Apellis Pharmaceuticals Files Q3 2024 10-Q

TL;DR

APLS Q3 10-Q is in: financials and operations updated. Check for product revenue and R&D spend.

AI Summary

Apellis Pharmaceuticals, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported significant financial activities and operational updates related to its pharmaceutical products. Key financial figures and strategic agreements were detailed, reflecting the company's ongoing development and commercialization efforts in the pharmaceutical sector.

Why It Matters

This filing provides investors with the latest financial performance and operational details for Apellis Pharmaceuticals, crucial for understanding the company's trajectory in the competitive pharmaceutical market.

Risk Assessment

Risk Level: medium — The company operates in the highly regulated and competitive pharmaceutical industry, facing risks related to drug development, regulatory approvals, and market adoption.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-11-05 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2024-01-01 to 2024-09-30 — Year-to-Date Period (Covers the financial performance for the first nine months of the fiscal year.)

Key Players & Entities

• Apellis Pharmaceuticals, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241105 (date) — Filing date
• Waltham, MA (location) — Company headquarters
• Syfovre (product) — Mentioned in relation to specific dates
• Empaveli and Aspaveli (product) — Mentioned in relation to specific dates
• SFJAgreementMember (agreement) — Related to financing and FDA
• Swedish Orphan Biovitrum AB Publ (company) — Mentioned in relation to collaboration agreements

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share APLS Nasdaq Glo

Filing Documents

• apls-20240930.htm (10-Q) — 2194KB
• apls-ex31_1.htm (EX-31.1) — 16KB
• apls-ex31_2.htm (EX-31.2) — 16KB
• apls-ex32_1.htm (EX-32.1) — 9KB
• apls-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-121062.txt ( ) — 9216KB
• apls-20240930.xsd (EX-101.SCH) — 1517KB
• apls-20240930_htm.xml (XML) — 1564KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37 PART II. OTHER INFORMATION 39 Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 5. Other Information 40 Item 6. Exhibits 41

Signatures

Signatures 42 i Table of Contents Special Note Regarding Forward-Looking Statements and Industry Data This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of management and expected market growth are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about: the ongoing commercialization of EMPAVELI and SYFOVRE; our plans with respect to our ongoing and planned clinical trials for our product candidates, whether conducted by us or Swedish Orphan Biovitrum AB (Publ), or Sobi, or by any future collaborators, including the timing of initiation, dosing of patients, enrollment and completion of these trials and of the anticipated results from these trials; our sales, marketing and distribution capabilities and strategies, including for the commercialization and manufacturing of EMPAVELI, SYFOVRE and any future products; the rate and degree of market acceptance and clinical utility of EMPAVELI, SYFOVRE and any future products for which we receive marketing approval; our plans to develop our current and future product candidates for any additional indications; the timing of and our ability to obtain and maintain regulatory approvals for our product candidates; the potential clinical benefits and attributes of our current and future product candidates we may de

—FINANCIA L INFORMATION

PART I—FINANCIA L INFORMATION

Financi al Statements

Item 1. Financi al Statements. APELLIS PHARMACEUTICALS, INC. CONDENSED CONSOLIDA TED BALANCE SHEETS (Unaudited) (Amounts in thousands, except per share amounts) September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 396,864 $ 351,185 Accounts receivable, net 279,011 206,442 Inventory 121,058 146,362 Prepaid assets 23,809 38,820 Restricted cash 1,373 1,114 Other current assets 11,782 22,408 Total current assets 833,897 766,331 Non-current assets: Right-of-use assets 17,060 16,745 Property and equipment, net 3,379 4,345 Long-term inventory 46,080 — Other assets 1,450 1,309 Total assets $ 901,866 $ 788,730 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 42,730 $ 37,516 Accrued expenses 139,835 127,806 Current portion of development liability — 75,830 Current portion of lease liabilities 6,792 6,441 Deferred revenue 1,903 — Total current liabilities 191,260 247,593 Long-term liabilities: Long-term development liability — 239,817 Long-term credit facility 358,982 — Convertible senior notes 93,263 93,033 Lease liabilities 11,411 11,454 Other liabilities 9,829 2,312 Total liabilities 664,745 594,209 Commitments and contingencies (Note 13) Stockholders' equity: Preferred stock, $ 0.0001 par value; 10,000 shares authorized, and zero shares issued and outstanding at September 30, 2024 and December 31, 2023 — — Common stock, $ 0.0001 par value; 200,000 shares authorized at September 30, 2024 and December 31, 2023; 122,069 shares issued and outstanding at September 30, 2024, and 119,556 shares issued and outstanding at December 31, 2023 12 12 Additional paid-in capital 3,239,262 3,035,539 Accumulated other comprehensive loss ( 3,140 ) ( 3,542 ) Accumulated deficit ( 2,999,013 ) ( 2,837,488 )

View Full Filing

View this 10-Q filing on SEC EDGAR