APLS
Apellis Pharmaceuticals, Inc.25.31
+0.75+3.05%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
3.20BP/E (TTM)
70.31Basic EPS (TTM)
0.36Dividend Yield
0%Recent Filings
10-Q
Q3 FY2025 results
Apellis swung to $216M net income in Q3 ended September 30, 2025, from a $57M loss last year, fueled by $459M total revenue—up 133% y/y—versus $197M, thanks to a $281M upfront from Sobi's royalty buy-down (reducing ex-US royalties 90%, capped at 1.45x purchase price). Product revenue held steady at $178M (flat y/y), with SYFOVRE at $151M (ophthalmology mainstay) while EMPAVELI grew 9% to $27M post-FDA nod for C3G/IC-MPGN. Cash climbed to $479M; long-term credit facility steady at $361M net (SOFR+5.75%, due 2030). Operating income hit $223M. Royalty litigation lingers.
10-Q
Q2 FY2025 results
Apellis posted Q2 revenue of $178.5M, down 10.6% y/y yet stable q/q, driven by SYFOVRE at $150.6M (84% of product sales) and EMPAVELI at $20.8M amid softer demand. Gross margins lifted as cost of sales fell to $13.6M from $23.1M y/y, trimming operating loss to $33.3M from $29.4M while net loss widened to $42.2M ($0.33/share) versus $37.7M ($0.30/share), pinned by higher interest expense on debt. Cash sits at $370M with $454M total debt ($360.5M credit facility due 2030, $93.5M convertibles due 2026); operating cash burn tallied $49M YTD, no capex for FCF. Royalty deal with Sobi closed July 1 for $275M upfront, slashing ex-US royalties 90%. Ongoing securities litigation poses litigation risk.
8-K
Apellis nets $275M royalty deal
Apellis Pharmaceuticals locked in $275M upfront from Sobi on July 1, 2025, via a Royalty Buy-Down Agreement, slashing Sobi's Aspaveli royalties by 90% under their 2020 collaboration—capped initially at 1.45x payments received, plus up to $25M more on EMA approvals for C3G and IC-MPGN. Lenders consented, but Apellis extended prepayment premiums by one year. Cash bolsters liquidity now.
8-K
Annual meeting results approved
Apellis Pharmaceuticals held its annual stockholder meeting on June 3, 2025, electing A. Sinclair Dunlop, Alec Machiels, and Keli Walbert as class II directors for three-year terms. Stockholders ratified Deloitte & Touche as auditors for 2025, approved executive pay, and recommended annual say-on-pay votes—79.9 million for yearly frequency. Board will hold them annually. Clean sweep, no drama.
10-Q
Q1 FY2025 results
Apellis posted Q1 revenue of $166.8M, down 3% y/y from $172.3M, with SYFOVRE at $130.2M (76% of product sales) and EMPAVELI softening to $19.7M yet offset by $16.9M licensing gains. Gross costs climbed to $34.4M from $20.2M, fueling a net operating loss of $83.3M versus $62.1M last year; net loss hit $92.2M ($0.74/share), widened by $11M interest on debt. Cash burned $53.4M in operations, leaving $358.4M on hand against $360M credit facility (due 2030) and $93M convertibles (due 2026). Debt covenants demand $50M liquidity if market cap dips below $3B. Ongoing SYFOVRE litigation poses risks.
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