Apogee Therapeutics, Inc.
APGEdata completeness 63%3 fiscal years on fileData notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'stockholdersEquity'; 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
shares
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 v0.1.0
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)