Apollomics Inc. (NASDAQ: APLM) reported a net loss of $12.5 million for the six‑month period ending June 30 2025, a sharp improvement from the $35.2 million loss recorded in the same period a year earlier. Revenue for the first half of 2025 reached $8.5 million, the company’s first positive top‑line figure in a full year and a 100 % increase from the $0 revenue reported in H1 2024.
Research and development expenses fell to $4.6 million, down from $16.9 million in H1 2024, reflecting a disciplined approach to pipeline development and a shift away from high‑cost early‑stage studies. General and administrative expenses rose modestly to $14.5 million, up from $10.2 million a year earlier, as the company invested in support functions needed to accelerate its vebreltinib program.
Cash, cash equivalents, bank deposits and money‑market funds totaled $2.1 million as of June 30 2025, a decline from $9.8 million at the end of 2024. The company’s cash runway is projected to extend through the third quarter of 2026, based on current burn rates and the $5.8 million PIPE financing completed in May 2024. An additional $10 million upfront payment was agreed with LaunXP in March 2025, but only $3.9 million had been received by the reporting date, and a dispute over the remaining balance remains unresolved.
The results underscore a dual narrative: on one hand, the company has achieved its first revenue milestone and tightened R&D spending, signaling progress in its oncology pipeline; on the other hand, the low cash balance and unresolved payment dispute with LaunXP highlight liquidity risks that could constrain future development and require additional financing. The narrowing loss and revenue growth are positive signs, but the company’s continued reliance on external funding and the uncertainty surrounding the LaunXP collaboration temper the outlook.
Apollomics’ focus on vebreltinib, a targeted therapy for non‑small cell lung cancer with MET amplification, remains the centerpiece of its strategy. The company’s ability to secure milestone payments and manage costs will be critical to sustaining operations beyond Q3 2026 and to positioning the drug for eventual regulatory approval and commercialization.
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