| | | |
PER SHARE
|
| |
TOTAL
|
| ||||||
|
Public Offering Price
|
| | | $ | 62.00 | | | | | $ | 419,999,966 | | |
|
Underwriting Discounts and Commissions(1)
|
| | | $ | 3.72 | | | | | $ | 25,199,998 | | |
|
Proceeds, Before Expenses, to Apogee Therapeutics, Inc.
|
| | | $ | 58.28 | | | | | $ | 394,799,968 | | |
| Jefferies | | |
BofA Securities
|
| |
Goldman Sachs & Co. LLC
|
| |
TD Cowen
|
| | Stifel | |
| Table of Contents | | | |||||
| | | | | 1 | | | |
| | | | | 9 | | | |
| | | | | 11 | | | |
| | | | | 13 | | | |
| | | | | 14 | | | |
| | | | | 15 | | | |
| CAPITALIZATION | | | | | 16 | | |
| DILUTION | | | | | 17 | | |
| | | | | 18 | | | |
| | | | | 21 | | | |
| | | | | 26 | | | |
| | | | | 28 | | | |
| UNDERWRITING | | | | | 32 | | |
| | | | | 40 | | | |
| EXPERTS | | | | | 40 | | |
| | | | | 40 | | | |
| | | | | 41 | | |
| | |
FEBRUARY 4, 2022
(INCEPTION) TO DECEMBER 31, 2022 |
| |
YEAR
ENDED DECEMBER, 2023 |
| ||||||
| | |
(In thousands, except share and
per share data) |
| |||||||||
Consolidated Statement of Operations and Comprehensive Loss Data: | | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | |
Research and development(1)
|
| | | $ | 27,786 | | | | | $ | 68,424 | | |
General and administrative(2)
|
| | | | 2,941 | | | | | | 24,579 | | |
Total operating expenses
|
| | | | 30,727 | | | | | | 93,003 | | |
Loss from operations
|
| | | | (30,727) | | | | | | (93,003) | | |
Other income (expenses), net: | | | | | | | | | | | | | |
Interest income
|
| | | | 92 | | | | | | 9,018 | | |
Other financing expense
|
| | | | (9,150) | | | | | | — | | |
Total other income (expense), net
|
| | | | (9,058) | | | | | | 9,018 | | |
Net loss and comprehensive loss
|
| | | $ | (39,785) | | | | | $ | (83,985) | | |
Net loss per share, basic and diluted(3)
|
| | | $ | (16.16) | | | | | $ | (3.36) | | |
Weighted-average common shares outstanding, basic and diluted
|
| | | | 2,462,236 | | | | | | 25,005,774 | | |
|
| | |
AS OF DECEMBER 31, 2023
|
| |||||||||
| | |
ACTUAL
|
| |
PRO FORMA(1)
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Consolidated Balance Sheet Data: | | | | | | | | | | | | | |
Cash, cash equivalents and marketable securities
|
| | | $ | 395,459 | | | | | $ | 786,737 | | |
Working capital(2)
|
| | | | 377,851 | | | | | | 769,129 | | |
Total assets
|
| | | | 401,404 | | | | | | 792,682 | | |
Total liabilities
|
| | | | 21,491 | | | | | | 21,491 | | |
Accumulated deficit
|
| | | | (123,770) | | | | | | (123,770) | | |
Total stockholders’ equity
|
| | | | 379,913 | | | | | | 771,191 | | |
| | |
AS OF DECEMBER 31, 2023
|
| |||||||||
| | |
ACTUAL
|
| |
PRO FORMA
|
| ||||||
| | |
(In thousands, except share and per share data)
|
| |||||||||
Cash, cash equivalents and marketable securities
|
| | | $ | 395,459 | | | | | $ | 786,737 | | |
Stockholders’ equity (deficit): | | | | | | | | | | | | | |
Preferred stock, $0.00001 par value: 10,000,000 authorized, no
shares issued and outstanding, actual; 10,000,000 shares authorized, no shares issued and outstanding, pro forma |
| | | | — | | | | | | — | | |
Common stock, $0.00001 par value: 400,000,000 shares
authorized, 50,655,671 shares issued and 48,338,769 shares outstanding, actual; 400,000,000 shares authorized, 57,429,864 shares issued and 55,112,962 shares outstanding, pro forma; |
| | | | — | | | | | | 1 | | |
Additional paid-in capital
|
| | | | 503,354 | | | | | | 894,631 | | |
Accumulated other comprehensive income
|
| | | | 329 | | | | | | 329 | | |
Accumulated deficit
|
| | | | (123,770) | | | | | | (123,770) | | |
Total stockholders’ equity
|
| | | | 379,913 | | | | | | 771,191 | | |
Total capitalization
|
| | | $ | 379,913 | | | | | $ | 771,191 | | |
|
|
Public offering price per share
|
| | | | | | | | | $ | 62.00 | | |
|
Net tangible book value (deficit) per share as of December 31, 2023
|
| | | $ | 7.50 | | | | | | | | |
|
Increase in net tangible book value per share attributable to this offering
|
| | | | 5.93 | | | | | | | | |
|
Pro forma net tangible book value per share immediately after this offering
|
| | | | | | | | | | 13.43 | | |
|
Dilution per share to new investors in this offering
|
| | | | | | | | | $ | 48.57 | | |
| | |
BEFORE THE OFFERING
|
| | | | | | | | | | | | | |
AFTER THE OFFERING
|
| | | | | | | | | | | | | ||||||||||||||||||
NAME OF BENEFICIAL OWNER
|
| |
NUMBER
OF SHARES OF VOTING COMMON STOCK OWNED |
| |
NUMBER OF
SHARES OF NON- VOTING COMMON STOCK OWNED |
| |
TOTAL
PERCENTAGE OWNERSHIP(1) |
| |
VOTING
POWER(2) |
| |
NUMBER OF
SHARES OF VOTING COMMON STOCK OWNED |
| |
NUMBER
OF SHARES OF NON- VOTING COMMON STOCK OWNED |
| |
TOTAL
PERCENTAGE OWNERSHIP(3) |
| |
VOTING
POWER(4) |
| ||||||||||||||||||||||||
GREATER THAN 5% STOCKHOLDERS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Entities affiliated with Fairmount Funds Management LLC(5)
|
| | | | 2,048,647** | | | | | | 6,743,321 | | | | | | 17.4% | | | | | | 5.8%** | | | | | | 2,048,647** | | | | | | 6,743,321 | | | | | | 15.3% | | | | | | 4.9%** | | |
Entities affiliated with Venrock Healthcare
Capital Partners III, L.P.(6) |
| | | | 1,750,000** | | | | | | 6,743,321 | | | | | | 16.8% | | | | | | 5.0%** | | | | | | 1,750,000** | | | | | | 6,743,321 | | | | | | 14.8% | | | | | | 4.2%** | | |
Entities affiliated with FMR LLC (Fidelity)(7)
|
| | | | 5,018,880 | | | | | | — | | | | | | 9.9% | | | | | | 14.3% | | | | | | 5,018,880 | | | | | | — | | | | | | 8.7% | | | | | | 12.0% | | |
Wellington Biomedical Innovation Master Investors (Cayman) II, L.P.(8)
|
| | | | 2,527,901 | | | | | | — | | | | | | 5.0% | | | | | | 7.2% | | | | | | 2,527,901 | | | | | | — | | | | | | 4.4% | | | | | | 6.0% | | |
Entities affiliated with Deep Track Capital,
LP(9) |
| | | | 2,323,456 | | | | | | — | | | | | | 4.6% | | | | | | 6.6% | | | | | | 2,323,456 | | | | | | — | | | | | | 4.0% | | | | | | 5.6% | | |
Paragon(10) | | | | | 2,259,073 | | | | | | — | | | | | | 4.5% | | | | | | 6.4% | | | | | | 2,259,073 | | | | | | — | | | | | | 3.9% | | | | | | 5.4% | | |
Entities affiliated with RTW Investments, LP(11)
|
| | | | 2,142,592 | | | | | | — | | | | | | 4.2% | | | | | | 6.1% | | | | | | 2,142,592 | | | | | | — | | | | | | 3.7% | | | | | | 5.1% | | |
Entities affiliated with RA Capital(12)
|
| | | | 1,977,901 | | | | | | — | | | | | | 3.9% | | | | | | 5.6% | | | | | | 1,977,901 | | | | | | — | | | | | | 3.4% | | | | | | 4.7% | | |
Perceptive Xontogeny Venture Fund II, LP(13)
|
| | | | 1,977,901 | | | | | | — | | | | | | 3.9% | | | | | | 5.6% | | | | | | 1,977,901 | | | | | | — | | | | | | 3.4% | | | | | | 4.7% | | |
Entities affiliated with AI Biotechnology LLC(14)
|
| | | | 1,940,364 | | | | | | — | | | | | | 3.8% | | | | | | 5.5% | | | | | | 1,940,364 | | | | | | — | | | | | | 3.4% | | | | | | 4.6% | | |
NAMED EXECUTIVE OFFICERS AND DIRECTORS:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Michael Henderson, M.D.(15)
|
| | | | 705,011 | | | | | | — | | | | | | 1.4% | | | | | | 2.0% | | | | | | 705,011 | | | | | | — | | | | | | 1.2% | | | | | | 1.7% | | |
Carl Dambkowski, M.D.(16)
|
| | | | 123,123 | | | | | | — | | | | | | *% | | | | | | *% | | | | | | 123,123 | | | | | | — | | | | | | *% | | | | | | *% | | |
Jane Pritchett Henderson(17)
|
| | | | 74,948 | | | | | | — | | | | | | *% | | | | | | *% | | | | | | 74,948 | | | | | | — | | | | | | *% | | | | | | *% | | |
Mark C. McKenna(18)
|
| | | | 11,111 | | | | | | — | | | | | | *% | | | | | | *% | | | | | | 11,111 | | | | | | — | | | | | | *% | | | | | | *% | | |
Peter Harwin(5)
|
| | | | 2,099,813** | | | | | | 6,743,321 | | | | | | 17.5% | | | | | | 6.0%** | | | | | | 2,099,813** | | | | | | 6,743,321 | | | | | | 15.4% | | | | | | 5.0%** | | |
Jennifer Fox
|
| | | | — | | | | | | — | | | | | | *% | | | | | | *% | | | | | | — | | | | | | — | | | | | | *% | | | | | | *% | | |
Andrew Gottesdiener, M.D.
|
| | | | — | | | | | | — | | | | | | *% | | | | | | *% | | | | | | — | | | | | | — | | | | | | *% | | | | | | *% | | |
William (BJ) Jones, Jr.
|
| | | | — | | | | | | — | | | | | | *% | | | | | | *% | | | | | | — | | | | | | — | | | | | | *% | | | | | | *% | | |
Tomas Kiselak(5)
|
| | | | 2,099,813** | | | | | | 6,743,321 | | | | | | 17.5% | | | | | | 6.0%** | | | | | | 2,099,813** | | | | | | 6,743,321 | | | | | | 15.4% | | | | | | 5.0%** | | |
Nimish Shah(6)
|
| | | | 1,750,000** | | | | | | 6,743,321 | | | | | | 16.8% | | | | | | 5.0%** | | | | | | 1,750,000** | | | | | | 6,743,321 | | | | | | 14.8% | | | | | | 4.2%** | | |
All executive officers and directors as a group
(10 persons)(19) |
| | | | 4,815,172 | | | | | | 13,486,642 | | | | | | 36.1% | | | | | | 13.7% | | | | | | 4,815,172 | | | | | | 13,486,642 | | | | | | 31.9% | | | | | | 11.5% | | |
UNDERWRITER
|
| |
NUMBER OF SHARES
|
| |||
Jefferies LLC
|
| | | | 1,896,774 | | |
BofA Securities, Inc.
|
| | | | 1,422,581 | | |
Goldman Sachs & Co. LLC
|
| | | | 1,422,581 | | |
Cowen and Company, LLC
|
| | | | 1,287,096 | | |
Stifel, Nicolaus & Company, Incorporated
|
| | | | 745,161 | | |
Total
|
| | | | 6,774,193 | | |
|
| | |
PER SHARE
|
| |
TOTAL
|
| ||||||||||||||||||
| | |
WITHOUT
OPTION TO PURCHASE ADDITIONAL SHARES |
| |
WITH
OPTION TO PURCHASE ADDITIONAL SHARES |
| |
WITHOUT
OPTION TO PURCHASE ADDITIONAL SHARES |
| |
WITH
OPTION TO PURCHASE ADDITIONAL SHARES |
| ||||||||||||
Public offering price
|
| | | $ | 62.00 | | | | | $ | 62.00 | | | | | $ | 419,999,966 | | | | | $ | 482,999,902 | | |
Underwriting discounts and commissions paid by us
|
| | | $ | 3.72 | | | | | $ | 3.72 | | | | | $ | 25,199,998 | | | | | $ | 28,979,994 | | |
Proceeds to us, before expenses
|
| | | $ | 58.28 | | | | | $ | 58.28 | | | | | $ | 394,799,968 | | | | | $ | 454,019,908 | | |