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APOLLOMICS INC.(APLM) - 2024 Q2 - Quarterly Report
APLMAPOLLOMICS INC.(APLM)2024-08-14 21:05

Financial Performance - Loss before taxation for the six months ended June 30, 2024, was 35,206,000,comparedtoalossof35,206,000, compared to a loss of 150,684,000 for the same period in 2023, indicating a significant improvement[6] - Basic and diluted loss per common share improved from (2.55)in2023to(2.55) in 2023 to (0.38) in 2024[6] - For the six months ended June 30, 2024, Apollomics reported a loss of 35,206,000,comparedtoalossof35,206,000, compared to a loss of 150,694,000 for the same period in 2023[31] - Other income for the six months ended June 30, 2024, was 1,737,000,comparedto1,737,000, compared to 401,000 in the same period of 2023[27] - The company generated no revenue during the six months ended June 30, 2023, and 2024[26] Assets and Liabilities - Total assets decreased from 55,387,000asofDecember31,2023,to55,387,000 as of December 31, 2023, to 34,573,000 as of June 30, 2024, representing a decline of approximately 37.5%[4] - Current assets decreased from 39,925,000to39,925,000 to 28,412,000, a reduction of about 29.0%[4] - Total equity decreased from 41,234,000to41,234,000 to 20,807,000, reflecting a decline of approximately 49.6%[4] - Non-current liabilities increased from 597,000to597,000 to 1,117,000, an increase of approximately 87.5%[4] - Total non-current assets decreased from 15,462,000to15,462,000 to 6,161,000, a reduction of approximately 60.1%[4] - Cash and cash equivalents decreased from 32,056,000to32,056,000 to 25,929,000, a decline of about 19.1%[4] - Cash and cash equivalents at the end of the period were 25,929thousand,comparedto25,929 thousand, compared to 25,296 thousand at the end of June 2023[9] - As of June 30, 2024, the company's total intangible assets had a net book value of 4.7million,downfrom4.7 million, down from 14.8 million as of December 31, 2023[34] Cash Flow and Operating Activities - Operating cash flows before movements in working capital improved to (16,932)thousandfrom(16,932) thousand from (22,499) thousand year-over-year[9] - Net cash used in operating activities decreased to (15,988)thousandcomparedto(15,988) thousand compared to (24,397) thousand in the previous year[9] - The company recognized an impairment loss on intangible assets amounting to 10,000thousandduringthesixmonthsendedJune30,2024[9]ShareholderInformation−ThetotalnumberofsharesissuedtoPIPEinvestors,netoftransactioncosts,was19,166,666shares[9]−Apollomicshasatotalof57,994,911post−closingordinarysharesoutstandingasaresultoftheBusinessCombinationandPIPEFinancing[23]−Thecompanyissued19,166,666ClassAOrdinarySharestoPIPEinvestorsasofJanuary1,2024[43]−AsofJune30,2024,thecompanyhad109,970,348issuedandfullypaidordinaryshares[43]ExpensesandCompensation−Researchanddevelopmentexpenseswere10,000 thousand during the six months ended June 30, 2024[9] Shareholder Information - The total number of shares issued to PIPE investors, net of transaction costs, was 19,166,666 shares[9] - Apollomics has a total of 57,994,911 post-closing ordinary shares outstanding as a result of the Business Combination and PIPE Financing[23] - The company issued 19,166,666 Class A Ordinary Shares to PIPE investors as of January 1, 2024[43] - As of June 30, 2024, the company had 109,970,348 issued and fully paid ordinary shares[43] Expenses and Compensation - Research and development expenses were 16,926,000 for the six months ended June 30, 2024, compared to 16,518,000in2023,showingaslightincrease[6]−Thecompanyreportedashare−basedpaymentexpenseof16,518,000 in 2023, showing a slight increase[6] - The company reported a share-based payment expense of 8,224 thousand for the six months ended June 30, 2024, up from 5,282thousandinthesameperiodlastyear[9]−ThetotalstaffcostsforthesixmonthsendedJune30,2024,amountedto5,282 thousand in the same period last year[9] - The total staff costs for the six months ended June 30, 2024, amounted to 13,190,000, an increase from 10,748,000intheprioryear[29]−Keymanagementpersonnelremunerationincreasedto10,748,000 in the prior year[29] - Key management personnel remuneration increased to 5.8 million for the six months ended June 30, 2024, from 4.3millionforthesameperiodin2023,reflectinghighershare−basedpayments[64]StrategicDevelopments−Apollomicshasapipelineofninedrugcandidatesacross11programs,withsixcandidatescurrentlyintheclinicalstage[1]−ThecompanyannouncedastrategicfocusontheclinicaldevelopmentofvebreltinibforNSCLCpatientswithMETamplificationasofJuly3,2024[66]−Thecompanywillrequireadditionalcapitalfromequity,debt,orstrategicpartnershipstocontinueasagoingconcerninthefuture[14]BusinessCombinationandFinancing−ThecompanycompletedabusinesscombinationwithMaxproCapitalAcquisitionCorp.onMarch29,2023,resultingintheissuanceof28,800,926ClassBOrdinaryShares[20]−ThenetproceedsfromthePIPEFinancingandBusinessCombinationtotaled4.3 million for the same period in 2023, reflecting higher share-based payments[64] Strategic Developments - Apollomics has a pipeline of nine drug candidates across 11 programs, with six candidates currently in the clinical stage[1] - The company announced a strategic focus on the clinical development of vebreltinib for NSCLC patients with MET amplification as of July 3, 2024[66] - The company will require additional capital from equity, debt, or strategic partnerships to continue as a going concern in the future[14] Business Combination and Financing - The company completed a business combination with Maxpro Capital Acquisition Corp. on March 29, 2023, resulting in the issuance of 28,800,926 Class B Ordinary Shares[20] - The net proceeds from the PIPE Financing and Business Combination totaled 20.2 million[22] - Maxpro's stockholders redeemed 10,270,060 out of 10,350,000 public shares available, representing 99.2% of Maxpro's public float, leading to nominal cash received by Apollomics[22] Share-Based Payments - The total expense recognized for restricted share awards was 1.9millionforthesixmonthsendedJune30,2024,comparedto1.9 million for the six months ended June 30, 2024, compared to 39 thousand for the same period in 2023, indicating a significant increase[51] - The total expense recognized for share options granted was 8.2millionforthesixmonthsendedJune30,2024,comparedto8.2 million for the six months ended June 30, 2024, compared to 5.3 million for the same period in 2023, showing an increase of approximately 55%[57] - The number of share options outstanding as of June 30, 2024 was 24,166,868, with a weighted-average exercise price of 2.575,comparedto12,708,781optionswithaweighted−averageexercisepriceof2.575, compared to 12,708,781 options with a weighted-average exercise price of 4.704 as of June 30, 2023[54] Other Financial Information - The company had no financial assets at fair value through profit or loss (FVTPL) as of June 30, 2024[36] - Other payables and accruals totaled 8,877,000asofJune30,2024,aslightdecreasefrom8,877,000 as of June 30, 2024, a slight decrease from 9,162,000 as of December 31, 2023[39] - The company did not grant any share appreciation rights or restricted share unit awards during the six months ended June 30, 2023, and 2024[50]