$APLS
Apellis Pharmaceuticals, Inc.

2017 Q4 Form 10-Q Financial Statement

#000119312517374199 Filed on December 20, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.900M $2.100M $1.000M
YoY Change 345.45% 110.0% -28.57%
% of Gross Profit
Research & Development $13.10M $9.518M $6.234M
YoY Change 133.93% 52.68% 68.49%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $18.00M $9.518M $6.234M
YoY Change 168.66% 52.68% 22.24%
Operating Profit -$17.99M -$11.59M -$7.234M
YoY Change 188.02% 60.2%
Interest Expense -$300.0K $16.85K
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00 -$801.00 $23.61K
YoY Change -100.0% -103.39%
Pretax Income -$18.30M -$11.60M -$7.200M
YoY Change 177.27% 61.11% -77.22%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$18.26M -$11.57M -$7.211M
YoY Change 175.76% 60.5% -76.89%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$371.2K -$235.3K -$146.0K
COMMON SHARES
Basic Shares Outstanding 50.33M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $175.6M $13.10M
YoY Change 605.22%
Cash & Equivalents $175.6M $13.14M $31.41M
Short-Term Investments
Other Short-Term Assets $14.82K $3.654M
YoY Change -40.71%
Inventory
Prepaid Expenses $5.060M
Receivables
Other Receivables
Total Short-Term Assets $182.0M $19.03M
YoY Change 565.05%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $116.2K $108.4K
YoY Change 80.0%
Total Long-Term Assets $116.2K $108.4K
YoY Change 80.0%
TOTAL ASSETS
Total Short-Term Assets $182.0M $19.03M
Total Long-Term Assets $116.2K $108.4K
Total Assets $182.1M $19.14M
YoY Change 563.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.663M $4.001M
YoY Change 43.81%
Accrued Expenses $2.891M $2.937M
YoY Change 164.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.554M $6.938M
YoY Change 80.11%
LONG-TERM LIABILITIES
Long-Term Debt $26.40M $0.00
YoY Change
Other Long-Term Liabilities $200.0K
YoY Change
Total Long-Term Liabilities $26.60M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.554M $6.938M
Total Long-Term Liabilities $26.60M $0.00
Total Liabilities $33.19M $6.900M
YoY Change 812.04%
SHAREHOLDERS EQUITY
Retained Earnings -$149.3M -$131.0M
YoY Change 51.91%
Common Stock $5.033K $847.00
YoY Change 497.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $148.9M $12.20M
YoY Change
Total Liabilities & Shareholders Equity $182.1M $19.14M
YoY Change 563.91%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$18.26M -$11.57M -$7.211M
YoY Change 175.76% 60.5% -76.89%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$15.54M -$11.14M -$6.510M
YoY Change 137.61% 71.12% 72.22%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 178.1M 19.33M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -15.54M -11.14M -6.510M
Cash From Investing Activities
Cash From Financing Activities 178.1M 19.33M 0.000
Net Change In Cash 162.5M 8.190M -6.510M
YoY Change -2584.86% -225.81% 34.78%
FREE CASH FLOW
Cash From Operating Activities -$15.54M -$11.14M -$6.510M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>1. Nature of Organization and Operations</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Apellis Pharmaceuticals, Inc. (the &#x201C;Company&#x201D;) is a clinical-stage biopharmaceutical company focused on the development of novel therapeutic compounds to treat disease 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.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company was incorporated in September 2009 under the laws of the State of Delaware and is located in Crestwood, Kentucky.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company&#x2019;s operations since inception have been limited to organizing and staffing the Company, acquiring rights to product candidates, business planning, raising capital and developing its product candidates.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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&#x2019;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 (&#x201C;FDA&#x201D;).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt"> <i>Liquidity and Financial Condition</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The accompanying 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 December 20, 2017, the date of issuance of these unaudited condensed consolidated financial statements, the Company believes that its cash and cash equivalents as of September 30, 2017 of $13.1 million, together with the net proceeds from its initial public offering (&#x201C;IPO&#x201D;) of $150.0 million and its borrowings of $20.0 million under its term loan facility and $7.0 million under a promissory note, will be sufficient to fund its operations into the first quarter of 2019. The future viability beyond that point is dependent on its ability to raise additional capital to finance its operations.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company is subject to risks common to other biopharmaceutical companies in the clinical stage including, but not limited to, uncertainty of product development and commercialization, lack of marketing and sales history, development by its competitors of new technological innovations, dependence on key personnel, market acceptance of products, product liability, protection of proprietary technology, ability to raise additional financing, and compliance with FDA and other government regulations. If the Company does not successfully commercialize any of its product candidates, it may be unable to generate recurring product revenue or achieve profitability. The Company&#x2019;s plans in order to meet its short-term and longer term operating cash flow requirements include obtaining additional funding.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> There are uncertainties associated with the Company&#x2019;s ability to (1)&#xA0;obtain additional debt or equity financing on terms that are favorable to the Company, (2)&#xA0;enter into collaborative agreements with strategic partners, and (3)&#xA0;succeed in its future operations. If the Company is not able to obtain the required funding, 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.</p> </div>
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CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
35624
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30248133 shares
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.86
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1000146
CY2016Q3 us-gaap Income Tax Credits And Adjustments
IncomeTaxCreditsAndAdjustments
500000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-7210591
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-7234204
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
23613
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6234058
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8428366 shares
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
545536
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
35222153 shares
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.37
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2071437
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-11573273
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-11589319
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
16046
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9517882
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8442072 shares

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