# EDGAR Filing Document

**Accession Number:** 0001974640
**File Stem:** 0001104659-25-065926
**Filing Date:** 2025-7
**Character Count:** 62620
**Document Hash:** 9bba087b84967f451a1869c011c7cda1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-065926.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001104659-25-065926

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20250707

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Apogee Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001974640
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 934958665
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41740
- **FILM NUMBER:** 251106914

**BUSINESS ADDRESS:**
- **STREET 1:** 221 CRESCENT ST.
- **STREET 2:** BUILDING 17, SUITE 102B
- **CITY:** WALTHAM
- **STATE:** MA
- **ZIP:** 02453
- **BUSINESS PHONE:** 650-394-5230

**MAIL ADDRESS:**
- **STREET 1:** 221 CRESCENT ST.
- **STREET 2:** BUILDING 17, SUITE 102B
- **CITY:** WALTHAM
- **STATE:** MA
- **ZIP:** 02453

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Apogee Therapeutics, LLC
- **DATE OF NAME CHANGE:** 20230420

?xml version='1.0' encoding='ASCII'?

**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): July 7, 2025**

**Apogee Therapeutics, Inc.**

**(Exact Name of Registrant as Specified in Its Charter)** 

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41740** | **93-4958665** |
| **(State of Incorporation or<br> Organization)** | **(Commission File Number)** | **(I.R.S. Employer Identification<br> 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<br> Symbol(s)** | **Name of each exchange<br> 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 July 7, 2025, Apogee Therapeutics, Inc. (the "Company") issued a press release and made publicly available a data presentation announcing positive 16-week data from Part A of the Phase 2 APEX clinical trial of 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, Monday, July 7, 2025, 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 and are incorporated by reference herein. The exhibits furnished under Item 7.01 of this Current Report on Form 8-K 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 July 7, 2025, the Company announced (1) positive 16-week data from Part A of the Phase 2 APEX clinical trial of APG777, its potentially best-in-class anti-IL-13 antibody, in patients with moderate-to-severe AD, and (2) that the first patient has been dosed in its Phase 1b head-to-head trial of APG279 (IL-13 + OX40L) in patients with moderate-to-severe AD, in comparison to DUPIXENT, with readout expected in the second half of 2026.

**APEX Phase 2 Part A Key 16-Week Results**

The Phase 2 APEX clinical trial is a randomized, placebo-controlled study evaluating APG777 in patients with moderate-to-severe AD. Part A of the trial enrolled 123 adult patients who were randomized 2:1 to APG777 versus placebo and received an induction regimen dosing of 720mg at Weeks 0 and 2, followed by 360mg at Weeks 4 and 12. Patients benefiting from treatment continued maintenance dosing, evaluating 3- or 6-month dosing of APG777. The primary endpoint of Part A is mean percentage change in Eczema Area Severity Index ("EASI") score from baseline at Week 16. Secondary endpoints include EASI-75, EASI-90, Validated Investigator Global Assessment ("IGA") 0/1 and Itch Numeric Rating Scale ("NRS") at Week 16.

Initial 16-week findings from APEX Part A include efficacy results, which compare favorably versus standard of care across endpoints as well as rapid onset of itch relief and lesion reduction, and a favorable safety profile consistent with its class:

&nbsp;&nbsp;&nbsp;&nbsp;· The trial met its primary endpoint, with APG777 showing significantly greater least squares mean percent change from baseline at Week
16 with an EASI reduction of 71.0% compared to placebo of 33.8% (p < 0.001).

&nbsp;&nbsp;&nbsp;&nbsp;· Highest absolute and placebo-adjusted EASI-75 of any biologic with 66.9% of participants treated with APG777 achieving EASI-75 compared
to 24.6% on placebo (p < 0.001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Pre-specified sensitivity analysis showed consistent results in both moderate and severe patients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Additionally, an exposure-response relationship was observed, with patients in the two highest quartiles of exposures achieving the
highest EASI-75 response at Week 16, 83.3% for quartile three and 89.5% for quartile four

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ APEX Part B is testing a higher dose of APG777, which is projected to achieve average exposures in line with the highest quartile
of exposures from Part A

&nbsp;&nbsp;&nbsp;&nbsp;· Additional key secondaries were in line with standard of care, including vIGA 0/1 and EASI-90

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o vIGA 0/1 of 34.9% compared to placebo of 17.3% (p < 0.05)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o EASI-90 of 33.9% compared to placebo of 14.7% (p < 0.05)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Patients in the highest quartile of exposures achieved the highest response, 63.2% vIGA 0/1 and 63.2% EASI-90 at Week 16

&nbsp;&nbsp;&nbsp;&nbsp;· Treatment of patients with APG777 led to rapid onset of itch relief and achieved statistically significant reduction by Week 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 50.7% reduction of Itch NRS from baseline compared to 23.2% (p < 0.01)

&nbsp;&nbsp;&nbsp;&nbsp;· APG777 was well tolerated with a safety profile consistent with other agents in the class

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 56.1% of APG777-exposed patients experienced treatment-emergent adverse events ("TEAEs") (vs. 63.4% in placebo)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Serious TEAEs were rare for APG777-exposed patients (1.2% vs. 2.4% in placebo)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Discontinuation rate due to AEs was low for APG777-exposed patients (2.4%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The most common TEAEs (occurring in ≥5% of patients in either treatment group) were non-infective conjunctivitis, upper respiratory
tract infection, and nasopharyngitis, the latter two numerically lower in APG777 treated patients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o There were 0 injection site reactions in the APG777 group

APEX Part B is a placebo-controlled dose optimization with approximately 280 patients randomized 1:1:1:1 to high, medium, or low dose APG777 versus placebo. Part B continues to enroll participants with 16-week readout expected in mid-2026, expected to enable initiation of a Phase 3 trial in 2026 and anticipated commercial launch this decade, subject to regulatory alignment. Data readout from the maintenance phase of APEX Part A, testing 3- and 6-month maintenance dosing, is expected in the first half of 2026.

**Cautionary Note Regarding Forward-Looking Statements**

Certain statements in this Current Report on Form 8-K may constitute "forward-looking statements" within the meaning of the federal securities laws, including, but not limited to, statements regarding: Apogee's plans for its current and future product candidates and programs; the expected timing of and results from its clinical trials, including 52-week maintenance data from Part A and the initial readout from Part B of its Phase 2 trial of APG777 in AD and initial readout from its Phase 1b trial of APG279 in AD; its planned clinical trial designs; its plans for current and future clinical trials, including the timing of initiation of a Phase 3 trial of APG777 in AD and potential path to regulatory approval and commercial launch; the potential clinical benefit and half-life, PK profile, dosing regimen, and treatment outcomes of APG777 and APG279; and its planned business strategies. 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 the company on the date of this Current Report on Form 8-K. 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 the Company's control and subject to change. Actual or final 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 trial results, including across different phases of clinical trials; the accuracy of cross-trial comparisons against products in the same class; 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, 2024, filed with the SEC on March 3, 2025, and subsequent disclosure documents Apogee has filed and 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.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

(d) *Exhibits*. The following exhibit is being furnished herewith:

**<u>EXHIBIT INDEX</u>**

---

| | |
|:---|:---|
| **Exhibit<br> No.** | **Description** |
| [99.1](tm2519512d2_ex99-1.htm) | [Data Press Release, dated July 7, 2025](tm2519512d2_ex99-1.htm) |
| [99.2](tm2519512d2_ex99-2.htm) | [Data Presentation, dated July 7, 2025](tm2519512d2_ex99-2.htm) |
| 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.** | **Apogee Therapeutics, Inc.** |
| Date: July 7, 2025 | By: | /s/ Michael Henderson, M.D. |
|  |  | Michael Henderson, M.D. |
|  |  | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2519512d2_ex99-1img001.jpg)

**Apogee Therapeutics Announces Positive 16-Week Data from Phase 2 APEX Clinical Trial of APG777, its Potentially Best-in-Class Anti-IL-13 Antibody, in Moderate-to-Severe Atopic Dermatitis**

*APEX Part A met all primary and key secondary endpoints and exceeded trial objectives, including 71.0% decrease from baseline in EASI at Week 16* 

 

*APG777 demonstrated EASI-75 of 66.9% (42.5% placebo-adjusted) at Week 16, the highest topline and placebo-adjusted efficacy of any biologic in a global study*

 

*Exposure-response relationship observed across multiple key endpoints; APEX Part B is testing higher exposures with readout accelerated and now anticipated mid-2026, enabling planned Phase 3 initiation in 2026*

 

*APEX Part A testing potentially best in class 3- or 6-month maintenance dosing with 52-week readout anticipated 1H 2026*

 

*APG777 was well tolerated with a favorable safety profile consistent with other agents in class*

 

*First patient dosed in APG279 (IL-13 + OX40L) Phase 1b head-to-head trial versus DUPIXENT with readout expected in 2H 2026*

 

*Management will host a conference call today at 8:00 a.m. ET*

 

**San Francisco, CA and Boston, MA, July 7, 2025** – Apogee Therapeutics, Inc., (Nasdaq: APGE), a clinical-stage biotechnology company advancing optimized, novel biologics with potential for differentiated efficacy and dosing in the largest inflammatory and immunology (I&I) markets, today announced positive 16-week data from Part A of the Phase 2 APEX clinical trial of APG777, a potential best-in-class anti-IL-13 antibody, in patients with moderate-to-severe atopic dermatitis (AD).

"With two out of every three patients treated with APG777 achieving EASI-75 response at Week 16 in the Phase 2 APEX Part A trial, APG777 demonstrated the highest EASI-75 response rate both on a topline and placebo-adjusted basis for any biologic in a global study to date, reinforcing its potential best-in-class profile for patients with moderate-to-severe atopic dermatitis," said Michael Henderson, M.D., Chief Executive Officer of Apogee. "APG777 has the potential to set a new standard of care by offering improved clinical responses with transformational quarterly or better maintenance dosing — benefitting patients, providers, and payers. Today's results bring us closer to that vision, and we believe further de-risks APG777's path to approval. In addition, I am excited for our two upcoming readouts to potentially even further improve on efficacy results — the accelerated APEX Part B testing higher exposures that is now expected to readout mid-2026, and the ongoing APG279 (IL-13 + OX40L) head-to-head trial against DUPIXENT expected to readout in the second half of 2026."

"Today's results from APEX Part A demonstrate strong efficacy results across all key endpoints," said Carl Dambkowski, M.D., Chief Medical Officer of Apogee. "In addition to these potentially best-in-class results, increased response rates were observed in patients with higher exposures, supporting our exposure-response hypothesis which we continue to further test in APEX Part B. Combined with a favorable safety profile, these findings reinforce APG777's potential to deliver meaningful and durable benefit to patients while significantly reducing dosing frequency compared with existing agents. On behalf of the entire Apogee team, I'd like to extend our gratitude to the patients and physicians for their support in the successful execution of this important trial."

![](tm2519512d2_ex99-1img001.jpg)

**APEX Phase 2 Part A Key 16-Week Results**

The Phase 2 APEX clinical trial is a randomized, placebo-controlled study evaluating APG777 in patients with moderate-to-severe AD. Part A of the trial enrolled 123 adult patients who were randomized 2:1 to APG777 versus placebo and received an induction regimen dosing of 720mg at Weeks 0 and 2, followed by 360mg at Weeks 4 and 12. Patients benefiting from treatment continued maintenance dosing, evaluating 3- or 6-month dosing of APG777. The primary endpoint of Part A is mean percentage change in Eczema Area Severity Index (EASI) score from baseline at Week 16. Secondary endpoints include EASI-75, EASI-90, Validated Investigator Global Assessment (IGA) 0/1 and Itch Numeric Rating Scale (NRS) at Week 16.

Initial 16-week findings from APEX Part A include efficacy results, which compare favorably versus standard of care across endpoints as well as rapid onset of itch relief and lesion reduction, and a favorable safety profile consistent with its class:

&nbsp;&nbsp;&nbsp;&nbsp;· The trial met its primary endpoint, with APG777 showing significantly greater
least squares mean percent change from baseline at Week 16 with an EASI reduction of 71.0% compared to placebo of 33.8% (p < 0.001).

&nbsp;&nbsp;&nbsp;&nbsp;· Highest absolute and placebo-adjusted EASI-75 of any biologic with 66.9%
of participants treated with APG777 achieving EASI-75 compared to 24.6% on placebo (p < 0.001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Pre-specified
sensitivity analysis showed consistent results in both moderate and severe patients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Additionally, an exposure-response relationship was observed, with patients in the two highest quartiles of exposures achieving the
highest EASI-75 response at Week 16, 83.3% for quartile three and 89.5% for quartile four

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ APEX Part B is testing a higher dose of APG777, which is projected to achieve
average exposures in line with the highest quartile of exposures from Part A

&nbsp;&nbsp;&nbsp;&nbsp;· Additional key secondaries were in line with standard of care, including
vIGA 0/1 and EASI-90

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o vIGA
0/1 of 34.9% compared to placebo of 17.3% (p < 0.05)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o EASI-90 of 33.9% compared to placebo of 14.7% (p < 0.05)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Patients
in the highest quartile of exposures achieved the highest response, 63.2% vIGA 0/1 and 63.2% EASI-90 at Week 16

&nbsp;&nbsp;&nbsp;&nbsp;· Treatment of patients with APG777 led to rapid onset of itch relief and achieved
statistically significant reduction by Week 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 50.7% reduction of Itch NRS from baseline compared to 23.2% (p < 0.01)

&nbsp;&nbsp;&nbsp;&nbsp;· APG777 was well tolerated with a safety profile consistent with other agents
in the class

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Serious treatment-emergent adverse events (TEAEs) were rare for APG777-exposed patients (1.2% vs. 2.4% in placebo)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Discontinuation rate due to AEs was low for APG777-exposed patients (2.4%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The most common TEAEs (occurring in ≥5% of patients in either treatment group) were non-infective conjunctivitis, upper respiratory
tract infection, and nasopharyngitis, the latter two numerically lower in APG777 treated patients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o There were 0 injection site reactions in the APG777 group

![](tm2519512d2_ex99-1img001.jpg)

"The Phase 2 Part A results are exciting, with APG777 demonstrating promising efficacy results from only four injection days over the initial 16-week induction period," said Emma Guttman-Yassky, M.D., Ph.D., Waldman Professor of Dermatology and Immunology and Health System Chair of the Kimberly and Eric J. Waldman Department of Dermatology at the Icahn School of Medicine at Mount Sinai in New York City. "Despite meaningful advances in atopic dermatitis treatment, there remains a significant unmet need to reduce the injection burden for patients while continuing to improve patient outcomes. I look forward to seeing the first half-life extended antibody in AD progress and I am excited about Apogee's studies that are bringing this therapy closer to patients."

APEX Part B is a placebo-controlled dose optimization with approximately 280 patients randomized 1:1:1:1 to high, medium, or low dose APG777 versus placebo. Part B continues to enroll participants with readout expected in mid-2026. Data readout from the maintenance phase of APEX Part A, testing 3- and 6-month maintenance dosing, is expected in the first half of 2026.

**Webcast Details**

Apogee Therapeutics' live webcast of the Phase 2 APEX Part A results will begin today at 8:00 a.m. ET. The live webcast can be accessed via this <u>link</u> or the Investors section on the Company's website at <u>https://investors.apogeetherapeutics.com/news-events/events</u>. A replay of the webcast will be available following the call.

**About Apogee**

Apogee Therapeutics is a clinical-stage biotechnology company advancing optimized, novel biologics with potential for differentiated efficacy and dosing in the largest I&I markets, including for the treatment of Atopic Dermatitis (AD), asthma, Chronic Obstructive Pulmonary Disease (COPD), Eosinophilic Esophagitis (EoE) 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. APG777, 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. 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 <u>https://apogeetherapeutics.com</u>.

![](tm2519512d2_ex99-1img001.jpg)

**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 plans for its current and future product candidates and programs; the expected timing of and results from its clinical trials, including 52-week maintenance data from Part A and the initial readout from Part B of its Phase 2 trial of APG777 in AD and initial readout from its Phase 1b trial of APG279 in AD; its planned clinical trial designs; its plans for current and future clinical trials, including the timing of initiation of a Phase 3 trial of APG777 in AD and potential path to regulatory approval; the potential clinical benefit and half-life, PK profile, dosing regimen, and treatment outcomes of APG777 and APG279; and its planned business strategies. 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 the company 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 the Company's control and subject to change. Actual or final 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 trial results, including across different phases of clinical trials; the accuracy of cross-trial comparisons against products in the same class; 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, 2024, filed with the SEC on March 3, 2025, and subsequent disclosure documents Apogee has filed and 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.

<u>Noel.Kurdi@apogeetherapeutics.com</u>

**Media Contact:**

Dan Budwick

1AB Media

<u>dan@1abmedia.com</u>

## Exhibit 99.2

**Exhibit 99.2**

![](tm2519512d2_ex99-2img001.jpg)

APEX Phase 2 Part A readout JULY 7, 2025

![](tm2519512d2_ex99-2img002.jpg)

2© Apogee Therapeutics, Inc. 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 and programs ; the anticipated timing of initiation of our clinical trials, including the Phase 2 b trials of APG 777 in asthma, the Phase 2 trial of APG 777 in eosinophilic esophagitis (EoE), and a Phase 3 trial of APG 777 in AD ; the expected timing of results from our clinical trials, including 52 - week maintenance data from Part A, the initial readout from Part B of our Phase 2 trial of APG 777 in AD, the initial readout from our Phase 1 b trial of APG 279 in AD, and the initial readout from our Phase 1 trial of APG 333 ; planned clinical trial designs ; our plans for current and future clinical trials ; the potential clinical benefit and half - life of APG 777 , APG 333 , APG 990 , APG 808 , our other product candidates, including combination therapies, and any other potential programs ; our expected timing for future pipeline updates ; our potential path to regulatory approval ; our expectations regarding the time period over which our capital resources will be sufficient to fund our anticipated operations, our cash runway, 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 , 2024 , filed with the U . S . Securities and Exchange Commission (the SEC) on March 3 , 2025 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, it has not independently verified, and makes 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 statementsA0

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3© Apogee Therapeutics, Inc. Agenda Introduction Michael Henderson, MD Chief Executive Officer Carl Dambkowski , MD Chief Medical Officer Kristine Nograles, MD SVP, Head of Clinical Development & Medical Affairs Michael Henderson, MD, CEO Carl Dambkowski , MD, CMO Jane Pritchett Henderson, CFO Jeff Hartness, CCO APEX Phase 2 Part A Results APG777 Development Program Building a Leading I&I Company Analyst Q&A Michael Henderson, MD Chief Executive Officer

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Introduction Michael Henderson, MD Chief Executive Officer

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APEX Part A delivers on a potentially best - in - class profile with promising efficacy results and path to quarterly or better dosing • Part A regimen has ~50% fewer injections in induction vs. DUPIXENT or EBGLYSS • P ath to best - in - class quarterly or better dosing in maintenance APG777 has transformational dosing potential • APG279 (IL - 13 + OX40L) Ph1b in AD H2H against DUPIXENT dosed first patient ; readout expected in 2H 2026 First biotech to pursue combination approaches in the largest I&I markets APEX Part A met or exceeded all trial objectives • Part B 16 - week topline accelerated to mid - 2026 • Planned AD Phase 3 initiation in 2026© Apogee Therapeutics, Inc.

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6© Apogee Therapeutics, Inc. APEX PART A SIGNIFICANCE PLACEBO APG777 (absolute) OBJECTIVE (absolute) ENDPOINT (WEEK 16) p<0.001 - 33.8% - 71.0% ~ - 65 - 70% EASI % CFBL (primary) p<0.001 24.6% 66.9% ~ 45 - 50% EASI - 75 p<0.05 17.3% 34.9% ~ 35 - 40% vIGA 0/1 p<0.01 - 23.2% - 50.7% Itch NRS % CFBL APEX Part A met or exceeded all trial objectives Highest EASI - 75 (absolute and placebo - adjusted) of any biologic at Week 16 1 : • + 14 points vs. EBGLYSS (~25% higher) • +17 points vs. DUPIXENT (~35% higher) • Efficacy results numerically higher or in line vs. SoC ; exposure - response relationship observed • Rapid onset of itch relief (Week 1) and lesion reduction (Week 2) 2 • Well - tolerated – safety profile consistent with class NOTE: 1 APG777 achieved the highest EASI - 75 absolute and placebo - adjusted of any biologic tested in a global placebo - controlled trial of moderate - to - severe atopic dermatitis. 2 Itch NRS percent change from baseline for APG777 vs. placebo statistically significant at Week 1 (p<0.05). EASI percent change from baseline for APG777 vs . p lacebo statistically significant at Week 2 (p<0.05). "% CFBL" = Percent Change From Baseline. SoC = Standard of Care. vIGA = Validated Investigator Global Assessment. EASI = Eczema Area and Severity Index. Itch NRS = Itch Numeric Rating Scale.

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7© Apogee Therapeutics, Inc. 0 2 4 6 8 10 12 + 0 30 40 50 60 70 80 90 Rocatinlimab Amlitelimab Apogee has the potential to transform the future $50B atopic dermatitis market Efficacy (EASI - 75, %) APEX PART A NOTE: Positioning of Apogee programs is illustrative and based on Phase 2 Part A results for APG777 only and illustrates what we be lie ve 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 i n t rial 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 impu tation 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. 1 APG777 achieved the highest EASI - 75 absolute and placebo - adjusted of any biologic tested in a global placebo - controlled trial of moderate - to - severe atopic dermatitis. SOURCE: DUPIXENT (average of Ph3 SOLO - 1&2 and Ph2b ; 300 mg Q2W regimen; non - responder imputation for missing values). EBGLYSS (average of Ph 3 ADVOCATE - 1&2 (multiple imputation (MCMC - MI) 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 Weidinger et al EADV 2023 (Ph2b, 250mg Q4W + 500mg loading dose; non - responder imputation for missing values). ROCATINLIMAB AAD 2025 (Ph3 ROCKET Horizon, 300mg Q4W + Week 2 loading dose; statistical handling of missing data not specified). 100 APG777 demonstrated highest EASI - 75 of any biologic at Week 16 1 with path to best - in - class quarterly or better maintenance dosing APEX Part A Dosing Interval (weeks)

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8© Apogee Therapeutics, Inc. 0 2 4 6 8 10 12 + 0 30 40 50 60 70 80 90 Rocatinlimab Amlitelimab Apogee has two additional opportunities to deliver higher efficacy results with key readouts anticipated in 2026 Efficacy (EASI - 75, %) Dosing Interval (weeks) APEX PART A NOTE: Positioning of Apogee programs is illustrative and based on Phase 2 Part A results for APG777 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 i n t rial 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. For some agen ts, 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. 1 APG777 achieved the highest EASI - 75 absolute and placebo - adjusted of any biologic tested in a global placebo - controlled trial of moderate - to - severe atopic dermatitis. SOURCE: DUPIXENT (average of Ph3 SOLO - 1&2 and Ph2b ; 300 mg Q2W regimen; non - responder imputation for missing values). EBGLYSS (average of Ph 3 ADVOCATE - 1&2 (multiple imputation (MCMC - MI) 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 Weidinger et al EADV 2023 (Ph2b, 250mg Q4W + 500mg loading dose; non - responder imputation for missing values). ROCATINLIMAB AAD 2025 (Ph3 ROCKET Horizon, 300mg Q4W + Week 2 loading dose; statistical handling of missing data not specified). 100 APEX Part A : highest EASI - 75 of any biologic at Week 16 1 ✓ APEX Part B mid - 2026 (higher exposures) 1 2 APG279 Ph1b H2H vs. DUPIXENT 2H 2026 All programs with potential best - in - category maintenance dosing APEX Part A

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APEX Phase 2 Part A Results Carl Dambkowski , MD Chief Medical Officer

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10© Apogee Therapeutics, Inc. APEX Part A 16 - week topline data available for all patients Part A enrolled moderate - to - severe atopic dermatitis patients (EASI ≥16, vIGA ≥3, BSA ≥10%) 720mg W0, W2 360mg W4, W12 Placebo Every 3 mos (Q12W) Every 6 mos (Q24W) LTE or 52 - week follow - up period Induction Maintenance NOTE: 1 Data collected after the initiation of rescue medication or drug discontinuation will be set to missing for continuous variab les (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 u se or treatment discontinuation due to lack of efficacy SOURCE: EBGLYSS USPI, DUPIXENT USPI. W52 Endpoint APEX PART A APEX Part A demonstrated potentially best - in - class results 2:1 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 responder for all subsequent time points 1 W16 Primary Endpoint ✓ N = 123

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11© Apogee Therapeutics, Inc. NOTE: 1 Based on projected number of injections and dosing days with planned commercial presentation. SOURCE: EBGLYSS USPI, DUPIXENT USPI. APG777 could substantially decrease induction injections for patients APEX PART A EBGLYSS DUPIXENT 11 injections 9 dosing days 10 injections 9 dosing days W0 W2 W4 W12 APG777 6 injections 4 dosing days APG777 Part A induction regimen achieves higher exposures with ~50% fewer injections and dosing days 1 INDUCTION REGIMEN

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12© Apogee Therapeutics, Inc. Baseline characteristics and demographics were generally well - balanced and in line with expectations APEX PART A Placebo (N=41) APG777 (N=82) Characteristic 36.0 (13.7) 38.7 (15.6) Age, mean (SD), Y 19 (46.3) 41 (50.0) Female, n (percent) 81.6 (16.9) 84.5 (22.5) Weight, mean (SD), kg 24.6 (14.1) 24.2 (14.5) Duration of AD from diagnosis, mean (SD), Y Race, n (percent) 30 (73.2) 54 (65.9) White 6 (14.6) 13 (15.9) Black or African American 4 (9.8) 12 (14.6) Asian 1 (2.4) 3 (3.7) Other / Unknown Baseline disease characteristics 25.3 (10.8) 25.2 (10.8) EASI, mean (SD) 14 (34.1) 27 (32.9) vIGA (4), n (percent) 6.7 (1.9) 6.4 (2.1) Weekly mean I - NRS, (SD) 33.2 (22.6) 37.2 (22.3) BSA affected, mean (SD) NOTE: vIGA = Validated Investigator Global Assessment. EASI = Eczema Area and Severity Index. BSA = Body Surface Area. I - NRS = Itch Numeri c Rating Scale.

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13© Apogee Therapeutics, Inc. Treatment with APG777 reduced lesions as early as Week 2 \*p<0.05, week 2; \*\*\*p<0.001 vs placebo, weeks 4 – 16. NOTE: LS = Least squares. SE = Standard error. - 35.4 - 49.9 - 61.1 - 66.3 - 71.0 - 20.8 - 23.2 - 28.0 - 30.0 - 33.8 1 2 4 8 12 16 - 100 - 80 - 60 - 40 - 20 0 Week Percent Change from Baseline (LS Mean +/ - SE) - 17.8 - 15.2 APG777 (N=82) Placebo (N=41) APEX Part A met the primary endpoint Significance achieved by Week 2 \*\*\* APEX PART A \*\*\* \*\*\* \*\*\* Eczema Area and Severity Index Score \*

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14© Apogee Therapeutics, Inc. More than two - thirds of patients treated with APG777 achieved EASI - 75 response at Week 16 APEX PART A 9.8 28.5 44.9 56.9 66.9 7.3 12.2 19.8 19.5 24.6 0 2 4 6 8 10 12 14 16 0 20 40 60 80 Week EASI - 75 Response (%) APG777 (N=82) Placebo (N=41) EASI - 75 Response \* \*\* \*\*\* \*\*\* \*p<0.05, week 4; \*\*p<0.01 week 8; \*\*\*p<0.001 vs placebo, weeks 12, 16. NOTE: 1 APG777 achieved the highest EASI - 75 absolute and placebo - adjusted of any biologic tested in a global placebo - controlled trial of moderate - to - severe atopic dermatitis. APG777 demonstrated highest EASI - 75 of any biologic at Week 16 1

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15© Apogee Therapeutics, Inc. 66.9 24.6 49.5 12.7 53.0 15.3 29.1 12.1 40.3 11.4 32.8 13.7 0 20 40 60 80 EASI - 75 Response at Week 16 (%) APG777 N=82 N=41 N=521 N=521 N=639 N=339 N=1192 N=398 Rocatinlimab APG777 achieved highest EASI - 75 absolute and placebo - adjusted of any biologic at Week 16 1 Amlitelimab N=77 N=79 APEX PART A Δ = 42.5 2 p < 0.001 N=543 N=183 Δ = 37.7 Δ = 17.0 Δ = 28.9 Δ = 19.1 Δ = 36.8 (24 - week data; 16 - week not reported) PBO PBO PBO PBO PBO PBO NOTE: For illustrative purposes only. Efficacy data are derived from different clinical trials conducted at different times, wit h 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. All efficacy data shown based on non - responder imputati on for rescue medication (topical or systemic) use or treatment discontinuation due to lack of efficacy (i.e., data subsequent to the use of rescue medication or discontinuation due to lack of efficacy are categorized as non - respon se). Statistical treatment of missing data varies across studies shown. 1 APG777 achieved the highest EASI - 75 absolute and placebo - adjusted of any biologic tested in a global placebo - controlled trial of moderate - to - severe atopic dermatitis. 2 Calculation of difference between APG777 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 (multiple imputation (MCMC - MI) 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 Weidinger et al EADV 2023 (Ph2b, 250mg Q4W + 500mg loading dose; non - responder imputation for missing values). ROCATINLIMAB AAD 2025 (Ph3 ROCKET Horizon, 300mg Q4W + Week 2 loading dose; statistical handling of missing data not specified).

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16© Apogee Therapeutics, Inc. Key secondaries were in line with standard of care 36.8 34.9 2.4 10.1 7.4 0 2 4 8 12 16 0 20 40 Week vIGA 0/1 Response (%) 2.4 0.0 14.8 27.9 17.3 APEX PART A APG777 (N=82) Placebo (N=41) vIGA or IGA 0/1 with a Reduction of ≥2 Points from Baseline NOTE: For illustrative purposes only. Efficacy data are derived from different clinical trials conducted at different times, wit h 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. All efficacy data shown based on non - responder imputati on for rescue medication (topical or systemic) use or treatment discontinuation due to lack of efficacy (i.e., data subsequent to the use of rescue medication or discontinuation due to lack of efficacy are categorized as non - respon se). Statistical treatment of missing data varies across studies shown. APG777 vs placebo: \*p<0.05, \*\*\*p<0.001. 1 Rocatinlimab did not report 16 - week data for non - responder imputation analysis from any Ph3 trial. 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 (multiple imputation (MCMC - MI) 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 Weidinger et al EADV 2023 (Ph2b, 250mg Q4W + 500mg loading dose; non - responder imputation for missing values). ROCATINLIMAB AAD 2025 (Ph3 ROCKET Horizon, 300mg Q4W + Week 2 loading dose; statistical handling of missing data not specified). \* \* \* \*\*\* 0 20 40 vIGA or IGA 0/1 Response at Week 16 (%; absolute) APG777 DUPIXENT EBGLYSS ADBRY Amlitelimab Rocatinlimab (24 - week) 1 34.9 34.6 37.0 19.0 22.1 19.3

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17© Apogee Therapeutics, Inc. Key secondaries were in line with standard of care 9.8 29.8 33.9 2.4 9.8 9.8 14.7 0 2 4 8 12 16 0 20 40 Week EASI - 90 Response (%) 1.2 0.0 20.9 APEX PART A APG777 (N=82) Placebo (N=41) EASI - 90 Response \* \* 0 20 40 EASI - 90 Response (%; absolute) APG777 DUPIXENT EBGLYSS ADBRY Amlitelimab 33.9 31.8 34.5 16.4 15.6 Rocatinlimab data not reported 1 NOTE: For illustrative purposes only. Efficacy data are derived from different clinical trials conducted at different times, wit h 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. All efficacy data shown based on non - responder imputati on for rescue medication (topical or systemic) use or treatment discontinuation due to lack of efficacy (i.e., data subsequent to the use of rescue medication or discontinuation due to lack of efficacy are categorized as non - respon se). Statistical treatment of missing data varies across studies shown. APG777 vs placebo: \*p<0.05 . 1 Rocatinlimab did not report non - responder imputation analysis for EASI - 90 from any Ph3 trial. 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; multiple imputation (MCMC - MI) for missing values). ADBRY (average of Ph3 ECZTRA1&2; 300 mg Q2W regimen; non - responder imputation for missing values). AMLITELIMAB Weidinger et al EADV 2023 (Ph2b, 250mg Q4W + 500mg loading dose; non - responder imputation for missing values).

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18© Apogee Therapeutics, Inc. Treatment with APG777 led to itch relief in the first week - 48.3 - 49.5 - 50.7 - 3.2 - 11.0 - 25.4 - 25.6 - 23.2 0 1 2 4 8 12 16 - 60 - 40 - 20 0 Week Percent Change from Baseline (LS Mean) - 12.7 - 22.9 - 36.5 - 21.8 APEX PART A APG777 (N=82) Placebo (N=41) Itch Numerical Rating Scale (I - NRS) - 60 - 40 - 20 0 Percent Change from Baseline (LS Mean; absolute) APG777 DUPIXENT EBGLYSS NEMLUVIO + TCS - 50.7 - 45.1 - 41.1 - 55.9 NOTE: For illustrative purposes only. Efficacy data are derived from different clinical trials conducted at different times, wit h 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. All efficacy data shown based on non - responder imputati on for rescue medication (topical or systemic) use or treatment discontinuation due to lack of efficacy (i.e., data subsequent to the use of rescue medication or discontinuation due to lack of efficacy are categorized as non - respon se). Statistical treatment of missing data varies across studies shown. APG777 vs placebo: \*p<0.05, \*\*<0.01 . LS = Least squares. 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; multiple imputation (MCMC - MI) for missing values). NEMLUVIO (Ph3 ARCADIA1&2 average; 30 mg Q4W regimen; non - responder imputation for missing values). \* \*\* \*\* \*\* \* \* Significance achieved by Week 1

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19© Apogee Therapeutics, Inc. Pre - specified sensitivity analysis demonstrate robustness of results 74.7 26.3 56.7 20.6 0 20 40 60 80 100 EASI - 75 Response (%) APEX PART A Δ = 48.4 p < 0.001 EASI - 75 response at Week 16 (%; as observed, pre - specified analysis) Δ = 36.1 Absolute and pbo - adj. EASI - 75 consistent across moderate and severe baseline severity subpopulations PBO PBO NOTE: For illustrative purposes only. Efficacy data are derived from different clinical trials conducted at different times, wit h 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. All efficacy data shown include data subsequent to resc ue medication use (as observed). Missing data not imputed. 1 Subgroups were analyzed using 'as observed' method (Multiple imputation analysis not available due to small N in certain subgroups). Significance testing for APG777 vs. placebo was not performed for subgroups due to small N. Pbo - adj = placebo - adjusted. SOURCE: DUPIXENT Simpson et al NEJM 2016 (average of Ph3 SOLO - 1&2 (sensitivity analysis 3: All observed values regardless of rescue treatment; missing data not imputed); 300 mg Q2W regimen). 68.4 23.8 81.1 29.4 Δ = 44.6 Δ = 51.7 PBO APG777 PBO APG777 APG777 N=75 N=38 N=440 N=424 Baseline EASI ≥16 – ≤21 Baseline EASI >21 N=38 N=21 N=37 N=17

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20© Apogee Therapeutics, Inc. Exposure - response relationship demonstrated across multiple endpoints APEX PART A Key efficacy endpoints by APG777 exposure quartile at Week 16 (%; as observed, post - hoc analysis) - 67.2 - 70.0 - 83.8 - 84.0 - 100 - 80 - 60 - 40 - 20 0 Mean Percent Change from Baseline %CFBL EASI NOTE: 1 APG777 exposure quartiles based on average concentration (Cavg). Quartiles were constructed to have an equal number of patients. Total N = 73 based on availability of PK data at time of data cut. 2 Based on modeled median exposure for Part B top dose. 61.1 66.7 83.3 89.5 0 20 40 60 80 100 Respon ders at Week 16 (%) 44.4 16.7 22.2 63.2 EASI - 75 IGA 0/1 33.3 27.8 27.8 63.2 EASI - 90 Part B top dose has similar modeled exposure as Quartile 4 2 Q2 (n=18) Quartile 4 (n=19; highest exposure) Q1 (n=18) Q3 (n=18) Exposure Quartile 1 :

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21© Apogee Therapeutics, Inc. APG777 was well tolerated Placebo (N=41) APG777 (N=82) n (%) Safety summary through Week 16 26 (63.4) 46 (56.1) Patients reporting ≥1 TEAE 1 (2.4) 1 (1.2) Patients reporting ≥1 serious TEAE 0 2 (2.4) Patients who discontinued due to TEAE Most frequent TEAEs by PT through Week 16 (≥5%) 1 (2.4) 12 (14.6) Noninfective conjunctivitis 5 (12.2) 7 (8.5) Upper respiratory tract infection 5 (12.2) 4 (4.9) Nasopharyngitis NOTE: Safety data are derived from different clinical trials conducted at different times, with differences in trial design a nd patient populations. As a result, cross - trial comparisons cannot be made, and no head - to - head clinical trials have been conducted. TEAE = treatment - emergent adverse event. PT = preferred term. N.R. = Not reported. AD = ato pic dermatitis. SOURCE: 1 Combined rate for all conjunctivitis - related MedDRA preferred terms including: allergic conjunctivitis, atopic keratoconjunctivi tis, bacterial conjunctivitis, conjunctivitis, noninfective conjunctivitis, and viral conjunctivitis. 2 Based on combined conjunctivitis rate (all preferred terms) for DUPIXENT (~5 - 26%) and EBGLYSS (~3 - 27%) approved dose regimen acr oss 16 - week placebo - controlled trials in moderate - to - severe atopic dermatitis. 3 4.2%, Akinlade B et al Br J Dermatol. 2019. APEX PART A • Total conjunctivitis rate of 18.3% 1 , the most common adverse event, consistent with DUPIXENT and EBGLYSS in AD 2 – Transient and led to no discontinuations, dose interruptions, or dose adjustments – 3.7% of treated patients had conjunctivitis ongoing at Week 16 (similar to DUPIXENT 3) ; median time to resolution of 29 days – No relationship between exposure and conjunctivitis, consistent with EBGLYSS and DUPIXENT • No injection site reactions occurred (0%) • No imbalance in infections between arms

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APG777 Development Program Kristine Nograles, MD SVP, Clinical Development & Medical Affairs

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23© Apogee Therapeutics, Inc. Part A 52 - week readout testing every 3 - and 6 - month maintenance dosing expected 1H 2026 Part A schematic 720mg W0, W2, 360mg W4, W12 Placebo Every 3 months (360mg Q12W) Every 6 months (360mg Q24W) LTE or 52 - week follow - up period Induction Maintenance W16 Endpoint W52 Endpoint Maintenance data in 1H of 2026 could confirm path to transformational quarterly or better dosing Part A demonstrated potentially best - in - class results at Week 16 720mg W16 360mg W20, W24,W36, W48 1 :1 NOTE: During maintenance, all patients will receive active treatment with additional placebo injections given to maintain bli ndi ng. PART A MAINTENANCE 2:1 ✓ N = 123

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24© Apogee Therapeutics, Inc. APG777 could substantially decrease annual injections for patients NOTE: APG777 injections per year based on preliminary PK data and PK simulations. 1 Injections per year in maintenance after an induction regimen lasting up to 16 weeks. EBGLYSS may be dosed every two weeks until adequate clinical response is a chi eved. SOURCE: EBGLYSS USPI, DUPIXENT USPI. PART A MAINTENANCE APG777 2 - 4 Injections EBGLYSS 13 - 26 Injections DUPIXENT 26 Injections One injection every 2 weeks 1 One injection every 2 - 4 weeks 1 One injection every 3 - 6 months 1

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25© Apogee Therapeutics, Inc. Strong enrollment in APEX Part B, enabling acceleration of 16 - week readout to mid - 2026 Part B schematic (>90% powered for primary endpoint) Every 3 months (Q12W) Every 6 months (Q24W) Induction Maintenance LTE or 52 - week follow - up period Currently enrolling W16 Primary Endpoint (EASI - 75) W52 Endpoint 1 :1:1:1 Modeled exposure vs. EBGLYSS ~ 90 - 100% greater ~ 30 - 40% greater ~ 40 - 50% less Part B further exploring exposure - response relationship observed in Part A APEX PART B High dose Mid dose (Part A dose) Low dose Placebo N ~ 280

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Building a Leading I&I Company Michael Henderson, MD Chief Executive Officer

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27© Apogee Therapeutics, Inc. Historical correlation data increases confidence APEX Phase 2 results will translate to Phase 3 0 20 40 60 80 100 0 20 40 60 80 100 EASI - 75 Phase 2 EASI - 75 Phase 3 DUPIXENT 1 EBGLYSS 2 RINVOQ 15mg 3 RINVOQ 30mg 3 DUPIXENT 1 EBGLYSS 2 RINVOQ 15mg 3 RINVOQ 30mg 3 Absolute Placebo - adjusted APG777 PHASE 3 SOURCE: Ph3 data for DUPIXENT, EBGLYSS, RINVOQ is from USPI. 1 Thaci et al. Lancet 2016 . 2 Guttman - Yassky E et al JAMA Dermatol. 2020. 3 Guttman - Yassky E et al J All Clin Immunol. 2020. 4 Agnihotri G et al Clin Drug Investig 2020 . NOTE: ppt = percentage point. Pbo - adj. = placebo - adjusted. • Historical correlation data increases confidence APEX Phase 2 results will translate to Phase 3 • Phase 3 trials for biologics and small molecules in AD have a 100% historical success rate 4 • Key efficacy endpoints have increased on average between Phase 2 and Phase 3 for analogous agents: • EASI - 75: +5.6 ppt (+1.5 ppt pbo - adj.) • IGA 0/1 +7.5 ppt (+2.2 ppt pbo - adj.) • EASI - 90 +12.4 ppt (+7.8 ppt pbo - adj.) Strong correlation between Phase 2 and 3 for key endpoints Agents above line improved from Ph2 to Ph3

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28© Apogee Therapeutics, Inc. 2026 2025 UPDATES TODAY Potential best - in - class monotherapy in AD Potential first - or best - in - class combination approaches Potential best - in - class mAbs for combinations • 1H: Asthma Phase 1b readout • 1H: Initial Phase 1 PK & safety in HVs • 2H: Initial Phase 1 PK & safety in HVs • AD Phase 1b PoC trial (against DUPIXENT) – First patient dosed • Additional clinical plans in asthma / COPD announced • Mid - 2025: AD Phase 2 16 - week PoC readout • 1H: Asthma Phase 1b initiation • 2H: Asthma Phase 2b initiation IL - 4R α APG808 ✓ ✓ OX40L APG990 NOTE: 1 As of March 31, 2025, Apogee had cash, cash equivalents, marketable securities, and long - term marketable securities of $681M. 2 APG279 is a combination of APG777 and APG990. APG279 will be co - administered in the proof - of - concept Phase 1b trial; coformulati on planned for future clinical studies and commercialization. IL - 13 APG777 IL - 13 TSLP APG777 + APG333 IL - 13 OX40L APG279 2 TSLP APG333 • 1H: AD Phase 2 Part A 52 - week readout • Mid: AD Phase 2 Part B 16 - week readout • AD Phase 3 initiation • 1H: Asthma Phase 1b readout • EoE Phase 2 initiation • 2H: AD Phase 1b PoC readout (against DUPIXENT) $681M in cash 1 with runway into Q1 2028 Apogee has multiple value - creating catalysts in the next 18 months CORPORATE + + ✓ ✓ ✓ ![](tm2519512d2_ex99-2img029.jpg)

29© Apogee Therapeutics, Inc. KEY UPDATE KEY UPDATE Our vision for building a next - gen biotech CORPORATE • Potential megablockbuster in the future $50B+ AD market • Demonstrated highest EASI - 75 of any biologic at Week 16 1 with path to best - in - class quarterly or better maintenance dosing • Part B 16 - week topline, testing higher exposures, accelerated to mid - 2026 • Planned Phase 3 initiation in 2026 and launch this decade APG777 in AD: Best - in - class monotherapy • Path to leadership in 10+ potential expansion indications starting with: – Asthma Ph2b initiation expected in 2025 – EoE Ph2 initiation expected in 2026 APG777: Pipeline - in - a - product • Potential to break through the monotherapy efficacy ceiling • Combos rapidly advancing : • 279 : Ph1b against DUPIXENT dosed first patient ; readout expected in 2H 2026 – 777+333: respiratory clinical planning underway Best - in - class combinations© Apogee Therapeutics, Inc. NOTE: 1 APG777 achieved the highest EASI - 75 absolute and placebo - adjusted of any biologic tested in a global placebo - controlled trial of moderate - to - severe atopic dermatitis.

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Apogee /ˈ apəjē / noun The highest point in the development of something; a climax or culmination