FOSTER CITY, Calif., Aug. 14, 2024 (GLOBE NEWSWIRE) — Apollomics Incl. (Nasdaq: APLM) (“Apollomics” or the “Company”), an advanced clinical-stage biopharmaceutical company developing multiple oncology drug candidates to treat difficult-to-treat and treatment-resistant cancers, today announced financial results for the first half of 2024 ended June 30, 2024, and highlighted updates to its pipeline.

“To date in 2024, we have announced promising preliminary results from our vebreltinib program to treat various tumors with Met dysregulation. These include new Apollomics data on the treatment of non-CNS solid tumors with Met fusions, an incremental data update for NSCLC with MET exon 14 skipping earlier this year, and data on the treatment of NSCLC with MET amplification shared in this announcement,” said Guo-Liang Yu, Ph.D., Chairman and Chief Executive Officer of Apollomics. “We are encouraged by these new data and remain focused on advancing the vebreltinib program to its first regulatory submission. We look forward to providing future data updates for this program.”

Pipeline update

The story continues

Business highlights

• Focus on Vebreltinib: In July 2024, Apollomics announced a strategic prioritization of treating Met-amplified NSCLC patients. By focusing on the patient population with the greatest unmet medical need that can be addressed by MET inhibition with vebreltinib, Apollomics intends to use its resources in the most efficient manner to generate additional clinical data to support regulatory submissions.

• Changes in the management team: As previously announced, Sanjeev Redkar, Ph.D., co-founder and former President of the Company, and Peony Yu, MD, former Chief Medical Officer, have left their previous positions as a result of the updated strategic direction and in line with the Company’s future resource needs and are expected to transition into advisory roles in August. Dr. Redkar will remain on the Board of Directors.

• $5.8 million raised: In May 2024, the Company raised $5.8 million before transaction costs in a private placement in the form of public equity financing (PIPE).

Financial results for the first half of 2024

• Cash, cash equivalents, bank deposits and money market funds were $25.9 million as of June 30, 2024, compared to $37.8 million as of December 31, 2023. Based on current forecasts, the Company believes its cash balance will be sufficient to fund planned operations through the third quarter of 2025.

• Research and development (R&D) expenses were $16.9 million, including stock-based compensation of $3.7 million, in the first half of 2024, compared to $16.5 million, including stock-based compensation of $2.8 million, in the first half of 2023.

• General and administrative expenses were $10.2 million, including $4.5 million of stock-based compensation, for the first half of 2024, compared to $9.7 million, including $2.4 million of stock-based compensation, for the first half of 2023.

• Net loss for the first half of 2024 was $(35.2) million, or $(0.38) per basic and diluted share, compared to a net loss of $(150.7) million, or $(2.55) per basic and diluted share for the first half of 2023. Net loss for the first half of 2024 includes an impairment charge of $10.0 million to write off the full value of the Uproleselan intangible asset. Net loss for the first half of 2023 includes a non-cash charge for the change in fair value of convertible preferred stock of $76.4 million and expenses related to capital markets activities of $45.5 million.

To Apollomics Inc.

Apollomics Inc. is an innovative clinical-stage biopharmaceutical company focused on the discovery and development of oncology therapies that can be combined with other treatment options to enhance the immune system and exploit specific molecular pathways to inhibit cancer. Apollomics’ key programs include its core product vebreltinib (APL-101), a potent, selective c-Met inhibitor for the treatment of non-small cell lung cancer and other advanced tumors with c-Met alterations, which is currently in a Phase 2 multi-cohort clinical trial in the United States, and uproleselan (APL-106), a specific E-selectin antagonist with potential adjunctive use to standard chemotherapy for the treatment of acute myeloid leukemia and other hematological cancers, which is currently in Phase 1 and Phase 3 trials in China. For more information, please visit apollomicsinc.com.

Cautionary note regarding forward-looking statements

This press release contains statements that constitute “forward-looking statements” within the meaning of the U.S. securities laws, including Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of current or historical fact contained in this press release regarding the Company’s strategy, prospects, plans and objectives are forward-looking statements. When used in this press release, the words “may,” “should,” “will,” “can,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of these terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions regarding future events and are based on currently available information regarding the outcome and timing of future events. Apollomics cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond Apollomics’ control. In addition, Apollomics cautions you that the forward-looking statements contained in this press release are subject to unknown risks, uncertainties and other factors, including: (i) the impact of any current or new government regulations in the United States and China affecting Apollomics’ business and the continued listing of Apollomics’ securities; (ii) the inability to achieve successful clinical results or to obtain licenses to third party intellectual property rights for the future discovery and development of Apollomics’ oncology projects; (iii) the inability to commercialize product candidates and achieve market acceptance for such product candidates; (iv) the inability to protect Apollomics’ intellectual property; (v) data security breaches; (vi) the risk that Apollomics may not be able to develop and maintain effective internal controls; (vii) adverse changes in the regulatory environment; and (viii) those risks and uncertainties discussed in Apollomics Inc.’s Annual Report on Form 20-F for the fiscal year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (“SEC”) under the heading “Risk Factors” and the other documents the Company has filed or will file with the SEC. For more information on these and other factors that may affect the business and projections discussed herein, see the reports Apollomics has filed and will file from time to time with the SEC. These SEC filings are publicly available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date they are made by the Company. Apollomics undertakes no obligation to publicly update its forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except as required by law.

Contact for investors:

Eric Ribner
LifeSci Advisors, LLC
(646) 751-4363
[email protected]