1Q26 - Zumilokibart in Atopic Dermatitis APEX Part B Data Later in 2Q26 Could Drive Best-in-Class Efficacy Even Further, But Category Leadership Already Likely

Research evidence excerpt

1Q26 - Zumilokibart in Atopic Dermatitis APEX Part B Data Later in 2Q26 Could Drive Best-in-Class Efficacy Even Further, But Category Leadership Already Likely

Investment Thesis

Apogee’s pipeline has been carefully curated to improve on Dupixent, which is currently at a >$19B run-rate and looks poised to

eclipse Humira’s peak sales as the best-selling drug in I&I. Skyrizi’s commercial success is largely underpinned by less frequent

injection intervals vs. Tremfya, and we see Apogee as pursuing parallel opportunities in the IL-13/4Rα space with zumilokibart for

atopic dermatitis/asthma. We expect longer injection intervals to have significant appeal and likely dominate new dermatology/

pulmonary patient starts, and Apogee leverages YTE-modified mAbs to pursue the most promising of these commercially de-risked

opportunities. Phase 1 HV data of Apogee’s anti-IL-13 mAb zumilokibart confirmed best-in-class dosing intervals in atopic dermatitis

and asthma: Q3M or Q6M vs. Q2W/Q4W with current SoC. Patients in lebrikizumab's Phase 3 trials who weighed less consistentlyBIOTECHNOLOGY responded better than patients who weighed more, supporting an opportunity for zumilokibart to achieve greater efficacy vs.

lebrikizumab. That said, lessons from the IL-23 class in psoriasis strongly support the notion that even parity efficacy vs. Dupixent

or Ebglyss should correspond to a peak annual sales opportunity of several billion dollars for zumilokibart in atopic dermatitis. The

AD market is simply too big to adopt a "winner takes all" mindset, in our view, and we continue to see significant upside potential

for APGE shares following the 16wk induction data from Part A demonstrating potential best-in-class efficacy and safety results.EQUITY

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