Apellis Pharmaceuticals Inc
APLSBuild a strategy around APLS
Apellis Pharmaceuticals Inc AI Insights
Informational only. Not investment advice.Snapshot
- Revenue 5Y CAGR of 272% vs industry median 7.5% - rare biotech achieving commercial scale with $1B TTM revenue[Total Revenue 5Y Growth]
- Gross margin 88.8% TTM with operating margin 7.9% - R&D at 29% of revenue consuming profitability[Operating Margin TTM]
- Debt/equity 1.18 with interest expense consuming 96% of operating income TTM - leverage straining cash flows[Debt to Equity]
Watch Triggers
- Operating Margin TTM: Sustains above 15% — Confirms R&D leverage thesis; current 7.9% leaves little cushion for revenue miss
- Accounts Receivable: DSO exceeds 150 days — AR at $346M (34% of revenue) - collection issues would stress liquidity
- Total Debt: Rises above $500M — Current $475M debt at 1.18x equity; further leverage risks covenant breach
Bull Case
Rare profitable biotech with 88.8% gross margin, positive FCF ($79M TTM), and 272% 5Y revenue CAGR - commercial execution proven
Working capital of $711M (70% of assets) provides 9+ years runway at current burn without dilution
Bear Case
P/E 69x vs industry median 21x with net margin only 4.4% - priced for perfection with thin profitability buffer
Interest expense $45M TTM equals 100% of net income - debt servicing leaves no margin for error
Bull vs Bear Balance
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Forward Thesis
Operating leverage inflection as R&D intensity normalizes below 25% of revenue
- Gross profit grew 166% YoY vs 175% revenue 3Y CAGR
- FCF turned positive at $79M TTM
- Capex near zero (-$225K TTM) enables margin expansion
Valuation Context
Caveats
Public Strategies Rankings
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APLS Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$5.31B | — | ||
$5.32B | — | ||
226 | — | ||
$1.0B | +28.5% | — | |
$0.18 | — | ||
5.52% | +26.6% | — | |
2.23% | +27.6% | — | |
$45.01M | — | ||
7.48% | +101.0% | — | |
Beta 5Y (Monthly) | unknown | — |
APLS Dividend History
APLS Stock Splits
APLS SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/24/26 | 12/31/25 | 10-K | |
10/30/25 | 09/30/25 | 10-Q | |
07/31/25 | 06/30/25 | 10-Q | |
05/07/25 | 03/31/25 | 10-Q | |
02/28/25 | 12/31/24 | 10-K | |
11/05/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/07/24 | 03/31/24 | 10-Q | |
02/27/24 | 12/31/23 | 10-K | |
11/01/23 | 09/30/23 | 10-Q | |
07/31/23 | 06/30/23 | 10-Q | |
05/04/23 | 03/31/23 | 10-Q | |
02/21/23 | 12/31/22 | 10-K | |
11/07/22 | 09/30/22 | 10-Q | |
08/08/22 | 06/30/22 | 10-Q | |
05/04/22 | 03/31/22 | 10-Q | |
02/28/22 | 12/31/21 | 10-K | |
11/08/21 | 09/30/21 | 10-Q | |
08/09/21 | 06/30/21 | 10-Q | |
04/28/21 | 03/31/21 | 10-Q | |
02/25/21 | 12/31/20 | 10-K | |
11/02/20 | 09/30/20 | 10-Q | |
07/30/20 | 06/30/20 | 10-Q | |
04/29/20 | 03/31/20 | 10-Q | |
02/27/20 | 12/31/19 | 10-K | |
11/05/19 | 09/30/19 | 10-Q | |
07/31/19 | 06/30/19 | 10-Q | |
05/07/19 | 03/31/19 | 10-Q | |
02/26/19 | 12/31/18 | 10-K | |
11/13/18 | 09/30/18 | 10-Q | |
07/31/18 | 06/30/18 | 10-Q | |
04/30/18 | 03/31/18 | 10-Q | |
03/19/18 | 12/31/17 | 10-K | |
12/20/17 | 09/30/17 | 10-Q | |
11/09/17 | 06/30/17 | 424B4 | |
04/30/18 | 03/31/17 | 10-Q | |
11/09/17 | 12/31/16 | 424B4 | |
12/20/17 | 09/30/16 | 10-Q | |
03/19/18 | 12/31/15 | 10-K | |
11/02/15 | 09/30/15 | S-1/A | |
10/13/15 | 06/30/15 | S-1 | |
10/13/15 | 12/31/14 | S-1 | |
09/30/14 | 09/30/14 | Unknown | -- |