Carl Dambkowski, Chief Medical Officer of Apogee Therapeutics (APGE 2.57%), executed an open-market sale of 10,900 shares for approximately $817,500 on Dec. 4, 2025, as disclosed in a SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold (direct) | 10,900 |
| Transaction value | $817,500 |
| Post-transaction shares (direct) | 271,108 |
| Post-transaction value (direct ownership) | $20.3 million |
Transaction value based on SEC Form 4 weighted average purchase price ($75.00); post-transaction value based on Dec. 4, 2025 market close ($75.00).
Key questions
- How does the size of this transaction compare to Carl Dambkowski’s historical sales?
This 10,900-share sale is the largest single open-market transaction by Dambkowski in the trailing 12 months, more than doubling the recent median sale size of 3,690 shares for 2025. - What proportion of direct ownership was impacted, and how does this relate to prior activity?
The trade accounted for 3.87% of direct holdings, a materially higher fraction than the 1.13% median per-sale impact in the past year, suggesting a step-up in disposition relative to recent cadence. - Were any indirect holdings or derivative awards involved in this transaction?
No; all shares sold were held directly, with no participation from trusts or related entities and no exercise or sale of derivative awards. - What is the remaining capacity for future sales, and how has Dambkowski’s holding shifted over the past year?
Direct holdings have declined from 331,948 shares at the start of 2025 to 271,108 after this transaction, reflecting an 18.33% reduction over the period and leaving Dambkowski with approximately 72% of his starting position.
Company overview
| Metric | Value |
|---|---|
| Market capitalization | $5.384 billion |
| Employees | 196 |
| Net income (TTM) | -$253.67 million |
| 1-year price change | 45.14% |
* 1-year price change calculated using Dec. 4, 2025 as the reference date.
Company snapshot
- Develops biologic therapies, including APG777 for atopic dermatitis and APG808 for chronic obstructive pulmonary disease, with additional pipeline candidates targeting inflammatory and immunology indications.
- Pursues a research-driven business model focused on the discovery and clinical development of extended half-life monoclonal antibodies, aiming to address unmet needs in immunology and inflammation.
- Targets healthcare providers, specialists, and institutions treating patients with dermatological and respiratory conditions.
Apogee Therapeutics is a clinical-stage biotechnology company specializing in the development of next-generation biologic therapies for inflammatory and immunological diseases. With a focused pipeline and proprietary antibody technology, the company is positioned to address significant unmet needs in dermatology and pulmonology. Apogee leverages scientific expertise and a targeted approach to advance innovative treatments for complex chronic conditions.
NASDAQ: APGE
Key Data Points
What this transaction means for investors
Dambkowski's transaction was part of a Rule 10b5-1 trading plan, which allows company insiders to sell shares at prearranged intervals and amounts. This is a common practice that mitigates the risk of insider trading. Nonetheless, the sale was timely, as Apogee stock rocketed higher toward the end of 2025, peaking in December at a more than 45% gain.
More recently, the company shared a promising update on a clinical trial of zumilokibart (APG777) in patients with mild to moderate asthma. The treatment was well tolerated by participants and showed a "robust and durable suppression of FeNO, a biomarker of Type 2 inflammation that has shown the strongest correlation with exacerbations in asthma, following a single dose."
Management also announced anticipated milestones in 2026 for zumilokibart as well as a treatment for atopic dermatitis.
Investing in biotechnology stocks is typically a high-risk/high-reward proposition. It takes a lot of money to research, develop, and test medical therapies, and stocks can swing heavily one way or another on news about clinical trial results or FDA approvals. That said, Apogee seems to have some wind in its sails as it heads into 2026.
Glossary
Open-market sale: A transaction where shares are sold publicly on a stock exchange, not through private arrangements.
SEC Form 4: A required filing disclosing when company insiders buy or sell shares of their company.
Direct holdings: Shares owned personally by an individual, not through trusts, funds, or other entities.
Indirect holdings: Shares owned via trusts, family members, or other entities rather than directly by the individual.
Derivative instruments: Financial contracts whose value depends on the price of an underlying asset, such as stock options or warrants.
Disposition: The act of selling or otherwise transferring ownership of an asset, such as shares.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Monoclonal antibodies: Laboratory-made proteins designed to target specific cells or substances in the body, often used in therapies.
Pipeline: The collection of drug candidates a pharmaceutical company is developing, from early research to clinical trials.
Clinical-stage: Refers to companies or products currently being tested in human clinical trials, not yet approved for sale.
Weighted average purchase price: The average price paid per share, adjusted for the number of shares bought at each price.
Disposition cadence: The frequency and pattern with which an insider sells or transfers shares over time.
