Apogee Therapeutics Inc at Citi Global Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Geoffrey Meacham - Citigroup - Analyst : Yeah well, Jane, let's talk about the initial 777 data. I think the positioning was match DUPIXENT in efficacy, similar tolerability and then you have the better dosing profile. The only nuance of that, I think investors are past it now, but was the conjunctivitis. Maybe just give us some context for that, like why that's not a big deal and looking forward, obviously, you guys have your expanded trial and you're going to have data, more meaningful data next year?

Question: Geoffrey Meacham - Citigroup - Analyst : And just a follow-up to that. When you talk to physicians in the community that love experience with Dupi, maybe what are some of the opportunities that you may have with 777? What are some of the pushbacks you get with like, why don't you use more Dupi? What's the sort of the theme and either discontinuations or underperforming patients that may be an opportunity for you guys?

Question: Geoffrey Meacham - Citigroup - Analyst : Okay. Yes. That's helpful. And maybe from a -- I know we're going to talk about the Part B of the study. What opportunities do you see for differentiation there? Maybe what does kind of a win look like from a clinical perspective and we can talk about the commercial implications?

Question: Geoffrey Meacham - Citigroup - Analyst : Yes.

Question: Geoffrey Meacham - Citigroup - Analyst : What are the challenges, though? And do you -- and moving from maybe three months to six months, do you, from a mechanism or from a tolerability perspective, do you add extra risk if you have higher dose? Or I just wasn't sure what the -- maybe the nuances between every three months is very differentiating in its own right. But like six months is like a real like Gold Star, like that's an amazingly commercially relevant product. Obviously, you want to aspire for that, but I wasn't sure of the extra challenges to get to that and frequent of the dosing.

Question: Geoffrey Meacham - Citigroup - Analyst : Okay. But you don't engage, for example, the immune system or have other, it's all in your mind, like just PK, PD and pharmacodynamic kind of situation?

Question: Geoffrey Meacham - Citigroup - Analyst : Yeah, Okay. Unidentified Participant Yeah, along those lines, any PK/PD metrics that you will show in the maintenance -- the part A maintenance data that gives more confidence in 777's profile versus dupi?

Question: Geoffrey Meacham - Citigroup - Analyst : I'm just going to say, is there -- I know from the Part A, there wasn't like -- it's hard to look into some of the smaller numbers. But is there any, like a DUPIXENT experience patients, someone who has either failed or nonresponder or is that a more difficult patient for you guys? And is that a meaningful part of the market? I'm just looking to a larger Phase III and like what you kind of focus on?

Question: Geoffrey Meacham - Citigroup - Analyst : I know you guys haven't -- you talked about Phase III at a high level, but is that kind of the thought that 20% would be biologic experience also in the Phase III? Or you haven't quite like... LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 03, 2025 / 2:45PM, APGE.OQ - Apogee Therapeutics Inc at Citi Global Healthcare Conference

Question: Geoffrey Meacham - Citigroup - Analyst : Let's switch to -- sticking with 777, but asthma and beyond. So maybe give us some context for biologic penetration there? And then maybe what -- in the Phase Ib, which is, I guess, early part of next year, like what -- how are you guys thinking about that, how that could play out from a headline perspective?

Question: Geoffrey Meacham - Citigroup - Analyst : Got you. And the biologic penetration as a comp, I know lebri just launched more or less, but is there a Dupi ceiling, I guess, on the utilization?

Question: Geoffrey Meacham - Citigroup - Analyst : Yes.

Question: Geoffrey Meacham - Citigroup - Analyst : So you wouldn't do monotherapy, you would do the doublet, you think, if you look to, say, COPD or you think that -- would that be a better approach outside of AD?

Question: Geoffrey Meacham - Citigroup - Analyst : Okay. Makes sense. Unidentified Participant And for (technical difficulty) what kind of cost reduction that you're seeing?

Question: Geoffrey Meacham - Citigroup - Analyst : I know for DUPIXENT, COPD is the newer indication versus asthma. There are some similarities and some differences on pathophysiology, how are you thinking about COPD in addition to asthma and then beyond looking to say IBD indications, et cetera?

Question: Geoffrey Meacham - Citigroup - Analyst : Yes. Makes sense. Unidentified Participant And then maybe we can. Kind of pivot to combo strategy that you are going to use. So next year you're going to read out the APG279. You combo and you running head-to-head trial against you. So if we talk -- talk to us about the confidence you have in the combo and then you have kind of a bold move to compare against Dupi, your expectation in terms of it?

Question: Geoffrey Meacham - Citigroup - Analyst : As you look to the combo, the 279 combo, are there inflammation biomarkers that maybe could predict where you could go next from like atopic dermis here and asthma COPD or IBD or here that you could maybe fine-tune the indications that you could go after? Or are you just looking at it, like let's get the first set of the data and then we'll kind of move from there?

Question: Geoffrey Meacham - Citigroup - Analyst : Okay. That makes sense. It's funny because a lot of the more mature legacy franchises have into things like HS and the nasal polyps like all the many other indications, but it definitely is well after they established atopic derm or respiratory as like the foundational, I think. So maybe they didn't have as many growth opportunities there, but you have to be in it in the core indication first, obviously.

Question: Geoffrey Meacham - Citigroup - Analyst : I guess just a last question to follow on Nishant's is when you think about the overall sort of commercial strategy, is there something that you can do in Phase III to maybe help you with the -- maybe a new onset with either differentiation with payers or physicians that can maybe give you a bit of a leg up as you think about like formulary discussions and negotiation?

Question: Geoffrey Meacham - Citigroup - Analyst : Awesome Jeff, thank you so much. Great conversation.