Apellis reported third‑quarter 2025 financial results with revenue of $458.6 million, up from $196.8 million in the same period a year earlier and $178.5 million in the preceding quarter.
Net income for the quarter was $215.7 million, largely driven by a one‑time $275 million upfront payment from partner Sobi. Operating expenses totaled $215.2 million, comprising $24.5 million in cost of sales (down from $33.6 million in Q3 2024), $68.2 million in research and development (down from $88.6 million), and $142.7 million in selling, general and administrative costs (up from $122.0 million).
Product revenue was $150.9 million from SYFOVRE in the United States, with injection demand growing 4% quarter‑over‑quarter, and $26.8 million from EMPAVELI, supported by 152 patient start forms for its newly approved indications of C3 glomerulopathy and primary immune complex membranoproliferative glomerulonephritis. Licensing and other revenue totaled $5.8 million.
Cash and cash equivalents were $479.2 million at September 30 2025, up from $411.3 million at December 31 2024. The company discontinued factoring its receivables during the quarter, eliminating $4.8 million in related fees and improving cash flow.
The $275 million upfront payment from Sobi is part of an amended partnership agreement that also allows Sobi to pay up to $25 million in milestones and reduces its ex‑U.S. royalty obligations on EMPAVELI. The agreement does not affect Apellis’s U.S. commercialization rights.
Management indicated that the current cash position and projected product sales will support operations and move the company toward profitability, although no specific forward guidance was provided.
SYFOVRE holds more than 60% of the market share for geographic atrophy, and EMPAVELI is the first treatment approved for C3 glomerulopathy and primary immune complex membranoproliferative glomerulonephritis. Competition includes Novartis’s Fabhalta, and analysts project peak U.S. sales of approximately $400 million for EMPAVELI.
Apellis’s financial health remains strong, with a current ratio of 3.77, a quick ratio of 3.16, and a debt‑to‑equity ratio of 3.01. The company has historically reported net losses, but the current cash position and product sales trajectory support a path to sustainable profitability.
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