Apellis Pharmaceuticals Reports Second Quarter 2018 Business Update and Financial Results
July 31, 2018
- Commenced Phase 3 Trial of APL-2 in Paroxysmal Nocturnal Hemoglobinuria (PNH); APL-2 in Geographic Atrophy (GA) Remains On Track to Advance into Phase 3 in 2H18 -
- Cash Position of
“The second quarter of 2018 was marked by significant clinical progress of APL-2, particularly for the potential treatment of PNH,” said
Business Highlights and Upcoming Milestones:
APL-2 in Geographic Atrophy
- The Phase 3 program consisting of two trials of APL-2 in GA remains on track to begin in the second half of 2018.
APL-2 in PNH
- Enrolled the first patient in the PEGASUS Phase 3 trial of APL-2 in PNH in
- Provided clinical update from the ongoing Phase 1b PHAROAH trial evaluating APL-2 in PNH in
June 2018. The PHAROAH trial interim results showed that for the four patients remaining in the study as of the end of June, no transfusions were needed while receiving co-treatment with Soliris and APL-2, and patients maintained hematological benefits following Soliris dose reductions and weaning.
- Provided clinical update from the ongoing Phase 1b PADDOCK trial evaluating APL-2 in PNH in
June 2018and April 2018. The PADDOCK trial interim results showed that the 13 patients on APL-2 that had not previously been treated with Soliris had improved hemoglobin, bilirubin, reticulocyte and LDH levels on average.
APL-2 In Other Indications
- Reported initial data from the Phase 2 POC trial of APL-2 in AIHA in
- The data from the Phase 2 POC monotherapy trial of APL-2 in four types of complement-dependent nephropathies (IgA nephropathy, C3 glomerulonephropathy, primary membranous nephropathy and lupus nephritis) are expected in the second half of 2018.
- Completed a public offering of 5.5 million shares of common stock at
$25.50per share in April 2018, raising net proceeds of $131.3 million, after deducting underwriting discounts, commissions and offering expenses.
- Strengthened the Company’s senior management team with the appointment of
Lukas Scheibler, PhD, as Executive Vice President, Research and Translational Medicine in April 2018. Dr. Scheibler was most recently the head of R&D at Acucela and previously worked at Novartisfor 13 years, focused on research & development, business development and clinical development.
- Hosted the Company’s first R&D Day in
June 2018, which included detailed presentations on APL-2 in GA, PNH, AIHA and CDN, as well as key opinion leader presentations and patient commentary on GA and PNH.
Second Quarter 2018 Financial Results:
Apellis reported a net loss of
Research and development expenses were
General and administrative expenses were
About the PHAROAH Trial
PHAROAH is an ongoing open label Phase 1b safety and efficacy study of 270 mg of APL-2 administered daily by subcutaneous injection as a complementary therapy to patients with PNH who continue to be anemic (Hb <10 g/dL at screening or have a history of at least one transfusion in the previous year) despite treatment with eculizumab. The PHAROAH study was initiated in
About the PADDOCK Trial
PADDOCK is an ongoing open-label Phase 1b safety and efficacy study of 270 mg of APL-2 administered daily by subcutaneous injection to patients with PNH who have never received eculizumab. The PADDOCK study was initiated in
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the implications of preliminary clinical data. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: whether results obtained in preclinical studies and clinical trials, such as the results referenced in this release, will be indicative of results that will be generated in future clinical trials; whether preliminary or interim results from a clinical trial will be predictive of the final results of the trial; whether APL-2 will successfully advance through the clinical trial process on a timely basis, or at all; whether the results of such clinical trials will warrant regulatory submission; whether APL-2 will receive approval from the United States Food and Drug Administration or equivalent foreign regulatory agencies; whether, if Apellis’ products receive approval, they will be successfully distributed and marketed; whether Apellis’ cash resources will be sufficient to fund the company's foreseeable and unforeseeable operating expenses and capital expenditure requirements; and other factors discussed in the “Risk Factors” section of Apellis’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 31, 2018, and the risks described in other filings that Apellis may make with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Apellis specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
|APELLIS PHARMACEUTICALS, INC.|
|CONSOLIDATED BALANCE SHEETS|
|December 31,||June 30,|
|Cash and cash equivalents||$||175,643,529||$||253,839,540|
|Refundable research and development credit||1,297,361||1,996,996|
|Other current assets||14,823||7,695|
|Total current assets||182,015,306||266,701,518|
|Liabilities and Stockholders' Equity|
|Total current liabilities||6,553,958||10,254,195|
|Term loan facility||19,806,944||20,143,217|
|Promissory note - related party||6,583,402||6,618,150|
|Common stock warrant liability||244,292||250,000|
|Preferred stock, $0.0001 par value; 10,000,000 shares authorized, and
zero shares issued and outstanding at December 31, 2017 and June 30,
|Common stock, $0.0001 par value; 200,000,000 shares authorized
at December 31, 2017 and June 30, 2018 and 50,334,152 shares
issued and outstanding at December 31, 2017 and 56,154,438
shares issued and outstanding at June 30, 2018
|Additional paid in capital||298,201,480||433,880,750|
|Total stockholders' equity||148,942,860||229,552,106|
|Total liabilities and stockholders' equity||$||182,131,456||$||266,817,668|
|APELLIS PHARMACEUTICALS, INC.|
|CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS|
|Three Months Ended||Six Months Ended|
|June 30,||June 30,|
|Research and development||$||10,422,059||$||27,537,619||$||17,653,143||$||44,940,509|
|General and administrative||1,710,344||5,947,823||3,531,753||9,983,079|
|Interest income (expense), net||5,854||184,009||15,966||(82,677||)|
|Other income (expense), net||397||(32,867||)||(7,995||)||(64,341||)|
|Net loss and comprehensive loss||$||(12,126,152||)||$||(33,334,300||)||$||(21,176,925||)||$||(55,070,606||)|
|Net loss per common share, basic and diluted||$||(1.44||)||$||(0.61||)||$||(2.51||)||$||(1.05||)|
|Weighted-average number of common shares used in net|
|loss per common share, basic and diluted||8,428,366||54,691,833||8,428,366||52,534,806|
Alex Kaneakane@w2ogroup.com 212.301.7218 (office) 929.400.2691 (mobile) Media Contact: Tully Nicholas firstname.lastname@example.org 617.482.0042 (office) 860.490.0218 (mobile)
Source: Apellis Pharmaceuticals, Inc.