2020 Q2 Form 10-Q Financial Statement

#000156459020019689 Filed on April 29, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $46.70M $46.20M $8.200M
YoY Change 264.84% 463.41% 105.0%
% of Gross Profit
Research & Development $87.09M $69.28M $40.48M
YoY Change 71.79% 71.15% 132.6%
% of Gross Profit
Depreciation & Amortization $90.00K $85.00K $41.00K
YoY Change 80.0% 107.32%
% of Gross Profit
Operating Expenses $115.5M $69.28M $40.48M
YoY Change 127.83% 71.15% 132.6%
Operating Profit -$115.5M -$98.79M -$48.65M
YoY Change 81.97% 103.05% 126.94%
Interest Expense -$3.100M -$70.10M -$500.0K
YoY Change -60.26% 13920.0% 87.49%
% of Operating Profit
Other Income/Expense, Net $5.000K $14.00K -$253.0K
YoY Change -97.5% -105.53%
Pretax Income -$118.6M -$168.8M -$50.60M
YoY Change 66.81% 233.6% 133.18%
Income Tax
% Of Pretax Income
Net Earnings -$118.6M -$168.8M -$50.57M
YoY Change 66.85% 233.81% 132.67%
Net Earnings / Revenue
Basic Earnings Per Share -$1.57 -$2.29
Diluted Earnings Per Share -$1.57 -$2.29 -$873.9K
COMMON SHARES
Basic Shares Outstanding 75.51M 75.32M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $832.8M $646.7M $288.2M
YoY Change 188.07% 124.39% 88.49%
Cash & Equivalents $317.3M $417.9M $288.2M
Short-Term Investments $515.5M $228.8M
Other Short-Term Assets $21.00M $25.70M $15.57K
YoY Change 525.75% 164961.01% -99.81%
Inventory
Prepaid Expenses $20.51M
Receivables
Other Receivables
Total Short-Term Assets $853.8M $672.4M $310.5M
YoY Change 176.84% 116.53% 90.39%
LONG-TERM ASSETS
Property, Plant & Equipment $15.40M $15.70M $1.041M
YoY Change 970.11% 1408.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $900.0K $800.0K $162.3K
YoY Change 332.96% 392.78% 62.35%
Total Long-Term Assets $16.30M $16.50M $7.825M
YoY Change 96.59% 110.86% 7725.22%
TOTAL ASSETS
Total Short-Term Assets $853.8M $672.4M $310.5M
Total Long-Term Assets $16.30M $16.50M $7.825M
Total Assets $870.1M $688.9M $318.4M
YoY Change 174.74% 116.39% 95.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.900M $3.100M $11.92M
YoY Change -28.32% -73.98% 159.05%
Accrued Expenses $45.40M $44.93M $7.343M
YoY Change 124.42% 511.91% 171.95%
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 $58.00M $50.70M $20.39M
YoY Change 62.96% 148.69% 179.27%
LONG-TERM LIABILITIES
Long-Term Debt $348.8M $144.6M $6.700M
YoY Change 5105.97% 2058.21% -74.81%
Other Long-Term Liabilities $231.2M $234.6M $234.9K
YoY Change 92380.0% 99758.68% -21.69%
Total Long-Term Liabilities $580.0M $379.2M $234.9K
YoY Change 231900.0% 161308.41% -99.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $58.00M $50.70M $20.39M
Total Long-Term Liabilities $580.0M $379.2M $234.9K
Total Liabilities $638.0M $429.9M $93.60M
YoY Change 304.78% 359.3% 173.68%
SHAREHOLDERS EQUITY
Retained Earnings -$327.3M
YoY Change
Common Stock $6.322K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $232.1M $259.0M $224.8M
YoY Change
Total Liabilities & Shareholders Equity $870.1M $688.9M $318.4M
YoY Change 174.74% 116.39% 95.07%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$118.6M -$168.8M -$50.57M
YoY Change 66.85% 233.81% 132.67%
Depreciation, Depletion And Amortization $90.00K $85.00K $41.00K
YoY Change 80.0% 107.32%
Cash From Operating Activities -$94.29M -$108.3M -$35.56M
YoY Change 136.26% 204.69% 55.05%
INVESTING ACTIVITIES
Capital Expenditures -$530.0K $435.0K $875.0K
YoY Change 178.95% -50.29%
Acquisitions
YoY Change
Other Investing Activities -$287.3M -$227.4M
YoY Change
Cash From Investing Activities -$287.8M -$227.9M -$875.0K
YoY Change 151378.95% 25940.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $381.6M $109.9M
YoY Change 247.13%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 281.7M 403.3M 148.4M
YoY Change 587.67% 171.71% 66545.71%
NET CHANGE
Cash From Operating Activities -94.29M -108.3M -35.56M
Cash From Investing Activities -287.8M -227.9M -875.0K
Cash From Financing Activities 281.7M 403.3M 148.4M
Net Change In Cash -100.4M 66.91M 112.0M
YoY Change -11777.91% -40.25% -593.03%
FREE CASH FLOW
Cash From Operating Activities -$94.29M -$108.3M -$35.56M
Capital Expenditures -$530.0K $435.0K $875.0K
Free Cash Flow -$93.76M -$108.8M -$36.44M
YoY Change 136.05% 198.57%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2020Q1 dei Local Phone Number
LocalPhoneNumber
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CY2020Q1 dei Security12b Title
Security12bTitle
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CY2020Q1 dei Trading Symbol
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CY2020Q1 dei Entity Address Postal Zip Code
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CY2020Q1 us-gaap Nature Of Operations
NatureOfOperations
<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 Waltham, Massachusetts.</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-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 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 our business and operations, including on our ability to initiate, conduct and complete clinical trials.</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%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On January 13, 2020, the Company issued and sold 10,925 shares of its common stock at a price per share to the public of $37.00 in a follow-on public offering including an additional 1,425 shares of its common stock that were sold at the follow-on public offering price of $37.00 per share pursuant to the underwriters’ in full exercise of their option to purchase additional shares of common stock. The Company received net proceeds of $381.5 million after deducting underwriting discounts and commissions of $22.2 million and offering costs of $0.5 million for these transactions. </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;"> <span style="font-style:italic;color:#000000;">Liquidity and Financial Condition </span></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 April 29, 2020, the date of issuance of these unaudited condensed consolidated financial statements, the Company believes that its cash and cash equivalents of $417.9 million and marketable securities of $228.8 million as of March 31, 2020 will be sufficient to fund its operations and capital expenditure requirements 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 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 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>
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MinimumPaymentOfAdditionalFundingAmount
20000000
CY2019Q1 apls Minimum Payment Of Additional Funding Amount
MinimumPaymentOfAdditionalFundingAmount
60000000
CY2020Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-68406000
CY2019Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-736000
CY2020Q1 apls Development Derivative Liabilities Noncurrent
DevelopmentDerivativeLiabilitiesNoncurrent
223245000
CY2019Q1 apls Development Derivative Liabilities Noncurrent
DevelopmentDerivativeLiabilitiesNoncurrent
60736000
apls Premium Paid For Capped Call Transaction
PremiumPaidForCappedCallTransaction
28400000
CY2020Q1 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.
CY2020Q1 apls Lessee Operating Lease Maximum Term Of Options To Terminate Lease
LesseeOperatingLeaseMaximumTermOfOptionsToTerminateLease
P1Y
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
13715000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
14466000
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0832
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0819
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1000000.0
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
400000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
968000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
331000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
334000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6940000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2883000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3518000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3283000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3288000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
4107000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17079000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2951000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
14128000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15307000
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
0
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1164000
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2000
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9205000
CY2020Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2019Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2020Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2019Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2020Q1 apls Estimated Termination Costs And Other Fees
EstimatedTerminationCostsAndOtherFees
2800000
CY2020Q1 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
22600000

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