Slides
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Corporate overview JULY 2025
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Disclaimers and Forward-looking statements 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 2b trials of APG777 in asthma, the Phase 2 trial of APG777 in eosinophilic esophagitis (EoE), and a Phase 3 trial of APG777 in atopic dermatitis (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 APG777 in AD, the initial readout from our Phase 1b trial of APG279 in AD, and the initial readout from our Phase 1 trial of APG333; our plans for current and future clinical trials; the potential clinical benefit and half-life of APG777, APG333, APG990, APG808, 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 (SEC) on March 3, 2025 and subsequent disclosure documents we have filed any 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 cross-study comparisons are directional and may not be directly comparable.
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Apogee plans to transform the standard-of-care for I&I diseases • Part A regimen has ~50% fewer injections in induction vs. DUPIXENT or EBGLYSS • Path 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 APG777 PoC achieved with a potentially best-in- class profile • Part A demonstrated highest EASI-75 (absolute and placebo-adjusted) of any biologic at Week 161: • Part B 16-week topline, testing higher exposures, accelerated to mid-2026 • Planned AD Phase 3 initiation in 2026 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. © Apogee Therapeutics, Inc.
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4© Apogee Therapeutics, Inc. Apogee is focused on the largest I&I markets Estimated population size. Moderate or severe, WW US biologics penetration: 60%0% $24B $24B $29B 2024 WW Market Size: Significant future market opportunity Mature I&I markets have consistently achieved high biologics penetration (~25-60% after 15-20 years) NOTE: IBD = Inflammatory bowel disease; RA = Rheumatoid arthritis; PsO = Psoriasis; COPD = Chronic obstructive pulmonary dise ase; AD = Atopic dermatitis. SOURCE: Academic journals, disease foundations, WHO, CDC, census data, EvaluatePharma, analyst research. RA PsO COPD Asthma ADIBD 13.5M 26.9M 59.6M 65.5M 81.6M 2.6M ~40% biologic penetration in IBD Apogee’s current indications are the largest and least penetrated markets today
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5© Apogee Therapeutics, Inc. Apogee is advancing fully optimized novel biologics with potential for differentiated efficacy and dosing in the largest I&I markets STRATEGY PROGRAM PRECLINICAL PHASE 1 PHASE 2 PHASE 3 Potential best-in-class monotherapy Higher exposures for better efficacy with less frequent dosing Potential first- or best-in-class combination approaches Atopic Dermatitis (Positive Part A 16 -week data) 2H 2026: Phase 1b PoC readout (against DUPIXENT) IL-13 Atopic Dermatitis Asthma / COPD APG777 APG279 1 APG777 +APG333 Asthma Eosinophilic Esophagitis 2026: Phase 2 trial initiation Multiple Phase 1 monotherapy programs ongoing (APG990, APG333, APG808) APG333 Phase 1 healthy volunteer trial readout expected in 2H 2025 2H 2025: Phase 2b trial initiation 1H 2026: Phase 1b readout IL-13 IL-13 OX40L TSLP 2025: Additional clinical plans announced + + The agents listed above are currently under investigation. Their safety and effectiveness have not yet been established by an y regulatory authority. 1 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. 1H 2026: Part A 52-week readout Mid-2026: Part B 16-week readout
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APG777: Potential best-in-class monotherapy in AD
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7© Apogee Therapeutics, Inc. Dosing Interval (weeks) • Psoriasis is not a winner take all market — 8 blockbusters • SKYRIZI, a late entrant, has #1 share due to quarterly dosing which improves adherence1 Psoriasis, a market analog to atopic dermatitis, has seen improved dosing and efficacy drive market success NOTE: Year denotes US launch year for adults with moderate to severe plaque psoriasis. Efficacy data are derived from differe nt clinical trials at different points in time, with differences in trial design, patient populations, and statistical analysis. As a result, cross-trial comparisons cannot be made. No head -to-head trials have been conducted among all biologics shown. Assumes 1 EUR = 1.07 USD. 1 Real-world evidence shows SKYRIZI patients experienced fewer drug changes and a higher probability of drug survival compared wit h those treated with other biologic therapies for PsO and PsA. SOURCE: Armstrong AW, et al JAMA Dermatol. 2020, Gordon KB, et al Lancet 2021. Reich K, et al Lancet 2021 . GlobalData. EvaluatePharma. USPIs. Wall Street research and management projections. Erik L et al ACR Convergence 2023. PsO = Psoriasis. PsA = Psoriatic Arthritis. 18 200 2 4 6 8 10 12 14 16 100 90 22 24 0 40 50 60 70 80 Efficacy (PASI-75, %) Dosing Interval (weeks) (2004, $1.9B) (2008, $4.0B) (2015, $6.4B) (2016, $2.9B) (2023, $1.9B) (2017, $6.0B) (2009, $4.9B) (2019, $14.1B) (Year approved, $ Peak WW sales) APG777
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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 the potential to transform the future $50B atopic dermatitis market Efficacy (EASI-75, %) Dosing Interval (weeks) APG777 100 APEX Part A: highest EASI-75 of any biologic at Week 161 ✓ APEX Part B mid-2026 (higher exposures) 1 2 APG279 Ph1b H2H vs. DUPIXENT 2H 2026 Two add’l anticipated 2026 readouts could deliver even higher efficacy All programs with potential best-in-category maintenance dosing 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 trial 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 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 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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9 © Apogee Therapeutics, Inc. APG777 PART A APEX Part A met or exceeded all trial objectives Highest EASI-75 (absolute and placebo-adjusted) of any biologic at Week 161: • +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 . placebo 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. ENDPOINT (WEEK 16) OBJECTIVE (absolute) APG777 (absolute) PLACEBO SIGNIFICANCE EASI % CFBL (primary) ~ -65-70% -71.0% -33.8% p<0.001 EASI-75 ~ 45-50% 66.9% 24.6% p<0.001 vIGA 0/1 ~ 35-40% 34.9% 17.3% p<0.05 Itch NRS % CFBL -50.7% -23.2% p<0.01
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10© 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 *** APG777 PART A *** *** *** Eczema Area and Severity Index Score *
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11© 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 161 Amlitelimab N=77 N=79 APG777 PART A Δ = 42.52 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, with 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 imputation 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 -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. 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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12 © 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 APG777 PART A APG777 (N=82) Placebo (N=41) vIGA or IGA 0/1 with a Reduction of ≥2 Points from Baseline * * **** 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 NOTE: For illustrative purposes only. Efficacy data are derived from different clinical trials conducted at different times, with 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 imputation 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 -response). 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).
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13 © 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 APG777 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 NOTE: For illustrative purposes only. Efficacy data are derived from different clinical trials conducted at different times, with 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 imputation 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 -response). 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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14 © 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 APG777 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 * ** ** ** * * Significance achieved by Week 1 NOTE: For illustrative purposes only. Efficacy data are derived from different clinical trials conducted at different times, with 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 imputation 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 -response). 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).
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15 © Apogee Therapeutics, Inc. Exposure-response relationship demonstrated across multiple endpoints APG777 PART A -67.2 -70.0 -83.8 -84.0 -100 -80 -60 -40 -20 0 Mean Percent Change from Baseline %CFBL EASI 61.1 66.7 83.3 89.5 0 20 40 60 80 100 Responders 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 APG777 Part B top dose has similar modeled exposure as Quartile 4 2; Part B 16-week data expected mid -2026 Q2 (n=18) Quartile 4 (n=19; highest exposure)Q1 (n=18) Q3 (n=18)Exposure Quartile1: Key efficacy endpoints by APG777 exposure quartile at Week 16 (%; as observed, post-hoc analysis) 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.
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16© Apogee Therapeutics, Inc. APG777 was well tolerated n (%) APG777 (N=82) Placebo (N=41)Safety summary through Week 16 Patients reporting ≥1 TEAE 46 (56.1) 26 (63.4) Patients reporting ≥1 serious TEAE 1 (1.2) 1 (2.4) Patients who discontinued due to TEAE 2 (2.4) 0 Most frequent TEAEs by PT through Week 16 (≥5%) Noninfective conjunctivitis 12 (14.6) 1 (2.4) Upper respiratory tract infection 7 (8.5) 5 (12.2) Nasopharyngitis 4 (4.9) 5 (12.2) 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 across 16-week placebo-controlled trials in moderate-to-severe atopic dermatitis. 3 4.2%, Akinlade B et al Br J Dermatol. 2019. APG777 PART A • Total conjunctivitis rate of 18.3%1, the most common adverse event, consistent with DUPIXENT and EBGLYSS in AD2 – Transient and led to no discontinuations, dose interruptions, or dose adjustments – 3.7% of treated patients had conjunctivitis ongoing at Week 16 (similar to DUPIXENT3); 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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17 © Apogee Therapeutics, Inc. Part A 52-week readout testing every 3- and 6-month maintenance dosing expected 1H 2026 Part A maintenance design elements Part A schematic APG777 induction arm re-randomized (1:1) into two APG777 maintenance dosing regimens Placebo induction arm transitions to APG777 treatment arm Maintenance exposures designed to equal EBGLYSS • Evidence suggests no additional benefit to higher exposures for EBGLYSS in maintenance1 • i.e., EBGLYSS Q2W and Q4W regimens had similar maintenance of response Key 52-Week efficacy endpoints: • Maintenance of: EASI-75, vIGA 0/1 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 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 blinding. vIGA = Validated Investigator Global Assessment. EASI = Eczema Area and Severity Index. SOURCE: 1 EBGLYSS (lebrikizumab) European Public Assessment Report. APG777 PART A 2:1 W16 Endpoint✓
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18© 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 chieved. SOURCE: EBGLYSS USPI, DUPIXENT USPI. APG777 APG777 2-4 Injections EBGLYSS 13-26 Injections DUPIXENT 26 Injections One injection every 2 weeks1One injection every 2-4 weeks1One injection every 3-6 months1
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19 © Apogee Therapeutics, Inc. Part B is enrolling strongly, enabling acceleration of 16-week readout to mid-2026 Design elements Trial schematic Double-blind, placebo-controlled dose optimization study in patients with atopic dermatitis N ~280 (>90% powered for primary endpoint) Key inclusion criteria: • Moderate-to-severe atopic dermatitis • EASI ≥16, vIGA ≥3, BSA ≥10% (at screening and baseline) • Up to 20% biologic-experienced Primary endpoint: EASI-75 Secondary endpoints: Safety, clinical efficacy (e.g., Percent Change From Baseline in EASI, vIGA 0/1, EASI-90), PK APG777 Every 3 months (Q12W) Every 6 months (Q24W) Induction MaintenanceCurrently enrolling W16 Primary Endpoint W52 Endpoint 1:1:1:1 NOTE: EASI = Eczema Area and Severity Index. vIGA = validated Investigator Global Assessment for Atopic Dermatitis. SOURCE: EBGLYSS USPI, DUPIXENT USPI. Modeled exposure vs. EBGLYSS High dose Mid dose (Part A dose) Low dose Placebo ~90-100% greater ~30-40% greater ~40-50% less LTE or 52-week follow-up period Part B further exploring exposure -response relationship observed in Part A
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20© Apogee Therapeutics, Inc. Beyond APG777 in AD, multiple potential blockbuster expansions in dermatology, respiratory, and GI APG777 Dermatology Respiratory Gastroenterology Atopic dermatitis Asthma • Bullous Pemphigoid • Chronic Spontaneous Urticaria • Cold Inducible Urticaria • Prurigo Nodularis • Allergic Rhinitis (perennial) • Chronic Obstructive Pulmonary Disease • Chronic Rhinosinusitis with Nasal Polyps • Eosinophilic Gastrointestinal Disorders (non-EoE) • Ulcerative Colitis (eosinophilic subtypes) Eosinophilic esophagitis Option to launch directly to Phase 3 for most promising expansions after identifying a TA-specific Phase 2 dose
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APG279: (IL-13 + OX40L) Raising the bar in AD via broader inhibition
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22© Apogee Therapeutics, Inc. APG777APG990 HUMAN IL -13 Overlapping region (vs. EBGLYSS) OVERLAPPING EPITOPE Overlapping region (vs. amlitelimab) HUMAN OX40L APG279 combines APG777 and APG990 – two antibodies targeting validated mechanisms for potentially best-in-class efficacy and dosing in AD APG279 OPTIMIZED PK AND FORMULATION 77-day human half -life 3x lebrikizumab ~60 -day human half -life ~2.5 -3x amlitelimab Coformulated at ≥180 mg/mL for potential 2 mL commercial presentation APG279 IL-22 Type 3 TARC Type 2 Dupilumab 3 16 17 389 76APG279 3 Type 1 IFNγ 123 45 Ex vivo human ALR assay1 BROAD & ROBUST INHIBITION IL-4Rα OX40LIL-13 + Untreated Cytokine level (% of untreated) 2 100 50 25 75 10050250 75 125+ NOTE: 1 The ALR was performed using TSLP-primed mDCs paired with allogeneic CD4 cells for 5 days. 2 Cytokine levels for dupilumab and APG279 are reported as the mean percent of isotype control across four donor pairs. 3 Dupilumab and APG279 (tested as co-administered APG777+APG990) were tested at 45 µg/mL that is comparable to DUPIXENT steady -state trough concentrations for the approved dose (300mg Q2W) in atopic dermatitis.
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23© Apogee Therapeutics, Inc. Type 1, 2, and 3 inflammation play distinct roles in AD with Type 2 inflammation being the core driver Type 1 Type 2 Type 3 Chronic lesions Core inflammation, barrier disruption, and itch Epidermal thickening, barrier disruption SOURCE: Adapted from Guttman-Yassky et al. Br J Dermatol 2024; 00:1–9. TARC IL-13 Th2Th1 IFNγ Th22 IL-22 APG279
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24© Apogee Therapeutics, Inc. Preclinical data demonstrate the robust Type 1, 2, and 3 inhibitory effect of APG279 IL-13 Lebrikizumab 3 IL-4Rα Dupilumab 3 25 16 69 17 154 389 53 76 100 50 25 0 Cytokine level (% of untreated) 2 75 100 50 25 0 75 125+ JAK Upadacitinib 4 DAILY 10 30 NOTE: 1 The ALR was performed using TSLP-primed mDCs paired with allogeneic CD4 cells for 5 days. 2 Cytokine levels for lebrikizumab, dupilumab, amlitelimab, and APG279 are reported as the mean percent of isotype control across four donor pairs; upadacitinib reported as mean percent of DMSO control across four donor pairs. 3 Lebrikizumab, dupilumab, amlitelimab, and APG279 (tested as co-administered APG777+APG990) were tested at 45 µg/mL that is comparable to DUPIXENT steady -state trough concentrations for the approved dose ( 300mg Q2W) in atopic dermatitis. 4 Upadacitinib was tested at the Cmax concentration for RINVOQ 15mg (31 ng/mL), reflecting maximum inhibition achieved briefly after dosing. Q2W - Q4W Q2W Q4W+ APG279 3 Q3M - Q6MOX40LIL-13 OX40L Amlitelimab 3 • APG777 targets IL-13 for deep inhibition of Type 2 inflammation • APG990 targets OX40L for broader inhibition across Type 1, 2, and 3 inflammation • Targeting all inflammatory types may provide greater efficacy vs. “Type 2 only” inhibitors (e.g., DUPIXENT), similar to JAK- inhibitor upadacitinib APG279 + IFNγ Type 1 IL-22 Type 3 TARC Type 2 Dosing Untreated = 100% Ex vivo human allogeneic lymphocyte reaction (ALR) assay1 1 2 3 121 123 46 45 8
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25© Apogee Therapeutics, Inc. NOTE: MACE: Major Adverse Cardiovascular Event; CBC: Complete Blood Count. 1 Non-human primate, dog, or murine model. 2 APG279 (APG777+APG990) was co-administered for NHP preclinical toxicity studies (up to 150 mg/kg/week of each agent for 13 weeks); coformulation planned for future clinical studies and commercialization. 3 Red symbols indicate adverse findings within published preclinical toxicology studies. SOURCE: Package inserts for upadacitinib, abrocitinib. Preclinical Toxicology1Clinical Black Box Warning Cytopenia Decreased Spleen, Thymus Weight Increased Thymomas Tachycardia Hypotension Potential infection risk Potential malignancy risk Potential risk of MACE APG279 2 OX40LIL-13 N/A (not marketed product) None None None None None JAK Upadacitinib 3 Black Box Warning Infection Risk, Malignancy, Thrombosis None JAK Abrocitinib 3 Black Box Warning Infection Risk, Malignancy MACE, Thrombosis None JAKs require labs (CBC, lipid profile) at baseline, after 4 – 12 weeks, and necessitate physician monitoring for infections, MACE, thrombosis, and malignancies APG279 showed no signs of preclinical safety signals evident with JAK inhibitors Lymphocytes, neutrophils Lymphocytes Combination toxicology study of APG279 in non-human primates showed no toxicity at any tested dose, in contrast to JAK inhibitors APG279 +
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26© Apogee Therapeutics, Inc. Targeting all inflammatory types may provide greater efficacy Efficacy of advanced systemics in AD (Week 16, absolute) APG279 inhibits Type 1, 2, and 3 inflammation with the potential for better efficacy or tolerability than available treatments • DUPIXENT and EBGLYSS block Type 2 inflammation, the core driver of AD • JAKs address AD heterogeneity with better efficacy by targeting Type 1-3 inflammation but carry a black box warning and require lab monitoring Amlitelimab DUPIXENT EBGLYSS Responders, % APG777 Ph2 Part A RINVOQ 40 50 53 67 76 APG279 potential EASI-75 APG777 Part B potential APG279 APG777 Part A demonstrated the highest EASI-75 of any biologic at Week 161 NOTE: For illustrative purposes only. Efficacy data are derived from different clinical trials conducted at different times, with 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. SOURCE: AMLITELIMAB Weidinger et al EADV 2023 (Ph2b, 250mg Q4W + 500mg loading dose). DUPIXENT (average of Ph3 SOLO-1&2 and Ph2b; 300 mg Q2W regimen). EBGLYSS (average of Ph3 ADVOCATE-1&2 and Ph2b (sensitivity analysis 3: NRI for rescue medication use and LOCF for other missing values); 250mg Q2W regim en). RINVOQ (average of Ph3 MEASURE UP 1&2; 30 mg).
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27© Apogee Therapeutics, Inc. Phase 1b trial in moderate-to-severe AD Phase 1b of APG279 against DUPIXENT enrolling with readout expected in 2H 2026 Study objectives Phase 1b readout against DUPIXENT in 2H 2026 could demonstrate potential for transformational efficacy and dosing Safety Confirm safety profile to enable additional combination trials PD biomarkers Demonstrate broader pharmacodynamic effect vs. SoC Efficacy Demonstrate improved efficacy vs. SoC on key endpoints (e.g., EASI-75, IGA0/1) R APG279 (APG777+APG990)1 DUPIXENT N ~50 APG279 16-week efficacy readout 24-week efficacy readout NOTE: 1 APG279 (APG777+APG990) will be co-administered in the proof-of-concept Phase 1b trial; coformulation planned for future clinical studies and commercialization. R = Randomization. SoC = Standard of Care. EASI = Eczema Area and Severity Index. vIGA = Validated Investigator Global Assessment. Currently enrolling
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28© Apogee Therapeutics, Inc. APG279 could be dosed as a single 2 mL injection two or four times per year in maintenance NOTE: 1 Potential APG279 injections per year based on preliminary PK data and PK simulations. Injections per year in maintenance afte r an induction regimen. 2 Based on preliminary stability data for APG279. Stability Stable at high concentrations 2 (i.e., ≥180 mg/mL) Injectability Expected injection time comparable to DUPIXENT Potency APG279 maintains potency of each individual component APG279 pre-filled syringe APG279 APG279 2-4 Injections per year One 2mL injection every 3- and 6- months in maintenance1
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APG777+APG333: Breaking through the respiratory efficacy ceiling
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30© Apogee Therapeutics, Inc. Dosing Interval (weeks) (Approval year in asthma) 0 10 20 30 40 50 60 70 80 90 100 0 2 4 6 8 10 12 Asthma labeled population Reduction in asthma exacerbations DUPIXENT (Ph3) and TEZSPIRE (Ph2) have shown lower AER reductions in COPD patients Multiple novel treatments targeting alarmins or Type 2 cytokines have been approved in asthma, but efficacy has hit a ceiling IL4R⍺ (Approved 2018) TSLP (Approved 2021) IL-5 (Approved 2015) IL-5 (Approved 2017) APG777+APG333 Monotherapy “efficacy ceiling” NOTE: AER = Annualized Exacerbation Rate. These data are derived from different clinical trials conducted at different points in time, with differences in trial design , dosing regimen and patient populations. DUPIXENT label indicates reductions in exacerbations were significant in those with eos ≥150. TEZSPIRE data from population without a biomarker requirement. NUCALA data from population with eos ≥150 at screening or ≥300 in prior year. FASENRA data from two Phase 3 trials in patients with eos ≥300. DUPIXENT COPD data reflective of two Ph3 trials in patients with eos ≥300. TEZSPIRE COPD data for patients with eos ≥150. SOURCE: EvaluatePharma, FDA labels.
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31© Apogee Therapeutics, Inc. APG777+APG333 targets both central and local drivers of respiratory disease to potentially break through the monotherapy efficacy ceiling Central inflammation IL-5 TNF⍺ 7 51 46 7 37 129 148 38 Periostin Barrier loss 65 19 19 23 87 18 36 5 Untreated = 100% Cytokine level (% of untreated) 4 100 50 25 0 75 125+ Dosing Q4W Q2W - Q4W Q2W Q12W+ NOTE: 1 ALR performed using four donor pairs of TSLP -primed mDCs plus allogeneic CD4 cells for 5 days. 2 BSMCs from three COPD donors were stimulated with TSLP+IL -13 for 24 hours and cytokines were measured in the supernatant. 3 Human airway epithelial cells from one COPD donor were cultured at the air -liquid interface and treated with TSLP+IL-13. After 7 days, cytokines were measured in the basal supernatants and barrier integrity was measured using transepithelial electrical resistance. 4 Responses are reported as mean percent of control across all donors. TSLP Tezepelumab APG777 +APG333 IL-13 Lebrikizumab IL-4Rα Dupilumab TSLPIL-13 Type 21 Non- Type 21 APG777+APG333 BSMC activation2 Epithelial dysfunction3 Local airway responses (in COPD patient cells / tissue model) APG777+APG333 combines orthogonal mechanisms for potentially best-in-class efficacy and every 3-month dosing or less frequent: • TSLP inhibition to block central inflammation • IL-13 inhibition to address local airway responses
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32© Apogee Therapeutics, Inc. Combined blockade of IL-13 and TSLP demonstrates potential for broader and deeper impact on central and local drivers of respiratory disease not previously seen by monotherapies alone Lunsekimig has validated targeting IL-13 + TSLP in the clinic but is dosed every 2-4 weeks, which APG777+APG333 could significantly improve on NOTE: 1 ALR performed using four donor pairs of TSLP -primed mDCs plus allogeneic CD4 cells for 5 days. 2 Responses are reported as mean percent of control across all donors. 3 Lunsekimig produced and purified based on published sequence and evaluated at a concentration with an equivalent molarity of APG777+APG333. 4 Mean FeNO change from marketed dose, where available. Data shown reflects maximum mean change from baseline measured over study period. LUTE/VERSE data from periostin-high enrollees. SOURCE: 5 Castro M, et al. NEJM, 2018. 6 Rabe KF et al. NEJM, 2018. 7 Corren JC, et al. NEJM, 2017. 8 Menzies-Gow A, et al. NEJM, 2021. 9 Hanania NA, et al. Thorax, 2015. 10 Russell RJ, et al. Lancet Respir Med, 2018. 11 Deiteren A, et al. ATS, 2023. APG777+APG333 Lunsekimig (NANOBODY) Hundreds QUEST5 PATHWAY7 NAVIGATOR8 LUTE / VERSE9 MESOS10 Phase 1b11VENTURE6 -40 -30 -20 -10 -50 Mean maximal FeNO change from baseline (ppb)4 0 Anti-IL-4R⍺ trials Anti-TSLP trials Anti-IL-13 trials FeNO data from lunsekimig Phase 1b in asthma demonstrated potential for additive efficacy APG777+APG333 performs similar to lunsekimig preclinically1 -75 -50 -25 0 -100 Type 2 (IL-5) -93% -93% -62% -52% Non-Type 2 (TNF⍺) APG777+APG333 Lunsekimig3 (NANOBODY) Cytokine reduction (%) 2 Phase 2b data expected in 2026
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Corporate & Commercial
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34© Apogee Therapeutics, Inc. $0 $5 $10 $15 $20 $25 At year 5, biologic penetration in AD was 8% vs. 5% for psoriasis Apogee has the potential of becoming a leader in a future $50B+ market that is in its early years and growing rapidly COMMERCIAL Psoriasis Global Revenue, $B (estimated share for indication) Atopic dermatitis Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Years After First Biologic Launch At year 20, biologic penetration for psoriasis was 24%, suggesting AD could grow to 25%+ by 2032 $0 $5 $10 $15 $20 $25 Psoriasis Other DUPIXENT’s launch in AD has outpaced the entire $25B psoriasis biologics market combined SOURCE: EvaluatePharma NOTE: Year 1 for DUPIXENT in AD is 2017 and for Biologics in PsO is 2004 (i.e., ENBREL approval). Other includes SILIQ, ILLUM YA, and CIMZIA, which all launched prior to SKYRIZI.
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35© Apogee Therapeutics, Inc. SOURCE: IQVIA (March 2025). Dermatology prescribers only. TRx = Total prescriptions. NBRx = New to brand prescriptions. NOTE: 1 Based on prescription volume in January through March for indicated year relative to the same period in the previous year. 2 AD Biologics market consists of DUPIXENT, EBGLYSS, ADBRY, NEMLUVIO. Annual growth in prescription volume1 New entrants are accelerating atopic dermatitis market growth COMMERCIAL 2024 2025 NBRx TRx NBRx TRx 18% 18% 19% 18% 44% 27% 23% 18% AD biologics market2 DUPIXENT 2024: AD market growth was driven almost entirely by DUPIXENT 2025: DUPIXENT maintaining growth rate while EBGLYSS and NEMLUVIO launches accelerate AD market growth
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36© Apogee Therapeutics, Inc. EBGLYSS launch is trending similar to some of I&I’s most successful recent launches U.S. Monthly NBRx Volume (thousands) 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Months post-launch +1 +2 +3 +4 +5 +6 +7 +8 +9 +10 +11 +12 SOURCE: IQVIA (May 2025) NBRx = New to brand prescriptions. NOTE: Based on NBRx counts for each product for all prescriber categories. COMMERCIAL • EBGLYSS NBRx volume has been comparable to SKYRIZI and BIMZELX in the first eight months post-launch • Recent addition of EBGLYSS with CVS could accelerate growth (now ~80% commercial access)
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37© Apogee Therapeutics, Inc. Surveyed physicians would prefer a treatment based on quarterly dosing alone; with also better efficacy, most would switch even their controlled patients COMMERCIAL Physician prescribing preference (based on blinded TPP with equivalent efficacy and safety as DUPIXENT but with quarterly maintenance dosing) Market research supports APG777’s potentially transformational profile1 80% 12%Biologic naïve patients 83% 37% 12% 30% Inadequately controlled Controlled NeutralPrefer APG777 Biologic treated patients SOURCE: 1 TRINITY Quantitative Research (April 2025). N=60 dermatologists, allergists, and immunologists (treating both adult and pediatric AD patients). N=24 moderate-to-severe adult AD patients currently being treated with a biologic. Asked about a product with quarterly dosing and greater efficacy (10 percentage points vs. DUPIXENT): 63% of physicians would switch their controlled patients
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38© Apogee Therapeutics, Inc. COMMERCIAL Surveyed patients strongly prefer APG777’s quarterly dosing profile; payers support 1L biologic access 96% of surveyed patients would switch from their current biologic to a product with quarterly dosing2 Market research supports appeal of transformational quarterly dosing (based on blinded TPP with equivalent efficacy and safety as DUPIXENT but with every 3-month maintenance dosing) Patient likelihood to take action for each treatment1 67% 56% 94%• APG777 • EBGLYSS • DUPIXENT SOURCE: 1 TRINITY Qualitative Research with N=18 AD Patients (August 2024). 2 TRINITY Qualitative Research with N=24 moderate-to-severe adult AD patients currently being treated with a biologic (April 2025). Based on blinded TPP with equivalent efficacy and safety as DUPIXENT, but with quarterly maintenance dosing. 3 Real Endpoints qualitative research with N=6 payers (February 2024). Charles River Associates research with N=10 payers (August 2024). Payer coverage expectations for APG7773 Parity as DUPIXENT Covered at parity… if [APG777] shifts the market, then it may move up to preferred Parity and co-preferred alongside DUPIXENT VP of Pharmacy, National PBM #1 VP of Pharmacy, National PBM #2 VP of Pharmacy, National MCO
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39© Apogee Therapeutics, Inc. KEY UPDATES 2025 2026 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-4RαAPG808 ✓ ✓OX40LAPG990 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 TSLPAPG333 • 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 cash1 with runway into Q1 2028 Apogee has multiple value-creating catalysts in the next 18 months CORPORATE + + ✓ ✓ ✓
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40© Apogee Therapeutics, Inc. Experienced team with proven history of clinical development and commercial execution Michael Henderson, MD Chief Executive Officer, Director Carl Dambkowski, MD Chief Medical Officer Jane Pritchett Henderson Chief Financial Officer Rebecca Dabora, PhD Chief Development Officer Jeff Hartness Chief Commercial Officer Matt Batters, JD Chief Legal Officer Wendy Aspden-Curran SVP of Clinical Operations Drew Badger, PhD SVP of Regulatory Affairs & Toxicology Dan Mulreany SVP of Business Development & Strategy Kristine Nograles, MD, MSc SVP of Clinical Development & Medical Affairs CORPORATE
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41© Apogee Therapeutics, Inc. Board of Directors with industry-leading development, regulatory, commercial and management expertise Mark McKenna Chairman & CEO, Mirador Therapeutics Lisa Bollinger, MD CEO & President of Bollinger Regulatory Consulting, LLC Michael Henderson, MD Chief Executive Officer, Director Jennifer Fox CFO & CBO, Zenas BioPharma Andrew Gottesdiener, MD Venrock BJ Jones CCO, NewAmsterdam Pharma Peter Harwin Managing Member, Fairmount Tomas Kiselak Managing Member, Fairmount Nimish Shah Venrock CORPORATE
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Apogee /ˈapəjē/ noun The highest point in the development of something; a climax or culmination
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43© 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, with 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 rescue 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 PBOAPG777 PBOAPG777 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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44© 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 DUPIXENT1 EBGLYSS2 RINVOQ 15mg3 RINVOQ 30mg3 DUPIXENT1EBGLYSS2 RINVOQ 15mg3 RINVOQ 30mg3 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 rate4 • 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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45© Apogee Therapeutics, Inc. Coformulations could enable potentially best-in-class efficacy while maintaining best-in-class dosing Bispecific approachCoformulation approachCharacteristics Every 1-4 weeksEvery 3-months or less frequentlyDosing potential Potential to optimize dose for effective target inhibition COGS Potential to deliver in simple presentation (e.g., single autoinjector) Approval precedent (total # of approvals in last 20 years) 10134 NOTE: Coformulation characteristics are illustrative based on what we believe we can achieve. Bispecific characteristics based on properties of FDA approved bispecifics. Coformulated drugs limited to FDA approved products 2004-2024. SOURCE: FDA APG279