Core Insights - Apellis Pharmaceuticals reported preliminary U.S. net product revenues of approximately $689 million for the full year 2025, with a strong focus on expanding its product offerings and market presence in 2026 [6][9][10]. Financial Performance - The company achieved approximately $155 million in U.S. net product revenues for the fourth quarter of 2025 and $587 million for the full year [17]. - Preliminary year-end cash and cash equivalents stood at approximately $466 million, which is expected to be sufficient to fund operations to profitability [10]. Product Development and Market Position - SYFOVRE (pegcetacoplan injection) demonstrated a 17% year-over-year growth in total injection demand, maintaining a market share of approximately 60% in the geographic atrophy (GA) market [6][7]. - EMPAVELI (pegcetacoplan) has achieved over 5% market penetration in C3 glomerulopathy (C3G) and primary immune complex membranoproliferative glomerulonephritis (IC-MPGN) following its first full quarter post-launch, with 267 new patient start forms received [6][7]. - The company plans to submit a regulatory application for a prefilled syringe of SYFOVRE in the first half of 2026 [6][7]. Strategic Initiatives - Apellis aims to expand its geographic atrophy market and strengthen SYFOVRE's competitive position through targeted initiatives [2]. - The company is advancing its pipeline, including pivotal trials for EMPAVELI in additional nephrology indications such as focal segmental glomerulosclerosis (FSGS) and delayed graft function (DGF) [6][7]. Collaborations and Partnerships - Apellis has a collaboration with Sobi for the global co-development of systemic pegcetacoplan, with Sobi holding exclusive ex-U.S. commercialization rights [14].