Apollomics is a clinical-stage biopharmaceutical company developing cancer drugs, with no approved products or commercial revenue. The company's entire focus is on vebreltinib, an oral small molecule that blocks the c-Met receptor, which drives tumor growth when abnormally activated through mutations like Met Exon 14 skipping, gene amplification, or gene fusion. Apollomics holds global rights to vebreltinib outside of China, Hong Kong, and Macau; its Chinese partner Avistone has already received three NMPA approvals and launched vebreltinib commercially in China. Apollomics itself has not commercialized vebreltinib anywhere and plans to out-license global commercial rights to a larger pharma partner in exchange for upfront payments, milestones, and royalties. The company demonstrated this model with a March 2025 deal granting LaunXP rights to develop and commercialize vebreltinib in Asia (excluding Greater China) for NSCLC, with up to $10M in upfront payments and $50M in regulatory milestones. Vebreltinib's primary development focus is NSCLC with c-Met amplification, where no targeted therapy is currently approved globally outside China. Apollomics also holds three immuno-oncology candidates as secondary assets, but plans to partner rather than advance these internally. The company outsources clinical execution to CROs and manufacturing to CMOs, and operates with only 14 employees. Apollomics is cash-constrained and nearly ceased operations in late 2025, surviving after closing a $4.1M PIPE financing.