Apellis Pharmaceuticals Reports Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Apellis Pharmaceuticals reported significant growth in 2024, driven by the success of its products SYFOVRE and EMPAVELI, positioning the company for continued expansion in 2025 and beyond [2][4]. Financial Performance - Total revenue for 2024 reached $781.4 million, marking a 97$396.6 million in 2023 [4][14]. - SYFOVRE generated $611.9 million in net product revenue for 2024, while EMPAVELI contributed$98.1 million [4][11]. - The company reported a net loss of $197.9 million for the full year 2024, an improvement from a net loss of$528.6 million in 2023 [14][45]. Product Highlights - SYFOVRE, the first approved therapy for geographic atrophy, achieved $167.8 million in net product revenue for Q4 2024, with over 510,000 injections administered since its launch [5][17]. - EMPAVELI recorded$23.4 million in net product revenue for Q4 2024, with a supplemental new drug application submitted for its use in C3G and primary IC-MPGN, anticipating a U.S. launch in the second half of 2025 if approved [4][18]. Research and Development - The company plans to initiate two Phase 3 trials for EMPAVELI in focal segmental glomerulosclerosis (FSGS) and delayed graft function (DGF) in the second half of 2025 [4][12]. - A Phase 2 multi-dose study of APL-3007 combined with SYFOVRE is expected to begin in Q2 2025, targeting comprehensive complement activity blockade [5][6]. Organizational Updates - David Acheson has been appointed as the executive vice president of commercial, following the departure of the previous COO [13]. - Keli Walbert has joined the Board of Directors, bringing extensive biopharmaceutical commercial leadership experience [13]. Cash Position - As of December 31, 2024, Apellis had $411.3 million in cash and cash equivalents, an increase from$351.2 million in 2023, with expectations that this will be sufficient to fund operations until profitability [15][44].