Apellis Pharmaceuticals, Inc.
APLSNasdaqHealthcare · Pharmaceutical Preparations · DE · SEC filings ↗ · Compare ⊕
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SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $1.00B | $781.4M | $396.6M | $75.4M | $66.6M | $250.6M |
| Operating income | $55.4M | −$165.0M | −$517.1M | −$594.6M | −$536.3M | −$213.7M |
| Net income | $22.4M | −$197.9M | −$528.6M | −$652.2M | −$746.4M | −$344.9M |
| Total assets | $1.08B | $885.1M | $788.7M | $760.2M | $881.8M | $960.6M |
| Total liabilities | $705.1M | $656.5M | $594.2M | $590.3M | $683.1M | $756.0M |
| Equity | $370.1M | $228.5M | $194.5M | $169.9M | $198.7M | $204.6M |
| EPS (diluted) | $0.20 | $-1.60 | $-4.45 | $-6.15 | $-8.84 | $-2.29 |
| Shares out. | 125.5M | 120.6M | 111.3M | 97.7M | 80.4M | 75.3M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- 5.5%
- Net margin
- 2.2%
- Return on equity
- 6.0%
- Return on assets
- 2.1%
- Return on capital (ROCE)
- 7.4%
- Liabilities / assets
- 65.6%
- Debt / equity
- 1.90×
- Book value / share
- $2.95
- Revenue growth (YoY)
- 28.5%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- -4.02distress
- Accruals / assets
- −2.1%clean
- Piotroski F-Score
- 7/9strong
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 1 severe● 4 good- Altman Z″ in the distress zone
- Operating margin is positive
- Revenue is growing year-over-year
- Positive operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Clinical trials
ClinicalTrials.gov · ongoing · next readout first- Phase 3Active Not Recruitingreadout ~2025-11-29Pegcetacoplan Long Term Safety and Efficacy Extension Study
- Phase 2Recruitingreadout ~2027-06A Phase 2, Randomized, Placebo Controlled, Multicenter, Masked Study to Evaluate the Efficacy, Safety, Tolerability, and Pharmacodynamics of Multidose APL 3007 in Combination With Syfovre/Pegcetacoplan (APL-2) in Patients Diagnosed With Geographic Atrophy Secondary to Age Related Macular Degeneratio
- Phase 3Active Not Recruitingreadout ~2027-07An Open-Label, Nonrandomized, Multicenter Extension Study to Evaluate the Long-term Safety and Efficacy of Pegcetacoplan in Participants With C3 Glomerulopathy or Immune-Complex Membranoproliferative Glomerulonephritis
- Phase 3Recruitingreadout ~2027-08A Phase 3 Study to Evaluate the Efficacy and Safety of Pegcetacoplan in Adults at High Risk of Delayed Graft Function (DGF) Following Kidney Allograft Transplantation
- Phase 2Recruitingreadout ~2028-12A Study of Pegcetacoplan in Pediatric Patients With Paroxysmal Nocturnal Hemoglobinuria (PNH)
- Phase 2/3Not Yet Recruitingreadout ~2029-10A Sequential Phase 2/3 Study of APL2 in Patients With Focal Segmental Glomerulosclerosis
Interventional studies led by this company. “Readout” is the trial's primary-completion date — an estimate the sponsor reports, not a guarantee.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| Apr 30, 2026 | 10.8M | 3.1 | -24.5% |
| Apr 15, 2026 | 14.2M | 1.8 | -43.3% |
| Mar 31, 2026 | 25.1M | 2.6 | +9.6% |
| Mar 13, 2026 | 22.9M | 11.9 | -0.0% |
| Feb 27, 2026 | 22.9M | 12.1 | -7.1% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Entered a material agreement · Terminated a material agreement · Completed an acquisition or disposition · Delisting / listing-standard notice · Modified shareholder rights · Change in control · Director / officer change · Amended charter or bylaws · Regulation FD disclosure · Other material eventMay 14, 2026
- Director / officer changeMay 4, 2026
- Entered a material agreement · Director / officer change · Other material eventMar 31, 2026
- Director / officer changeMar 2, 2026
- Results of operationsJan 12, 2026
- Entered a material agreementJul 1, 2025
- Shareholder voteJun 4, 2025
- Director / officer changeApr 21, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.