Apollomics Reports Full Year 2024 Financial Results and Highlights Clinical Updates and Business Progress

   -- Strategic collaboration with LaunXP for the development of vebreltinib in 
      combination with an EGFR inhibitor ("EGFRi") to bring in $10 million 
      upfront payment and expand dataset to combination therapy 
 
   -- New interim data for the vebreltinib development program, including in 
      non-CNS MET fusion tumors and non-small cell lung cancer (NSCLC) with MET 
      amplification 
 
   -- $9.8 million in cash and cash equivalents as of December 31, 2024, in 
      conjunction with LaunXP upfront payment, pipeline focus and expense 
      reductions expected to provide cash runway into the first quarter of 2026 

FOSTER CITY, Calif., April 03, 2025 (GLOBE NEWSWIRE) -- Apollomics Inc. (Nasdaq: APLM) ("Apollomics"), a late-stage clinical biopharmaceutical company developing multiple oncology drug candidates to address difficult-to-treat and treatment-resistant cancers, today announced financial results for the fiscal year ended December 31, 2024, and highlighted clinical updates and business progress.

"Our new partnership with LaunXP provides an opportunity to expand the clinical dataset for vebreltinib to include combination therapy with an EGFRi. This class is currently the frontline treatment for many patients with NSCLC, and combination therapy with vebreltinib may delay the emergence of resistance to this foundational therapeutic class," said Dr. Guo-Liang Yu, CEO of Apollomics. "We will continue to seek collaborative opportunities to maximize the global opportunity for vebreltinib, both as a single agent and in combination approaches for the treatment of cancers."

"In addition, preliminary results we announced in 2024 for various SPARTA cohorts highlight the opportunity for vebreltinib in the treatment of various tumors with c-Met dysregulation. This includes new interim data for the treatment of NSCLC with MET Amplification, new interim data for the treatment of non-CNS solid tumors with MET fusions, and an incremental update for NSCLC with Met Exon 14 skipping," continued Dr. Yu.

Pipeline Update

   -- Vebreltinib (APL-101) -- a highly specific c-Met inhibitor for the 
      treatment of NSCLC and other solid tumors with MET dysregulation 
 
          -- In August 2024, Apollomics announced interim data from its SPARTA 
             Phase 2 clinical trial for 14 patients with non-CNS MET fusion 
             solid tumors, where a 43% objective response rate $(ORR.AU)$ was 
             achieved by RECIST v1.1 criteria. This includes six confirmed 
             responses out of 14 evaluable patients: one complete response in 
             second-line metastatic NSCLC and five partial responses (three 
             patients with NSCLC, one patient with pancreatic cancer, and one 
             patient with intrahepatic bile duct cancer). Alongside the 
             Avistone data for vebreltinib in the treatment of glioblastoma 
             with PTPRZ1 MET fusions, vebreltinib has now demonstrated activity 
             in a variety of tumors with MET fusions. 
 
          -- Also in August 2024, Apollomics announced an interim analysis of 
             38 patients in the SPARTA MET amplification cohorts. Testing 
             method discordance (determination of MET amplification by status 
             sequencing of blood, sequencing of tumor biopsies, and/or 
             fluorescent in-situ hybridization (FISH), as well as the use of 
             local versus central laboratory testing), has complicated the 
             analysis. Of the patients with the highest MET gene copy number 
             (GCN) as determined by central sequencing, an ORR of 30% (3/10) 
             was achieved, as compared to 13% (5/38) in the overall dataset. 
             Going forward, Apollomics will only enroll NSCLC patients with MET 
             amplification confirmed by central FISH testing. Apollomics 
             believes that MET GCN >=10 by sequencing may be comparable to GCN 
             >=6 by central FISH testing, which is the criteria to define MET 
             amplification used in previous clinical trials of other MET 
             inhibitors. However, challenges associated with this diagnostic 
             test limit the enrollment rate as well as the commercial 
             opportunity for this patient population, and Apollomics is 
             evaluating alternatives for development of vebreltinib in this 
             indication. 
 
          -- In March 2024, Apollomics announced an updated efficacy analysis 
             by GCN subgroup in the treatment of NSCLC patients with Met Exon 
             14 skipping mutations. The data show vebreltinib activity similar 
             to previously announced. In the absence of overlapping c-Met 
             amplification (GCN<4), in a pooled analysis of patients from 
             SPARTA and KUNPENG an ORR of 67% was achieved (n=86). 
 
   -- Other pipeline programs 
 
          -- APL-122: Apollomics licensed rights to this ErbB1/2/4 inhibitor 
             from Edison Oncology Holding Corporation ("Edison") in 2021. 
             Edison has completed six dose escalation cohorts in the Phase 1 
             trial, including two within the expected therapeutic window, and 
             expects to provide a data update in 2025. 
 
          -- APL-102: APL-102 is an oral, small molecule MTKi targeting the 
             VEGFR and MAPK pathways via B-RAF and C-RAF, and colony 
             stimulating factor 1 receptor. The Phase 1 clinical trial in China 
             has been closed and Apollomics expects to provide topline results 
             in 2025. 

Business Highlights

   -- Collaboration with LaunXP: In March 2025, Apollomics and LaunXP announced 
      a collaboration agreement for the exclusive development and 
      commercialization rights for vebreltinib in combination with an EGFRi in 
      Asia (excluding mainland China, Hong Kong and Macau) for the treatment of 
      NSCLC. Under the terms of the agreement, Apollomics is to receive upfront 
      payments totaling $10 million within 60 days of the date of the 
      agreement. Apollomics is also eligible for regulatory and other 
      pre-commercial milestone payments of up to $50 million, and royalties on 
      net product sales. 
 
   -- Focus on vebreltinib MET Amplification: In July 2024, Apollomics 
      announced a strategic prioritization for the treatment of NSCLC patients 
      with MET Amplification. By focusing on the patient population with the 
      greatest unmet medical need that can be addressed by c-Met inhibition 
      with vebreltinib, Apollomics intends to apply its resources in the most 
      efficient manner to generate additional clinical data for support of 
      regulatory submissions. 
 
   -- Raised $5.8 million: In May 2024, Apollomics raised $5.8 million in a 
      private placement in public equity $(PIPE)$ financing, before transaction 
      expenses. 
 
   -- Expense reductions: In line with the strategic focus on vebreltinib MET 
      Amplification, Apollomics has terminated collaborations with 
      Glycomimetics and TYG Oncology. Along with the vebreltinib focus and 
      previously announced headcount reductions, Apollomics expects current 
      cash and equivalents, and the LaunXP upfront payment, will be sufficient 
      to fund planned operations into the first quarter of 2026. 

Full Year 2024 Financial Results

   -- Cash, cash equivalents, bank deposits and money market funds as of 
      December 31, 2024 were $9.8 million, compared to $37.8 million as of 
      December 31, 2023. 
 
   -- Research and development expenses were $24.6 million, including 
      share-based compensation of $4.3 million, for 2024, compared to $34.2 
      million, including share-based compensation of $5.9 million, for 2023. 
 
   -- Administrative expenses were $17.8 million, including share-based 
      compensation of $6.7 million, for 2024, compared to $20.6 million, 
      including share-based compensation of $6.8 million, for 2023. 
 
   -- Net loss for 2024 was $(53.9) million, or $(52.80) per basic and diluted 
      share, compared with a net loss of $(172.6) million, or $(231.99) per 
      basic and diluted share, for 2023. Net loss for 2024 includes impairment 
      losses of intangible assets of $13.0 million. Net loss for 2023 includes 
      a non-cash expense for change in fair value of convertible preferred 
      shares of $76.4 million and expenses related to capital markets 
      activities of $45.5 million. 

About Apollomics Inc.

Apollomics Inc. is an innovative clinical-stage biopharmaceutical company focused on the discovery and development of oncology therapies with the potential to be combined with other treatment options to harness the immune system and target specific molecular pathways to inhibit cancer. Apollomics' lead program is 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 multicohort clinical trial in the United States and over 10 other countries. For more information, please visit www.apollomicsinc.com.

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