Apellis Q2 2025 revenue $178mln, cash $370mln, FDA approves EMPAVELI.

• Apellis gets FDA approval for EMPAVELI for C3G and primary IC-MPGN in patients 12 years and older. • Announces capped royalty purchase deal with Sobi, receiving up to $300 million for 90% ex-U.S. royalties of Aspaveli. • Reports Q2 2025 revenues of $178 million, with $171 million in U.S. net product sales. • SYFOVRE injection demand grows 6% QoQ, with U.S. net product revenue of $151 million. • Cash and cash equivalents stand at $370 million as of June 30, 2025.

Apellis Pharmaceuticals, Inc. (NASDAQ: APLS) has reported its second-quarter 2025 financial results, showcasing a net loss of $42.2 million, with total revenues of $178.5 million. The company also announced significant milestones, including FDA approval for EMPAVELI in C3G and primary IC-MPGN, and a capped royalty purchase agreement with Sobi.

Financial Performance

Apellis reported a net loss of $42.2 million for Q2 2025, down from $37.7 million in Q2 2024. Total revenues for the quarter were $178.5 million, including $150.6 million in SYFOVRE U.S. net product revenue and $20.8 million in EMPAVELI U.S. net product revenue. The company's cash and cash equivalents stood at $370.0 million as of June 30, 2025 [1].

Regulatory Milestones

Apellis received U.S. FDA approval for EMPAVELI (pegcetacoplan) for the treatment of patients 12 years and older with C3G and primary IC-MPGN. This approval, based on the Phase 3 VALIANT study results, marks a significant advancement in the treatment of rare kidney disorders. Additionally, the company announced a capped royalty purchase agreement with Sobi, receiving up to $300 million for 90% of ex-U.S. royalties of Aspaveli [2].

Product Performance

SYFOVRE injection demand grew 6% quarter-over-quarter, with U.S. net product revenue of $151 million. The company continues to lead the market for geographic atrophy (GA) secondary to age-related macular degeneration (AMD) with a market share exceeding 60% during the quarter [2].

Upcoming Milestones

Apellis is on track to initiate pivotal studies in delayed graft function (DGF) and focal segmental glomerulosclerosis (FSGS) in the second half of 2025. The company is also advancing its innovative pipeline and leveraging its expertise in the complement pathway.

Organizational Updates

Leslie Meltzer, Ph.D., has been named chief research and development officer, effective August 25, and Kelley Boucher has joined as chief people officer. Both appointments bring extensive experience in biopharmaceuticals and human resources, respectively [2].

Conference Call

Apellis will host a conference call and webcast to discuss its second-quarter 2025 financial results and business highlights today, July 31, 2025, at 8:30 a.m. ET [1].

References

[1] https://seekingalpha.com/news/4475396-apellis-pharmaceuticals-gaap-eps-of--033-beats-by-015-revenue-of-1785m-misses-by-1015m
[2] https://www.globenewswire.com/news-release/2025/07/31/3124861/0/en/Apellis-Pharmaceuticals-Reports-Second-Quarter-2025-Financial-Results.html