- **Blockbuster Potential**: EMPAVELI on track for 50% penetration in 5,000 U.S. patients, with Q4 2025 achieving 5% market penetration.
- **SYFOVRE Resilience**: 17% YoY injection growth, 5-year data showing 1.5-year GA delay, and 2027 innovations (prefilled syringe, OCT-F).
- **Pipeline Breakthroughs**: APL-9099 (base editing) IND expected H2 2026; FSGS/DGF trials expand kidney disease reach.
- **Financial Strength**: $466M cash, $1B 2025 revenue, and disciplined spending to fund growth.

**【CEO Summary Section】**
- **2025 Progress**: Cedric highlighted Apellis' disciplined execution across three pillars: SYFOVRE in geographic atrophy (GA), EMPAVELI in rare kidney diseases, and pipeline innovation. SYFOVRE saw steady growth despite free goods usage, while EMPAVELI achieved 5% market penetration in its first full quarter post-launch. The pipeline includes APL-9099 (FcRn base editing) and APL-3007 (next-gen GA combo therapy).
- **SYFOVRE Updates**: Total injections grew 17% YoY, with 89,000 commercial doses in Q4. The prefilled syringe and OCT-F (AI-enabled functional OCT) are expected to drive 2027 growth. The 5-year GALE study showed SYFOVRE delays GA progression by 1.5 years.
- **EMPAVELI Momentum**: Launched in C3G and primary IC-MPGN, EMPAVELI achieved 5% penetration and 267 patient starts by year-end. It is the only therapy for ~2/3 of the U.S. patient population, with potential for 50% peak penetration.

**【CFO Financial Commentary】**
- **Revenue**: Full-year 2025 revenue was $1B, including a $275M one-time Sobi payment. SYFOVRE net revenue: $587M; EMPAVELI: $102M. Q4 SYFOVRE doses: 102,000 (89K commercial, 13K free goods).
- **Financial Health**: Cash of $466M; 2026 operating expenses expected to rise modestly due to new trials. Gross-to-net for SYFOVRE in Q4 was ~22%, expected to trend higher in 2026.
- **Milestones**: $25M milestone from Sobi for Aspaveli's EU approval; evaluating options to address $94M convertible debt.

**【Q&A Key Highlights】**
- **EMPAVELI Growth**: Cedric emphasized its potential to reach 50% of the 5,000 U.S. patient population, driven by pediatric and post-transplant segments. Q1 2026 start forms indicate steady pipeline growth.
- **SYFOVRE Access**: Co-pay programs reopened, but free goods usage remains variable. The prefilled syringe and OCT-F aim to improve workflow and patient engagement.
- **Pipeline Ambition**: APL-9099 (IND expected H2 2026) and FSGS/DGF trials position Apellis for long-term growth. GALLOP Phase II combo study with APL-3007 could extend GA efficacy.

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Apellis (APLS) Financials Overview

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