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APLS

Apellis Pharmaceuticals, Inc.

APLS

Apellis Pharmaceuticals, Inc. • NASDAQ
$21.30 ▼ -1.34% (-0.29)
Market Cap $2.69 B
52w High $35.72
52w Low $16.10
Dividend Yield 0%
P/E 59.17
Volume 881.62K
Outstanding Shares 126.53M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $458.578M ▲ $210.864M ▲ $215.715M ▲ 47.04% ▲ $1.71 ▲ $227.935M ▲
Q2-2025 $178.494M ▲ $197.708M ▼ $-42.151M ▲ -23.615% ▲ $-0.33 ▲ $-30.087M ▲
Q1-2025 $166.797M ▼ $215.765M ▲ $-92.225M ▼ -55.292% ▼ $-0.74 ▼ $-80.389M ▼
Q4-2024 $212.528M ▲ $197.836M ▼ $-36.353M ▲ -17.105% ▲ $-0.29 ▲ $-24.086M ▲
Q3-2024 $196.83M $210.553M $-57.445M -29.185% $-0.46 $-43.864M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $479.171M ▲ $1.059B ▲ $657.555M ▼ $401.168M ▲
Q2-2025 $371.466M ▲ $821.39M ▲ $665.085M ▲ $156.305M ▼
Q1-2025 $358.393M ▼ $807.285M ▼ $643.069M ▼ $164.216M ▼
Q4-2024 $416.137M ▲ $885.051M ▼ $656.512M ▼ $228.539M ▼
Q3-2024 $396.864M $901.866M $664.745M $237.121M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $215.715M ▲ $108.468M ▲ $-148K ▼ $793K ▼ $109.135M ▲ $108.32M ▲
Q2-2025 $-42.151M ▲ $4.445M ▲ $-49K ▼ $6.558M ▲ $11.639M ▲ $4.396M ▲
Q1-2025 $-92.225M ▼ $-53.41M ▼ $-8K ▲ $274K ▲ $-52.785M ▼ $-53.418M ▼
Q4-2024 $-36.353M ▲ $19.36M ▼ $-20K ▼ $-4M ▼ $14.375M ▼ $19.34M ▼
Q3-2024 $-57.445M $34.096M $0 $2.542M $36.811M $34.096M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Licensing And Other Revenue
Licensing And Other Revenue
 $20.00M ▲$20.00M ▲$10.00M ▼$280.00M ▲
Product
Product
 $190.00M ▲$150.00M ▼$170.00M ▲$180.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Apellis looks like a company in the middle of transitioning from a research-focused biotech to a commercial-stage business. Revenue has climbed quickly from a very small base to a more meaningful level as its key drugs launch and ramp, and gross profit is positive, which means the products are priced well above production costs. However, operating losses and net losses remain sizeable. The good news is that losses have been narrowing recently as sales grow faster than expenses. R&D and commercial spending are still heavy, which is normal for a company building out multiple indications and markets at once. Overall, the income statement shows strong top-line momentum but continued dependence on external funding to cover ongoing losses until scale is reached.

Balance Sheet

Balance Sheet The balance sheet shows a company with solid but not excessive financial resources and a clear reliance on outside capital. Total assets have stayed relatively steady over the past few years, with cash making up a large portion, though the cash balance is down from earlier highs as the company funds launches and trials. Debt has increased more recently, which suggests Apellis is using borrowing as part of its financing mix, but equity remains positive, indicating assets still exceed liabilities. The capital structure is tilted toward a combination of equity raised over the years and newer debt. This provides room to operate but leaves the company sensitive to how quickly its products can scale and how easily it can refinance or raise new capital if needed.

Cash Flow

Cash Flow Cash flow reflects a business still in investment mode. Operating cash flow has been consistently negative, meaning the company is spending more on running and growing the business than it brings in from product sales. That said, the cash burn from operations has improved recently, aligning with rising revenue. Free cash flow follows the same pattern, as capital spending is modest. In practical terms, Apellis is still consuming cash but at a slower pace than before. Future sustainability will depend on whether revenue growth continues to outpace spending and how effectively management controls costs while funding its pipeline.

Competitive Edge

Competitive Edge Apellis occupies a focused but strategically important niche in complement-mediated diseases. The company has a first-mover position in geographic atrophy with SYFOVRE and a differentiated approach in rare blood and kidney disorders with EMPAVELI. Its decision to target the C3 component of the complement system, rather than the more commonly targeted C5, gives it a distinct clinical profile and has resulted in clear differentiation versus legacy treatments. However, this is not an uncontested space. Competitors are already present in eye disease and complement biology, and large pharma players have deep resources. Apellis’s advantages rest on its early entry in key indications, established relationships with specialists, and an expanding label, balanced against the risks of safety perceptions, reimbursement pressures, and rival therapies catching up or leapfrogging its approach.

Innovation and R&D

Innovation and R&D Innovation is the core of Apellis’s story and a key reason its spending remains high. The company has built a platform around C3 inhibition and is now extending that platform into multiple diseases and modalities. Beyond its launched products, it is pursuing next-generation approaches such as siRNA for geographic atrophy, potential gene-editing–based treatments through its collaboration with Beam Therapeutics, and a preclinical oral complement inhibitor that could improve convenience. It is also broadening pegcetacoplan into more kidney indications and other complement-driven diseases, moving from rare disorders toward potentially larger markets. This creates meaningful long-term upside if trials succeed, but also brings typical biotech risks: trial failures, delays, regulatory hurdles, and the need to continuously fund expensive development programs.

Summary

Apellis is a high-innovation biotech that has successfully crossed into commercial territory but is still financially in the build-out phase. Its revenues are growing quickly from a small base, and product economics look healthy, yet the company remains loss-making and reliant on cash reserves and external financing. The balance sheet is adequate but not slack, with higher debt than in the past and a meaningful, though shrinking, cash cushion. Strategically, Apellis has carved out a distinctive position in complement biology with first-in-class and best-in-class ambitions, protected by a growing patent estate and supported by an active pipeline. Future outcomes will hinge on a few key swings: sustained uptake of SYFOVRE and EMPAVELI, the success of upcoming kidney and eye indications, and the ability to manage cash burn while pursuing ambitious R&D. As with most commercial-stage biotechs, the profile combines significant opportunity with substantial scientific, regulatory, and financing uncertainty.

NEWS

November 25, 2025 · 7:00 AM UTC

Apellis Pharmaceuticals to Participate in Upcoming Investor Conferences

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November 12, 2025 · 7:00 AM UTC

Apellis Announces 5-Year GALE Data Showing SYFOVRE® (pegcetacoplan injection) Delayed Progression of Geographic Atrophy by ~1.5 Years

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November 5, 2025 · 7:00 AM UTC

Apellis Pharmaceuticals to Present at the Stifel 2025 Healthcare Conference

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October 30, 2025 · 7:05 AM UTC

Apellis Pharmaceuticals Reports Third Quarter 2025 Financial Results

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October 20, 2025 · 7:00 AM UTC

New One-Year Data Reinforcing the Robust and Sustained Efficacy of EMPAVELI® (pegcetacoplan) in C3G and Primary IC-MPGN to be Presented at ASN Kidney Week

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