$APLS
Apellis Pharmaceuticals, Inc.

2019 Q4 Form 10-Q Financial Statement

#000156459019040063 Filed on November 05, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 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 $27.50M $18.60M $6.300M
YoY Change 329.69% 195.24% 200.0%
% of Gross Profit
Research & Development $78.50M $51.32M $29.54M
YoY Change 154.87% 73.73% 210.36%
% of Gross Profit
Depreciation & Amortization $90.00K $60.00K
YoY Change
% of Gross Profit
Operating Expenses $105.9M $51.32M $29.54M
YoY Change 184.68% 73.73% 210.36%
Operating Profit -$105.9M -$69.95M -$35.80M
YoY Change 184.81% 95.36% 208.94%
Interest Expense -$7.200M $500.0K $280.9K
YoY Change -1000.0% 78.0% 1567.31%
% of Operating Profit
Other Income/Expense, Net -$100.0K -$61.00K -$22.23K
YoY Change 174.35% 2675.78%
Pretax Income -$113.2M -$69.80M -$35.50M
YoY Change 210.14% 96.62% 206.03%
Income Tax
% Of Pretax Income
Net Earnings -$113.2M -$69.83M -$35.97M
YoY Change 210.53% 94.11% 210.82%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$2.651M -$1.094M -$631.7K
COMMON SHARES
Basic Shares Outstanding 63.89M 63.70M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $352.0M $434.0M $220.6M
YoY Change 99.66% 96.74% 1583.97%
Cash & Equivalents $352.0M $434.0M $220.6M
Short-Term Investments
Other Short-Term Assets $1.308M $2.458M $16.90M
YoY Change -28.82% -85.46% 362.57%
Inventory
Prepaid Expenses $19.80M $14.74M
Receivables
Other Receivables
Total Short-Term Assets $373.1M $451.2M $238.9M
YoY Change 84.3% 88.86% 1155.19%
LONG-TERM ASSETS
Property, Plant & Equipment $1.655M $1.593M
YoY Change 69.24%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $385.0K $236.5K $200.0K
YoY Change 230.7% 18.26% 84.59%
Total Long-Term Assets $16.15M $15.16M $200.0K
YoY Change 1375.78% 7481.04% 84.59%
TOTAL ASSETS
Total Short-Term Assets $373.1M $451.2M $238.9M
Total Long-Term Assets $16.15M $15.16M $200.0K
Total Assets $389.2M $466.4M $239.1M
YoY Change 91.24% 95.05% 1149.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.361M $11.84M $5.500M
YoY Change -18.47% 115.21% 37.46%
Accrued Expenses $54.78M $30.43M $10.60M
YoY Change 973.54% 187.09% 260.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $65.75M $44.57M $16.00M
YoY Change 286.22% 178.58% 130.62%
LONG-TERM LIABILITIES
Long-Term Debt $142.6M $140.6M $26.90M
YoY Change 461.42% 422.68%
Other Long-Term Liabilities $146.7M $250.0K $300.0K
YoY Change 92290.24% -16.67%
Total Long-Term Liabilities $289.3M $250.0K $27.20M
YoY Change 182098.35% -99.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.75M $44.57M $16.00M
Total Long-Term Liabilities $289.3M $250.0K $27.20M
Total Liabilities $355.0M $44.82M $43.20M
YoY Change 734.14% 3.76% 526.09%
SHAREHOLDERS EQUITY
Retained Earnings -$581.5M -$240.3M
YoY Change 110.1% 83.43%
Common Stock $6.000K
YoY Change 6.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $34.23M $139.6M $196.0M
YoY Change
Total Liabilities & Shareholders Equity $389.2M $466.4M $239.1M
YoY Change 91.24% 95.03% 1149.37%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$113.2M -$69.83M -$35.97M
YoY Change 210.53% 94.11% 210.82%
Depreciation, Depletion And Amortization $90.00K $60.00K
YoY Change
Cash From Operating Activities -$82.08M -$53.59M -$33.13M
YoY Change 84.53% 61.76% 197.4%
INVESTING ACTIVITIES
Capital Expenditures -$150.0K -$470.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$150.0K -$470.0K
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 210.0K 199.0M -40.00K
YoY Change 90.91% -497475.0% -100.21%
NET CHANGE
Cash From Operating Activities -82.08M -53.59M -33.13M
Cash From Investing Activities -150.0K -470.0K
Cash From Financing Activities 210.0K 199.0M -40.00K
Net Change In Cash -82.02M 144.9M -33.17M
YoY Change 84.85% -536.81% -505.01%
FREE CASH FLOW
Cash From Operating Activities -$82.08M -$53.59M -$33.13M
Capital Expenditures -$150.0K -$470.0K
Free Cash Flow -$81.93M -$53.12M
YoY Change

Facts In Submission

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Nature Of Operations
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<p style="margin-bottom:0pt;margin-top:18pt;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: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;">Apellis Pharmaceuticals, Inc. (the “Company”) 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. The Company plans to relocate its principal office to Waltham, Massachusetts, effective as of January 1, 2020.</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’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’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”). </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Convertible Notes Offering</p> <p style="margin-bottom:0pt;margin-top: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;">On September 16, 2019, the Company completed a private offering of $220,000,000 aggregate principal amount of 3.5% convertible senior notes due 2026 (the “Convertible Notes”). The Company also granted the initial purchasers an option to purchase within a 13-day period from, and including, September 16, 2019 up to an additional $33,000,000 aggregate principal amount of the Convertible Notes, solely to cover over-allotments, which was not exercised and expired as of September 30, 2019.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top: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 net proceeds from the sale of the Convertible Notes were approximately $212,895,000 after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by the Company. The Company used $28,380,000 of the net proceeds from the offering to pay the cost of the capped call transactions described below. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On September 16, 2019, the Company entered into an indenture (the “Indenture”) with respect to the Convertible Notes with U.S. Bank National Association, as trustee (the “Trustee”). The Convertible Notes are senior unsecured obligations of the Company and bear interest at a rate of 3.5% per year payable semiannually in arrears on March 15 and September 15 of each year, beginning on March 15, 2020. The Convertible Notes will mature on September 15, 2026, unless earlier converted, redeemed or repurchased in accordance with their terms. See Note 5 – Long-term Debt for additional information<span style="color:#212529;">.   </span>     </p> <p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:0pt;color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:6.67%;"><span style="font-style:italic;">Capped Call Transactions</span></p> <p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:0pt;text-indent:6.67%;color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On September 11, 2019, concurrently with the pricing of the Convertible Notes, the Company entered into capped call transactions with two counterparties. The capped call transactions are expected generally to reduce the potential dilution to the Company’s common stock upon any conversion of the Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Convertible Notes, as the case may be, in the event that the market price per share of the Company’s common stock, as measured under the terms of the capped call transactions, is greater than the strike price of the capped call transactions, which is initially $39.4625 (the conversion price of the Convertible Notes) and is subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of such Convertible Notes.  </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;"> Development Derivative Liability </p> <p style="margin-bottom:0pt;margin-top: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;">On February 28, 2019, the Company entered into a development funding agreement with SFJ Pharmaceuticals Group (“SFJ”) under which SFJ agreed to provide funding to the Company to support the development of APL-2 for the treatment of patients with <span style="color:#000000;">paroxysmal nocturnal hemoglobinuria (“PNH”) (“SFJ Agreement”).  Pursuant to the agreement, SFJ paid the Company $60,000,000 following the signing of the agreement, and agreed to pay the Company up to an additional $60,000,000 in the aggregate in three equal installments upon the achievement of specified development milestones with respect to the Company’s Phase 3 program for APL-2 in PNH and subject to the Company having cash resources at the time sufficient to fund at least ten months of the Company’s operations. In addition, upon the mutual agreement of the Company and SFJ, at any time after the earlier of the date that </span></p> <p style="margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#000000;">the Company has reviewed the primary endpoint data from its PEGASUS Phase 3 trial of APL-2 in patients with PNH and March 31, 2020, SFJ may fund an additional $</span>50,000,000<span style="color:#000000;"> of the Company’s development costs (the “Additional SFJ Funding”).</span></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On June 7, 2019, the Company and SFJ amended the development funding agreement (the “SFJ Amendment”).  Under the SFJ Amendment, SFJ agreed to make an additional $20,000,000 funding payment to the Company to support the development of APL-2 for the treatment of patients with PNH. This additional $20,000,000 payment is in addition to and not part of the Additional SFJ Funding. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On June 27, 2019, the Company received $40,000,000 from SFJ, consisting of $20,000,000 as the first installment of the additional $60,000,000 upon the achievement of a milestone and the $20,000,000 payable under the SFJ Amendment. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On September 23, 2019, the Company received $20,000,000 from SFJ as the second installment of the additional $60,000,000 upon the achievement of a milestone.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company expects that the remaining development milestone under the SFJ Agreement will be achieved and the remaining $20,000,000 of the additional $60,000,000 will be paid during the first quarter of 2020.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Follow-on Public Offerings</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On March 11, 2019, the Company issued and sold 6,900,000 shares of its common stock at a price per share of $17.00 in a follow-on public offering <span style="color:#000000;">(“2019 follow-on offering”)</span>.  The Company received net proceeds of $109,603,159 after deducting underwriting discounts and commissions of $7,000,000 and offering costs of $680,891. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On April 23, 2018, the Company issued and sold 5,500,000 shares of its common stock at a price per share of $25.50 in a follow-on public offering <span style="color:#000000;">(“2018 follow-on offering”)</span>.  The Company received net proceeds of $131,324,477 after deducting underwriting discounts and commissions of $8,415,000 and offering costs of $509,973.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:2.26%;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:12pt;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 October 30, 2019, the date of issuance of these unaudited condensed consolidated financial statements, the Company believes that its cash and cash equivalents as of September 30, 2019 of $433,994,644 will be sufficient to fund its operations for at least the next twelve months from the date of issuance of the unaudited interim consolidated financial statements. The future viability of the Company 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’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’s ability to (1) obtain additional debt or equity financing (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 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>
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
433994644
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="margin-bottom:0pt;margin-top:18pt;margin-left:2.26%;text-indent:2.28%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:2.26%;text-indent:2.28%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain prior year amounts have been reclassified to conform to the 2019 presentation. </p>
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3481570
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CY2019Q3 us-gaap Accrued Liabilities Current
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apls Premium Paid For Capped Call Transaction
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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 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
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P1Y
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P5Y4M6D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0824
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
561748
us-gaap Operating Lease Cost
OperatingLeaseCost
1448128
us-gaap Operating Lease Payments
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1222777
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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2915517
CY2018Q4 us-gaap Assets Fair Value Disclosure
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CY2018Q4 us-gaap Financial Liabilities Fair Value Disclosure
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
6905434
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
16765675
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2019Q3 us-gaap Operating Lease Liability
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us-gaap Operating Lease Expense
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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CY2018Q4 apls Operating Leases Future Minimum Payments Due In Five Years And Thereafter
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
6859064
CY2019Q3 us-gaap Assets Fair Value Disclosure
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CY2019Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2018Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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us-gaap Current Income Tax Expense Benefit
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Current Income Tax Expense Benefit
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CY2019Q3 us-gaap Deferred Income Tax Expense Benefit
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CY2019Q3 apls Estimated Termination Costs And Other Fees
EstimatedTerminationCostsAndOtherFees
1707100
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7285190
CY2019Q3 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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7285190
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10388406

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