Apellis Pharmaceuticals, Inc.
APLS evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for APLS—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · APLS
Apellis Pharmaceuticals is a commercial-stage biopharmaceutical company focused on complement-driven diseases, with approved products EMPAVELI and SYFOVRE and a pipeline including gene editing programs.
Key risk: Accumulated deficit
BioSniper Score
Based on 5 of 6 signals
Market Cap
$5.25B
Cash Runway
29.2 moLead Asset
Aspaveli (Approved)Next Catalyst
Phase3_Topline · Jul 1, 2027Financial data as of Mar 31, 2026.
Tracking 5 pipeline candidates · 16 clinical trials · 1 catalyst for Apellis Pharmaceuticals, Inc..
Apellis Pharmaceuticals is a commercial-stage biopharmaceutical company focused on complement-driven diseases, with approved products EMPAVELI and SYFOVRE and a pipeline including gene editing programs.
- As of 2026-03-31, Apellis reported cash & equivalents of $406.7M, total revenue of $268.3M, and net income of $18.7M [sec].
- The company markets EMPAVELI for paroxysmal nocturnal hemoglobinuria (PNH), C3 glomerulopathy (C3G), and primary IC-MPGN, and SYFOVRE for geographic atrophy (GA) [sec_mda].
- As of December 31, 2025, Apellis had an accumulated deficit of $3.0 billion [sec_mda].
- Apellis is developing systemic pegcetacoplan for nephrology indications (FSGS, DGF) and, through a collaboration with Beam Therapeutics, a gene editing treatment targeting FcRn [sec_mda].
- The company has financed operations through $2.6 billion in net proceeds from public offerings, $745.5 million from Sobi agreements, and $532.5 million under credit arrangements [sec_mda].
What works
- Apellis has two approved products (EMPAVELI and SYFOVRE) generating revenue, with total revenue of $268.3M as of 2026-03-31 [sec].
- The company achieved net income of $18.7M as of 2026-03-31, indicating a period of profitability [sec].
- Apellis is advancing a pipeline including a first-in-class gene editing treatment for FcRn through a collaboration with Beam Therapeutics [sec_mda].
- The company has multiple financing sources, including $2.6 billion from public offerings and $532.5 million in credit arrangements, providing financial flexibility [sec_mda].
What to weigh
- As of December 31, 2025, Apellis had an accumulated deficit of $3.0 billion, reflecting significant historical losses [sec_mda].
- The company expects to continue incurring significant commercialization and R&D expenses, which may pressure future profitability [sec_mda].
- Apellis relies heavily on external financing, with $2.6 billion in net proceeds from public offerings and $532.5 million in debt, indicating ongoing capital needs [sec_mda].
- The pipeline includes early-stage programs (e.g., gene editing for FcRn) that face substantial development and regulatory risks [sec_mda].
From the filings
Quoted directly from source documents.
Apellis has an accumulated deficit of $3.0 billion as of December 31, 2025.
“As of December 31, 2025, we had an accumulated deficit of $3.0 billion.”
SEC MD&A · February 24, 2026
Apellis is developing a gene editing treatment targeting FcRn through a collaboration with Beam Therapeutics.
“Through our collaboration with Beam Therapeutics, Inc., or Beam, we have commenced preclinical studies for a treatment targeting the neonatal Fc receptor, or FcRn, which has the potential to be a first-in-class gene editing treatment for future target indications with one-time dosing.”
SEC MD&A · February 24, 2026
Apellis has financed operations through $2.6 billion in net proceeds from public offerings.
“To date, we have financed our operations primarily through $2.6 billion in net proceeds from public offerings of our common stock and pre-funded warrants to purchase common stock”
SEC MD&A · May 7, 2026
Risks & what to watch (4)›
Key risks
- Accumulated deficit — As of December 31, 2025, accumulated deficit was $3.0 billion, reflecting substantial historical losses [sec_mda].
- Commercialization expenses — The company expects to continue incurring significant commercialization expenses for EMPAVELI and SYFOVRE, which may impact profitability [sec_mda].
- Pipeline development risk — Early-stage programs, including gene editing for FcRn, face high development and regulatory risks [sec_mda].
- Dependence on financing — Apellis has raised $2.6 billion from public offerings and $532.5 million in debt, indicating reliance on external capital [sec_mda].
What to watch
- Commercial performance of EMPAVELI and SYFOVRE, including revenue trends and market adoption [sec_mda].
- Progress of systemic pegcetacoplan trials in nephrology indications (FSGS, DGF) [sec_mda].
- Updates on the gene editing collaboration with Beam Therapeutics targeting FcRn [sec_mda].
- Changes in accumulated deficit and cash runway, given ongoing expenses [sec_mda].
Sources: SEC MD&A · Generated July 19, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
29.2 months
D/E 1.61 · 3% dilution
Lead: Approved
5 candidates
1 upcoming, next in ~305d
No insider transactions in the last 180 days
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
325
Total value held
$5.53B
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 13,536,964 | $544.6M |
| avoro capital advisors llc | 12,222,222 | $491.7M |
| morgan stanley | 10,042,399 | $404.0M |
| vanguard capital management llc | 9,537,888 | $383.7M |
| state street corp | 6,844,990 | $275.4M |
| vanguard portfolio management llc | 5,404,559 | $217.4M |
| pentwater capital management lp | 5,250,000 | $211.2M |
| deep track capital, lp | 4,532,374 | $182.3M |
| point72 asset management, l.p. | 4,183,918 | $168.3M |
| rtw investments, lp | 3,685,045 | $148.2M |
Showing top 10 of 325 institutional holders of Apellis Pharmaceuticals, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 12.6%
- Days to cover
- 1.1
- Shares short
- 10,752,810
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
APLS short interestGovernance
Frequently asked questions
What is the AI investment thesis for Apellis Pharmaceuticals, Inc.?
Apellis Pharmaceuticals is a commercial-stage biopharmaceutical company focused on complement-driven diseases, with approved products EMPAVELI and SYFOVRE and a pipeline including gene editing programs.
What is Apellis Pharmaceuticals, Inc.'s lead drug candidate?
Apellis Pharmaceuticals, Inc.'s most advanced tracked candidate is Aspaveli (Approved) for Paroxysmal nocturnal hemoglobinuria.
What is Apellis Pharmaceuticals, Inc.'s next catalyst?
Apellis Pharmaceuticals, Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: An Open-Label, Nonrandomized, Multicenter Extension Study to Evaluate the Long-term Safety and Effic" — expected July 1, 2027.
Who is the CEO of Apellis Pharmaceuticals, Inc.?
Dr. Cedric Francois M.D., Ph.D. is the chief executive officer of Apellis Pharmaceuticals, Inc. (APLS).
Where is Apellis Pharmaceuticals, Inc. headquartered?
Apellis Pharmaceuticals, Inc. (APLS) is headquartered in Waltham, MA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.