$APLS
Apellis Pharmaceuticals, Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024088938 Filed on August 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $196.8M $199.7M
YoY Change 78.29% 110.26%
Cost Of Revenue $33.56M $23.10M
YoY Change 49.81% 175.69%
Gross Profit $163.3M $176.6M
YoY Change 85.54% 103.93%
Gross Profit Margin 82.95% 88.43%
Selling, General & Admin $122.0M $128.1M
YoY Change -16.22% 15.0%
% of Gross Profit 74.71% 72.53%
Research & Development $88.57M $77.95M
YoY Change 11.52% -18.51%
% of Gross Profit 54.25% 44.14%
Depreciation & Amortization $457.0K $449.0K
YoY Change -0.65% 5.65%
% of Gross Profit 0.28% 0.25%
Operating Expenses $244.1M $229.1M
YoY Change -1.36% 10.67%
Operating Profit -$47.28M -$29.44M
YoY Change -65.51% -75.55%
Interest Expense -$9.643M -$8.124M
YoY Change 319.26% 506.72%
% of Operating Profit
Other Income/Expense, Net $70.00K $24.00K
YoY Change -111.61% -138.1%
Pretax Income -$56.85M -$37.54M
YoY Change -59.39% -69.19%
Income Tax $600.0K $100.0K
% Of Pretax Income
Net Earnings -$57.45M -$37.66M
YoY Change -59.04% -69.14%
Net Earnings / Revenue -29.19% -18.86%
Basic Earnings Per Share -$0.46 -$0.30
Diluted Earnings Per Share -$0.46 -$0.30
COMMON SHARES
Basic Shares Outstanding 121.8M 121.4M
Diluted Shares Outstanding 124.2M 123.9M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $396.9M $360.1M
YoY Change -12.28% -41.57%
Cash & Equivalents $396.9M $360.1M
Short-Term Investments
Other Short-Term Assets $11.78M $12.37M
YoY Change -61.81% -72.45%
Inventory $121.1M $152.8M
Prepaid Expenses $23.81M $28.97M
Receivables $279.0M $304.4M
Other Receivables $4.958M $4.418M
Total Short-Term Assets $833.9M $860.0M
YoY Change 4.66% -3.66%
LONG-TERM ASSETS
Property, Plant & Equipment $3.379M $3.836M
YoY Change -29.46% -82.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.450M $1.330M
YoY Change 23.4% 60.82%
Total Long-Term Assets $67.97M $44.51M
YoY Change 216.89% 94.43%
TOTAL ASSETS
Total Short-Term Assets $833.9M $860.0M
Total Long-Term Assets $67.97M $44.51M
Total Assets $901.9M $904.5M
YoY Change 10.22% -1.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $42.73M $38.27M
YoY Change 134.88% 39.16%
Accrued Expenses $139.8M $122.8M
YoY Change 19.43% 18.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $191.3M $169.2M
YoY Change 3.03% -3.24%
LONG-TERM LIABILITIES
Long-Term Debt $452.2M $457.2M
YoY Change 16.41% 19.43%
Other Long-Term Liabilities $9.829M $2.691M
YoY Change 939.01% -78.46%
Total Long-Term Liabilities $9.829M $2.691M
YoY Change 939.01% -99.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $191.3M $169.2M
Total Long-Term Liabilities $9.829M $2.691M
Total Liabilities $664.7M $640.2M
YoY Change 13.45% 12.27%
SHAREHOLDERS EQUITY
Retained Earnings -$3.000B -$2.900B
YoY Change 11.11% 11.54%
Common Stock $12.00K $12.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $237.1M $264.3M
YoY Change
Total Liabilities & Shareholders Equity $901.9M $904.5M
YoY Change 10.22% -1.21%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$57.45M -$37.66M
YoY Change -59.04% -69.14%
Depreciation, Depletion And Amortization $457.0K $449.0K
YoY Change -0.65% 5.65%
Cash From Operating Activities $34.10M -$8.339M
YoY Change -120.17% -94.45%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $90.00K
YoY Change -100.0% -75.81%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$90.00K
YoY Change -100.0% -75.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.542M 44.08M
YoY Change -55.71% 2725.38%
NET CHANGE
Cash From Operating Activities 34.10M -8.339M
Cash From Investing Activities 0.000 -90.00K
Cash From Financing Activities 2.542M 44.08M
Net Change In Cash 36.64M 35.65M
YoY Change -122.42% -123.93%
FREE CASH FLOW
Cash From Operating Activities $34.10M -$8.339M
Capital Expenditures $0.00 $90.00K
Free Cash Flow $34.10M -$8.429M
YoY Change -120.16% -94.4%

Facts In Submission

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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. Nature of Organization and Operations</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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, commercializing EMPAVELI (pegcetacoplan) for the treatment of paroxysmal nocturnal hemoglobinuria (“PNH”) and SYFOVRE (pegcetacoplan injection) for the treatment of geographic atrophy secondary to age-related macular degeneration (“GA”).</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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”).</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Liquidity and Going Concern</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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. From inception to June 30, 2024, the Company has incurred cash outflows from operations, losses from operations and had an accumulated deficit of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2.9</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> billion</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> primarily as a result of expenses incurred through a combination of research and development activities related to the Company’s various product candidates and expenses supporting those activities.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As of August 1, 2024, the date of issuance of these unaudited condensed consolidated financial statements, the Company believes that its cash and cash equivalents of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">360.1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> as of June 30, 2024 combined with cash anticipated to be generated from sales will be sufficient to fund its operations and capital expenditures for at least the next twelve months.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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 liability, accrued expenses, prepaid expenses, convertible debt, reserves for variable consideration, reserves for excess or obsolete inventories, and income taxes.</span></p>
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CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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us-gaap Income Tax Expense Benefit
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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apls Minimum Percentage Of Tax Position Likelihood Of Being Realized Upon Examination By Taxing Authorities
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CY2024Q2 us-gaap Unrecognized Tax Benefits
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CY2024Q2 apls Number Of Licensed Products
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us-gaap Litigation Settlement Amount Awarded To Other Party
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q2 ecd Trd Arr Expiration Date
TrdArrExpirationDate
9/03/2025

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