First Read: Apogee Therapeutics Inc "Strong Execution and Data Should..."

研报英文原文证据摘录

First Read: Apogee Therapeutics Inc "Strong Execution and Data Should..."

comfortable with the IP situation.

On the upcoming catalysts – there is no significant data in the remainder of the

year — there is initial head to head Phase IB data for zumilokibart in combination with

OX40 in H2/26, but there is limited investor focus on OX40 currently, so this is largely a

non-catalyst.

Beyond zumilokibart, there are a few additional aspects of the deal worth

highlighting, including TSLP and IL-31 assets, as well as potential combination

approaches across a number of Th2 diseases including AD and asthma… APG273

combines zumilokibart with APG333, an antibody that blocks TSLP, a signaling protein

that acts as an early trigger of inflammation in the lungs. Recall that Phase I data showed

APG333 has a long half-life and was able to suppress relevant type 2 inflammatory

markers for up to six months after dosing. The Phase I data with long acting

TSLP APG333, along with positive interim results from a Phase IB study of zumilokibart in

asthma, support the potential of the APG273 combination with quarterly or twice-yearly

injections in asthma. Separately, APGE entered into an antibody discovery agreement

with Paragon Therapeutics for an exclusive, worldwide license to develop long-acting IL-

31R antibodies, which is the same mechanism as Nemluvio -- and may be developed by

itself or in combo with the long acting IL13 for AD and other indications.

Separately, under the Blackstone royalty/debt agreement, ABBV intends to

exercise the change-of-control buyback option in the Apogee Revenue Share

Agreement to reduce a significant portion of its future royalty obligations.

We put the rating and price target Under Review for APGE.

First Read: Apogee Therapeutics Inc 22 June 2026 ab 2