Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-22

Apogee Therapeutics (APGE)

CEO Michael Henderson was paid $1,291,500 in fiscal year 2025, ↓ down 90.2% from fiscal year 2024, the 1st percentile of its disclosed peer group (SEC filing 0001193125-26-177342 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,291,500 ↓
Michael Henderson total, FY2025
1st
CEO pay percentile vs peers
—
CEO-to-median pay ratio
—
Say-on-pay support, latest vote

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Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”
- Michael Henderson (Chief Executive Officer), FY2025 total compensation $1,291,500 (base salary $700,000) [exec_comp, SEC accession 0001193125-26-177342, filed 2026-04-24]

Answered within 24 hours, every figure cited to its SEC filing. If our database cannot answer your question, you are refunded automatically.

APGE's next annual pay disclosure, estimated April 24, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Michael Henderson$700,000$0$0$0$591,500$0$0$1,291,500
Chief Executive Officer
Carl Dambkowski540,000000315,90000855,900
Chief Medical Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Michael Henderson$1,291,500$13,207,682$8,671,208↓ −11,916,182
Carl Dambkowski855,900———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against APGE
6 companies name APGE as a compensation peer

Each company listed discloses APGE in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named APGE in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Carl DambkowskiChief Medical Officer$855,900
Michael HendersonCEO$1,291,500
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Andrew Gottesdiener, M.DIndependent Director$448,834
Jennifer FoxIndependent Director$464,026
Lisa Bollinger, M.DIndependent Director$444,526
Mark C. McKennaChair of the Board$487,219
Nimish ShahIndependent Director$444,526
Peter HarwinIndependent Director$448,834
Tomas KiselakIndependent Director$439,988
William (BJ) Jones JrIndependent Director$455,411
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Michael HendersonRSU60,497—$4,566,314
Michael HendersonRSU64,724—4,885,368
Michael HendersonOption87,67322.86—
Michael HendersonRSU71,845—5,422,861
Carl DambkowskiRSU42,199—3,185,181
Michael HendersonOption267,77749.07—
Carl DambkowskiOption93,72249.07—
Michael HendersonRSU60,338—4,554,312
Michael HendersonOption199,25622.86—
Carl DambkowskiRSU24,749—1,868,055
Carl DambkowskiOption87,67322.86—
Michael HendersonOption93,72249.07—
05

Incentive-plan design — the Compensation Discussion & Analysis

The executive compensation program is intended to align executive compensation with business objectives and to attract, retain, and reward executive officers who contribute to long-term success. The program emphasizes a high percentage of at-risk pay, linking short-term and long-term cash and equity incentives to measurable corporate and individual performance goals to reinforce a performance-driven culture.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantAlpine Rewards
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Mark C. McKennaIndependent · Board Chair · Compensation Committee (Chair) · Nominating Committee$87,231—$399,988——$487,219
Jennifer FoxIndependent · Audit Committee (Chair) · Compensation Committee64,038—399,988——464,026
William (BJ) Jones JrIndependent · Compensation · Nominating55,423—399,988——455,411
Peter HarwinIndependent · Audit Committee · Not standing for re-election48,846—399,988——448,834
Andrew Gottesdiener, M.DIndependent · Audit · Not standing for re-election48,846—399,988——448,834
Nimish ShahIndependent · Nominating Committee44,538—399,988——444,526
Lisa Bollinger, M.DIndependent · Audit · Nominating44,538—399,988——444,526
Tomas KiselakIndependent40,000—399,988——439,988
Michael Henderson, M.DEmployee director—————0
09

Board fee structure and ownership guideline

Annual cash retainer$40,000
Annual equity retainer$400,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 10,000
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$433,460
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$433,460

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Apogee Therapeutics names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Apogee Therapeutics.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Arcellx2024Rami Elghandour$653,288$9,342,069$10,850,151$0$21,402,668
2Viking Therapeutics2025Brian Lian672,00017,756,8172,468,016373,00021,269,833
3Immunovant2026Eric Venker636,618019,010,639020,158,767
4Vaxcyte2025Grant Pickering800,0004,300,1598,714,048630,00014,458,937
5Avidity Biosciences2024Sarah Boyce659,90010,748,4802,157,090594,00014,176,480
6Nuvalent2025James Porter652,1004,392,5635,857,906469,51211,393,602
7Akero Therapeutics2024Andrew Cheng686,0002,879,1556,489,100411,60010,465,855
8IDEAYA Biosciences2025Yujiro Hata700,00008,418,840378,0009,512,640
9Arrowhead Pharmaceuticals2025Christopher Anzalone981,0466,810,29201,236,0009,029,861
10Kymera Therapeutics2025Nello Mainolfi693,00007,318,859519,7508,545,609
11Structure Therapeutics2025Raymond Stevens672,0942,387,9964,846,926508,8718,429,887
12Spyre Therapeutics2025Cameron Turtle665,00005,552,886475,4756,707,361
13Celldex Therapeutics2025Anthony Marucci785,80404,027,59005,366,709
14Neumora Therapeutics2025Paul Berns700,00003,326,181504,0004,562,461
15Dyne Therapeutics2025John Cox721,0000937,893410,9702,076,868
16Apogee Therapeutics2025Michael Henderson700,00000591,5001,291,500

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Apogee Therapeuticsnot disclosedOption 100not disclosedAlpine Rewards
Akero Therapeutics100%not disclosednot disclosedPearl Meyer & Partners, LLC
Arcellx140%not disclosedNoMeridian Compensation Partners
Arrowhead Pharmaceuticals125%PSU 70 · RSU 30not disclosedCompensia
Avidity Biosciencesnot disclosedOption 80 · RSU 20not disclosedAlpine
Celldex Therapeutics100%Options 100not disclosedAon (Human Capital Solutions practice, a division of Aon plc)
Dyne Therapeutics95%not disclosednot disclosedAlpine Rewards, LLC
IDEAYA Biosciences90%Options 100not disclosedAon (Aon plc, Talent Solutions practice)
Immunovant110%not disclosedNoCompensia
Kymera Therapeutics125%not disclosedNoAlpine Rewards
Neumora Therapeuticsnot disclosedOptions 100not disclosedAlpine Rewards, LLC
Nuvalent120%not disclosedNoAlpine Rewards
Spyre Therapeutics130%Option 100not disclosedAlpine Rewards
Structure Therapeutics125%Options 67 · RSU 33NoAon
Vaxcyte105%not disclosednot disclosedPay Governance
Viking Therapeuticsnot disclosednot disclosedNoAon

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Apogee Therapeutics in fiscal 2025?
As disclosed, Michael Henderson (Chief Executive Officer) was the highest-paid executive at Apogee Therapeutics in fiscal 2025, with total compensation of $1,291,500.
How does Apogee Therapeutics's chief executive pay compare to its disclosed peer group?
As disclosed, Michael Henderson's total compensation ranked at the 1st percentile of Apogee Therapeutics's disclosed peer group.
How much does Apogee Therapeutics spend in total on board compensation for fiscal 2025?
As disclosed, Apogee Therapeutics reported total board compensation of $433,460 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Michael HendersonDEF 14A2026-04-240001193125-26-177342Section “Executive Compensation”. As printed: 1,291,500. View filing ↗
2Section 01, Carl DambkowskiDEF 14A2026-04-240001193125-26-177342Section “Executive Compensation”. As printed: 855,900. View filing ↗
3Section 08, Mark C. McKennaDEF 14A2026-04-240001193125-26-177342Section “Director Compensation”. As printed: 487,219. View filing ↗
4Section 08, Jennifer FoxDEF 14A2026-04-240001193125-26-177342Section “Director Compensation”. As printed: 464,026. View filing ↗
5Section 08, William (BJ) Jones JrDEF 14A2026-04-240001193125-26-177342Section “Director Compensation”. As printed: 455,411. View filing ↗
6Section 08, Peter HarwinDEF 14A2026-04-240001193125-26-177342Section “Director Compensation”. As printed: 448,834. View filing ↗
7Section 08, Andrew Gottesdiener, M.DDEF 14A2026-04-240001193125-26-177342Section “Director Compensation”. As printed: 448,834. View filing ↗
8Section 08, Nimish ShahDEF 14A2026-04-240001193125-26-177342Section “Director Compensation”. As printed: 444,526. View filing ↗
9Section 08, Lisa Bollinger, M.DDEF 14A2026-04-240001193125-26-177342Section “Director Compensation”. As printed: 444,526. View filing ↗
10Section 08, Tomas KiselakDEF 14A2026-04-240001193125-26-177342Section “Director Compensation”. As printed: 439,988. View filing ↗
11Section 08, Michael Henderson, M.DDEF 14A2026-04-240001193125-26-177342Section “Director Compensation”. As printed: 0. View filing ↗
12Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.
13Section 09b board cost (computed)Computed——Cash 433,460 + equity 0 + all other 0 = 433,460, summed across the director compensation table rows.
14Arcellx, Section 10b CEO totalDEF 14A2025-04-170001193125-25-084363CEO total compensation as printed in Arcellx's own proxy. As printed: 21,402,668. View filing ↗
15Viking Therapeutics, Section 10b CEO totalDEF 14A2026-04-010001193125-26-137915CEO total compensation as printed in Viking Therapeutics's own proxy. As printed: 21,269,833. View filing ↗
16Immunovant, Section 10b CEO totalDEF 14A2026-07-220001764013-26-000092CEO total compensation as printed in Immunovant's own proxy. As printed: 20,158,767. View filing ↗
17Vaxcyte, Section 10b CEO totalDEF 14A2026-04-230001193125-26-173672CEO total compensation as printed in Vaxcyte's own proxy. As printed: 14,458,937. View filing ↗
18Avidity Biosciences, Section 10b CEO totalDEF 14A2025-04-290001599901-25-000092CEO total compensation as printed in Avidity Biosciences's own proxy. As printed: 14,176,480. View filing ↗
19Nuvalent, Section 10b CEO totalDEF 14A2026-04-280001861560-26-000013CEO total compensation as printed in Nuvalent's own proxy. As printed: 11,393,602. View filing ↗
20Akero Therapeutics, Section 10b CEO totalDEF 14A2025-04-280000950170-25-058964CEO total compensation as printed in Akero Therapeutics's own proxy. As printed: 10,465,855. View filing ↗
21IDEAYA Biosciences, Section 10b CEO totalDEF 14A2026-04-290001193125-26-191501CEO total compensation as printed in IDEAYA Biosciences's own proxy. As printed: 9,512,640. View filing ↗
22Arrowhead Pharmaceuticals, Section 10b CEO totalDEF 14A2026-01-270000879407-26-000019CEO total compensation as printed in Arrowhead Pharmaceuticals's own proxy. As printed: 9,029,861. View filing ↗
23Kymera Therapeutics, Section 10b CEO totalDEF 14A2026-04-290001193125-26-191495CEO total compensation as printed in Kymera Therapeutics's own proxy. As printed: 8,545,609. View filing ↗
24Structure Therapeutics, Section 10b CEO totalDEF 14A2026-04-230001104659-26-047740CEO total compensation as printed in Structure Therapeutics's own proxy. As printed: 8,429,887. View filing ↗
25Spyre Therapeutics, Section 10b CEO totalDEF 14A2026-04-100001636282-26-000039CEO total compensation as printed in Spyre Therapeutics's own proxy. As printed: 6,707,361. View filing ↗
26Celldex Therapeutics, Section 10b CEO totalDEF 14A2026-04-290001104659-26-050884CEO total compensation as printed in Celldex Therapeutics's own proxy. As printed: 5,366,709. View filing ↗
27Neumora Therapeutics, Section 10b CEO totalDEF 14A2026-04-170001193125-26-161489CEO total compensation as printed in Neumora Therapeutics's own proxy. As printed: 4,562,461. View filing ↗
28Dyne Therapeutics, Section 10b CEO totalDEF 14A2026-04-230001193125-26-173655CEO total compensation as printed in Dyne Therapeutics's own proxy. As printed: 2,076,868. View filing ↗
29Apogee Therapeutics (subject), Section 10b CEO totalDEF 14A2026-04-240001193125-26-177342CEO total compensation as printed in Apogee Therapeutics's own proxy. As printed: 1,291,500. View filing ↗
30Section 10a, Akero Therapeutics reciprocityDEF 14A—0000950170-25-058964Akero Therapeutics's most recent proxy was read; its disclosed peer group does not include Apogee Therapeutics. View filing ↗
31Section 10a, Dyne Therapeutics reciprocityDEF 14A—0001193125-26-173655Dyne Therapeutics's most recent proxy was read; its disclosed peer group does not include Apogee Therapeutics. View filing ↗
32Section 10a, Celldex Therapeutics reciprocityDEF 14A—0001104659-26-050884Celldex Therapeutics's most recent proxy was read; its disclosed peer group does not include Apogee Therapeutics. View filing ↗
33Section 10a, Kymera Therapeutics reciprocityDEF 14A—0001193125-26-191495Kymera Therapeutics's most recent proxy was read; its disclosed peer group does not include Apogee Therapeutics. View filing ↗
34Section 10a, IDEAYA Biosciences reciprocityDEF 14A—0001193125-26-191501IDEAYA Biosciences's most recent proxy was read; its disclosed peer group does not include Apogee Therapeutics. View filing ↗
35Section 10a, Structure Therapeutics reciprocityDEF 14A—0001104659-26-047740Structure Therapeutics's most recent proxy was read; its disclosed peer group does not include Apogee Therapeutics. View filing ↗
36Section 10a, Spyre Therapeutics reciprocityDEF 14A—0001636282-26-000039Spyre Therapeutics names Apogee Therapeutics in its own disclosed peer group (read from its most recent proxy). View filing ↗
37Section 10a, Avidity Biosciences reciprocityDEF 14A—0001599901-25-000092Avidity Biosciences's most recent proxy was read; its disclosed peer group does not include Apogee Therapeutics. View filing ↗
38Section 10a, Vaxcyte reciprocityDEF 14A—0001193125-26-173672Vaxcyte's most recent proxy was read; its disclosed peer group does not include Apogee Therapeutics. View filing ↗
39Section 10a, Arcellx reciprocityDEF 14A—0001193125-25-084363Arcellx's most recent proxy was read; its disclosed peer group does not include Apogee Therapeutics. View filing ↗
40Section 10a, Viking Therapeutics reciprocityDEF 14A—0001193125-26-137915Viking Therapeutics's most recent proxy was read; its disclosed peer group does not include Apogee Therapeutics. View filing ↗
41Section 10a, Immunovant reciprocityDEF 14A—0001764013-26-000092Immunovant names Apogee Therapeutics in its own disclosed peer group (read from its most recent proxy). View filing ↗
42Section 10a, Arrowhead Pharmaceuticals reciprocityDEF 14A—0000879407-26-000019Arrowhead Pharmaceuticals's most recent proxy was read; its disclosed peer group does not include Apogee Therapeutics. View filing ↗
43Section 10a, Nuvalent reciprocityDEF 14A—0001861560-26-000013Nuvalent's most recent proxy was read; its disclosed peer group does not include Apogee Therapeutics. View filing ↗