This licensing deal adds a preclinical IL-31R program to Apogee's pipeline, but no financial results or near-term catalysts are provided. Monitor for future IND filings and Phase I initiation, which would trigger the first $5.25M milestone. The deal structure is standard for early-stage biotech licensing and does not change the near-term outlook.
Price Chart
Executive Summary
Apogee Therapeutics entered into an exclusive worldwide license agreement with Paragon Therapeutics for antibodies targeting IL-31R, a novel pipeline asset. The deal includes up to $23.25 million in development and regulatory milestones plus low-single-digit royalties on net sales. This expands Apogee's pipeline into a new target for inflammatory diseases but remains at the preclinical stage with no near-term catalysts.
Key Financial Metrics
Key Facts
- Exclusive worldwide license from Paragon for IL-31R-directed antibodies
- Up to $23.25 million in milestone payments: $5.25M (Phase I), $3M (Phase II), $5M (Phase III), $10M (FDA approval)
- Low-single-digit royalty on net sales of licensed products
- Optional CMC activities with fees ranging from $1.3M to $2.0M
- Paragon retains non-exclusive rights to develop multispecific antibodies targeting IL-31R
- Apogee is solely responsible for all development, manufacturing, and commercialization costs
Financial Impact
Up to $23.25 million in milestone payments plus low-single-digit royalties; optional CMC fees of $1.3M–$2.0M
Risk Factors
- Preclinical stage: no guarantee of clinical success or regulatory approval
- Milestone and royalty obligations create future cash outflows without guaranteed returns
- Paragon retains rights to multispecific antibodies that could compete with Apogee's monospecific products
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-025841 |
| Document: ef20076542_ex10-1.htm | 0001140361-26-025841 |
| Document: ef20076542_8k.htm | 0001140361-26-025841 |
| Document: 0001140361-26-025841-index-headers.html | 0001140361-26-025841 |
| Document: 0001140361-26-025841-index.html | 0001140361-26-025841 |
| Document: 0001140361-26-025841.txt | 0001140361-26-025841 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 15-12G | — | awaiting T+5 | — | — |
Sep 3, 2026 29d ago | 25-NSE | $135.06 awaiting T+5 | awaiting T+5 | — | — |
Sep 3, 2026 29d ago | 8-K | $135.06 awaiting T+5 | awaiting T+5 | — | — |
Aug 11, 2026 7w ago | 8-K | $134.55 $134.71 | ▲ +0.12% | ▲ +0.56% | — |
Aug 10, 2026 7w ago | 8-K | $134.65 $134.59 | ▼ −0.04% | ▲ +0.00% | — |
Aug 10, 2026 7w ago | Press Release | $134.65 $134.59 | ▼ −0.04% | ▲ +0.00% | — |
Aug 6, 2026 8w ago | Institutional Cluster | $134.49 $134.45 | ▼ −0.03% | ▼ −1.24% | — |
Aug 3, 2026 8w ago | DEFA14A | $134.19 $134.69 | ▲ +0.37% | ▲ +0.47% | — |
Jul 11, 2026 11w ago | Insider Cluster | $133.82 $134.00 | ▲ +0.13% | ▲ +0.92% | — |
Jun 26, 2026 13w ago | DEFA14A | $132.61 $133.50 | ▲ +0.67% | ▼ −0.72% | — |
US Market Status
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