APLS

MKT CAP:$5B

Apellis Pharmaceuticals, Inc.

Market Cap

$5B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$40.91+$15.05 (+58.18%)

Apr 21, 2026

Company Details

Apellis 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 inflammato...

CEO

Cedric Francois

IPO Date

Nov 9, 2017

Website

www.apellis.com

Key Metrics TTM

Revenue

$1.0B

+42.1% YoY

Net Income

$45M

EPS (Diluted)

$0.35

Free Cash Flow

$79M

Revenue / Share

$8.07

Gross Margin

88.8%

Operating Margin

7.9%

Net Margin

4.4%

FCF Margin

7.7%

P/S

5.1x

P/E

116.3x

Earnings Reports

Q4 2025

May 6, 2026

PENDING

FY 2025

Feb 24, 2026

$1.0B+28.5%EPS $0.18

Q3 2025

Oct 30, 2025

$459M+133.0%EPS $1.71

Q2 2025

Jul 31, 2025

$178M-10.6%EPS -$0.33

Q1 2025

May 7, 2025

$167M-3.2%EPS -$0.74

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$60M	$60M	-$89M
Q1 22	$14M	$13M	-$129M
Q2 22	$16M	$16M	-$149M
Q3 22	$22M	$21M	-$153M
Q4 22	$23M	$20M	-$164M
Q1 23	$45M	$37M	-$175M
Q2 23	$95M	$87M	-$120M
Q3 23	$110M	$88M	-$137M
Q4 23	$146M	$126M	-$85M
Q1 24	$172M	$152M	-$62M
Q2 24	$200M	$176M	-$29M
Q3 24	$197M	$163M	-$47M
Q4 24	$213M	$172M	-$26M
Q1 25	$167M	$132M	-$83M
Q2 25	$178M	$164M	-$33M
Q3 25	$459M	$434M	$223M

Valuation

Quarter	P/S	P/E
Q4 21	78.6x	—
Q1 22	64.6x	—
Q2 22	54.1x	—
Q3 22	46.3x	—
Q4 22	69.3x	—
Q1 23	49.4x	—
Q2 23	28.3x	—
Q3 23	19.2x	—
Q4 23	13.2x	—
Q1 24	10.0x	—
Q2 24	8.3x	—
Q3 24	7.3x	—
Q4 24	6.7x	—
Q1 25	6.7x	—
Q2 25	6.9x	—
Q3 25	5.1x	116.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$112M	-$113M
Q1 22	-$112M	-$112M
Q2 22	-$107M	-$107M
Q3 22	-$154M	-$155M
Q4 22	-$141M	-$142M
Q1 23	-$178M	-$178M
Q2 23	-$150M	-$151M
Q3 23	-$169M	-$169M
Q4 23	-$98M	-$98M
Q1 24	-$133M	-$133M
Q2 24	-$8M	-$8M
Q3 24	$34M	$34M
Q4 24	$19M	$19M
Q1 25	-$53M	-$53M
Q2 25	$4M	$4M
Q3 25	$108M	$108M

Capital Expenditures

Quarter	CapEx
Q4 21	$19.0K
Q1 22	$86.0K
Q2 22	$391.0K
Q3 22	$196.0K
Q4 22	$851.0K
Q1 23	$259.0K
Q2 23	$372.0K
Q3 23	$47.0K
Q4 23	$95.0K
Q1 24	$293.0K
Q2 24	$90.0K
Q3 24	$0
Q4 24	$20.0K
Q1 25	$8.0K
Q2 25	$49.0K
Q3 25	$148.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-75.9%	+24.9%
Q1 22	—	+15.1%
Q2 22	+2519.9%	-15.4%
Q3 22	+290.4%	+30.9%
Q4 22	-62.4%	+24.7%
Q1 23	+211.8%	+53.4%
Q2 23	+481.8%	+30.6%
Q3 23	+400.5%	+41.4%
Q4 23	+545.9%	+23.7%
Q1 24	+284.3%	+6.6%
Q2 24	+110.3%	+6.4%
Q3 24	+78.3%	-1.4%
Q4 24	+45.2%	+3.4%
Q1 25	-3.2%	+6.7%
Q2 25	-10.6%	-7.6%
Q3 25	+133.0%	-3.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$19M	32.0%
Q1 22	$21M	144.4%
Q2 22	$23M	138.0%
Q3 22	$24M	106.7%
Q4 22	$24M	107.0%
Q1 23	$29M	64.3%
Q2 23	$29M	30.8%
Q3 23	$22M	19.6%
Q4 23	$26M	17.9%
Q1 24	$30M	17.6%
Q2 24	$30M	15.0%
Q3 24	$27M	14.0%
Q4 24	$26M	12.4%
Q1 25	$27M	16.4%
Q2 25	$27M	15.2%
Q3 25	$28M	6.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 21	$108M	—	—	$41M
Q1 22	$91M	$51M	—	—
Q2 22	$102M	$63M	—	—
Q3 22	$95M	$78M	—	—
Q4 22	$99M	$84M	—	—
Q1 23	$110M	$102M	—	—
Q2 23	$96M	$111M	—	—
Q3 23	$79M	$146M	—	—
Q4 23	$69M	$142M	—	—
Q1 24	$85M	—	—	$129M
Q2 24	$78M	—	—	$128M
Q3 24	$89M	—	—	$122M
Q4 24	$76M	$38M	$83M	—
Q1 25	$86M	—	—	$129M
Q2 25	$67M	—	—	$131M
Q3 25	$68M	—	—	$143M

Revenue Segments

Quarter	Licensing And Other Revenue	Product
Q4 21	$51M	$9M
Q1 22	$2M	$12M
Q2 22	$668.0K	$16M
Q3 22	$4M	$18M
Q4 22	$3M	$20M
Q1 23	$6M	$39M
Q2 23	$5M	$90M
Q3 23	$11M	$99M
Q4 23	$8M	$139M
Q1 24	$9M	$163M
Q2 24	$21M	$179M
Q3 24	$20M	$177M
Q4 24	$21M	$191M
Q1 25	$17M	$150M
Q2 25	$7M	$171M
Q3 25	$281M	$178M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$633M	$332M	$965M
Q2 22	$604M	$248M	$853M
Q3 22	$584M	$124M	$709M
Q4 22	$552M	$0	$552M
Q1 23	$765M	$0	$765M
Q2 23	$616M	$9M	$626M
Q3 23	$452M	$13M	$466M
Q4 23	$351M	$1M	$352M
Q1 24	$327M	$0	$327M
Q2 24	$360M	$8M	$368M
Q3 24	$397M	$0	$397M
Q4 24	$411M	$5M	$416M
Q1 25	$358M	$0	$358M
Q2 25	$371M	$0	$371M
Q3 25	$479M	$0	$479M
Q4 25	$468M	$0	$468M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	86M	0.0%	+8.1%
Q1 22	98M	+14.5%	+23.8%
Q2 22	107M	+8.7%	+32.2%
Q3 22	109M	+2.3%	+27.4%
Q4 22	111M	+1.4%	+29.1%
Q1 23	114M	+2.9%	+16.1%
Q2 23	119M	+4.8%	+11.9%
Q3 23	120M	+0.8%	+10.2%
Q4 23	121M	+0.8%	+9.6%
Q1 24	123M	+1.4%	+8.0%
Q2 24	124M	+0.8%	+3.8%
Q3 24	124M	0.0%	+3.0%
Q4 24	124M	0.0%	+2.2%
Q1 25	125M	+1.3%	+2.0%
Q2 25	126M	+0.5%	+1.7%
Q3 25	126M	0.0%	+1.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$126.7K	476
Q1 22	$30.2K	476
Q2 22	$34.3K	476
Q3 22	$46.3K	476
Q4 22	$29.5K	767
Q1 23	$58.5K	767
Q2 23	$123.8K	767
Q3 23	$143.9K	767
Q4 23	$208.5K	702
Q1 24	$245.5K	702
Q2 24	$284.5K	702
Q3 24	$280.4K	702
Q4 24	$301.5K	705
Q1 25	$236.6K	705
Q2 25	$253.2K	705
Q3 25	$650.5K	705

Revenue / Employee