APLM · Apollomics, Inc.

Apollomics reported full year 2025 financial results, marking a significant turnaround from the prior year. Revenue of $8.5 million was generated from the upfront payment of the LaunXP licensing agreement for vebreltinib in Asia (excluding China, Hong Kong, and Macau), compared to zero revenue in 2024. Research and development expenses decreased sharply to $5.5 million from $24.6 million, reflecting cost reduction initiatives and the pause of certain clinical programs. General and administrative expenses also declined to $12.4 million from $17.8 million. The net loss narrowed to $10.9 million ($7.57 per diluted share) from $53.9 million ($52.80 per diluted share) in 2024. Operating expenses fell 64% year-over-year to $19.8 million. Cash and cash equivalents stood at $3.3 million as of December 31, 2025, down from $9.8 million at year-end 2024, partly offset by $4.1 million raised in a PIPE financing in September 2025. The company's lead asset, vebreltinib, continues to advance in global Phase 2 trials, with an IND submission for accelerated approval in second-line NSCLC with c-MET amplification expected in the first half of 2027. The new management team, appointed in September 2025, has focused on cost discipline and resolving legacy legal matters, including the settlement of Cayman litigation. The licensing deal with LaunXP provides non-dilutive funding and expands vebreltinib's commercial reach in Asia. Despite the improved financials, the company's cash position remains tight, and further financing may be needed to support ongoing clinical development.