Apogee Therapeutics Inc at TD Cowen Healthcare Conference Transcript

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

Question: Tyler Van Buren - TD Cowen - Analyst : Wonderful. Thank you very much for that presentation, Michael. So I want to start with a general question. So there's, you guys are, largely, I would say in the lead in terms of companies that are working on combining these large mechanisms for IO and these super effective mechanisms, but there are competitors emerging. There's Chinese companies, you've got, people on Wall Street who've never operated a company or developed a drug, saying that it's easy just to slap a YTE into an antibody. So curious to get your high level thoughts on. You know how specialized it is, what you all and Paragon have done and why it's not difficult to just copy what you're doing. Yeah.

Question: Tyler Van Buren - TD Cowen - Analyst : Why might co-formulations be the optimal approach relative to buy specifics, and how do you guys plan to optimize those core co-formulations as you look at these combinations? Yeah.

Question: Tyler Van Buren - TD Cowen - Analyst : Do more companies entering the space against the same targets or the increasing competition, does it change your strategy at all in terms of developing your assets?

Question: Tyler Van Buren - TD Cowen - Analyst : Great. So let's move to APG 777 with a 77 day half-life. As you mentioned on our panel yesterday, we had, during the AD portion, a bunch of answer options for agents and development for AD and 60% of physicians selected either 777 or 279, essentially the combo with 990. And then I asked the panelist, if you have equal efficacy, same equal efficacy and safety, but with every 3 to 6 month dosing, what percentage of patients would you REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 7:30PM, APGE.OQ - Apogee Therapeutics Inc at TD Cowen Healthcare Conference treat? And I was expecting to set her up with a follow up question, which would be what if you have improved efficacy, but she said 80% plus penetration with equal efficacy. So as we think about the phase two atopic dermatitis data coming up mid-year. I guess expectations there are pretty straightforward. But what are you going to be presenting? Is it going to be a whole host of data or is it going to be a limited top line release? Obviously, primary endpoint is E score, but and I guess people tend to focus on EZ 75, right, but curious to hear your thoughts.

Question: Tyler Van Buren - TD Cowen - Analyst : Great. And as we think about you going to 30 to 40% greater exposure and induction in Part A and potentially up to I guess 70, well 60 to 80, it's double 30 to 40 and Part B, what gives you confidence in the safety based upon what you've seen so far?

Question: Tyler Van Buren - TD Cowen - Analyst : Great. And the 52 week follow up for Part A, I guess first half of next year, that's when you will decide on whether you take forward 3 or 6 month dosing or both, right? I mean, you mentioned it's not a matter of what duration, it's just the dose. So do you plan to take both forward and how do you think about annual dosing that PA 6 graph? I mean, it drops to the floor and goes sideways pretty much through a year. So curious to get your thoughts there. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 7:30PM, APGE.OQ - Apogee Therapeutics Inc at TD Cowen Healthcare Conference

Question: Tyler Van Buren - TD Cowen - Analyst : It's helpful color. So, but just to be clear, so annual dosing is something you might consider in the future after you get the maintenance data life cycle management. Got it. Okay, combinations again, 77 990, 60 day half-life yesterday morning, once again exceeding expectations coming a little earlier than expected. The jack-like efficacy, but without the safety liabilities sounds pretty darn good. I guess you know you highlighted some of this during the R&D day, but what are you seeing preclinically as you test your candidates that gives you confidence that you may be able to achieve this?

Question: Tyler Van Buren - TD Cowen - Analyst : And going head to head versus duopy is a bold decision, I think in most people's eyes. So, again, just what gave you confidence to do that, do you think the FTA will require that and what would you hope to show in that phase two?

Question: Tyler Van Buren - TD Cowen - Analyst : That's great. And why not just pursue the APG 279 combination and all II indications? Why advance the T slip and the combo with 777?

Question: Tyler Van Buren - TD Cowen - Analyst : Okay, and speaking about 10 years from now, obviously, 777 is in the lead. But you've got these two potential monster combos coming behind it. So how do you expect them to fit into some of these overlapping markets? Do you expect the combos to cannibalize 777 or do you think they can all coexist?

Question: Tyler Van Buren - TD Cowen - Analyst : Okay, that's helpful. And APG 808, of the phase 1b data expect in the first half of this year, just maybe review expectations for that and the current plan for the 808 program moving forward.

Question: Tyler Van Buren - TD Cowen - Analyst : You briefly mentioned your very significant cash pile, still 3/4 of that billion, roughly, and the runway. Does the success of these clinical trials, change that runway at all as you think about spending for the future? No. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 7:30PM, APGE.OQ - Apogee Therapeutics Inc at TD Cowen Healthcare Conference

Question: Tyler Van Buren - TD Cowen - Analyst : Okay, great. We're definitely over time, but to close out, what do you believe is the most underappreciated aspect of the apogee story by investors right now?

Question: Tyler Van Buren - TD Cowen - Analyst : And you've got the cash to execute on it. Yeah. Thank you and thank you to the Apogee team.