Apellis Pharmaceuticals, Inc. (APLS) 10-Year Financial Performance & Capital Metrics

APLS •

HealthcareBiotechnologyImmunology and Inflammation Therapies

AboutApellis Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutic compounds through the inhibition of the complement system for autoimmune and inflammatory diseases. The company's lead product candidate is pegcetacoplan that is in Phase III clinical trials for the treatment of geographic atrophy (GA) in age-related macular degeneration and paroxysmal nocturnal hemoglobinuria (PNH) diseases. It also develops EMPAVELI (systemic pegcetacoplan) for the treatment of cold agglutinin disease (CAD), and hematopoietic stem cell transplantation-associated thrombotic microangiopathy (HSCT-TMA) in hematology; C3 glomerulopathy (C3G), and immune complex membranoproliferative glomerulonephritis (IC-MPGN) in nephrology; and amyotrophic lateral sclerosis (ALS) in neurology. In addition, the company develops APL-2006, a bispecific C3 and VEGF inhibitor for treating complement-mediated disorders; APL-1030, a C3 inhibitor for the treatment of multiple neurodegenerative diseases; and the combination of EMPAVELI and a small interfering RNA, or siRNA for reducing the production of C3 proteins by the liver. It has a collaboration and license agreement with Swedish Orphan Biovitrum AB (publ) to co-develop pegcetacoplan; and a research collaboration with Beam Therapeutics Inc. focused on the use of Beam's base editing technology to discover new treatments for complement-driven diseases. Apellis Pharmaceuticals, Inc. was incorporated in 2009 and is based in Waltham, Massachusetts.Show more

Revenue $689M -11.8%
EBITDA $68M +141.9%
Net Income $22M +111.3%
EPS (Diluted) 0.18 +111.3%
Gross Margin 85.17% +0.3%
EBITDA Margin 9.93% +147.5%
Operating Margin 8.04% +138.1%
Net Margin 3.25% +112.8%
ROE 7.48% +108.0%
ROIC 27.38% +126.7%
Debt/Equity 0.30 -85.2%
Interest Coverage 1.25 +130.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 22.4%

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y22.43%

3Y109.08%

TTM-11.77%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM100%

EPS CAGR

10Y-

5Y-

3Y-

TTM99.37%

ROCE

10Y Avg-63.09%

5Y Avg-53.31%

3Y Avg-36.73%

Latest7.64%

Peer Comparison

Immunology and Inflammation Therapies

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TGTXTG Therapeutics, Inc.	4.75B	30.09	200.60	40.8%	13.31%	21.87%		1.14
APLSApellis Pharmaceuticals, Inc.	2.65B	20.96	116.44	-11.77%	3.25%	7.48%	1.71%	0.30
ARGXargenx SE	47.46B	766.92	60.01	78.6%	23.34%	15.14%		0.01
KNSAKiniksa Pharmaceuticals, Ltd.	3.39B	44.49	59.32	60.09%	17.52%	20.92%	0.75%	0.02
AUPHAurinia Pharmaceuticals Inc.	1.88B	14.17	6.85	20.38%	101.47%	49.4%	7.22%	0.13
GLPGGalapagos N.V.	2.22B	33.66	5.88	303.48%	28.85%	9.92%		0.00
AKTXAkari Therapeutics, Plc	12.56B	0.24	-0.00			-69.35%		0.15
RAPTRAPT Therapeutics, Inc.	7.65B	57.98	-2.27			-69.51%		0.02

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	0	0	0	0	250.65M	66.56M	75.42M	396.59M	781.37M	689.38M
Revenue Growth %	-	-	-	-	-	-73.44%	13.31%	425.83%	97.02%	-11.77%
Cost of Goods Sold+	0	0	127.92M	595.45K	25.05M	5.2M	5.64M	58.51M	117.72M	102.24M
COGS % of Revenue	-	-	-	-	9.99%	7.81%	7.47%	14.75%	15.07%	14.83%
Gross Profit+	0	-50.77M	-127.92M	-595.45K	225.6M	61.36M	69.79M	338.08M	663.64M	587.15M
Gross Margin %	-	-	-	-	90.01%	92.19%	92.53%	85.25%	84.93%	85.17%
Gross Profit Growth %	-	-	-151.98%	99.53%	37986.7%	-72.8%	13.73%	384.45%	96.3%	-11.53%
Operating Expenses+	27.28M	50.77M	127.92M	287.42M	439.32M	597.64M	664.4M	855.2M	828.62M	531.72M
OpEx % of Revenue	-	-	-	-	175.28%	897.86%	880.91%	215.64%	106.05%	77.13%
Selling, General & Admin	4.3M	10.46M	22.64M	66.45M	139.4M	176.77M	277.16M	500.81M	501.05M	550.26M
SG&A % of Revenue	-	-	-	-	55.62%	265.57%	367.48%	126.28%	64.13%	79.82%
Research & Development	22.98M	40.3M	105.29M	220.97M	299.92M	420.87M	387.24M	354.39M	327.57M	295.85M
R&D % of Revenue	-	-	-	-	119.66%	632.29%	513.43%	89.36%	41.92%	42.92%
Other Operating Expenses	157.71K	11.54K	-111K	0	-501K	1.36M	-288K	0	0	-314.4M
Operating Income+	-27.28M	-50.77M	-127.92M	-288.02M	-213.73M	-536.28M	-594.61M	-517.12M	-164.98M	55.43M
Operating Margin %	-	-	-	-	-85.27%	-805.67%	-788.38%	-130.39%	-21.11%	8.04%
Operating Income Growth %	41.42%	-86.08%	-151.98%	-125.14%	25.79%	-150.92%	-10.88%	13.03%	68.1%	133.6%
EBITDA+	0	-50.76M	0	-287.42M	-212.87M	-534.78M	-593.13M	-515.42M	-163.18M	68.44M
EBITDA Margin %	-	-	-	-	-84.93%	-803.43%	-786.41%	-129.96%	-20.88%	9.93%
EBITDA Growth %	-100%	-	100%	-	25.94%	-151.23%	-10.91%	13.1%	68.34%	141.94%
D&A (Non-Cash Add-back)	27.28M	11.94K	127.92M	595.45K	859K	1.49M	1.49M	1.7M	1.8M	0
EBIT	-27.13M	-50.91M	-124.99M	-299.42M	-313.09M	-732.76M	-618.88M	-496.92M	-156.32M	68.44M
Net Interest Income+	0	-96.92K	447.81K	-176K	-25.77M	-12.82M	-23.71M	-8.65M	-27.62M	-31.18M
Interest Income	0	0	2.96M	5.11M	4.16M	418K	8.91M	20.93M	12.77M	13.14M
Interest Expense	0	96.92K	2.51M	5.29M	29.94M	13.24M	32.63M	29.58M	40.39M	44.33M
Other Income/Expense	157.71K	-239K	422.81K	-16.69M	-129.3M	-209.72M	-56.89M	-9.38M	-31.74M	0
Pretax Income+	-27.13M	-51.01M	-127.5M	-304.71M	-343.03M	-746M	-651.5M	-526.5M	-196.72M	24.11M
Pretax Margin %	-	-	-	-	-136.86%	-1120.75%	-863.81%	-132.76%	-25.18%	3.5%
Income Tax+	0	250.61K	-533K	0	1.84M	352K	669K	2.13M	1.16M	1.72M
Effective Tax Rate %	100%	100%	100%	100%	100.54%	100.05%	100.1%	100.4%	100.59%	92.86%
Net Income+	-27.13M	-51.01M	-127.5M	-304.71M	-344.87M	-746.35M	-652.17M	-528.63M	-197.88M	22.39M
Net Margin %	-	-	-	-	-137.59%	-1121.27%	-864.7%	-133.29%	-25.32%	3.25%
Net Income Growth %	41.69%	-88.04%	-149.97%	-138.98%	-13.18%	-116.41%	12.62%	18.94%	62.57%	111.31%
Net Income (Continuing)	-27.13M	-51.01M	-127.5M	-304.71M	-344.87M	-746.35M	-652.17M	-528.63M	-197.88M	22.39M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-1.50	-1.49	-2.34	-4.98	-4.59	-8.84	-6.15	-4.45	-1.60	0.18
EPS Growth %	41.63%	0.67%	-57.05%	-112.82%	7.83%	-92.59%	30.43%	27.64%	64.04%	111.25%
EPS (Basic)	-1.50	-1.49	-2.34	-4.98	-4.59	-8.84	-6.15	-4.45	-1.60	0.18
Diluted Shares Outstanding	18.09M	34.22M	54.4M	62.23M	75.16M	84.42M	106.11M	118.68M	123.91M	126.02M
Basic Shares Outstanding	18.09M	34.22M	54.4M	62.23M	75.16M	84.42M	106.11M	118.68M	123.91M	126.02M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	27.37M	182.02M	202.44M	373.09M	917.19M	824.05M	719.52M	766.33M	788.95M	1.01B
Cash & Short-Term Investments	24.86M	175.64M	176.27M	351.99M	877.65M	701.23M	551.8M	352.3M	416.14M	466.23M
Cash Only	24.86M	175.64M	176.27M	351.99M	565.78M	640.19M	551.8M	351.19M	411.29M	466.23M
Short-Term Investments	0	0	0	0	311.87M	61.03M	0	1.11M	4.85M	0
Accounts Receivable	0	0	0	0	25M	80.1M	7.73M	206.44M	271.72M	366.22M
Days Sales Outstanding	-	-	-	-	36.41	439.25	37.39	190	126.93	193.9
Inventory	0	0	0	0	0	24M	85.71M	146.36M	82.48M	142.56M
Days Inventory Outstanding	-	-	-	-	-	1.68K	5.55K	913.04	255.74	508.95
Other Current Assets	1.37M	1.31M	1.84M	1.31M	11.14M	13.54M	36.66M	22.41M	9.1M	39.83M
Total Non-Current Assets+	64.53K	116.15K	1.09M	16.15M	43.38M	57.72M	40.69M	22.4M	96.1M	60.42M
Property, Plant & Equipment	0	0	977.92K	15.77M	24.52M	26.08M	24.89M	21.09M	19.04M	19.9M
Fixed Asset Turnover	-	-	-	-	10.22x	2.55x	3.03x	18.80x	41.05x	34.64x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	3.24M	0	0
Other Non-Current Assets	64.53K	116.15K	116.42K	385.09K	18.86M	31.64M	15.8M	-1.93M	77.06M	40.51M
Total Assets+	27.43M	182.13M	203.53M	389.24M	960.57M	881.76M	760.22M	788.73M	885.05M	1.08B
Asset Turnover	-	-	-	-	0.26x	0.08x	0.10x	0.50x	0.88x	0.64x
Asset Growth %	-28.14%	563.91%	11.75%	91.24%	146.78%	-8.2%	-13.78%	3.75%	12.21%	21.49%
Total Current Liabilities+	3.64M	6.55M	17.02M	65.75M	128.33M	131.85M	167.61M	247.59M	185.51M	323.6M
Accounts Payable	2.55M	3.66M	10.25M	8.36M	8.48M	16.91M	37.34M	37.52M	38.57M	56.8M
Days Payables Outstanding	-	-	29.26	5.12K	123.52	1.19K	2.42K	234.03	119.59	202.78
Short-Term Debt	0	0	1.67M	2.61M	0	0	0	0	0	7.09M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	43.34M	4.23M	7.58M	81.43M	75.83M	0	259.71M
Current Ratio	7.52x	27.77x	11.89x	5.67x	7.15x	6.25x	4.29x	3.10x	4.25x	3.14x
Quick Ratio	7.52x	27.77x	11.89x	5.67x	7.15x	6.07x	3.78x	2.50x	3.81x	2.70x
Cash Conversion Cycle	-	-	-	-	-	937.19	3.17K	869.01	263.08	500.07
Total Non-Current Liabilities+	0	26.63M	25.54M	289.26M	627.68M	551.26M	422.74M	346.62M	471M	381.51M
Long-Term Debt	0	26.39M	25.38M	142.57M	358.83M	189.02M	92.74M	93.03M	452.83M	105.61M
Capital Lease Obligations	0	0	0	11.86M	15.22M	17.08M	14.35M	11.45M	10.2M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	244.29K	158.78K	134.84M	253.64M	345.15M	315.65M	242.13M	7.97M	275.9M
Total Liabilities	3.64M	33.19M	42.56M	355.02M	756.01M	683.1M	590.35M	594.21M	656.51M	705.11M
Total Debt+	0	26.39M	27.04M	157.03M	377.73M	210.22M	112.71M	110.93M	469.78M	112.7M
Net Debt	-24.86M	-149.25M	-149.22M	-194.95M	-188.05M	-429.97M	-439.09M	-240.26M	58.49M	-353.54M
Debt / Equity	-	0.18x	0.17x	4.59x	1.85x	1.06x	0.66x	0.57x	2.06x	0.30x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	1.65x
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-5.17x
Interest Coverage	-	-523.83x	-50.91x	-54.50x	-7.14x	-40.50x	-18.23x	-17.48x	-4.08x	1.25x
Total Equity+	23.79M	148.94M	160.97M	34.23M	204.56M	198.66M	169.87M	194.52M	228.54M	370.15M
Equity Growth %	-31.97%	525.96%	8.08%	-78.74%	497.6%	-2.88%	-14.49%	14.51%	17.49%	61.96%
Book Value per Share	1.32	4.35	2.96	0.55	2.72	2.35	1.60	1.64	1.84	2.94
Total Shareholders' Equity	23.79M	148.94M	160.97M	34.23M	204.56M	198.66M	169.87M	194.52M	228.54M	370.15M
Common Stock	843	5.03K	5.63K	6.39K	8K	10K	11K	12K	12K	12K
Retained Earnings	-98.26M	-149.26M	-276.77M	-581.47M	-926.35M	-1.66B	-2.31B	-2.84B	-3.04B	-3.01B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	-122.81K	-153.78K	-117K	-2.09M	-875K	-3.54M	-3.31M	-2.1M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-26M	-46.6M	-131.24M	-211.13M	-160.49M	-563.13M	-513.75M	-594.74M	-87.87M	45.33M
Operating CF Margin %	-	-	-	-	-64.03%	-846%	-681.16%	-149.96%	-11.25%	6.58%
Operating CF Growth %	-37.9%	-79.19%	-181.66%	-60.88%	23.99%	-250.88%	8.77%	-15.76%	85.23%	151.59%
Net Income	-27.12M	-51.01M	-127.5M	-304.71M	-344.87M	-746.35M	-652.17M	-528.63M	-197.88M	22.39M
Depreciation & Amortization	0	11.94K	0	596K	859K	1.49M	1.49M	1.7M	1.8M	0
Stock-Based Compensation	1.08M	5.42M	7.73M	21.14M	45.38M	70.67M	91.08M	105.94M	114.13M	0
Deferred Taxes	0	153.69K	0	0	0	198.26M	0	0	0	0
Other Non-Cash Items	1.01M	13.56K	568.33K	18.52M	118.56M	6.33M	61.55M	26.41M	12.44M	22.94M
Working Capital Changes	42.57K	-1.19M	-12.04M	53.31M	19.59M	-93.52M	-15.7M	-200.17M	-18.36M	0
Change in Receivables	0	0	0	0	0	-10.1M	2.38M	0	-58.48M	0
Change in Inventory	0	0	0	0	0	-16.32M	-69.4M	0	-10.76M	0
Change in Payables	69.78K	932.3K	6.59M	-1.64M	-54K	10.49M	18.69M	170K	1.09M	0
Cash from Investing+	0	0	0	-1.69M	-316.99M	247.62M	59.89M	-674K	-403K	-313K
Capital Expenditures	0	0	0	-1.69M	-5.42M	-1.1M	-1.52M	-773K	-403K	0
CapEx % of Revenue	-	-	-	-	2.16%	1.66%	2.02%	0.19%	0.05%	-
Acquisitions	0	0	0	0	0	-248.72M	-61.42M	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	248.72M	61.42M	99K	0	-313K
Cash from Financing+	14.86M	197.38M	131.9M	388.54M	692.18M	392.24M	365.66M	394.5M	149.24M	8.88M
Debt Issued (Net)	0	26.36M	0	184.21M	322.87M	0	0	0	365.45M	0
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	0	1.2M	709.36K	94.75M	-12.12M	11.87M	-14.46M	10.11M	-235.04M	8.88M
Net Change in Cash	-11.14M	150.78M	624.14K	175.72M	215.06M	74.71M	-88.68M	-200.78M	60.31M	55.15M
Free Cash Flow+	-26M	-46.6M	-131.24M	-212.83M	-165.91M	-564.23M	-515.27M	-595.51M	-88.27M	45.33M
FCF Margin %	-	-	-	-	-66.19%	-847.66%	-683.18%	-150.16%	-11.3%	6.58%
FCF Growth %	-37.9%	-79.19%	-181.66%	-62.17%	22.05%	-240.08%	8.68%	-15.57%	85.18%	151.35%
FCF per Share	-1.44	-1.36	-2.41	-3.42	-2.21	-6.68	-4.86	-5.02	-0.71	0.36
FCF Conversion (FCF/Net Income)	0.96x	0.91x	1.03x	0.69x	0.47x	0.75x	0.79x	1.13x	0.44x	2.02x
Interest Paid	0	0	0	987K	12.93M	10.27M	5M	0	29.37M	0
Taxes Paid	0	0	0	0	0	49K	4.92M	0	1.65M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-92.31%	-59.06%	-82.28%	-312.2%	-288.86%	-370.2%	-353.93%	-290.14%	-93.55%	7.48%
Return on Invested Capital (ROIC)	-	-	-1677.51%	-	-970.89%	-	-	-	-102.56%	27.38%
Gross Margin	-	-	-	-	90.01%	92.19%	92.53%	85.25%	84.93%	85.17%
Net Margin	-	-	-	-	-137.59%	-1121.27%	-864.7%	-133.29%	-25.32%	3.25%
Debt / Equity	-	0.18x	0.17x	4.59x	1.85x	1.06x	0.66x	0.57x	2.06x	0.30x
Interest Coverage	-	-523.83x	-50.91x	-54.50x	-7.14x	-40.50x	-18.23x	-17.48x	-4.08x	1.25x
FCF Conversion	0.96x	0.91x	1.03x	0.69x	0.47x	0.75x	0.79x	1.13x	0.44x	2.02x
Revenue Growth	-	-	-	-	-	-73.44%	13.31%	425.83%	97.02%	-11.77%

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Apellis Pharmaceuticals, Inc. (APLS) 10-Year Financial Performance & Capital Metrics

APLS •

HealthcareBiotechnologyImmunology and Inflammation Therapies

Revenue $689M -11.8%
EBITDA $68M +141.9%
Net Income $22M +111.3%
EPS (Diluted) 0.18 +111.3%
Gross Margin 85.17% +0.3%
EBITDA Margin 9.93% +147.5%
Operating Margin 8.04% +138.1%
Net Margin 3.25% +112.8%
ROE 7.48% +108.0%
ROIC 27.38% +126.7%
Debt/Equity 0.30 -85.2%
Interest Coverage 1.25 +130.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 22.4%

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y22.43%

3Y109.08%

TTM-11.77%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM100%

EPS CAGR

10Y-

5Y-

3Y-

TTM99.37%

ROCE

10Y Avg-63.09%

5Y Avg-53.31%

3Y Avg-36.73%

Latest7.64%

Peer Comparison

Immunology and Inflammation Therapies

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TGTXTG Therapeutics, Inc.	4.75B	30.09	200.60	40.8%	13.31%	21.87%		1.14
APLSApellis Pharmaceuticals, Inc.	2.65B	20.96	116.44	-11.77%	3.25%	7.48%	1.71%	0.30
ARGXargenx SE	47.46B	766.92	60.01	78.6%	23.34%	15.14%		0.01
KNSAKiniksa Pharmaceuticals, Ltd.	3.39B	44.49	59.32	60.09%	17.52%	20.92%	0.75%	0.02
AUPHAurinia Pharmaceuticals Inc.	1.88B	14.17	6.85	20.38%	101.47%	49.4%	7.22%	0.13
GLPGGalapagos N.V.	2.22B	33.66	5.88	303.48%	28.85%	9.92%		0.00
AKTXAkari Therapeutics, Plc	12.56B	0.24	-0.00			-69.35%		0.15
RAPTRAPT Therapeutics, Inc.	7.65B	57.98	-2.27			-69.51%		0.02

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	0	0	0	0	250.65M	66.56M	75.42M	396.59M	781.37M	689.38M
Revenue Growth %	-	-	-	-	-	-73.44%	13.31%	425.83%	97.02%	-11.77%
Cost of Goods Sold+	0	0	127.92M	595.45K	25.05M	5.2M	5.64M	58.51M	117.72M	102.24M
COGS % of Revenue	-	-	-	-	9.99%	7.81%	7.47%	14.75%	15.07%	14.83%
Gross Profit+	0	-50.77M	-127.92M	-595.45K	225.6M	61.36M	69.79M	338.08M	663.64M	587.15M
Gross Margin %	-	-	-	-	90.01%	92.19%	92.53%	85.25%	84.93%	85.17%
Gross Profit Growth %	-	-	-151.98%	99.53%	37986.7%	-72.8%	13.73%	384.45%	96.3%	-11.53%
Operating Expenses+	27.28M	50.77M	127.92M	287.42M	439.32M	597.64M	664.4M	855.2M	828.62M	531.72M
OpEx % of Revenue	-	-	-	-	175.28%	897.86%	880.91%	215.64%	106.05%	77.13%
Selling, General & Admin	4.3M	10.46M	22.64M	66.45M	139.4M	176.77M	277.16M	500.81M	501.05M	550.26M
SG&A % of Revenue	-	-	-	-	55.62%	265.57%	367.48%	126.28%	64.13%	79.82%
Research & Development	22.98M	40.3M	105.29M	220.97M	299.92M	420.87M	387.24M	354.39M	327.57M	295.85M
R&D % of Revenue	-	-	-	-	119.66%	632.29%	513.43%	89.36%	41.92%	42.92%
Other Operating Expenses	157.71K	11.54K	-111K	0	-501K	1.36M	-288K	0	0	-314.4M
Operating Income+	-27.28M	-50.77M	-127.92M	-288.02M	-213.73M	-536.28M	-594.61M	-517.12M	-164.98M	55.43M
Operating Margin %	-	-	-	-	-85.27%	-805.67%	-788.38%	-130.39%	-21.11%	8.04%
Operating Income Growth %	41.42%	-86.08%	-151.98%	-125.14%	25.79%	-150.92%	-10.88%	13.03%	68.1%	133.6%
EBITDA+	0	-50.76M	0	-287.42M	-212.87M	-534.78M	-593.13M	-515.42M	-163.18M	68.44M
EBITDA Margin %	-	-	-	-	-84.93%	-803.43%	-786.41%	-129.96%	-20.88%	9.93%
EBITDA Growth %	-100%	-	100%	-	25.94%	-151.23%	-10.91%	13.1%	68.34%	141.94%
D&A (Non-Cash Add-back)	27.28M	11.94K	127.92M	595.45K	859K	1.49M	1.49M	1.7M	1.8M	0
EBIT	-27.13M	-50.91M	-124.99M	-299.42M	-313.09M	-732.76M	-618.88M	-496.92M	-156.32M	68.44M
Net Interest Income+	0	-96.92K	447.81K	-176K	-25.77M	-12.82M	-23.71M	-8.65M	-27.62M	-31.18M
Interest Income	0	0	2.96M	5.11M	4.16M	418K	8.91M	20.93M	12.77M	13.14M
Interest Expense	0	96.92K	2.51M	5.29M	29.94M	13.24M	32.63M	29.58M	40.39M	44.33M
Other Income/Expense	157.71K	-239K	422.81K	-16.69M	-129.3M	-209.72M	-56.89M	-9.38M	-31.74M	0
Pretax Income+	-27.13M	-51.01M	-127.5M	-304.71M	-343.03M	-746M	-651.5M	-526.5M	-196.72M	24.11M
Pretax Margin %	-	-	-	-	-136.86%	-1120.75%	-863.81%	-132.76%	-25.18%	3.5%
Income Tax+	0	250.61K	-533K	0	1.84M	352K	669K	2.13M	1.16M	1.72M
Effective Tax Rate %	100%	100%	100%	100%	100.54%	100.05%	100.1%	100.4%	100.59%	92.86%
Net Income+	-27.13M	-51.01M	-127.5M	-304.71M	-344.87M	-746.35M	-652.17M	-528.63M	-197.88M	22.39M
Net Margin %	-	-	-	-	-137.59%	-1121.27%	-864.7%	-133.29%	-25.32%	3.25%
Net Income Growth %	41.69%	-88.04%	-149.97%	-138.98%	-13.18%	-116.41%	12.62%	18.94%	62.57%	111.31%
Net Income (Continuing)	-27.13M	-51.01M	-127.5M	-304.71M	-344.87M	-746.35M	-652.17M	-528.63M	-197.88M	22.39M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-1.50	-1.49	-2.34	-4.98	-4.59	-8.84	-6.15	-4.45	-1.60	0.18
EPS Growth %	41.63%	0.67%	-57.05%	-112.82%	7.83%	-92.59%	30.43%	27.64%	64.04%	111.25%
EPS (Basic)	-1.50	-1.49	-2.34	-4.98	-4.59	-8.84	-6.15	-4.45	-1.60	0.18
Diluted Shares Outstanding	18.09M	34.22M	54.4M	62.23M	75.16M	84.42M	106.11M	118.68M	123.91M	126.02M
Basic Shares Outstanding	18.09M	34.22M	54.4M	62.23M	75.16M	84.42M	106.11M	118.68M	123.91M	126.02M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	27.37M	182.02M	202.44M	373.09M	917.19M	824.05M	719.52M	766.33M	788.95M	1.01B
Cash & Short-Term Investments	24.86M	175.64M	176.27M	351.99M	877.65M	701.23M	551.8M	352.3M	416.14M	466.23M
Cash Only	24.86M	175.64M	176.27M	351.99M	565.78M	640.19M	551.8M	351.19M	411.29M	466.23M
Short-Term Investments	0	0	0	0	311.87M	61.03M	0	1.11M	4.85M	0
Accounts Receivable	0	0	0	0	25M	80.1M	7.73M	206.44M	271.72M	366.22M
Days Sales Outstanding	-	-	-	-	36.41	439.25	37.39	190	126.93	193.9
Inventory	0	0	0	0	0	24M	85.71M	146.36M	82.48M	142.56M
Days Inventory Outstanding	-	-	-	-	-	1.68K	5.55K	913.04	255.74	508.95
Other Current Assets	1.37M	1.31M	1.84M	1.31M	11.14M	13.54M	36.66M	22.41M	9.1M	39.83M
Total Non-Current Assets+	64.53K	116.15K	1.09M	16.15M	43.38M	57.72M	40.69M	22.4M	96.1M	60.42M
Property, Plant & Equipment	0	0	977.92K	15.77M	24.52M	26.08M	24.89M	21.09M	19.04M	19.9M
Fixed Asset Turnover	-	-	-	-	10.22x	2.55x	3.03x	18.80x	41.05x	34.64x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	3.24M	0	0
Other Non-Current Assets	64.53K	116.15K	116.42K	385.09K	18.86M	31.64M	15.8M	-1.93M	77.06M	40.51M
Total Assets+	27.43M	182.13M	203.53M	389.24M	960.57M	881.76M	760.22M	788.73M	885.05M	1.08B
Asset Turnover	-	-	-	-	0.26x	0.08x	0.10x	0.50x	0.88x	0.64x
Asset Growth %	-28.14%	563.91%	11.75%	91.24%	146.78%	-8.2%	-13.78%	3.75%	12.21%	21.49%
Total Current Liabilities+	3.64M	6.55M	17.02M	65.75M	128.33M	131.85M	167.61M	247.59M	185.51M	323.6M
Accounts Payable	2.55M	3.66M	10.25M	8.36M	8.48M	16.91M	37.34M	37.52M	38.57M	56.8M
Days Payables Outstanding	-	-	29.26	5.12K	123.52	1.19K	2.42K	234.03	119.59	202.78
Short-Term Debt	0	0	1.67M	2.61M	0	0	0	0	0	7.09M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	43.34M	4.23M	7.58M	81.43M	75.83M	0	259.71M
Current Ratio	7.52x	27.77x	11.89x	5.67x	7.15x	6.25x	4.29x	3.10x	4.25x	3.14x
Quick Ratio	7.52x	27.77x	11.89x	5.67x	7.15x	6.07x	3.78x	2.50x	3.81x	2.70x
Cash Conversion Cycle	-	-	-	-	-	937.19	3.17K	869.01	263.08	500.07
Total Non-Current Liabilities+	0	26.63M	25.54M	289.26M	627.68M	551.26M	422.74M	346.62M	471M	381.51M
Long-Term Debt	0	26.39M	25.38M	142.57M	358.83M	189.02M	92.74M	93.03M	452.83M	105.61M
Capital Lease Obligations	0	0	0	11.86M	15.22M	17.08M	14.35M	11.45M	10.2M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	244.29K	158.78K	134.84M	253.64M	345.15M	315.65M	242.13M	7.97M	275.9M
Total Liabilities	3.64M	33.19M	42.56M	355.02M	756.01M	683.1M	590.35M	594.21M	656.51M	705.11M
Total Debt+	0	26.39M	27.04M	157.03M	377.73M	210.22M	112.71M	110.93M	469.78M	112.7M
Net Debt	-24.86M	-149.25M	-149.22M	-194.95M	-188.05M	-429.97M	-439.09M	-240.26M	58.49M	-353.54M
Debt / Equity	-	0.18x	0.17x	4.59x	1.85x	1.06x	0.66x	0.57x	2.06x	0.30x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	1.65x
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-5.17x
Interest Coverage	-	-523.83x	-50.91x	-54.50x	-7.14x	-40.50x	-18.23x	-17.48x	-4.08x	1.25x
Total Equity+	23.79M	148.94M	160.97M	34.23M	204.56M	198.66M	169.87M	194.52M	228.54M	370.15M
Equity Growth %	-31.97%	525.96%	8.08%	-78.74%	497.6%	-2.88%	-14.49%	14.51%	17.49%	61.96%
Book Value per Share	1.32	4.35	2.96	0.55	2.72	2.35	1.60	1.64	1.84	2.94
Total Shareholders' Equity	23.79M	148.94M	160.97M	34.23M	204.56M	198.66M	169.87M	194.52M	228.54M	370.15M
Common Stock	843	5.03K	5.63K	6.39K	8K	10K	11K	12K	12K	12K
Retained Earnings	-98.26M	-149.26M	-276.77M	-581.47M	-926.35M	-1.66B	-2.31B	-2.84B	-3.04B	-3.01B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	-122.81K	-153.78K	-117K	-2.09M	-875K	-3.54M	-3.31M	-2.1M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-26M	-46.6M	-131.24M	-211.13M	-160.49M	-563.13M	-513.75M	-594.74M	-87.87M	45.33M
Operating CF Margin %	-	-	-	-	-64.03%	-846%	-681.16%	-149.96%	-11.25%	6.58%
Operating CF Growth %	-37.9%	-79.19%	-181.66%	-60.88%	23.99%	-250.88%	8.77%	-15.76%	85.23%	151.59%
Net Income	-27.12M	-51.01M	-127.5M	-304.71M	-344.87M	-746.35M	-652.17M	-528.63M	-197.88M	22.39M
Depreciation & Amortization	0	11.94K	0	596K	859K	1.49M	1.49M	1.7M	1.8M	0
Stock-Based Compensation	1.08M	5.42M	7.73M	21.14M	45.38M	70.67M	91.08M	105.94M	114.13M	0
Deferred Taxes	0	153.69K	0	0	0	198.26M	0	0	0	0
Other Non-Cash Items	1.01M	13.56K	568.33K	18.52M	118.56M	6.33M	61.55M	26.41M	12.44M	22.94M
Working Capital Changes	42.57K	-1.19M	-12.04M	53.31M	19.59M	-93.52M	-15.7M	-200.17M	-18.36M	0
Change in Receivables	0	0	0	0	0	-10.1M	2.38M	0	-58.48M	0
Change in Inventory	0	0	0	0	0	-16.32M	-69.4M	0	-10.76M	0
Change in Payables	69.78K	932.3K	6.59M	-1.64M	-54K	10.49M	18.69M	170K	1.09M	0
Cash from Investing+	0	0	0	-1.69M	-316.99M	247.62M	59.89M	-674K	-403K	-313K
Capital Expenditures	0	0	0	-1.69M	-5.42M	-1.1M	-1.52M	-773K	-403K	0
CapEx % of Revenue	-	-	-	-	2.16%	1.66%	2.02%	0.19%	0.05%	-
Acquisitions	0	0	0	0	0	-248.72M	-61.42M	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	248.72M	61.42M	99K	0	-313K
Cash from Financing+	14.86M	197.38M	131.9M	388.54M	692.18M	392.24M	365.66M	394.5M	149.24M	8.88M
Debt Issued (Net)	0	26.36M	0	184.21M	322.87M	0	0	0	365.45M	0
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	0	1.2M	709.36K	94.75M	-12.12M	11.87M	-14.46M	10.11M	-235.04M	8.88M
Net Change in Cash	-11.14M	150.78M	624.14K	175.72M	215.06M	74.71M	-88.68M	-200.78M	60.31M	55.15M
Free Cash Flow+	-26M	-46.6M	-131.24M	-212.83M	-165.91M	-564.23M	-515.27M	-595.51M	-88.27M	45.33M
FCF Margin %	-	-	-	-	-66.19%	-847.66%	-683.18%	-150.16%	-11.3%	6.58%
FCF Growth %	-37.9%	-79.19%	-181.66%	-62.17%	22.05%	-240.08%	8.68%	-15.57%	85.18%	151.35%
FCF per Share	-1.44	-1.36	-2.41	-3.42	-2.21	-6.68	-4.86	-5.02	-0.71	0.36
FCF Conversion (FCF/Net Income)	0.96x	0.91x	1.03x	0.69x	0.47x	0.75x	0.79x	1.13x	0.44x	2.02x
Interest Paid	0	0	0	987K	12.93M	10.27M	5M	0	29.37M	0
Taxes Paid	0	0	0	0	0	49K	4.92M	0	1.65M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-92.31%	-59.06%	-82.28%	-312.2%	-288.86%	-370.2%	-353.93%	-290.14%	-93.55%	7.48%
Return on Invested Capital (ROIC)	-	-	-1677.51%	-	-970.89%	-	-	-	-102.56%	27.38%
Gross Margin	-	-	-	-	90.01%	92.19%	92.53%	85.25%	84.93%	85.17%
Net Margin	-	-	-	-	-137.59%	-1121.27%	-864.7%	-133.29%	-25.32%	3.25%
Debt / Equity	-	0.18x	0.17x	4.59x	1.85x	1.06x	0.66x	0.57x	2.06x	0.30x
Interest Coverage	-	-523.83x	-50.91x	-54.50x	-7.14x	-40.50x	-18.23x	-17.48x	-4.08x	1.25x
FCF Conversion	0.96x	0.91x	1.03x	0.69x	0.47x	0.75x	0.79x	1.13x	0.44x	2.02x
Revenue Growth	-	-	-	-	-	-73.44%	13.31%	425.83%	97.02%	-11.77%

Apellis Pharmaceuticals, Inc. (APLS) 10-Year Financial Performance & Capital Metrics

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Apellis Pharmaceuticals, Inc. (APLS) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare APLS vs Peers

vs ARGX

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