Slide 1: APEX Phase 2 Part A readout
APEX Phase 2 Part A readout JULY 7, 2025
Slide 2: Disclaimers and Forward-looking statements
Disclaimers and Forward-looking statements Other than statements of historical facts, all statements included in this presentation are forward-looking statements, including statements about our plans for our current and future product candidates and programs; the anticipated timing of initiation of
Slide 3: Agenda
Agenda Michael Henderson, MD Introduction Chief Executive Officer Carl Dambkowski, MD APEX Phase 2 Part A Results Chief Medical Officer Kristine Nograles, MD APG777 Development Program SVP, Head of Clinical Development & Medical Affairs Michael Henderson, MD Building a Leading I&I Company Chief Exec
Slide 4: Introduction
Introduction Michael Henderson, MD Chief Executive Officer
Slide 5: Part A delivers on a potentially best-in-class profile
APEX Part A delivers on a potentially best-in-class profile with promising efficacy results and path to quarterly or better dosing APEX Part A met or APG777 has First biotech to pursue exceeded all trial transformational combination approaches objectives dosing potential in the largest I&I markets •
Slide 6: Part A met or exceeded all trial objectives
APEX PART A APEX Part A met or exceeded all trial objectives ENDPOINT OBJECTIVE APG777 PLACEBO SIGNIFICANCE (WEEK 16) (absolute) (absolute) EASI % CFBL Highest EASI-75 (absolute (primary) ~ -65-70% -71.0% -33.8% p<0.001 and placebo-adjusted) of any biologic at Week 161: EASI-75 ~ 45-50% 66.9% 24.6%
Slide 7: Apogee has the potential to transform the future $50B atopic dermatitis market
APEX PART A Apogee has the potential to transform the future $50B atopic dermatitis market 90 100 APG777 demonstrated highest 80 EASI-75 of any biologic at Week 161 APEX with path to best-in-class quarterly or 70 Part A better maintenance dosing 60 Efficacy (EASI-75, %) 50 40 Amlitelimab Rocatinlima
Slide 8: Two additional opportunities to deliver higher efficacy with key readouts in 2026
APEX PART A Apogee has two additional opportunities to deliver higher efficacy results with key readouts anticipated in 2026 90 100 All programs with potential best-in-category maintenance dosing 80 2 APG279 Ph1b H2H vs. DUPIXENT 2H 2026 APEX Part A 1 APEX Part B mid-2026 (higher exposures) 70 ✓ APE
Slide 9: APEX Phase 2 Part A Results
APEX Phase 2 Part A Results Carl Dambkowski, MD Chief Medical Officer
Slide 10: Part A 16-week topline data available for all patients
APEX PART A APEX Part A 16-week topline data available for all patients Part A enrolled moderate-to-severe atopic dermatitis patients (EASI ≥16, vIGA ≥3, BSA ≥10%) Induction Maintenance 720mg W0, W2 APEX Part A Every 3 mos (Q12W) 360mg W4, W12 demonstrated LTE or 52-week 2:1 potentially follow-up pe
Slide 11: APG777 could substantially decrease induction injections for patients
APEX PART A APG777 could substantially decrease induction injections for patients INDUCTION REGIMEN W0 W2 W4 W12 APG777 6 injections APG777 Part A 4 dosing days induction regimen achieves higher EBGLYSS exposures with ~50% 11 injections fewer injections and 9 dosing days dosing days1 DUPIXENT 10 inj
Slide 12: Baseline characteristics and demographics were generally well-balanced
APEX PART A Baseline characteristics and demographics were generally well-balanced and in line with expectations Characteristic APG777 Placebo (N=82) (N=41) Age, mean (SD), Y 38.7 (15.6) 36.0 (13.7) Female, n (percent) 41 (50.0) 19 (46.3) Weight, mean (SD), kg 84.5 (22.5) 81.6 (16.9) Duration of AD
Slide 13: Treatment with APG777 reduced lesions as early as Week 2
APEX PART A Treatment with APG777 reduced lesions as early as Week 2 Eczema Area and Severity Index Score 1 2 4 8 12 16 0 Week -15.2 -20.8 -23.2 -20 -17.8 -28.0 -30.0 Percent Change from Baseline -33.8 -35.4 -40 * -49.9 Significance -60 achieved by *** (LS Mean +/- SE) Week 2 -61.1 *** -66.3 -71.0 -
Slide 14: More than two-thirds of patients achieved EASI-75 response at Week 16
APEX PART A More than two-thirds of patients treated with APG777 achieved EASI-75 response at Week 16 EASI-75 Response 80 APG777 (N=82) Placebo (N=41) *** *** 66.9 60 56.9 ** 44.9 APG777 demonstrated highest EASI-75 of any EASI-75 Response (%) 40 biologic at Week 161 * 28.5 24.6 20 9.8 19.8 19.5 12.
Slide 15: APG777 achieved highest EASI-75 absolute and placebo-adjusted of any biologic
APEX PART A APG777 achieved highest EASI-75 absolute and placebo-adjusted of any biologic at Week 161 Δ = 42.52 80 p < 0.001 66.9 EASI-75 Response at Week 16 (%) 60 53.0 49.5 (24-week data; 16-week not reported) 40.3 40 Δ = 36.8 Δ = 37.7 32.8 29.1 Δ = 28.9 24.6 Δ = 17.0 Δ = 19.1 20 15.3 12.7 12.1 13
Slide 16: Key secondaries were in line with standard of care (vIGA 0/1)
APEX PART A Key secondaries were in line with standard of care vIGA or IGA 0/1 with a Reduction of ≥2 Points from Baseline vIGA or IGA 0/1 Response at Week 16 (%; absolute) 40 APG777 (N=82) *** 40 Placebo (N=41) 36.8 * 37.0 34.9 34.9 34.6 * 27.9 22.1 EBGLYSS 19.3 DUPIXENT 20 20 19.0 APG777 * vIGA 0/
Slide 17: Key secondaries were in line with standard of care (EASI-90)
APEX PART A Key secondaries were in line with standard of care EASI-90 Response 40 APG777 (N=82) 40 Placebo (N=41) * 33.9 33.9 34.5 * 31.8 29.8 EASI-90 Response (%; absolute) 20.9 EBGLYSS 20 20 APG777 DUPIXENT EASI-90 Response (%) 16.4 15.6 Rocatinlimab data 14.7 not reported1 9.8 Amlitelimab ADBRY
Slide 18: Treatment with APG777 led to itch relief in the first week
APEX PART A Treatment with APG777 led to itch relief in the first week Itch Numerical Rating Scale (I-NRS) 0 1 2 4 8 12 16 0 Week 0 -3.2 APG777 (N=82) Placebo (N=41) -11.0 -12.7 EBGLYSS DUPIXENT -21.8 NEMLUVIO + TCS -20 * -23.2 -20 APG777 -25.4 -25.6 Percent Change from Baseline Percent Change from
Slide 19: Pre-specified sensitivity analysis demonstrate robustness of results
APEX PART A Pre-specified sensitivity analysis demonstrate robustness of results EASI-75 response at Week 16 (%; as observed, pre-specified analysis) Δ = 48.4 Δ = 51.7 100 p < 0.001 Δ = 44.6 81.1 80 74.7 EASI-75 Response (%) Δ = 36.1 68.4 60 56.7 40 26.3 29.4 20.6 23.8 20 PBO PBO APG777 PBO APG777 P
Slide 20: Exposure-response relationship demonstrated across multiple endpoints
APEX PART A Exposure-response relationship demonstrated across multiple endpoints Key efficacy endpoints by APG777 exposure quartile at Week 16 (%; as observed, post-hoc analysis) Exposure Quartile1: Q1 (n=18) Q2 (n=18) Q3 (n=18) Quartile 4 (n=19; highest exposure) %CFBL EASI EASI-75 IGA 0/1 EASI-90
Slide 21: APG777 was well tolerated
APEX PART A APG777 was well tolerated n (%) APG777 Placebo Safety summary through Week 16 (N=82) (N=41) Patients reporting ≥1 TEAE 46 (56.1) 26 (63.4) Patients reporting ≥1 serious TEAE 1 (1.2) 1 (2.4) Patients who discontinued due to TEAE 2 (2.4) 0 Most frequent TEAEs by PT through Week 16 (≥5%) No
Slide 22: APG777 Development Program
APG777 Development Program Kristine Nograles, MD SVP, Clinical Development & Medical Affairs
Slide 23: Part A 52-week readout expected 1H 2026
PART A MAINT ENAN CE Part A 52-week readout testing every 3- and 6-month maintenance dosing expected 1H 2026 Part A schematic Induction Maintenance 720mg W0, W2, Every 3 months 360mg W4, W12 1:1 (360mg Q12W) Every 6 months LTE or 52-week 2:1 (360mg Q24W) follow-up period 720mg W16 Placebo 360mg W20,
Slide 24: APG777 could substantially decrease annual injections for patients
PART A MAINT ENAN CE APG777 could substantially decrease annual injections for patients APG777 EBGLYSS DUPIXENT 2-4 Injections 13-26 Injections 26 Injections One injection every 3-6 months1 One injection every 2-4 weeks1 One injection every 2 weeks1 NOTE: APG777 injections per year based on prelimin
Slide 25: Strong enrollment in APEX Part B, accelerating 16-week readout to mid-2026
APEX PART B Strong enrollment in APEX Part B, enabling acceleration of 16-week readout to mid-2026 Part B schematic (>90% powered for primary endpoint) Modeled exposure Induction Maintenance vs. EBGLYSS Currently High dose ~ 90-100% greater Every 3 months (Q12W) enrolling LTE or 52-week follow-up pe
Slide 26: Building a Leading I&I Company
Building a Leading I&I Company Michael Henderson, MD Chief Executive Officer
Slide 27: Historical correlation data increases confidence Phase 2 results translate to Phase 3
APG 777 PHASE 3 Historical correlation data increases confidence APEX Phase 2 results will translate to Phase 3 Strong correlation between Phase 2 and 3 for key endpoints Absolute Placebo-adjusted 100 • Historical correlation data increases confidence Agents above line improved from Ph2 to Ph3 APEX
Slide 28: Apogee has multiple value-creating catalysts in the next 18 months
CO RPO RAT E Apogee has multiple value-creating catalysts in the next 18 months $681M in cash1 with runway into Q1 2028 UPDATES TODAY 2025 2026 Potential APG777 ✓ • Mid-2025: AD Phase 2 16-week PoC readout • 1H: AD Phase 2 Part A 52-week readout best-in-class IL-13 ✓ • 1H: Asthma Phase 1b initiation
Slide 29: Our vision for building a next-gen biotech
CO RPO RAT E Our vision for building a next-gen biotech KEY UPDATE KEY UPDATE APG777 in AD: APG777: Best-in-class Best-in-class monotherapy Pipeline-in-a-product combinations • Potential megablockbuster • Path to leadership in 10+ • Potential to break through in the future $50B+ AD market potential
Slide 30: Apogee /ˈapəjē/ noun
Apogee /ˈapəjē/ noun The highest point in the development of something; a climax or culmination