Apollomics Reports $1.011 Million in Cash, Warns of Going-Concern Doubt
Key Facts
Apollomics filed a report on November 6, 2026, containing its unaudited interim financial statements for the six months ended June 30. It reported cash and cash equivalents of $1.011 million at the end of June, compared with $3.276 million on December 31, 2025. The company said in the report that substantial doubt exists about its ability to continue as a going concern, in its latest financial disclosure on its cash position. The figures came after the company announced the August closing of a private placement for aggregate consideration of about $10 million. However, its cash balance at the end of June was about $1 million, before the private placement closed. The company's shares, listed under the ticker APLM, closed at $19 on November 6, the day the report was filed.
According to the interim statements, cash and cash equivalents fell from $3.276 million on December 31, 2025, to $1.011 million on June 30, 2026. That meant the end-June balance was below the prior year-end balance as the company faced net current liabilities of $9.617 million. Those net liabilities were $275,000 on December 31, 2025, according to the comparison in the report. The company said this situation raises "substantial doubt" about its ability to continue as a going concern. The financial disclosure puts the size of its liabilities and cash balance at the center of the risks described by the company itself, without indicating that a new announcement was made about employee terminations or halting the trial in November 2026.
The company also used $4.297 million in cash in its operating activities during the six months ended June 30, 2026, compared with $7.624 million in the same period of 2025. This figure measures net cash used in operations over half a year, while the $1.011 million balance reflects cash available on a specific date, the end of June. The comparison shows that operating cash use in the first half of 2026 was lower than a year earlier, alongside a decline in the cash balance from the end of 2025. These figures relate to the financial period ended in June, while the report was filed in November. The company included the unaudited interim statements in its report filed on November 6.
In August 2026, Apollomics closed a private placement with aggregate consideration of about $10 million, comprising about $8 million in gross cash proceeds from cash subscriptions, as well as the conversion of a convertible note with $2 million in principal into shares. These gross cash proceeds are not the same as the cash balance reported in the statements as of June 30, since that balance predates the placement's closing. The report therefore gives a cash figure for the end of June, while the placement announcement concerns a transaction completed in August. In July 2026, Nasdaq said the company had regained compliance with the minimum market value requirement for listed securities. The company said the value had remained at $35 million or more for 10 consecutive business days from June 23 to July 7.
Management said its plans to address the liquidity shortfall include raising additional financing through equity or debt issuance, as well as generating cash flows from strategic partnerships. But it said these plans are "not contractually committed" and there is no assurance that financing will be available on acceptable terms or at all. That caveat remains in the disclosure alongside the company's warning of substantial doubt about its ability to continue as a going concern. The decision to terminate all U.S. employees and the expectation that SPARTA trial activities would be halted date to the company's August 28, 2025, announcement, not the November 2026 report. In a subsequent update, Apollomics said the trial had not stopped and that current management was seeking to complete it after reversing the company's liquidation plan.
The company announced on September 3, 2025, that new management had reversed the liquidation plan after receiving PIPE financing with gross proceeds of $4.1 million, and it canceled the shareholder meeting scheduled to consider the liquidation. It later said it had 12 full-time employees and expected the total to reach 15 by October 31, 2025. These disclosures show that the earlier expectation of halting the SPARTA trial did not become an actual stoppage, according to the company's update, which said it aimed to complete the trials. In its latest financial report, the next steps identified by management are additional financing and strategic partnership plans, while acknowledging they are not assured. The financial report did not specify a timeline for completing those plans among the available facts.