2021 Q3 Form 10-Q Financial Statement
#000156459021055235 Filed on November 08, 2021
Income Statement
Concept | 2021 Q3 | 2020 Q3 | 2020 Q2 |
---|---|---|---|
Revenue | $5.650M | $646.0K | $0.00 |
YoY Change | 774.61% | ||
Cost Of Revenue | $149.0K | ||
YoY Change | |||
Gross Profit | $5.501M | ||
YoY Change | |||
Gross Profit Margin | 97.36% | ||
Selling, General & Admin | $74.18M | $57.00M | $46.70M |
YoY Change | 30.15% | 206.45% | 264.84% |
% of Gross Profit | 1348.55% | ||
Research & Development | $87.73M | $93.21M | $87.09M |
YoY Change | -5.87% | 81.62% | 71.79% |
% of Gross Profit | 1594.86% | ||
Depreciation & Amortization | $282.0K | $190.0K | $90.00K |
YoY Change | 48.42% | 216.67% | 80.0% |
% of Gross Profit | 5.13% | ||
Operating Expenses | $133.6M | $130.2M | $115.5M |
YoY Change | 2.65% | 153.7% | 127.83% |
Operating Profit | -$128.1M | -$129.6M | -$115.5M |
YoY Change | -1.09% | 85.21% | 81.97% |
Interest Expense | -$6.357M | -$6.100M | -$3.100M |
YoY Change | 4.21% | -1320.0% | -60.26% |
% of Operating Profit | |||
Other Income/Expense, Net | -$117.0K | -$16.00K | $5.000K |
YoY Change | 631.25% | -73.77% | -97.5% |
Pretax Income | -$195.6M | -$135.7M | -$118.6M |
YoY Change | 44.12% | 94.41% | 66.81% |
Income Tax | $0.00 | ||
% Of Pretax Income | |||
Net Earnings | -$195.6M | -$135.7M | -$118.6M |
YoY Change | 44.12% | 94.34% | 66.85% |
Net Earnings / Revenue | -3461.43% | -21006.19% | |
Basic Earnings Per Share | -$2.28 | -$1.79 | -$1.57 |
Diluted Earnings Per Share | -$2.283M | -$1.79 | -$1.57 |
COMMON SHARES | |||
Basic Shares Outstanding | 85.66K | 75.51M | |
Diluted Shares Outstanding | 85.66K |
Balance Sheet
Concept | 2021 Q3 | 2020 Q3 | 2020 Q2 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $430.3M | $728.2M | $832.8M |
YoY Change | -40.91% | 67.79% | 188.07% |
Cash & Equivalents | $283.7M | $415.6M | $317.3M |
Short-Term Investments | $146.6M | $312.6M | $515.5M |
Other Short-Term Assets | $39.92M | $14.20M | $21.00M |
YoY Change | 181.11% | 477.82% | 525.75% |
Inventory | $1.677M | ||
Prepaid Expenses | |||
Receivables | $3.500M | ||
Other Receivables | $0.00 | ||
Total Short-Term Assets | $475.4M | $742.3M | $853.8M |
YoY Change | -35.95% | 64.52% | 176.84% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $27.44M | $25.10M | $15.40M |
YoY Change | 9.32% | 1475.85% | 970.11% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $22.82M | $900.0K | $900.0K |
YoY Change | 2435.89% | 280.53% | 332.96% |
Total Long-Term Assets | $50.26M | $26.00M | $16.30M |
YoY Change | 93.32% | 71.48% | 96.59% |
TOTAL ASSETS | |||
Total Short-Term Assets | $475.4M | $742.3M | $853.8M |
Total Long-Term Assets | $50.26M | $26.00M | $16.30M |
Total Assets | $525.7M | $768.3M | $870.1M |
YoY Change | -31.58% | 64.75% | 174.74% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $4.984M | $11.10M | $9.900M |
YoY Change | -55.1% | -6.22% | -28.32% |
Accrued Expenses | $69.85M | $60.77M | $45.40M |
YoY Change | 14.94% | 99.68% | 124.42% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $15.33M | ||
YoY Change | |||
Total Short-Term Liabilities | $94.24M | $75.30M | $58.00M |
YoY Change | 25.15% | 68.94% | 62.96% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $189.6M | $353.8M | $348.8M |
YoY Change | -46.41% | 151.64% | 5105.97% |
Other Long-Term Liabilities | $299.2M | $233.5M | $231.2M |
YoY Change | 28.12% | 93300.0% | 92380.0% |
Total Long-Term Liabilities | $488.8M | $587.3M | $580.0M |
YoY Change | -16.78% | 234820.0% | 231900.0% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $94.24M | $75.30M | $58.00M |
Total Long-Term Liabilities | $488.8M | $587.3M | $580.0M |
Total Liabilities | $583.0M | $662.5M | $638.0M |
YoY Change | -12.0% | 1378.06% | 304.78% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$1.005B | ||
YoY Change | |||
Common Stock | $8.000K | ||
YoY Change | |||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$57.33M | $105.8M | $232.1M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $525.7M | $768.3M | $870.1M |
YoY Change | -31.58% | 64.74% | 174.74% |
Cashflow Statement
Concept | 2021 Q3 | 2020 Q3 | 2020 Q2 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$195.6M | -$135.7M | -$118.6M |
YoY Change | 44.12% | 94.34% | 66.85% |
Depreciation, Depletion And Amortization | $282.0K | $190.0K | $90.00K |
YoY Change | 48.42% | 216.67% | 80.0% |
Cash From Operating Activities | -$168.6M | -$99.83M | -$94.29M |
YoY Change | 68.91% | 86.28% | 136.26% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$352.0K | -$3.740M | -$530.0K |
YoY Change | -90.59% | 695.74% | 178.95% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $180.0M | $202.5M | -$287.3M |
YoY Change | -11.11% | ||
Cash From Investing Activities | $179.6M | $198.8M | -$287.8M |
YoY Change | -9.62% | -42389.36% | 151378.95% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 2.120M | 920.0K | 281.7M |
YoY Change | 130.43% | -99.54% | 587.67% |
NET CHANGE | |||
Cash From Operating Activities | -168.6M | -99.83M | -94.29M |
Cash From Investing Activities | 179.6M | 198.8M | -287.8M |
Cash From Financing Activities | 2.120M | 920.0K | 281.7M |
Net Change In Cash | 13.14M | 99.85M | -100.4M |
YoY Change | -86.84% | -31.09% | -11777.91% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$168.6M | -$99.83M | -$94.29M |
Capital Expenditures | -$352.0K | -$3.740M | -$530.0K |
Free Cash Flow | -$168.3M | -$96.09M | -$93.76M |
YoY Change | 75.12% | 80.89% | 136.05% |
Facts In Submission
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10476000 | ||
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
2618000 | ||
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
1677000 | ||
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
5862000 | ||
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-8503000 | ||
us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
-6677000 | ||
us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
627000 | ||
us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
3956000 | ||
us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
519000 | ||
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-3213000 | ||
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
2392000 | ||
us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-42092000 | ||
us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
4047000 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-450627000 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-302467000 | ||
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
1084000 | ||
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
4711000 | ||
us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
171280000 | ||
us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
567187000 | ||
us-gaap |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
|
335000000 | ||
us-gaap |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
|
255000000 | ||
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
162636000 | ||
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-316898000 | ||
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
381423000 | ||
apls |
Proceeds From Payments For Development Derivative Liability
ProceedsFromPaymentsForDevelopmentDerivativeLiability
|
-4000000 | ||
apls |
Proceeds From Payments For Development Derivative Liability
ProceedsFromPaymentsForDevelopmentDerivativeLiability
|
20000000 | ||
apls |
Payments For Capped Call Transactions And Associated Costs
PaymentsForCappedCallTransactionsAndAssociatedCosts
|
43112000 | ||
apls |
Proceeds From Issuance Of Convertible Notes Net Of Issuance Costs
ProceedsFromIssuanceOfConvertibleNotesNetOfIssuanceCosts
|
322874000 | ||
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
12131000 | ||
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
4155000 | ||
us-gaap |
Proceeds From Stock Plans
ProceedsFromStockPlans
|
1698000 | ||
us-gaap |
Proceeds From Stock Plans
ProceedsFromStockPlans
|
521000 | ||
us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
1551000 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
8278000 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
685861000 | ||
us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
-2024000 | ||
us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
-1666000 | ||
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-281737000 | ||
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
64830000 | ||
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
567045000 | |
CY2019Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
351985000 | |
CY2021Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
285308000 | |
CY2020Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
416815000 | |
CY2021Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
283745000 | |
CY2020Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
415560000 | |
CY2021Q3 | us-gaap |
Restricted Cash
RestrictedCash
|
1563000 | |
CY2020Q3 | us-gaap |
Restricted Cash
RestrictedCash
|
1255000 | |
CY2021Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
285308000 | |
CY2020Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
416815000 | |
us-gaap |
Interest Paid Net
InterestPaidNet
|
10265000 | ||
us-gaap |
Interest Paid Net
InterestPaidNet
|
12929000 | ||
us-gaap |
Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
|
327276000 | ||
us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:2.5%;white-space:nowrap" valign="top"> <p style="text-align:left;margin-bottom:0pt;margin-top:18pt;font-weight:bold;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:12pt;"> </p></td> <td style="width:2.5%;white-space:nowrap" valign="top"> <p style="text-align:left;margin-bottom:0pt;margin-top:18pt;font-weight:bold;font-style:normal;color:#auto;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:bold;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;">1.</span></p></td> <td valign="top"> <p style="text-align:left;margin-bottom:0pt;margin-top:18pt;font-weight:bold;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:12pt;"><span style="Background-color:#auto;text-decoration:none;"/><span style="font-weight:normal;color:#000000;"/><span style="font-size:10pt;color:#000000;">Nature of Organization and Operations </span></p></td></tr></table></div> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:3.4%;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 commercial-stage biopharmaceutical company focused on the discovery, development and commercialization 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:10pt;text-indent:3.4%;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:10pt;text-indent:3.4%;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 and commercializing its product candidates. </p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.4%;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, its ability to successfully commercialize its 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 its business and operations, including on its ability to initiate, conduct and complete clinical trials, the timing of the initiation of planned and future clinical trials, regulatory activities and commercialization of its products.</p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:3.4%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Adoption of ASU 2020-06 Debt – Debt with Conversion and Other Options (Subtopic 470-20)</p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Effective January 1, 2021, the Company early adopted ASU 2020-06, <span style="font-style:italic;">Debt – Debt with Conversion and Other Options (Subtopic 470-20) </span>which<span style="font-style:italic;"> </span>reduces complexity in applying GAAP to certain financial instruments with characteristics of liability and equity. The ASU removes the guidance that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock. The ASU further revises the guidance to require entities to calculate diluted earnings per share for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted earnings per share when an instrument may be settled in cash or shares. The impact of the adoption of the statement increased net debt outstanding and decreased net equity by $149.7 million as of January 1, 2021. Of the $149.7 million decrease to net equity, $16.0 million was recorded to retained earnings. See Note 7, Long Term Debt for additional information.</p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:3.4%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Convertible Notes Exchange </p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In<span style="font-size:12pt;"> </span>January 2021, the Company entered into separate, privately negotiated exchange agreements to modify the conversion terms with certain holders of its convertible notes issued in September 2019 (the “2019 Convertible Notes”). Under the terms of these exchange agreements, the holders exchanged approximately $126.1 million in aggregate principal amount of 2019 Convertible Notes held by them for an aggregate of 3,906,869 shares of common stock issued by the Company. The Company also issued 69,491 shares for settlement of issuance costs paid to the Company’s advisor. The Company recognized a total loss on conversion of debt in the unaudited condensed consolidated statement of operations of $39.5 million. </p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In July 2021, the Company entered into separate, privately negotiated exchange agreements to modify the conversion terms with certain holders of the 2019 Convertible Notes and the 2020 Convertible Notes issued in May 2020 (the “2020 Convertible Notes”, and together with the 2019 Convertible Notes, the “Convertible Notes”). Under the terms of these exchange agreements, the holders exchanged approximately $201.1 million in aggregate principal amount of Convertible Notes held by them for an aggregate of 5,992,217 shares of common stock issued by the Company. The Company also has agreed to issue 78,419 shares for settlement of issuance costs paid to the Company’s advisor. The Company recognized a total loss on conversion of debt in the unaudited condensed consolidated statement of operations of $61.1 million for the three months ended September 2021.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company recognized a total loss on the conversion of debt of $100.6 million in the unaudited condensed statement of operations for the nine months ended September 30, 2021. As of September 30, 2021, the Company held in treasury Convertible Notes </p> <p style="margin-top:10pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in the principal amount of $</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">327.2</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> million which notes have not been cancelled. See Note 7, Long Term Debt for additional information</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</span></p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:3.4%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Liquidity and Going Concern </p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:3.4%;color:#000000;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. </p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:3.4%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of November 8, 2021, the date of issuance of these unaudited condensed consolidated financial statements, the Company believes that its cash and cash equivalents and marketable securities of $430.3<span style="font-size:12pt;"> </span>million as of September 30, 2021, together with anticipated revenue from sales of EMPAVELI and development reimbursement payments from Swedish Orphan Biovitrum AB (Publ) (“Sobi”), will not be sufficient to fund its operations and capital expenditure requirements for at least twelve months from the date of issuance of these unaudited condensed consolidated financial statements which raises substantial doubt about our ability to continue as a going concern. <span style="color:#000000;">The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span> </p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:3.4%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has generated only limited revenues to date from product sales and has not achieved profitability. The Company’s plans to meet its short-term and longer-term operating cash flow requirements include: (1) obtaining additional debt or equity financing on terms that are favorable to the Company (2) achieving its projected revenues from sales of EMPAVELI, (3) entering into collaborative agreements with strategic partners to obtain funding, and (4) succeeding in its future operations. If the Company is not able to obtain the required funding for its operations, or to obtain funding on a timely basis on terms that are<span style="color:#000000;"> favorable to the Company, or to achieve its projected revenue, 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. </span></p> | ||
CY2021Q3 | apls |
Cash And Cash Equivalents And Marketable Securities
CashAndCashEquivalentsAndMarketableSecurities
|
430300000 | |
us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:2.81%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentrations of Credit Risk </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.44%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.44%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <span style="color:#000000;font-size:10pt;">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents, restricted cash, marketable securities and account receivables. The Company’s cash, cash equivalents, restricted cash and marketable securities are concentrated at financial institutions that management believes are creditworthy. Marketable securities consist of treasury notes and certificates of deposit. The Company's investment policy includes guidelines on the quality of the institutions and </span></p> <p style="margin-bottom:0pt;margin-top:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#000000;font-size:10pt;">financial instruments and defines allowable investments that the Company believes minimizes the exposure to concentrations of credit risk.</span></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.44%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.44%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The Company has entered into distribution agreements with a limited number of SPs and SDs, and all of the Company’s product sales will be to these customers. </span>The Company routinely assesses the creditworthiness of its customers. The Company does not require collateral. <span style="Background-color:#FFFFFF;">For the quarter ended September 30, 2021, a small number of customers represented all of the Company’s product revenue and accounts receivable balance at September 30, 2021. The Company </span>has not experienced any losses related to the accounts receivables and no allowance for credit losses has been recorded for the Company's accounts receivable balance as of September 30, 2021.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.13%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The Company does not currently have any of its own manufacturing facilities, and therefore it depends on an outsourced manufacturing strategy for the production of EMPAVELI for commercial use and for the production of its product candidates for clinical trials. The Company has contracts in place with one third-party manufacturer of commercial drug product and one third-party manufacturer of the drug substance that is approved for the production of EMPAVELI active pharmaceutical ingredient (API). Although there are potential sources of supply other than the Company’s existing suppliers, any new supplier would be required to qualify under applicable regulatory requirements.</span></p> | ||
CY2021Q3 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
0 | |
CY2021Q3 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
1600000 | |
CY2020Q4 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
1300000 | |
CY2021Q3 | apls |
Obsolete Inventory
ObsoleteInventory
|
0 | |
CY2021Q3 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
3500000 | |
CY2021Q3 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
1400000 | |
CY2021Q3 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
300000 | |
CY2020Q4 | us-gaap |
Inventory Net
InventoryNet
|
0 | |
CY2021Q3 | apls |
Prepaid Research And Development Cost Current
PrepaidResearchAndDevelopmentCostCurrent
|
12000000.0 | |
CY2020Q4 | apls |
Prepaid Research And Development Cost Current
PrepaidResearchAndDevelopmentCostCurrent
|
8000000.0 | |
CY2021Q3 | apls |
Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
|
28670000 | |
CY2020Q4 | apls |
Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
|
47879000 | |
CY2020Q4 | apls |
Accrued License Fees Current
AccruedLicenseFeesCurrent
|
25050000 | |
CY2021Q3 | apls |
Accrued Payroll Liabilities Current
AccruedPayrollLiabilitiesCurrent
|
27124000 | |
CY2020Q4 | apls |
Accrued Payroll Liabilities Current
AccruedPayrollLiabilitiesCurrent
|
22896000 | |
CY2021Q3 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
14053000 | |
CY2020Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
16110000 | |
CY2021Q3 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
69847000 | |
CY2020Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
111935000 | |
CY2020Q4 | apls |
Development Derivative Liabilities Gross
DevelopmentDerivativeLiabilitiesGross
|
257868000 | |
CY2019Q4 | apls |
Development Derivative Liabilities Gross
DevelopmentDerivativeLiabilitiesGross
|
134839000 | |
CY2020Q1 | apls |
Minimum Payment Of Additional Funding Amount
MinimumPaymentOfAdditionalFundingAmount
|
20000000 | |
CY2021Q1 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
-17084000 | |
CY2020Q1 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
-68406000 | |
CY2021Q1 | apls |
Development Derivative Liabilities Gross
DevelopmentDerivativeLiabilitiesGross
|
274952000 | |
CY2020Q1 | apls |
Development Derivative Liabilities Gross
DevelopmentDerivativeLiabilitiesGross
|
223245000 | |
CY2021Q2 | apls |
Minimum Payment Of Additional Funding Amount
MinimumPaymentOfAdditionalFundingAmount
|
-4000000 | |
CY2021Q2 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
-21180000 | |
CY2020Q2 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
2770000 | |
CY2021Q2 | apls |
Development Derivative Liabilities Gross
DevelopmentDerivativeLiabilitiesGross
|
292132000 | |
CY2020Q2 | apls |
Development Derivative Liabilities Gross
DevelopmentDerivativeLiabilitiesGross
|
220475000 | |
CY2020Q3 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
2697000 | |
CY2020Q3 | apls |
Development Derivative Liabilities Gross
DevelopmentDerivativeLiabilitiesGross
|
217778000 | |
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 of these 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. | ||
apls |
Lessee Operating Lease Maximum Term Of Options To Terminate Lease
LesseeOperatingLeaseMaximumTermOfOptionsToTerminateLease
|
P1Y | ||
CY2021Q3 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
20930000 | |
CY2020Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
17719000 | |
CY2021Q3 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
22222000 | |
CY2020Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
18902000 | |
CY2021Q3 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.0771 | |
CY2020Q4 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.0774 | |
CY2021Q3 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
1400000 | |
CY2020Q3 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
1100000 | |
us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
4200000 | ||
us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
3100000 | ||
us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
4476000 | ||
us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
3322000 | ||
us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
5675000 | ||
us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
6664000 | ||
CY2021Q3 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
1436000 | |
CY2021Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
5561000 | |
CY2021Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
5625000 | |
CY2021Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
4862000 | |
CY2021Q3 | apls |
Lessee Operating Lease Liability Payments Due Year Four And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearFourAndThereafter
|
9261000 | |
CY2021Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
26745000 | |
CY2021Q3 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
4523000 | |
CY2021Q3 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
22222000 | |
CY2021Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-1503000 | |
CY2021Q2 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-209000 | |
CY2021Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-181000 | |
CY2020Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
1164000 | |
CY2020Q2 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-681000 | |
CY2020Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-2088000 | |
apls |
Minimum Percentage Of Tax Position Likelihood Of Being Realized Upon Examination By Taxing Authorities
MinimumPercentageOfTaxPositionLikelihoodOfBeingRealizedUponExaminationByTaxingAuthorities
|
0.50 | ||
CY2021Q3 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
CY2021Q3 | us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
0 | |
us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
0 | ||
CY2020Q3 | us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
0 | |
us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
0 | ||
CY2020Q3 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
0 | |
us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
0 | ||
CY2021Q3 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
0 | |
us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
0 | ||
CY2021Q3 | apls |
Contra Research And Development Expense
ContraResearchAndDevelopmentExpense
|
6400000 | |
apls |
Contra Research And Development Expense
ContraResearchAndDevelopmentExpense
|
23600000 | ||
CY2020Q4 | apls |
Contract Research And Development Receivable
ContractResearchAndDevelopmentReceivable
|
43000000.0 | |
CY2020Q4 | apls |
Contract Research And Development Current
ContractResearchAndDevelopmentCurrent
|
25000000.0 | |
CY2020Q4 | apls |
Contract Research And Development Long Term Assets
ContractResearchAndDevelopmentLongTermAssets
|
18000000.0 | |
CY2021Q3 | apls |
Contract Research And Development Current
ContractResearchAndDevelopmentCurrent
|
20000000.0 | |
CY2021Q3 | apls |
Contract Research And Development Long Term Assets
ContractResearchAndDevelopmentLongTermAssets
|
21600000 | |
CY2021Q3 | apls |
Estimated Termination Costs And Other Fees
EstimatedTerminationCostsAndOtherFees
|
2400000 | |
us-gaap |
Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
|
0 | ||
CY2021Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
18909000 | |
CY2020Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
25784000 | |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
18909000 | ||
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
25784000 |