Apellis Pharmaceuticals Reports First Quarter 2025 Financial Results

Core Insights - Apellis Pharmaceuticals reported a total revenue of $166.8 million for Q1 2025, a decrease from $172.3 million in Q1 2024, primarily due to funding shortages at co-pay assistance programs and inventory dynamics [5][13] - The demand for SYFOVRE injection, a key product, grew by 4% quarter-over-quarter, with U.S. net product revenue of $130.2 million [5][6] - The company is on track for potential FDA approval of EMPAVELI for C3G and IC-MPGN, with a decision expected in July 2025 [2][5] Financial Performance - Total revenue for Q1 2025 was $166.8 million, including $149.9 million from U.S. net product sales of SYFOVRE and $19.7 million from EMPAVELI [5][13] - The net loss for Q1 2025 was $92.2 million, compared to a net loss of $66.4 million in Q1 2024 [12][44] - Cash and cash equivalents stood at $358.4 million as of March 31, 2025, down from $411.3 million at the end of 2024, but projected to be sufficient to fund operations to profitability [12][39] Product Highlights - SYFOVRE is the market leader in geographic atrophy (GA) with over 60% market share and a new patient start share reaching 55% by late April 2025 [6][15] - EMPAVELI generated $19.7 million in U.S. net product revenue in Q1 2025, with a high patient compliance rate of 97% [6][16] - The company plans to initiate pivotal trials for EMPAVELI in focal segmental glomerulosclerosis (FSGS) and delayed graft function (DGF) in the second half of 2025 [5][7] Organizational Updates - Craig Wheeler was appointed to the Board of Directors, bringing over 30 years of leadership experience in the biopharmaceutical industry [9]