Michael Henderson, MD, CEO

Carl Dambkowski, MD, CMO

Jane Pritchett Henderson, CFO

Jeff Hartness, CCO

Invited KOL: Ruth Ann Vleugels, MD, MPH, MBA

Treatment Gaps in Atopic Dermatitis Invited KOL: Ruth Ann Vleugels, MD, MPH, MBA

Mass General Brigham, Harvard Medical School

Introduction

Michael Henderson, MD

Chief Executive Officer

Building a leading I&I company to address

Type 2 inflammatory conditions

NOTE: Future $50B AD market size based on EvaluatePharma and company projections.

Actual market size may differ materially. Efficacy data are derived from different clinical trials

conducted at different times, with differences in trial design and patient populations. As a

result, cross-trial comparisons cannot be made, and no head-to-head clinical trials have

been conducted.

Zumilokibart has a

potentially best-in-class

profile in AD

Zumilokibart on track for

planned 2029 launch

Atopic dermatitis (AD) is

growing rapidly and could

be the largest I&I market

• AD market is projected to

reach $50B+

• Asthma and EoE prioritized

first among numerous

possible zumilokibart

expansions

• Week 16 clinical activity is

robust across all lesional

and itch endpoints

• Previously demonstrated

continuous clinical activity

improvement through

week 52

• Could be the first product in

AD with both every 3- and

6-month dosing

• Anticipated initiation of

ADventure Phase 3 program

in 2H 2026 supports planned

2029 launch

• Strategic financing with

Blackstone provides path to

commercialization without

need for future equity

financing

APEX PART B

ENDPOINT

(WEEK 16) MID DOSE PLACEBO SIGNIFICANCE

EASI-75

(primary) 65.9% 23.4% p<0.001

IGA 0/1 46.0% 10.9% p<0.001

EASI-90 47.4% 9.3% p<0.001

I-NRS4 50.5% 13.9% p<0.001

EASI-100 16.5% 3.4% p<0.01

Positive APEX Part B data supports planned Phase 3 initiation in 2H 2026

Zumilokibart

• Zumilokibart mid and high doses

demonstrated similar clinical activity

- Low dose showed relatively lower

clinical activity, as expected

• Mid dose planned for Phase 3 on basis of

compelling profile:

- Significant itch & lesion reduction in

the first 2 weeks1

- Well-tolerated with safety profile

consistent with class, including 10.6%

rate of conjunctivitis (all PTs2

)

- Only 4 dosing days in induction

NOTE: Data are derived from different clinical trials conducted at different times, with differences in trial design and patient populations. As a result, cross-trial comparisons cannot be made, and no head-to-head trials have been conducted. 1

Itch NRS percent change from baseline for zumilokibart vs. placebo statistically significant at Week 2 (p<0.05). EASI percent change from baseline for zumilokibart vs placebo

statistically significant at Week 1 (p<0.01) and Week 2 (p<0.001). 2Pooled conjunctivitis rate includes the following preferred terms: noninfective conjunctivitis, conjunctivitis, conjunctivitis allergic, conjunctivitis

bacterial and conjunctivitis viral. IGA = Validated Investigator Global Assessment. EASI = Eczema Area and Severity Index. I-NRS4 = Percentage of patients achieving at least a 4-point reduction from baseline

on the Itch Numeric Rating Scale among patients with a baseline peak score of at least 4.

Zumilokibart has the potential to set a new standard for disease control

and dosing convenience for biologics in atopic dermatitis

APEX PART B

0 2 4 6 8 10 12 24

Amlitelimab (24-week)

Part B

Part A

Apogee has the potential to transform

the future $50B atopic dermatitis market Efficacy (EASI-75 at Week 16, %)

NOTE: Positioning of Apogee programs is illustrative and based on APEX Phase 2 results for zumilokibart only and illustrates what we believe we can potentially achieve. Only DUPIXENT, ADBRY, and EBGLYSS are approved in the US. Efficacy data

are derived from different clinical trials conducted at different times, with differences in trial design and patient populations. As a result, cross-trial comparisons cannot be made, and no head-to-head clinical trials have been conducted. Future $50B AD

market size based on EvaluatePharma and company projections. Maintenance dosing intervals are as per label or published data. For some agents, longer dosing intervals are currently being evaluated in ongoing clinical trial(s). All efficacy data shown

based on non-responder imputation for rescue medication (topical or systemic) use (i.e., data subsequent to the use of rescue medication categorized as non-response). Statistical treatment of missing data varies across studies shown.

SOURCE: DUPIXENT (average of Ph3 SOLO-1&2 and Ph2b; 300 mg Q2W regimen; non-responder imputation for missing values). EBGLYSS (average of Ph3 ADVOCATE-1&2 (non-responder imputation for missing values) and Ph2b (sensitivity

analysis 3: NRI for rescue medication use and LOCF for other missing values); 250mg Q2W regimen). ADBRY (average of Ph3 ECZTRA1&2; 300 mg Q2W regimen; non-responder imputation for missing values). AMLITELIMAB Sanofi press

release (average of COAST-1 and COAST-2, 250mg Q4W + 500mg loading dose; non-responder imputation for missing values). REZPEGALDESLEUKIN Nektar press release (Ph2b Q12W regimen; non-responder imputation for missing values).

100

Zumilokibart

Dosing Interval (weeks)

Rezpegaldesleukin

65.9

23.4

49.5

12.7

46.0

10.9

34.6

6.8

47.4

9.3

31.8

6.0

50.5

13.9

38.4

10.9

16.5

3.4 5.6

Response at Week 16 (%)

Zumilokibart APEX Part B demonstrated a competitive profile at Week 16

Zumilokibart Mid dose (N=85)

(Planned Phase 3 dose)

Placebo (N=88) DUPIXENT (N=521) Placebo (N=521)

EASI-75 IGA 0/1 EASI-90

NOTE: For illustrative purposes only. Efficacy data are derived from different clinical trials conducted at different times, with differences in trial design and patient populations. As a result, cross-trial comparisons cannot be made, and no head-to-head clinical trials have been conducted. Missing data was imputed with Markov Chain Monte Carlo Multiple Imputation (MCMC-MI). Data collected after the initiation of rescue medication or drug discontinuation will be set to missing for continuous

variables before MCMC-MI. A patient will be counted as a non-responder for the dichotomous variables for timepoints after rescue medication use or treatment discontinuation due to lack of efficacy. Statistical treatment of missing data varies across

studies shown. IGA = Investigator Global Assessment. Zumilokibart assessed Validated Investigator Global Assessment (vIGA 0/1). EASI = Eczema Area and Severity Index. I-NRS4 = % of patients achieving at least a 4-point reduction from

baseline on the Itch Numeric Rating Scale. 1 For I-NRS4, N = 77 for zumilokibart and N = 84 for placebo.

SOURCE: For all endpoints except I-NRS4 and EASI-100, DUPIXENT values are an average of Ph3 SOLO-1&2 and Ph2b (300 mg Q2W regimen; non-responder imputation for missing values); for I-NRS4, values are an average of Ph3 SOLO 1&2;

for EASI-100, value is from Level Up, a head-to-head study vs. RINVOQ (300 mg Q2W regimen; non-responder imputation incorporating multiple imputation for missing data due to COVID-19). No placebo-controlled DUPIXENT monotherapy

studies have measured EASI-100.

Δ = 41.9

Δ = 34.8 Δ = 37.8 Δ = 36.8

Δ = 25.8

Δ = 27.8

Zumilokibart has shown continuous improvement across endpoints after Week 16

with just 2-4 dosing days per year (vs. 26 dosing days for DUPIXENT with no improvement after Week 16)

Δ = 36.7

Δ = 27.5

I-NRS41

Δ = 12.9

EASI-100

APEX PART B

APEX Phase 2

Part B 16-week Results

Carl Dambkowski, MD

Chief Medical Officer

APEX Part B 16-week topline data is available for all patients

Part B enrolled moderate-to-severe AD patients (EASI ≥16, vIGA ≥3, BSA ≥10%)

APEX PART B

Primary analysis method:

• Missing data was imputed with Markov Chain Monte Carlo Multiple Imputation (MCMC-MI)

• Rescue medication use or treatment discontinuation due to lack of efficacy was imputed

as non response for all subsequent time points2

Every 3 months (Q12W)

Every 6 months (Q24W)

Maintenance

LTE or 52-week

follow-up period

W16 Primary

Endpoint (EASI-75) W52 Endpoint

1:1:1:1

Induction

High dose

Mid dose

(Part A dose)

Low dose

N ~ 346 Placebo 1

Planned

Phase 3

dose

NOTE: 1 347 patients were randomized but one patient was not dosed; 346 indicates the total number of patients dosed and represents the mITT population. 2 Data collected after the initiation of rescue medication or drug

discontinuation will be set to missing for continuous variables (e.g. percent change from baseline in EASI score) before MCMC-MI. A patient will be counted as a non-responder for the dichotomous variables (e.g.,. EASI-75) for

timepoints after rescue medication use or treatment discontinuation due to lack of efficacy. Primary analysis method unless otherwise specified.

NOTE: 1 Based on projected number of injections and dosing days with planned commercial presentation.

SOURCE: DUPIXENT USPI.

Zumilokibart could substantially decrease injections for patients

ZUMILOKIBART

DUPIXENT

9 dosing days

INDUCTION MAINTENANCE

W0 W2 W4 W12

Zumilokibart

4 dosing days

2-4

Baseline characteristics and demographics were

generally well-balanced and in line with expectations

APEX PART B

Zumilokibart

NOTE: vIGA = Validated Investigator Global Assessment. EASI = Eczema Area and Severity Index. BSA = Body Surface Area. I-NRS = Itch Numeric Rating Scale.

Planned Phase 3 dose

Characteristic Low dose

(N=86)

Mid dose

(N=85)

High dose

(N=87)

Placebo

(N=88)

Age, mean (SD), Y 36.4 (14.6) 39.9 (16.4) 39.9 (14.5) 35.9 (15.9)

Female, n (percent) 41 (47.7) 45 (52.9) 37 (42.5) 47 (53.4)

Weight, mean (SD), kg 76.0 (18.2) 76.4 (17.5) 82.0 (23.6) 80.1 (18.2)

Duration of AD from diagnosis, mean (SD), Y 25.9 (14.5) 26.5 (16.3) 28.7 (17.1) 24.2 (15.8)

Race, n (percent)

White 61 (70.9) 59 (69.4) 65 (74.7) 56 (63.6)

Black or African American 7 (8.1) 8 (9.4) 8 (9.2) 13 (14.8)

Asian 11 (12.8) 11 (12.9) 7 (8.0) 10 (11.4)

Other/unknown 7 (8.1) 7 (8.2) 7 (8.0) 9 (10.2)

Baseline disease characteristics

EASI, mean (SD) 26.0 (10.5) 26.0 (10.8) 26.4 (10.2) 27.6 (10.6)

vIGA (4), n (percent) 31 (36.0) 31 (36.5) 33 (37.9) 33 (37.5)

Weekly mean I-NRS, (SD) 6.7 (1.9) 7.0 (1.6) 6.8 (2.0) 6.7 (1.7)

BSA affected, mean (SD) 38.6 (18.9) 40.0 (20.8) 39.0 (19.3) 42.6 (21.6)

Zumilokibart was well tolerated

Zumilokibart

NOTE: TEAE = treatment-emergent adverse event. PT = preferred term. ADA = anti-drug antibody. Pooled conjunctivitis rate includes the following preferred terms: noninfective conjunctivitis, conjunctivitis, conjunctivitis allergic,

conjunctivitis bacterial and conjunctivitis viral.

APEX PART B

• Pooled conjunctivitis rate (all PTs) of 10.6% for planned Phase 3 dose; pooled rate was 15.1% for low dose and 20.7% for high dose

• No effect of ADAs on PK, clinical activity, or safety

Planned Phase 3 dose n (%) Low dose Mid dose High dose Placebo

Safety summary through Week 16 (N=86) (N=85) (N=87) (N=88)

Patients reporting ≥1 TEAE 65 (75.6) 51 (60.0) 59 (67.8) 59 (67.0)

Patients reporting ≥1 serious TEAE 2 (2.3) 1 (1.2) 3 (3.4) 2 (2.3)

Patients who discontinued due to TEAE 1 (1.2) 2 (2.4) 3 (3.4) 2 (2.3)

Most frequent TEAEs by PT through Week 16 (≥5%)

Nasopharyngitis 22 (25.6) 12 (14.1) 10 (11.5) 19 (21.6)

Headache 7 (8.1) 6 (7.1) 6 (6.9) 3 (3.4)

Noninfective conjunctivitis 4 (4.7) 5 (5.9) 10 (11.5) 0 (0.0)

Upper respiratory tract infection 5 (5.8) 6 (7.1) 5 (5.7) 3 (3.4)

Dermatitis atopic 7 (8.1) 2 (2.4) 5 (5.7) 5 (5.7)

Urinary tract infection 1 (1.2) 5 (5.9) 0 (0.0) 1 (1.1)

APEX PART B

EASI-75 Response

61.6

35.6

52.6

59.7 65.9

50.5

6.9

17.9

25.2

23.4

0 1 2 4 8 12 16

EASI

Week

-75 Response (%)

12.2

1.2

High dose (N=87)

Mid dose (N=85)

(Planned Phase 3 dose)

Low dose (N=86)

Placebo (N=88)

APEX Part B met primary endpoint with EASI-75 response in 65.9% of patients

NOTE: *p<0.05, **p<0.01, ***p<0.001 (vs placebo). EASI = Eczema Area and Severity Index.

Significance

achieved for

all treatment

arms by

Week 2

** **

***

Treatment with zumilokibart reduced lesions as early as Week 1

-69.3

-51.2

-67.0 -70.6

-61.0

-34.9

1 2 4 8 12 16

-80

-60

-40

-20

0 Week

Percent Change from Baseline

(LS Mean)

-17.0

-7.3

-32.5

-14.0

-21.0

-63.3

-30.8

-36.3

High dose (N=87)

Mid dose (N=85) (Planned Phase 3 dose)

Low dose (N=86)

Placebo (N=88)

APEX PART B

Eczema Area and Severity Index Score

***

NOTE: *p<0.05, **p<0.01, ***p<0.001 (vs placebo). LS = Least squares.

APEX PART B

IGA 0/1 with a Reduction of ≥2 Points from Baseline

33.4

7.1

30.2

36.9

46.0

27.6

5.7 5.9

10.9

0 1 2 4 8 12 16

IGA 0/1 Response (%)

1.1 Week

13.3

1.1

High dose (N=87)

Mid dose (N=85) (Planned Phase 3 dose)

Low dose (N=86)

Placebo (N=88)

Zumilokibart treatment led to IGA 0/1 response in 46.0% of patients

NOTE: *p<0.05, **p<0.01, ***p<0.001 (vs placebo). Validated Investigator Global Assessment (vIGA 0/1) was used in APEX.

***

APEX PART B

EASI-90 Response

35.8

5.9

16.5

32.0

36.7

47.4

28.2

7.1 6.8

9.3

0 1 2 4 8 12 16

EASI

Week

-90 Response (%)

High dose (N=87)

Mid dose (N=85) (Planned Phase 3 dose)

Low dose (N=86)

Placebo (N=88)

Zumilokibart treatment led to EASI-90 response in 47.4% of patients

NOTE: *p<0.05, **p<0.01, ***p<0.001 (vs placebo). EASI = Eczema Area and Severity Index.

***

APEX PART B

I-NRS4 Response

43.4

36.2

49.7

50.5

35.7

4.8

8.6

16.3

21.4

13.9

0 2 4 8 12 16

I-Week NRS4 Response (%)

9.2

19.8

Zumilokibart treatment led to I-NRS4 response in 50.5% of patients

NOTE: *p<0.05, **p<0.01, ***p<0.001 (vs placebo).

I-NRS4 = Percentage of patients achieving at least a 4-point reduction from baseline on the Itch Numeric Rating Scale among patients with a baseline peak score of at least 4.

***

65.9

23.4

49.5

12.7

53.0

15.3

42.8

29.6 29.1

12.1

EASI-75 Response at Week 16 (%)

N=85 N=88 N=521 N=521 N=639 N=339 N=1142 N=586

Zumilokibart demonstrated competitive EASI-75 response

APEX PART B

Δ = 41.91

p < 0.001

Δ = 36.8 Δ = 37.7

PBO PBO PBO PBO PBO

Zumilokibart

(Mid dose)

+TCS

N=1192 N=398

Δ = 13.2

Δ = 17.0

NOTE: For illustrative purposes only. Efficacy data are derived from different clinical trials conducted at different times, with differences in trial design and patient populations. As a result, cross-trial comparisons cannot be made, and no head-to-head clinical trials have been conducted. Statistical treatment of missing data varies across studies shown. 1 Calculation of difference between zumilokibart and placebo is based on Cochran–Mantel–Haenszel (CMH) analysis adjusted by

randomization stratification factors.

(sensitivity analysis 3: NRI for rescue medication use and LOCF for other missing values); 250mg Q2W regimen). NEMLUVIO+TCS (average of Ph3 ARCADIA1&2; 30 mg Q4W regimen; non-responder imputation for missing data). ADBRY

(average of Ph3 ECZTRA1&2; 300 mg Q2W regimen; non-responder imputation for missing values).

46.0

10.9

34.6

6.8

37.0

10.4

36.7

25.3

19.0

9.0

IGA 0/1 Response at Week 16 (%)

N=85 N=88 N=521 N=521 N=639 N=339 N=1142 N=586

Zumilokibart demonstrated competitive IGA 0/1 response

Δ = 34.81

p < 0.001

Δ = 27.8 Δ = 26.6

Δ = 11.4

PBO PBO PBO PBO PBO

Zumilokibart

(Mid dose)

+TCS

N=1192 N=398

Δ = 10.0

APEX PART B

NOTE: For illustrative purposes only. Efficacy data are derived from different clinical trials conducted at different times, with differences in trial design and patient populations. As a result, cross-trial comparisons cannot be made, and no head-to-head clinical trials have been conducted. Statistical treatment of missing data varies across studies shown. 1 Calculation of difference between zumilokibart and placebo is based on Cochran–Mantel–Haenszel (CMH) analysis adjusted by

randomization stratification factors. Zumilokibart assessed vIGA 0/1 while DUPIXENT, EBGLYSS, NEMLUVIO+TCS, and ADBRY assessed IGA 0/1.

(average of Ph3 ECZTRA1&2; 300 mg Q2W regimen; non-responder imputation for missing values).

47.4

9.3

31.8

6.0

34.5

9.3

25.8

17.9 16.4

4.8

EASI-90 Response at Week 16 (%)

N=85 N=88 N=521 N=521 N=1142 N=586

Zumilokibart demonstrated competitive EASI-90 response

Δ = 37.81

p < 0.001

Δ = 25.2

Δ = 25.8

Δ = 7.9

PBO PBO PBO PBO PBO

Zumilokibart

(Mid dose)

+TCS

N=1192 N=398

Δ = 11.6

APEX PART B

N=564 N=287

NOTE: For illustrative purposes only. Efficacy data are derived from different clinical trials conducted at different times, with differences in trial design and patient populations. As a result, cross-trial comparisons cannot be made, and no head-to-head clinical trials have been conducted. Statistical treatment of missing data varies across studies shown. 1 Calculation of difference between zumilokibart and placebo is based on Cochran–Mantel–Haenszel (CMH) analysis adjusted by

randomization stratification factors.

SOURCE: DUPIXENT (average of Ph3 SOLO-1&2 and Ph2b; 300 mg Q2W regimen; non-responder imputation for missing values). EBGLYSS (average of Ph3 ADVOCATE-1&2; 250mg Q2W regimen; non-responder imputation for missing

values). NEMLUVIO+TCS (average of Ph3 ARCADIA1&2; 30 mg Q4W regimen; non-responder imputation for missing data). ADBRY (average of Ph3 ECZTRA1&2; 300 mg Q2W regimen; non-responder imputation for missing values).

50.5

13.9

38.4

10.9

42.9

12.3

41.9

17.9

22.5

9.9

I-NRS4 Response at Week 16 (%)

N=77 N=84

Zumilokibart demonstrated competitive I-NRS4 response

Δ = 36.71

p < 0.001

Δ = 30.6

Δ = 27.5

Δ = 24.0

PBO PBO PBO PBO PBO

Zumilokibart

(Mid dose)

+TCS

Δ = 12.6

APEX PART B

N=438 N=433 N=497 N=252 N=1142 N=586 N=1169 N=394

NOTE: For illustrative purposes only. Efficacy data are derived from different clinical trials conducted at different times, with differences in trial design and patient populations. As a result, cross-trial comparisons cannot be made, and no head-to-head clinical trials have been conducted. Statistical treatment of missing data varies across studies shown. 1 Calculation of difference between zumilokibart and placebo is based on Cochran–Mantel–Haenszel (CMH) analysis adjusted by

randomization stratification factors. I-NRS4 = Percentage of patients achieving at least a 4-point reduction from baseline on the Itch Numeric Rating Scale among patients with a baseline peak score of at least 4 on the Itch Numeric Rating Scale.

SOURCE: DUPIXENT (average of Ph3 SOLO-1&2, 300 mg Q2W regimen; non-responder imputation for missing values). EBGLYSS (average of Ph3 ADVOCATE-1&2; 250mg Q2W regimen; non-responder imputation for missing values).

NEMLUVIO+TCS (average of Ph3 ARCADIA1&2; 30 mg Q4W regimen; non-responder imputation for missing data). ADBRY (average of Ph3 ECZTRA1&2; 300 mg Q2W regimen; non-responder imputation for missing values).

Zumilokibart treatment led to EASI-100 response of 16.5%

and vLDA response of 20.6%

APEX PART B

Completely clear skin (EASI-100)1 Very Low Disease Activity (EASI-90 + I-NRS 0/1)2

16.5

3.4

5.6

14.8

EASI-100 Response at Week 16 (%)

Δ = 12.93

p < 0.01

20.6

4.5

8.9

19.9

vLDA at Week 16 (%)

Δ = 16.73

p < 0.01

N=462 N=458 N=462 N=458

Zumilokibart

(Mid dose)

N=85 N=88

Zumilokibart

(Mid dose)

N=63 N=66

NOTE: For illustrative purposes only. Efficacy data are derived from different clinical trials conducted at different times, with differences in trial design and patient populations. As a result, cross-trial comparisons cannot be made, and no head-to-head clinical trials have been conducted. Statistical treatment of missing data varies across studies shown. 1Non-responder imputation (NRI) analysis. 2As observed analysis. 3Calculation of difference between zumilokibart and placebo is based

on Cochran–Mantel–Haenszel (CMH) analysis adjusted by randomization stratification factors.

SOURCE: DUPIXENT LEVEL UP (Silverberg J et al. BJD 2025; 300 mg Q2W regimen; non-responder imputation incorporating multiple imputation for missing data due to COVID-19). RINVOQ LEVEL UP (Silverberg J et al. BJD 2025; 15 mg

QD or 30mg QD regimen; non-responder imputation incorporating multiple imputation for missing data due to COVID-19).

Treatment Gaps in Atopic

Dermatitis

Ruth Ann Vleugels, MD, MPH, MBA

Heidi and Scott C. Schuster Distinguished Chair in Dermatology

Director, Atopic Dermatitis Program

Mass General Brigham Department of Dermatology

Professor of Dermatology, Harvard Medical School

Atopic dermatitis is a severe, systemic disease that

profoundly impacts patient quality of life

1) Primary Care Dermatology Society . 2) Bridgman et al., 2018. Ann Allergy Asthma Immunol. 3) Irish Skin Foundation.

Loss of

sleep

Hospitalizations

Growth

restriction Depression

Work

sick leave

Reduced

physical activity

Available treatment options for AD enable

disease control, but have limitations

Therapy Target Early disease control Limitations

Dupilumab IL-4Ra

• Moderate onset of action for itch

and lesion benefit

• Dosing frequency (every 2 weeks)

Lebrikizumab IL-13

• Moderate onset of action for itch

and lesion benefit

• Dosing frequency (every 4 weeks)

Nemolizumab IL-31 • Rapid and substantial itch relief • Limited improvement in rash

Upadacitinib/

Abrocitinib JAK

• Rapid onset of action with

substantial lesion benefit and

itch relief

• Safety liabilities (boxed warning)

• Dosing frequency (daily)

1) Dupixent USPI, 2) Ebglyss USPI, 3) Nemluvio USPI, 4) Rinvoq USPI

Patients continue to look for improved treatments1

Key areas for improved treatment options patients cite as important include

Robust efficacy without safety

liabilities Freedom from injection burden

• Zumilokibart efficacy is

numerically similar to JAK-inhibitors at Week 16, including

on deepest endpoints: Very Low

Disease Activity (vLDA) and EASI-100 (completely clear skin)

• Responses improved on

zumilokibart after Week 16 in

previous studies, including >40%

of patients achieving completely

clear skin on every 3-month

dosing at Week 52

• Zumilokibart offers low injection

burden, with just 4 dosing days in

induction

• Zumilokibart demonstrated

maintenance of responses with

just 2-4 dosing days per year, a

significant reduction from current

standard of care

1) Safety and efficacy data are derived from different clinical trials conducted at different times, with differences in trial design and patient populations. As a

result, cross-trial comparisons cannot be made, and no head-to-head clinical trials have been conducted.

Zumilokibart could address several unmet needs in AD1

• Although newer therapies have greatly improved the lives of patients with AD, substantial unmet

need still exists for therapies that are safe and give patients freedom from disease burden

• Zumilokibart was well-tolerated with a safety profile generally in line with the IL-4/13 class

• Moreover, zumilokibart data presented today demonstrated efficacy numerically similar to that

of JAK inhibitors and itch data numerically similar to nemolizumab

• From previously presented data, zumilokibart showed improved responses over time with as

infrequent dosing as every 3- to 6-months, providing patients freedom from their disease burden

long-term

• Together, zumilokibart data support its potential to become the biologic of choice for patients

with moderate-to-severe atopic dermatitis

1) Safety and efficacy data are derived from different clinical trials conducted at different times, with differences in trial design and patient populations. As a

result, cross-trial comparisons cannot be made, and no head-to-head clinical trials have been conducted.

Zumilokibart

Development Program

Kristine Nograles, MD

SVP, Clinical Development

& Medical Affairs

Amol Kamboj, MD

SVP, Head of Clinical

Development

ZUMILOKIBART

Zumilokibart Phase 3 program expected to initiate in 2H 2026

NOTE: For illustrative purposes only. Trial designs subject to clinical and regulatory alignment.

Zumilokibart replicate Phase 3 monotherapy studies in moderate-to-severe atopic dermatitis patients

Trial design

• Patient population:

EASI ≥16, vIGA ≥3, BSA

≥10%

• Co-primary endpoint:

EASI-75 and IGA 0/1

• Trial geography: similar

to APEX Part B

Every 3 months (Q12W)

Maintenance

W16

Co-primary endpoint W52 Endpoint

Induction

N ~ 400

per trial

Zumilokibart

(Mid dose)

Placebo Placebo

Every 6 months (Q24W)

ADventure Phase 3 development program could enable zumilokibart launch in 2029

ZUMILOKIBART

Zumilokibart Phase 3 program expected to initiate in 2H 2026

NOTE: For illustrative purposes only. Trial designs subject to clinical and regulatory alignment.

Zumilokibart Phase 3 TCS combination study in moderate-to-severe atopic dermatitis patients

Trial design

• Patient population:

EASI ≥16, vIGA ≥3, BSA

≥10%

• Co-primary endpoint:

EASI-75 and IGA 0/1

• Trial geography: similar

to APEX Part B

Maintenance

W16

Co-primary endpoint W52 Endpoint

Induction

N ~ 400

Zumilokibart

Mid dose + TCS

Placebo + TCS

ADventure Phase 3 development program could enable zumilokibart launch in 2029

Every 3 months (Q12W)

Dose-ranging trials in AD, asthma, and EoE could enable efficient path

to registration for multiple additional blockbuster expansion indications

ZUMILOKIBART

NOTE: Phase 3 and launch plans subject to clinical and regulatory outcomes. COPD = Chronic Obstructive Pulmonary Disease. CRSwNP = Chronic Rhinosinusitis with Nasal Polyps. PN =Prurigo Nodularis.

Respiratory

ASPIRE Asthma

Phase 2

Dermatology

APEX AD

Phase 2 Part B

Gastroenterology

ELEVATE EoE

Phase 2

Phase 3 dose

Optimized dose in each therapeutic area could enable straight to Phase 3

approach for additional expansions (e.g., COPD, CRSwNP, PN)

ZUMILOKIBART

Zumilokibart ASPIRE Phase 2b in asthma

expected to initiate in 1H 2027

NOTE: For illustrative purposes only. Trial designs subject to clinical and regulatory alignment.

Zumilokibart Phase 2b in moderate-to-severe asthma patients

W52 Primary endpoint:

Annualized exacerbation rate

Patient population:

▪ Elevated Type 2

biomarkers

▪ Exacerbation history

in prior year

Objectives

• Demonstrate reduction in

exacerbations

• Improve lung function and

symptoms

• Select dose for further

development

• Designed to be potentially

registrational

Every 3-month dosing (Q12W)

Every 6-month dosing (Q24W)

Placebo

Every 12-month dosing (Q48W)

N ~ 500

NOTE: POC = proof of concept. For illustrative purposes only. Trial designs subject to clinical and regulatory alignment.

Induction Maintenance

Primary Endpoint:

Histology

W52

Endpoint

~30-50

Every 3-months

(Q12W)

Zumilokibart

induction

Every 6-months

(Q24W)

ZUMILOKIBART

Zumilokibart ELEVATE Phase 2a in eosinophilic

esophagitis expected to initiate 2H 2026

Zumilokibart Phase 2a proof-of-concept open-label design

Objectives

• Demonstrate rapid and early

proof of concept for zumilokibart

in EoE by evaluating:

• Histology

(eosinophil counts)

• Endoscopy

• Patient reported outcomes

• Enable 2H 2027 readout

ZUMILOKIBART

Zumilokibart could transform the treatment paradigm

in multiple expansion indications beyond AD

Zumilokibart could become the first long-acting

biologic approved for both AD and asthma

Zumilokibart could be dosed 2-4 times per year in EoE

versus weekly dosing for the only approved biologic

0 2 12

Reduction in annual asthma

exacerbations (%, labeled population)

Dosing Interval (weeks)

Zumilokibart

AD, asthma, and EoE are the three largest Th2 indications and account for >75% of DUPIXENT’s gross sales1,2

52 0 1 12

Esophageal histologic remission

at Week 24

Dosing Interval (weeks)

Zumilokibart

NOTE: Positioning of zumilokibart is illustrative and based on Phase 2 results in AD and Phase 1b interim results in asthma for zumilokibart only and illustrates what we believe we can potentially achieve. Only DUPIXENT is approved in the US.

Efficacy data are derived from different clinical trials conducted at different times, with differences in trial design and patient populations. As a result, cross-trial comparisons cannot be made, and no head-to-head clinical trials have been conducted.

Maintenance dosing intervals are as per label or published data. 1 Largest indications based on WW gross sales in 2025. 2 IQVIA (March 2025).

SOURCE: DUPIXENT asthma Phase 3 data (QUEST) from HCP website for 300mg Q2W in labeled population (EOS ≥150 cells/μL). DUPIXENT EoE Phase 3 data from USPI for 300mg QW (average of Part A and Part B).

Building a Leading

I&I Company

Michael Henderson, MD

Chief Executive Officer

SOURCE: EvaluatePharma

NOTE: Year 1 for DUPIXENT in AD is 2017 and for Biologics in PsO is 2004 (i.e., ENBREL approval). Other includes SILIQ, ILLUMYA, and CIMZIA, which all launched prior to SKYRIZI. Future $50B AD market size based on EvaluatePharma

and company projections. Actual market size may differ materially. Expected 2029 launch subject to clinical outcomes and regulatory approval.

Apogee has the potential to become a leader in a future $50B+ market

$10

$15

$20

$25

Global Revenue, $B

(estimated share for indication)

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20

Years After First Biologic Launch

$10

$15

$20

$25

Psoriasis

Atopic

dermatitis

Other biologics

Year of zumilokibart

planned launch (2029)

Amlitelimab

New agents EBGLYSS and NEMLUVIO

each projected to eclipse $1B in 2026

(2nd full year of launches)

ZUMILOKIBART

Zumilokibart has demonstrated a potentially best-in-class profile in AD

Robust lesion and itch control

that improves over time

Week 161 Week 522,3

EASI-75 66% 88%

IGA 0/1 46% 72%

EASI-90 47% 75%

I-NRS4 51% 78%

EASI-100 17% 41%

Transformative

Dosing

2-4

Zumilokibart

dosing days per year

DUPIXENT

dosing days per year

ZUMILOKIBART

NOTE: Data are derived from Part A and Part B, with differences patient populations. As a result, cross-trial comparisons cannot be made, and no head-to-head trials have been conducted. IGA = Validated

Investigator Global Assessment. EASI = Eczema Area and Severity Index. I-NRS4 = % of patients achieving at least a 4-point reduction from baseline on the Itch Numeric Rating Scale. Maintenance dosing

intervals are as per label or published data.

SOURCE: 1 ZUMILOKIBART APEX Part B Mid Dose (MCMC-MI / NRI). 2 ZUMILOKIBART Guttman-Yassky et al, AAD 2026 (Q12W cohort, as observed analysis). 3

Itch-NRS data is at Week 48.

ROYALTY FINANCING

Blackstone collaboration expected to provide path to commercialization

for zumilokibart without need for future equity financing

$500M

$800M

$1.3B

Future Senior

Debt Option1

Synthetic

Royalty

Current

Cash2

• Up to $1.3B in flexible, low-cost of capital funding customized for

Apogee’s future needs

- Largest royalty financing for a pre-Phase 3 program

• Max royalty rate of 6.25% on up to $5B of WW annual zumilokibart sales;

blended rate scales down with sales:

- 3.4% at $10B net sales

- 1.7% at $20B net sales

• Buy-back option in the event of a change of control

NOTE: 1 At mutual consent. 2As of March 31, 2026, Apogee had cash, cash equivalents and marketable securities of $1.3B. 3$150M of the $400M approval funding is at Apogee option. If only $250M of $400M available approval funding is drawn,

approval tranche drops to 1.5625% on <$5B, 0% above $5B.

Pre-approval

($400M)

Approval

(Up to $400M3

)

Tiered royalty rate

on annual net sales:

<$5B 3.75% 2.5%

$5B-$8B 1% 0%

2026 2027 2028

1H: Ph2 Part B 52-week

2H: Ph2 Part A 2-year

2H: Ph3 mono 1&2 initiations

2H: Ph3 TCS initiation

1H: Ph3 mono 1&2 readouts

2H: Ph3 TCS readout

1H: Asthma Ph2b initiation

2H: EoE Ph2a initiation 2H: EoE Ph2a

preliminary readout

2H: EoE Ph2a

long-term follow-up

2H: APG279 (IL-13+OX40L) AD

Ph1b readout vs. DUPIXENT

2H: APG273 (IL-13+TSLP) trial

plans announced

1H: Additional pipeline

program disclosed

Multiple expected value-creating catalysts through 2028

CORPORATE

Zumilokibart

in AD

Zumilokibart

Pipeline-in-a-product

Serial

innovation

Ph3

Apogee /ˈapəjē/ noun

The highest point in the development of

something; a climax or culmination

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Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

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+ Details

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Namespace Prefix:

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Data Type:

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Balance Type:

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- Definition

Address Line 2 such as Street or Suite number

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No definition available.

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- Definition

Address Line 3 such as an Office Park

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No definition available.

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Name:

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- Definition

Name of the City or Town

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No definition available.

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- Definition

Code for the postal or zip code

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No definition available.

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- Definition

Name of the state or province.

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No definition available.

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Name:

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Balance Type:

Period Type:

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- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

+ Details

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Data Type:

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

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No definition available.

+ Details

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Local phone number for entity.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Data Type:

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Balance Type:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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Name:

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Balance Type:

Period Type:

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Name:

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Namespace Prefix:

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Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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Name:

dei_SolicitingMaterial

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Data Type:

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Balance Type:

Period Type:

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- Definition

Trading symbol of an instrument as listed on an exchange.

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No definition available.

+ Details

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Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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