$APLS
Apellis Pharmaceuticals, Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022015500 Filed on August 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $22.06M $16.32M $14.38M
YoY Change 290.37% 2519.9%
Cost Of Revenue $1.381M $82.00K $1.247M
YoY Change 826.85%
Gross Profit $20.68M $16.24M $13.13M
YoY Change 275.84%
Gross Profit Margin 93.74% 99.5% 91.33%
Selling, General & Admin $78.41M $102.3M $88.95M
YoY Change 5.69% 36.67% 36.63%
% of Gross Profit 379.23% 630.17% 677.22%
Research & Development $95.21M $101.7M $90.95M
YoY Change 8.52% 5.96% 8.25%
% of Gross Profit 460.49% 625.99% 692.44%
Depreciation & Amortization $401.0K $386.0K $377.0K
YoY Change 42.2% -13.06% 33.69%
% of Gross Profit 1.94% 2.38% 2.87%
Operating Expenses $175.0M $164.9M $143.4M
YoY Change 30.94% -15.37% 15.08%
Operating Profit -$152.9M -$148.6M -$129.0M
YoY Change 19.35% -23.5% 3.54%
Interest Expense -$5.094M -$7.016M -$8.440M
YoY Change -19.87% -71.76% -60.0%
% of Operating Profit
Other Income/Expense, Net $99.00K $149.0K -$289.0K
YoY Change -184.62% -344.26% -118.72%
Pretax Income -$190.8M -$155.5M -$137.7M
YoY Change -2.43% -29.06% -25.01%
Income Tax $400.0K $500.0K $1.200M
% Of Pretax Income
Net Earnings -$191.3M -$156.0M -$138.9M
YoY Change -2.2% -28.84% -24.35%
Net Earnings / Revenue -867.2% -955.62% -966.1%
Basic Earnings Per Share -$1.75 -$1.46 -$1.42
Diluted Earnings Per Share -$1.75 -$1.46 -$1.417M
COMMON SHARES
Basic Shares Outstanding 109.9M 106.6K 98.07K
Diluted Shares Outstanding 109.1K 106.6K 98.07K

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $708.6M $852.8M $965.3M
YoY Change 64.66% 42.37% 33.38%
Cash & Equivalents $584.2M $604.5M $633.5M
Short-Term Investments $124.4M $248.3M $331.8M
Other Short-Term Assets $23.93M $28.46M $73.41M
YoY Change -40.06% -44.92% 46.82%
Inventory $59.75M $48.45M $32.85M
Prepaid Expenses $30.36M $21.48M $24.53M
Receivables $8.100M $7.500M $6.300M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $831.9M $960.0M $1.104B
YoY Change 74.99% 46.53% 42.71%
LONG-TERM ASSETS
Property, Plant & Equipment $5.681M $5.892M $5.893M
YoY Change -79.3% -79.46% -16.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.75M $15.88M $16.01M
YoY Change -30.98% -1.34% 131.68%
Total Long-Term Assets $40.96M $42.53M $41.87M
YoY Change -18.52% -5.04% 14.63%
TOTAL ASSETS
Total Short-Term Assets $831.9M $960.0M $1.104B
Total Long-Term Assets $40.96M $42.53M $41.87M
Total Assets $872.9M $1.002B $1.146B
YoY Change 66.05% 43.23% 41.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.10M $16.22M $12.27M
YoY Change 182.89% 203.8% 195.17%
Accrued Expenses $79.78M $89.42M $105.3M
YoY Change 14.22% -33.42% 51.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $16.15M $15.84M $2.664M
YoY Change 5.3% 12.27% -57.03%
Total Short-Term Liabilities $115.4M $126.8M $124.8M
YoY Change 22.51% -19.64% 49.12%
LONG-TERM LIABILITIES
Long-Term Debt $432.8M $523.0M $541.0M
YoY Change 128.26% 35.34% 40.07%
Other Long-Term Liabilities $1.938M $1.569M $1.208M
YoY Change -99.35% -99.47% -99.58%
Total Long-Term Liabilities $1.938M $1.569M $1.208M
YoY Change -99.6% -99.77% -99.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $115.4M $126.8M $124.8M
Total Long-Term Liabilities $1.938M $1.569M $1.208M
Total Liabilities $565.5M $668.1M $683.6M
YoY Change -3.01% -20.6% -9.87%
SHAREHOLDERS EQUITY
Retained Earnings -$2.143B -$1.952B -$1.796B
YoY Change 64.13%
Common Stock $11.00K $11.00K $11.00K
YoY Change 37.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $307.4M $334.4M $462.2M
YoY Change
Total Liabilities & Shareholders Equity $872.9M $1.002B $1.146B
YoY Change 66.05% 43.23% 41.44%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$191.3M -$156.0M -$138.9M
YoY Change -2.2% -28.84% -24.35%
Depreciation, Depletion And Amortization $401.0K $386.0K $377.0K
YoY Change 42.2% -13.06% 33.69%
Cash From Operating Activities -$154.4M -$107.0M -$111.6M
YoY Change -8.43% -16.84% -27.23%
INVESTING ACTIVITIES
Capital Expenditures -$196.0K -$391.0K $86.00K
YoY Change -44.32% 55.16% -82.23%
Acquisitions
YoY Change
Other Investing Activities $125.0M $83.32M -$271.9M
YoY Change -30.57% -35.91% 85.85%
Cash From Investing Activities $124.8M $82.93M -$271.9M
YoY Change -30.54% -36.09% 85.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $380.1M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.636M -4.735M 376.7M
YoY Change 354.53% -204.57% 22982.35%
NET CHANGE
Cash From Operating Activities -154.4M -107.0M -111.6M
Cash From Investing Activities 124.8M 82.93M -271.9M
Cash From Financing Activities 9.636M -4.735M 376.7M
Net Change In Cash -20.00M -28.83M -6.741M
YoY Change -252.14% -615.47% -97.75%
FREE CASH FLOW
Cash From Operating Activities -$154.4M -$107.0M -$111.6M
Capital Expenditures -$196.0K -$391.0K $86.00K
Free Cash Flow -$154.2M -$106.6M -$111.6M
YoY Change -8.35% -16.98% -27.41%

Facts In Submission

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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2952000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-5.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-5.04
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106630
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106630
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
80654
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
80654
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
102349
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
102349
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
79938
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
79938
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
198662000
CY2022Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
380120000
CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
4000000
CY2022Q1 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
-2416000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
20773000
CY2022Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-52000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-138935000
CY2022Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
83000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
462235000
CY2022Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
4770000
CY2022Q2 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
-536000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
22530000
CY2022Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
2531000
CY2021Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
2588000
CY2021Q1 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
-956000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
16439000
CY2021Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
79000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-183659000
CY2021Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1582000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
51658000
CY2021Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
7062000
CY2021Q2 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
-233000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
17722000
CY2021Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1698000
CY2021Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-35000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-219191000
CY2021Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-174000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
-141493000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
732000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1190000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
9650000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
2531000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-17287000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
22519000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-218584000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-282002000
us-gaap Profit Loss
ProfitLoss
-294912000
us-gaap Profit Loss
ProfitLoss
-402850000
us-gaap Share Based Compensation
ShareBasedCompensation
43303000
us-gaap Share Based Compensation
ShareBasedCompensation
34161000
apls Loss On Conversion Of Debt
LossOnConversionOfDebt
39487000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-38264000
apls Forfeiture Of Accrued Interest In Exchange Of Convertible Notes
ForfeitureOfAccruedInterestInExchangeOfConvertibleNotes
1668000
apls Operating Lease Right Of Use Asset And Right Of Use Liability Amortization Expense Reversal
OperatingLeaseRightOfUseAssetAndRightOfUseLiabilityAmortizationExpenseReversal
-61000
apls Operating Lease Right Of Use Asset And Right Of Use Liability Amortization Expense Reversal
OperatingLeaseRightOfUseAssetAndRightOfUseLiabilityAmortizationExpenseReversal
118000
us-gaap Depreciation
Depreciation
763000
us-gaap Depreciation
Depreciation
724000
apls Amortization Of Discounts For Convertible Notes Net Of Financing Costs
AmortizationOfDiscountsForConvertibleNotesNetOfFinancingCosts
290000
apls Amortization Of Discounts For Convertible Notes Net Of Financing Costs
AmortizationOfDiscountsForConvertibleNotesNetOfFinancingCosts
679000
apls Accretion Of Discount To Development Liability
AccretionOfDiscountToDevelopmentLiability
13336000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
1571000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2584000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
719000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
32134000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3731000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-3390000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
7473000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-42225000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
4311000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-15757000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-2758000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2591000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-3296000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
331863000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
171281000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
143320000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
155000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-189020000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
8770000
apls Proceeds From Payments For Development Derivative Liability
ProceedsFromPaymentsForDevelopmentDerivativeLiability
-4000000
CY2022Q2 apls Prepaid Research And Development Cost Current
PrepaidResearchAndDevelopmentCostCurrent
13800000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
371969000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6158000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-365000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-1852000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-36000000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-294709000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
641755000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
567045000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
605755000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
272336000
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
604489000
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
270764000
CY2022Q2 us-gaap Restricted Cash
RestrictedCash
1266000
CY2021Q2 us-gaap Restricted Cash
RestrictedCash
1572000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
605755000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
272336000
us-gaap Interest Paid Net
InterestPaidNet
3360000
us-gaap Interest Paid Net
InterestPaidNet
6893000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
156000
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
126129000
us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">1. Nature of Organization and Operations</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Apellis Pharmaceuticals, Inc. (the “Company”) is a commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutic compounds to treat diseases with high unmet needs through the inhibition of the complement system, which is an integral component of the immune system, at the level of C3, the central protein in the complement cascade.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company was incorporated in September 2009 under the laws of the State of Delaware. The Company’s principal executive offices are located in Waltham, Massachusetts.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company’s operations since inception have been limited to organizing and staffing the Company, acquiring rights to product candidates, business planning, raising capital, developing its product candidates, and commercializing EMPAVELI (pegcetacoplan) for the treatment of paroxysmal nocturnal hemoglobinuria (“PNH”).</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company is subject to risks common in the biotechnology industry including, but not limited to, raising additional capital, development by its competitors of new technological innovations, its ability to successfully complete preclinical and clinical development of product candidates and receive timely regulatory approval of products, market acceptance of the Company’s products, protection of proprietary technology, healthcare cost containment initiatives, and compliance with governmental regulations, including those of the U.S. Food and Drug Administration (“FDA”). Additionally, the Company is subject to risks arising from the Coronavirus Disease 2019 (COVID-19) pandemic, which could have adverse effects upon its business and operations, including on its ability to initiate, conduct and complete clinical trials, and could disrupt regulatory activities.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Liquidity and Going Concern</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The accompanying unaudited condensed consolidated financial statements have been prepared on the basis of the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As of August 8, 2022, the date of issuance of these unaudited condensed consolidated financial statements, the Company believes that its cash and cash equivalents and marketable securities of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">852.8</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> as of June 30, 2022 will be sufficient to fund its operations and capital expenditures for at least the next twelve months. The Company’s future viability beyond that point is dependent on its ability to raise additional capital to finance its operations.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">There are uncertainties associated with the Company’s ability to (1) obtain additional debt or equity financing on terms that are favorable to the Company, (2) enter into collaborative agreements with strategic partners, and (3) succeed in its future operations. If the Company is not able to obtain the required funding for its operations or is not able to obtain funding on terms that are favorable to the Company, it could be forced to delay, reduce or eliminate its research and development programs or future commercialization efforts and its business could be materially harmed.</span></p>
CY2022Q2 apls Cash And Cash Equivalents And Marketable Securities
CashAndCashEquivalentsAndMarketableSecurities
852800000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: development derivative liability, accrued expenses, prepaid expenses, convertible debt and taxes.</span></p>
CY2022Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
7500000
CY2021Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
10100000
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
300000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
200000
CY2022Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
19292000
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
5749000
CY2022Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
27973000
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
10058000
CY2022Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1186000
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
479000
CY2022Q2 us-gaap Inventory Net
InventoryNet
48451000
CY2021Q4 us-gaap Inventory Net
InventoryNet
16286000
CY2021Q4 apls Prepaid Research And Development Cost Current
PrepaidResearchAndDevelopmentCostCurrent
12000000.0
CY2021Q2 apls Minimum Payment Of Additional Funding Amount
MinimumPaymentOfAdditionalFundingAmount
-4000000
CY2021Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-21180000
CY2022Q2 apls Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
39006000
CY2021Q4 apls Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
35217000
CY2021Q4 apls Accrued Cost Of Research Collaborations Current
AccruedCostOfResearchCollaborationsCurrent
25000000
CY2021Q4 apls Accrued License Fees Current
AccruedLicenseFeesCurrent
5000000
CY2022Q2 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
1042000
CY2022Q2 apls Accrued Payroll Liabilities Current
AccruedPayrollLiabilitiesCurrent
22182000
CY2021Q4 apls Accrued Payroll Liabilities Current
AccruedPayrollLiabilitiesCurrent
25212000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
27189000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
12810000
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
89419000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
103239000
CY2020Q4 apls Development Derivative Liabilities Gross
DevelopmentDerivativeLiabilitiesGross
257868000
CY2021Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-17084000
CY2021Q1 apls Development Derivative Liabilities Gross
DevelopmentDerivativeLiabilitiesGross
274952000
us-gaap Operating Lease Cost
OperatingLeaseCost
2900000
us-gaap Operating Lease Cost
OperatingLeaseCost
2700000
CY2021Q2 apls Development Derivative Liabilities Gross
DevelopmentDerivativeLiabilitiesGross
292132000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-38300000
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company enters into lease agreements with terms generally ranging from 2-7 years. Some of the Company’s lease agreements include Company options to extend the lease on a month-to-month basis or for set periods for up to five years. Many of these leases also include options to terminate the leases within one year or per other contractual terms. Renewal and termination options were generally not included in the lease term for the Company’s existing operating leases.
us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
apls Lessee Operating Lease Maximum Term Of Options To Terminate Lease
LesseeOperatingLeaseMaximumTermOfOptionsToTerminateLease
P1Y
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
20755000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
19901000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
21988000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
21196000
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y3D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y7M28D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0730
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0771
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1500000
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1400000
us-gaap Operating Lease Payments
OperatingLeasePayments
3532000
us-gaap Operating Lease Payments
OperatingLeasePayments
2945000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5675000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
apls Minimum Percentage Of Tax Position Likelihood Of Being Realized Upon Examination By Taxing Authorities
MinimumPercentageOfTaxPositionLikelihoodOfBeingRealizedUponExaminationByTaxingAuthorities
0.50
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1600000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3313000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
6667000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5905000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4745000
CY2022Q2 apls Lessee Operating Lease Liability Payments Due Year Four And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearFourAndThereafter
4839000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
25469000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3481000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
21988000
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
500000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1700000
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21191
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23974

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