Every 10-Q that Apellis Pharmace (APLS) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow APLS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full APLS filings page.
Apellis Pharmaceuticals reported a strong turnaround for the quarter ended March 31, 2026 while entering into a planned acquisition by Biogen. Total revenue rose to $268.3 million from $166.8 million a year earlier, driven by $150.7 million in SYFOVRE sales, $41.3 million in EMPAVELI sales and $76.3 million in licensing and other revenue, including $55.0 million from Sobi milestones tied to European approvals.
The company generated net income of $18.7 million, or $0.15 per diluted share, compared with a net loss of $92.2 million, or $(0.74) per share, in the prior-year quarter. Cash and cash equivalents were $405.2 million, with $93.9 million of convertible notes and a $375.0 million term loan outstanding.
Biogen has agreed to acquire Apellis through a tender offer at $41.00 per share in cash plus one non-transferable contingent value right per share, which may pay up to an additional $4.00 in cash if specified SYFOVRE net sales milestones between 2027 and 2031 are achieved. Apellis believes its current cash and anticipated EMPAVELI and SYFOVRE sales will fund operations and capital needs for at least 12 months from the financial statement issuance date.
Apellis Pharmaceuticals (APLS) reported a profitable Q3 2025 driven by a major collaboration payment. Total revenue was $458.6 million versus $196.8 million a year ago. Product revenue was $177.8 million (SYFOVRE $150.9 million; EMPAVELI $26.8 million). Licensing and other revenue rose to $280.8 million, reflecting a $275.0 million upfront from Sobi under a royalty buy‑down effective July 1, 2025.
The company posted net income of $215.7 million (diluted EPS $1.67), compared to a net loss last year. Cash and cash equivalents were $479.2 million, with accounts receivable at $345.5 million. On the balance sheet, a senior secured credit facility had a $375.0 million principal balance, and $93.9 million of convertible notes remained outstanding, reclassified as current as they mature on September 15, 2026. The FDA approved EMPAVELI for C3G and IC‑MPGN on July 28, 2025, expanding its rare disease indications. As of October 23, 2025, shares outstanding were 126,525,218.
Apellis Pharmaceuticals (APLS) Q2-25 10-Q highlights: Net revenue fell 11% YoY to $178.5 M, driven by slightly lower SYFOVRE sales ($150.6 M vs. $154.6 M) and a sharper drop in EMPAVELI ($20.8 M vs. $24.5 M). Licensing & other revenue added $7.1 M. Six-month revenue declined 7% to $345.3 M.
Profitability: Gross margin remained high; cost of sales decreased 41% to $13.6 M. Expense discipline lowered R&D 14% to $67.0 M; however, SG&A rose 2% to $131.1 M. Operating loss widened to $33.3 M and net loss to $42.2 M (-$0.33/sh). First-half net loss reached $134.4 M, vs. $104.1 M in 1H-24.
Balance sheet: Cash & equivalents ended at $370.0 M (vs. $411.3 M YE-24). Long-term debt totals $469.0 M (credit facility $375 M, converts $93.9 M). Equity fell to $156.3 M from $228.5 M on cumulative losses.
Liquidity & subsequent event: Management believes existing cash plus a $275 M upfront payment from Sobi (Royalty Buy-Down signed 1 Jul 25) and ongoing product sales fund operations for ≥12 months.
Operational notes: Inventory rose to $169.1 M; product-sales reserves $44.5 M. Customer D represents 62% of Q2 gross revenue. Development of systemic pegcetacoplan for TA-TMA discontinued post-quarter.
Key per-share data: Weighted-avg shares 126.0 M; net loss/share -$0.33 vs. -$0.30 YoY.