Apogee Therapeutics, Inc.

APGEdata completeness 63%3 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'stockholdersEquity'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

i. The business — what you’d actually own

Figure	FY 2023	FY 2024	FY 2025
Revenue	—	—	—
Net income	−$84M¹	−$182.1M¹	−$255.8M¹
Operating cash flow	−$74.8M²	−$171.2M²	−$227.5M²
Capital expenditure	$167,000³	$1.15M³	$5.15M³
Free cash flow (derived)	−$74.9M²	−$172.3M²	−$232.6M²
Total debt	—	—	—
Cash & equivalents	$118.3M⁴	$141.8M⁴	$131.5M⁴
Diluted shares	25.0M	55.2M	60.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

—

your share of equity

Profit it earned you last year

−$42.16

Free cash flow it threw off

−$38.32

Debt you’d be carrying

—

10 shares of this business that earned you −$42.16 and generated −$38.32 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

— avg · 3y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →

Management signal · capital allocation

+143% shares · 3y

Share count is up 143% over 3 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2023-12-31 · accession 0001974640-26-000002 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001974640-26-000002 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001974640-26-000002 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0001974640-26-000002 (CashAndCashEquivalentsAtCarryingValue)