APOLLOMICS INC.-Apollomics Reports First Half 2024 Financial Results and Highlights Vebreltinib Clinical Progress

Core Insights - Apollomics Inc. reported continued clinical progress for its vebreltinib program, focusing on treatment for non-CNS MET fusion tumors and non-small cell lung cancer (NSCLC) with MET amplification [1][2] - The company has $25.9 million in cash and cash equivalents as of June 30, 2024, providing a cash runway into the third quarter of 2025 [1][8] Pipeline Update - Vebreltinib (APL-101) achieved a 43% objective response rate (ORR) in a Phase 2 trial involving 14 patients with non-CNS MET fusion solid tumors, including six confirmed responses [3] - In the SPARTA MET amplification cohorts, an ORR of 30% was observed among patients with the highest MET gene copy number, while the overall dataset showed a 13% ORR [3] - A pooled analysis of NSCLC patients with Met Exon 14 skipping mutations indicated an ORR of 67% [3] Business Highlights - Apollomics has strategically prioritized the treatment of NSCLC patients with MET amplification to address unmet medical needs [6] - Leadership changes occurred with the departure of co-founder Sanjeev Redkar and former Chief Medical Officer Peony Yu, transitioning to consulting roles [6] - The company raised$ 5.8 million in a private placement in May 2024 [7] Financial Results - As of June 30, 2024, cash and cash equivalents decreased from $37.8 million at the end of 2023 to$ 25.9 million [8] - Research and development expenses for the first half of 2024 were $16.9 million, compared to$ 16.5 million in the same period of 2023 [8] - The net loss for the first half of 2024 was $(35.2) million, significantly reduced from$ (150.7) million in the first half of 2023 [9][18]