Cash flow generation remains highly erratic, with a $61.0 million free cash flow deficit in 2026Q1 contrasting with the $108.3 million surplus achieved in 2025Q3 due to significant working capital swings.
Apellis Pharmaceuticals, Inc. (APLS) cash flow statement — 13-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | 37.77M | 45.33M | -87.87M | -594.74M | -513.75M | -563.13M | -160.49M | -211.13M | -131.24M | -46.6M | -26M | -18.86M | -9.95M | -3.44M |
| Operating CF Margin % | - | 4.52% | -11.25% | -149.96% | -681.16% | -846% | -64.03% | - | - | - | - | - | - | - |
| Operating CF Growth % | 184.06% | 151.59% | 85.23% | -15.76% | 8.77% | -250.88% | 23.99% | -60.88% | -181.66% | -79.19% | -37.9% | -89.57% | -188.76% | - |
| Net Income | 133.27M | 22.39M | -197.88M | -528.63M | -652.17M | -746.35M | -344.87M | -304.71M | -127.5M | -51.01M | -27.12M | -46.52M | -10.79M | -3.96M |
| Depreciation & Amortization | -155K | 1.56M | 1.8M | 1.7M | 1.49M | 1.49M | 859K | 596K | 0 | 11.94K | 0 | 0 | 6.59K | 6.26K |
| Stock-Based Compensation | -2.2M | 104M | 114.13M | 105.94M | 91.08M | 70.67M | 45.38M | 21.14M | 7.73M | 5.42M | 1.08M | 545.7K | 659.15K | 271.84K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 198.26M | 0 | 0 | 0 | 153.69K | 0 | 0 | 0 | -271.84K |
| Other Non-Cash Items | 130.51M | 2.5M | 12.44M | 26.41M | 61.55M | 6.33M | 118.56M | 18.52M | 568.33K | 13.56K | 1.01M | 26.49M | 804 | 271.84K |
| Working Capital Changes | -201.27M | -85.12M | -18.36M | -200.17M | -15.7M | -93.52M | 19.59M | 53.31M | -12.04M | -1.19M | 42.57K | 628.31K | 175.01K | 238.81K |
| Change in Receivables | -205.03M | -101.28M | -58.48M | -198.72M | 2.38M | -10.1M | 0 | 0 | 0 | 0 | 0 | 0 | 44.71K | 39.85K |
| Change in Inventory | -10.46M | -15.27M | -10.76M | -60.65M | -69.4M | -16.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -6.23M | 18.22M | 1.09M | 170K | 18.69M | 10.49M | -54K | -1.64M | 6.59M | 932.3K | 69.78K | 1.73M | 397.66K | 219.93K |
| Cash from Investing | -305K | -313K | -403K | -674K | 59.89M | 247.62M | -316.99M | -1.69M | 0 | 0 | 0 | 0 | -19.95K | 0 |
| Capital Expenditures | 8K | -313K | -403K | -773K | -1.52M | -1.1M | -5.42M | -1.69M | 0 | 0 | 0 | 0 | -19.95K | 0 |
| CapEx % of Revenue | 0% | 0.03% | 0.05% | 0.19% | 2.02% | 1.66% | 2.16% | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -61.42M | -248.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -313K | 0 | 0 | 99K | 61.42M | 248.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 8.67M | 8.88M | 149.24M | 394.5M | 365.66M | 392.24M | 692.18M | 388.54M | 131.9M | 197.38M | 14.86M | 41.24M | 18.83M | 7.16M |
| Debt Issued (Net) | 0 | 0 | 365.45M | 0 | 0 | 0 | 322.87M | 184.21M | 0 | 26.36M | 0 | 0 | 0 | -274.55K |
| Equity Issued (Net) | 8.7M | 8.89M | 18.83M | 384.39M | 380.12M | 380.36M | 381.42M | 109.58M | 131.19M | 169.81M | 14.86M | 41.33M | 18.83M | 7.44M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 6.53M | -11K | -235.04M | 10.11M | -14.46M | 11.87M | -12.12M | 94.75M | 709.36K | 1.2M | 0 | -90.87K | 0 | 0 |
| Net Change in Cash | 46.9M | 55.15M | 60.31M | -200.78M | -88.68M | 74.71M | 215.06M | 175.72M | 624.14K | 150.78M | -11.14M | 22.38M | 8.86M | 3.72M |
| Free Cash Flow | 37.78M | 45.01M | -88.27M | -595.51M | -515.27M | -564.23M | -165.91M | -212.83M | -131.24M | -46.6M | -26M | -18.86M | -9.97M | -3.44M |
| FCF Margin % | 3.42% | 4.48% | -11.3% | -150.16% | -683.18% | -847.66% | -66.19% | - | - | - | - | - | - | - |
| FCF Growth % | 549.16% | 151% | 85.18% | -15.57% | 8.68% | -240.08% | 22.05% | -62.17% | -181.66% | -79.19% | -37.9% | -89.19% | -189.34% | - |
| FCF per Share | 0.30 | 0.36 | -0.71 | -5.02 | -4.86 | -6.68 | -2.21 | -3.42 | -2.41 | -1.36 | -1.44 | -1.04 | -0.55 | -0.75 |
| FCF Conversion (FCF/Net Income) | 0.28x | 2.02x | 0.44x | 1.13x | 0.79x | 0.75x | 0.47x | 0.69x | 1.03x | 0.91x | 0.96x | 0.41x | 0.92x | 0.87x |
| Interest Paid | 10.48M | 0 | 29.37M | 0 | 5M | 10.27M | 12.93M | 987K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 732K | 0 | 1.65M | 0 | 4.92M | 49K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying APLS stock.
Apellis Pharmaceuticals, Inc. (APLS) generated $45.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Apellis Pharmaceuticals, Inc. (APLS) generated $45.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Apellis Pharmaceuticals, Inc. (APLS) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Commercial adoption and safety
Metrics are mathematically derived from official filings.
Earnings Quality Lacks Cash Alignment
As reported in financial statements, the relationship between net income and operating cash flow remains highly volatile, with the OCF/NI ratio swinging from a positive 0.50 in 2025Q3 to a negative 3.27 in 2026Q1, indicating significant disconnects between accounting profits and actual cash generation.
The frequent divergence between net income and operating cash flow suggests that non-cash items and accruals are heavily influencing reported earnings. Investors should monitor whether this instability reflects genuine operational friction or merely the timing of collaboration-related revenue recognition.
FCF Volatility Reflects Launch Challenges
Based on Apellis's reported figures, free cash flow has demonstrated extreme inconsistency, oscillating from a peak of $108.3 million in 2025Q3 to a deficit of $61.0 million in 2026Q1, highlighting the difficulty in maintaining a self-sustaining cash trajectory during the commercial rollout phase.
The inability to maintain positive free cash flow suggests that the company's commercial infrastructure costs remain high relative to the current revenue base. This trajectory warrants further investigation into whether the recent cash burn is a temporary byproduct of market expansion or a structural issue with product margins.
Working Capital Swings Obscure Liquidity
According to recent SEC filings, working capital changes have been a primary driver of cash flow variability, with a significant $105.7 million outflow in 2026Q1 following a $136.4 million outflow in 2025Q3, suggesting that inventory and receivables management remains a volatile component of liquidity.
These large, erratic swings in working capital may indicate challenges in managing the specialty distributor channel or potential inventory build-ups that have not yet converted to cash. Analysts should scrutinize whether these fluctuations are indicative of underlying demand softness or simply the lumpy nature of pharmaceutical supply chains.
SBC and Accruals Mask Reality
As evidenced by the provided data, stock-based compensation remains a consistent and material non-cash adjustment, with quarterly figures frequently exceeding $25 million, which effectively masks the true extent of the company's cash-based operating expenses and dilutes the quality of reported cash flow metrics.
The persistent reliance on stock-based compensation as a significant adjustment suggests that the company's cash flow statement may be overstating its operational efficiency. Investors should consider the impact of this ongoing dilution on long-term shareholder value, as it represents a real cost that is often excluded from headline cash flow analysis.