APLSHIGH SIGNALOPPORTUNITY10-K

Apellis achieved profitability with $22.4 million net income in 2025 while expanding commercial operations across multiple approved indications for its pegcetacoplan franchise.

The company's transition from a $197.9 million net loss in 2024 to profitability represents a fundamental inflection point for this biotech company. The expanded product labeling now includes additional indications beyond the original PNH approval, including C3G and primary IC-MPGN for EMPAVELI, indicating successful clinical development and regulatory execution.

Comparing 2026-02-24 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

Apellis demonstrated strong commercial momentum with revenue growing 28.5% to $1.0 billion, supported by expanding accounts receivable and substantially higher inventory levels reflecting increased manufacturing to meet demand. The company strengthened its balance sheet with stockholders' equity increasing 62% to $370.1 million and maintained a solid cash position of $466.2 million. Current liabilities grew meaningfully, likely reflecting increased operational scale and working capital needs to support the expanded commercial footprint.

FINANCIAL STATEMENT CHANGES
Inventory
Balance Sheet
+75.1%
$81.4M→$142.6M

Inventory surged 75.1% — growing significantly faster than typical sales pace; potential demand softening or supply chain overcorrection.

Current Liabilities
Balance Sheet
+74.4%
$185.5M→$323.6M

Current liabilities surged 74.4% — significant near-term obligations; verify ability to meet short-term debt.

Stockholders Equity
Balance Sheet
+62%
$228.5M→$370.1M

Equity base grew 62% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Accounts Receivable
Balance Sheet
+38.2%
$264.9M→$366.2M

Receivables surged 38.2% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Current Assets
Balance Sheet
+28.6%
$789.0M→$1.0B

Current assets grew 28.6% — improving short-term liquidity or inventory/receivables build.

Revenue
P&L
+28.5%
$781.4M→$1.0B

Revenue growing 28.5% — solid top-line momentum, watch margins for quality of growth.

Capital Expenditure
Cash Flow
-22.3%
$403K→$313K

Capex reduced 22.3% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Assets
Balance Sheet
+21.5%
$885.1M→$1.1B

Asset base grew 21.5% — expansion through organic growth, acquisitions, or capital deployment.

Cash & Equivalents
Balance Sheet
+13.4%
$411.3M→$466.2M

Cash grew 13.4% — improving liquidity position supports investment and shareholder returns.

LANGUAGE CHANGES
NEW — 2026-02-24
PRIOR — 2025-02-28
ADDED
The Apellis, EMPAVELI, SYFOVRE and Apellis Assist names and logos are our trademarks, trade names and service marks.
In addition, unless otherwise stated or the context indicates otherwise, all references in this Annual Report on Form 10-K to EMPAVELI (pegcetacoplan) and EMPAVELI refer to systemic pegcetacoplan in the context of the commercially available product in the United States for the treatment of adults with paroxysmal nocturnal hemoglobinuria, or PNH, C3 glomerulopathy, or C3G and primary immune complex membranoproliferative glomerulonephritis, or primary IC-MPGN, in patients 12 years of age and older.
References to Aspaveli refer to pegcetacoplan in the context of the commercially available product in certain jurisdictions outside the United States for the treatment of adults with PNH who are anemic after treatment with a C5 inhibitor for at least three months, in each case, as more fully described herein.
Unless otherwise stated or the context indicates otherwise, all references in this Annual Report on Form 10-K to SYFOVRE (pegcetacoplan injection) and SYFOVRE refer to intravitreal pegcetacoplan in the context of the commercially available product for the treatment of geographic atrophy secondary to age-related macular degeneration, or GA, and the Therapeutic Goods Administration in Australia in January 2025 for the every-other-month treatment of adult patients with GA with an intact fovea and when central vision is threatened by GA lesion growth.
Our net income was $22.4 million for the year ended December 31, 2025, and our net losses were $197.9 million and $528.6 million for the years ended December 31, 2024 and 2023, respectively.
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REMOVED
These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.
Unless otherwise stated or the context indicates otherwise, all references in this Annual Report on Form 10-K to SYFOVRE (pegcetacoplan injection) and SYFOVRE refer to intravitreal pegcetacoplan in the context of the commercially available product for which we received approval from the U.S.
Food and Drug Administration in February 2023 for the treatment of geographic atrophy secondary to age-related macular degeneration, or GA, and the Therapeutic Goods Administration in Australia in January 2025 for the every-other-month treatment of adult patients with GA with an intact fovea and when central vision is threatened by GA lesion growth.
Our net losses were $197.9 million, $528.6 million, and $652.2 million for the years ended December 31, 2024, 2023 and 2022, respectively.
We have obtained marketing approval for EMPAVELI for the treatment of paroxysmal nocturnal hemoglobinuria, or PNH, in multiple jurisdictions, and SYFOVRE for the treatment of geographic atrophy secondary to age-related macular degeneration, or GA, in the United States and Australia.
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