Apogee Therapeutics (NasdaqGM:APGE) Conference Transcript

Summary of Apogee Therapeutics Conference Call Company Overview - Company: Apogee Therapeutics (NasdaqGM:APGE) - Date: November 13, 2025 - Key Speakers: Michael Henderson (CEO), Carl Dambkowski (CMO), Jeff Hartness (CCO), Jane Pritchett Henderson (CFO) Key Industry and Company Insights Asthma Data and APG777 - APG777 Phase 1 Readout: Expected in Q1 2026, focusing on asthma data [2][4] - Comparison with Ebglyss: Ebglyss failed due to underdosing (20% of effective dose) and lack of targeting type 2 disease [2][3] - Targeting Type 2 Disease: Apogee aims to enroll high FeNO patients, expecting a change in FeNO similar to Dupixent (15-20 parts per billion) [3][4] - Loading Dose: APG777 will use a loading dose of 720 mg, compared to Ebglyss's 500 mg [5][7] Future Plans in Asthma - Expansion Plans: If successful, Apogee plans to initiate Phase 2B studies in asthma and EoE, contingent on atopic dermatitis data [8][9] - Overlap with Atopic Dermatitis: Approximately 30% overlap between atopic dermatitis and asthma patients [9] Atopic Dermatitis Phase 2 Program - Part A Results: Positive results reported, with 52-week maintenance data expected in Q1 2026 [10][11] - Success Metrics: Aiming for maintenance of EC75 response at week 52, with a benchmark of 72% for Dupixent [11][12] - Dosing Strategy: Plans for every three-month and six-month dosing regimens, with data expected to inform Phase 3 studies [12][13] Mechanistic Insights - Differentiation from Competitors: APG777 targets IL-13 and IL-4 receptors, potentially leading to better durability of response compared to competitors [16][17] Part B Study Design - Dose Optimization: Part B will explore three doses versus placebo, aiming to fully understand the dose-response curve [19][20] - Market Research: Positive feedback from physicians, with 60% preferring APG777 over competitors [37][38] Market Positioning - Market Disruption Potential: Ebglyss and Nemluvio are currently strong competitors, but Apogee believes it can capture significant market share [38][39] - Combination Therapy: Plans to explore combinations with APG990, aiming for additive efficacy [32][33] Financial Position - Cash Reserves: Apogee has $913 million in cash, providing a runway into the second half of 2028 [30] Timeline for Future Trials - Phase 3 Trials: Expected to start next year, with a potential market launch in 2029 [27] Additional Insights - Conjunctivitis Rates: Lower rates observed in higher exposure groups, aligning with Dupixent's data [26] - Combination with TSLP: Future plans to explore combinations with TSLP based on upcoming data [41][44] Conclusion Apogee Therapeutics is positioned to make significant advancements in the treatment of asthma and atopic dermatitis with its APG777 product. The company is focused on differentiating its therapies through targeted dosing and mechanistic advantages, while also preparing for future market competition and expansion into additional indications.