APGE: 1Q26: 2Q Data Update Should Reinforce Zumi's Potential, Though Believe Fairly Reflected

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APGE: 1Q26: 2Q Data Update Should Reinforce Zumi's Potential, Though Believe Fairly Reflected

RBC Capital Markets, LLC

Brian Abrahams, M.D. (Head of Global Healthcare Research)

(212) 858-7066, brian.abrahams@rbc.com

Nevin Varghese, Ph.D. (Analyst)

(212) 301-1609, nevin.varghese@rbccm.com

Kevin Meli, Ph.D. (Senior Associate)

(212) 548-3110, kevin.meli@rbccm.com

May 11, 2026

Apogee Therapeutics Sector Perform

Speculative RiskRESEARCH 1Q26: 2Q Data Update Should Reinforce Zumi's NASDAQ: APGE; USD 83.03

Potential, Though Believe Fairly Reflected Price Target USD 82.00

Our view: The company's pipeline progresses with zumi leading the way Scenario Analysis*

and part B data expected in 2Q, which we believe should support the

drug's overall profile and inform the design of other studies but is unlikely Downside Price Current Upside Scenario Target Price Scenario

to dramatically change perceptions. We sense low expectations into the

2H26 OX40L data. Overall, remains a solid story with a promising long- 20.00 82.00 83.03 130.00 76% 1% 57%EQUITY acting biologic asset in zumi in a high revenue potential space, with

outstanding questions remaining on just how optimal (q6mo, deeper *Implied Total Returns

Key Statistics responses) efficacy/durability can get to, how quickly competitors can Shares O/S (MM): 65.0 Market Cap (MM): 5,397

potentially catch up, and how much is already baked in. Dividend: 0.00 Yield: 0.0%

Avg. Daily Volume: 698,481

Key points: RBC Estimates Financials. R&D of $60.8M was in line with our ests; G&A came in at FY Dec 2025A 2026E 2027E 2028E

$22.0M, higher than our ests driven by increased headcount. Cash and Revenue 0.0 0.0 50.0 50.0

equivalents ended the quarter at $1.27B, providing runway into 2029. EPS, Ops Diluted (4.22) (4.70) (5.32) (6.94)

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