$APLS
Apellis Pharmaceuticals, Inc.

2018 Q1 Form 10-Q Financial Statement

#000156459018009791 Filed on April 30, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.000M $1.800M
YoY Change 122.22%
% of Gross Profit
Research & Development $17.40M $7.200M
YoY Change 141.71%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $17.40M $9.100M
YoY Change 91.24%
Operating Profit -$21.44M -$9.052M
YoY Change 136.82% 45.34%
Interest Expense -$266.7K $10.11K
YoY Change -2737.32%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00
YoY Change
Pretax Income -$21.70M -$9.100M
YoY Change 138.46%
Income Tax
% Of Pretax Income
Net Earnings -$21.74M -$9.051M
YoY Change 140.16% 50.85%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$430.6K -$184.6K
COMMON SHARES
Basic Shares Outstanding 50.37M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $152.9M
YoY Change
Cash & Equivalents $152.9M $16.44M
Short-Term Investments
Other Short-Term Assets $8.300M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $163.1M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K
YoY Change
Total Long-Term Assets $100.0K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $163.1M
Total Long-Term Assets $100.0K
Total Assets $163.2M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.600M
YoY Change
Accrued Expenses $2.700M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.300M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $26.60M
YoY Change
Other Long-Term Liabilities $300.0K
YoY Change
Total Long-Term Liabilities $26.90M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.300M
Total Long-Term Liabilities $26.90M
Total Liabilities $34.20M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $129.0M
YoY Change
Total Liabilities & Shareholders Equity $163.2M
YoY Change

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$21.74M -$9.051M
YoY Change 140.16% 50.85%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$22.94M -$8.430M
YoY Change 172.07%
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 222.7K 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -22.94M -8.430M
Cash From Investing Activities
Cash From Financing Activities 222.7K 0.000
Net Change In Cash -22.71M -8.430M
YoY Change 169.43%
FREE CASH FLOW
Cash From Operating Activities -$22.94M -$8.430M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2017Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1821409
CY2018Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4035255
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-9052493
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-21438145
CY2017Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
10112
CY2018Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-266686
CY2017Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
8392
CY2018Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
31473
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
-9050773
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-21736304
CY2017Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.07
CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.43
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8428366
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
50353812
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
225361
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1610188
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
327909
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1610188
CY2018Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
5708
CY2018Q1 us-gaap Accretion Expense
AccretionExpense
17073
CY2018Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
208624
CY2017Q1 us-gaap Income Tax Credits And Adjustments
IncomeTaxCreditsAndAdjustments
-122397
CY2018Q1 us-gaap Income Tax Credits And Adjustments
IncomeTaxCreditsAndAdjustments
-531204
CY2018Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
3062009
CY2017Q1 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-217759
CY2018Q1 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
188226
CY2017Q1 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-26111
CY2017Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-180331
CY2018Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
921805
CY2017Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
354772
CY2018Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-180904
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-8426950
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-22935249
CY2018Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2664
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
225361
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
222697
CY2017Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-8426950
CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-22712552
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
24863488
CY2017Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
16436538
CY2018Q1 us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Nature of Organization and Operations </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Apellis Pharmaceuticals, Inc. (the &#8220;Company&#8221;) 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;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company was incorporated in September 2009 under the laws of the State of Delaware and has its principal office in Crestwood, Kentucky. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;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;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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&#8217;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 (&#8220;FDA&#8221;). </p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Liquidity and Financial Condition </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 April 30, 2018, the date of issuance of these unaudited condensed consolidated financial statements, the Company believes that its cash and cash equivalents as of March 31, 2018 of $152.9 million, together with the net proceeds from its follow-on offering (&#8220;2018 follow-on offering&#8221;) of $131.3 million, will be sufficient to fund its operations into the third 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;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is subject to risks common to other life science companies in the development 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 will be unable to generate recurring product revenue or achieve profitability. Management&#8217;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;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There are uncertainties associated with the Company&#8217;s ability to (1)&#160;obtain additional debt or equity financing (2)&#160;enter into collaborative agreements with strategic partners, and (3)&#160;succeed in its future operations. If the Company is not able to obtain the required capital to fund its operations from any of these, or is not able to obtain such 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. </p></div>
CY2018Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2018Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
The Company effectuated a l-for-2.133 reverse stock split of its outstanding common stock, which was approved by the Company’s board of directors on October 27, 2017.
CY2017Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.468823254
CY2017Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2017Q4 apls Reverse Stock Split Date
ReverseStockSplitDate
2017-10-27
CY2017Q4 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
30070034
CY2017Q4 apls Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
2463808
CY2018Q1 apls Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
1857970
CY2017Q4 apls Accrued Payroll Liabilities Current
AccruedPayrollLiabilitiesCurrent
251491
CY2018Q1 apls Accrued Payroll Liabilities Current
AccruedPayrollLiabilitiesCurrent
703186
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
175406
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
148645
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1666667
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
10000000
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
8333333
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
7000000
CY2018Q1 us-gaap Long Term Debt
LongTermDebt
27000000
CY2017Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2018Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2017Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2018Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
36181012
CY2018Q1 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
9553510
CY2017Q4 apls Tax Cuts And Jobs Act Of2017 Re Measurement Of Deferred Taxes
TaxCutsAndJobsActOf2017ReMeasurementOfDeferredTaxes
16000000
CY2018Q1 apls Remaining Contract Costs
RemainingContractCosts
1915000
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
65044448
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7432380
CY2018Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
194347

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