Financial Performance - Loss before taxation for the six months ended June 30, 2024, was $35,206,000, 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) in 2023 to $(0.38) in 2024[6] - For the six months ended June 30, 2024, Apollomics reported a loss of $35,206,000, 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, 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 $55,387,000 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 $39,925,000 to $28,412,000, a reduction of about 29.0%[4] - Total equity decreased from $41,234,000 to $20,807,000, reflecting a decline of approximately 49.6%[4] - Non-current liabilities increased from $597,000 to $1,117,000, an increase of approximately 87.5%[4] - Total non-current assets decreased from $15,462,000 to $6,161,000, a reduction of approximately 60.1%[4] - Cash and cash equivalents decreased from $32,056,000 to $25,929,000, a decline of about 19.1%[4] - Cash and cash equivalents at the end of the period were $25,929 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 $4.7 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) thousand from $(22,499) thousand year-over-year[9] - Net cash used in operating activities decreased to $(15,988) thousand compared to $(24,397) thousand in the previous year[9] - The company recognized an impairment loss on intangible assets amounting to $10,000 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 $16,518,000 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 $5,282 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 $10,748,000 in the prior year[29] - Key management personnel remuneration increased to $5.8 million for the six months ended June 30, 2024, from $4.3 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 $1.9 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 $8.2 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, 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 $8,877,000 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]
APOLLOMICS INC.(APLM) - 2024 Q2 - Quarterly Report