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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 001-38276

 

APELLIS PHARMACEUTICALS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

27-1537290

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

100 Fifth Avenue,  

Waltham, MA

02451

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (617) 977-5700

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

APLS

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒  No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Small reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

 

As of November 2, 2021, the registrant had 87,295,371 shares of common stock, $0.0001 par value per share, outstanding.

 

 


 

 

 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

4

Item 1.

Financial Statements (Unaudited)

4

 

Condensed Consolidated Balance Sheets

4

 

Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss)

5

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity

6

 

Condensed Consolidated Statements of Cash Flows

8

 

Notes to Unaudited Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

27

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

47

Item 4.

Controls and Procedures

47

PART II.

OTHER INFORMATION

49

Item 1A.

Risk Factors

49

Item 6.

Exhibits

95

Signatures

 

96

 

i


 

 

 

Special Note Regarding Forward-Looking Statements and Industry Data

 

 

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this Quarterly Report, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of management and expected market growth are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

These forward-looking statements include, among other things, statements about:

 

our plans with respect to our ongoing and planned clinical trials for our product candidates, whether conducted by us or Swedish Orphan Biovitrum AB (Publ), or Sobi, or by any future collaborators, including the timing of dosing of patients, enrollment and completion of these trials and of the anticipated results from these trials;

 

the ongoing commercialization of EMPAVELI and our preparation for the commercialization of intravitreal pegcetacoplan;

 

our sales, marketing and distribution capabilities and strategies, including for the commercialization and manufacturing of EMPAVELI, intravitreal pegcetacoplan and any future products;

 

the rate and degree of market acceptance and clinical utility of EMPAVELI, intravitreal pegcetacoplan and any future products;

 

our plans to develop our current and future product candidates for any additional indications;

 

the timing of and our ability to obtain and maintain regulatory approvals for our product candidates, including EMPAVELI and intravitreal pegcetacoplan;

 

our plans to initiate clinical trials of our current and future product candidates;

 

the potential clinical benefits and attributes of our current and future product candidates we may develop and the inhibition of C3;

 

our plans to research and develop any current and future product candidates we may develop;

 

our current and any future collaborations for the development and commercialization of our current and future product candidates;

 

the potential benefits of any collaboration;

 

our intellectual property position and strategy;

 

our ability to identify additional products or product candidates with significant commercial potential;

 

our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;

 

developments relating to our competitors and our industry;

 

the impact of the COVID-19 pandemic on our clinical trials, business and operations; and

 

the impact of government laws and regulations.

We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements included in this Quarterly Report on Form 10-Q, particularly in the “Risk Factors” section, that could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, collaborations, joint ventures or investments that we may make or enter into.

1


 

You should read this Quarterly Report on Form 10-Q and the documents that we have filed or incorporated by reference as exhibits to this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Note regarding certain references in this Quarterly Report on Form 10-Q

Unless otherwise stated or the context indicates otherwise, all references herein to “Apellis,” “Apellis Pharmaceuticals, Inc.,” “we,” “us,” “our,” “our company,” “the Company” and similar references refer to Apellis Pharmaceuticals, Inc. and its wholly owned subsidiaries.

In addition, unless otherwise stated or the context indicates otherwise, all references in this Quarterly Report on Form 10-Q to “EMPAVELI (pegcetacoplan)” and “EMPAVELI” refer to pegcetacoplan in the context of the commercially available product for which we received approval from the United States Food and Drug Administration in May 2021 for the treatment of paroxysmal nocturnal hemoglobinuria, as more fully described herein; whereas, unless otherwise stated or the context indicates otherwise, all references herein to “pegcetacoplan” refer to pegcetacoplan in the context of the product candidate for which we are exploring further applications and indications, as more fully described herein. The other trademarks, trade names and service marks appearing in this Quarterly Report on Form 10-Q are the property of their respective owners.

 

RISK FACTOR SUMMARY

Our business is subject to a number of risks that if realized could materially affect our business, financial condition, results of operations, cash flows and access to liquidity. These risks are discussed more fully in the “Risk Factors” section of this Quarterly Report on Form 10-Q. Our principal risks include the following:

 

We have incurred significant losses since inception, expect to incur significant and increasing losses for at least the next several years, and may never achieve or maintain profitability. Our net losses were $598.4 million and $423.1 million for the nine months ended September 30, 2021 and 2020, respectively.

 

 

We have only recently obtained marketing approval and begun to commercialize EMPAVELI for the treatment of paroxysmal nocturnal hemoglobinuria, or PNH, in the United States, and have neither obtained marketing approval nor commercialized any other products for any other indications or outside the United States, which may make it difficult to evaluate our future prospects. We will need to continue to transition from a company with a development focus to a company capable of supporting commercial activities.

 

 

Our long-term prospects depend upon the success of our intravitreal pegcetacoplan program, among other things.  Subject to discussions with the FDA, we plan to submit a new drug application, or NDA, to the U.S. Food and Drug Administration, or FDA, in the first half of 2022 for the approval of intravitreal pegcetacoplan for the treatment of geographic atrophy, or GA, which submission would be supported by the completed Phase 2 and Phase 3 clinical trials of intravitreal pegcetacoplan in patients with GA. Any delay in submitting the NDA, or adverse action by the FDA, could delay our planned commercial development timelines or could prevent us from commercializing intravitreal pegcetacoplan. If the FDA determines that our NDA and the data supporting the NDA are not sufficient to support approval in GA, we may be required to conduct an additional clinical trial, which would increase our costs and delay the program.  Any such delay or other adverse impact could have a material adverse effect on our business.

 

 

We will need substantial additional funding, to allow us to support systemic pegcetacoplan, intravitreal pegcetacoplan and any other product candidates through clinical development and commercial launch, and if we are unable to raise capital when needed, we could be forced to delay, reduce or eliminate our product development programs or commercialization efforts. We believe that our existing cash, cash equivalents and marketable securities, along with cash anticipated to be generated from sales of EMPAVELI and the committed development reimbursement payments from Sobi, will enable us to fund our operating expenses and capital expenditure requirements at least into the third quarter of 2022.

 

 

We do not believe that our existing cash and cash equivalents will be sufficient to enable us to fund our current operations for longer than 12 months from the date of this Quarterly Report on Form 10-Q. We have concluded that this circumstance raises substantial doubt about our ability to continue as a going concern within 12 months from the date of this Quarterly Report on Form 10-Q. While we are currently evaluating multiple financing strategies, if we are unable to raise sufficient capital or

2


 

 

otherwise when needed, our business, financial condition and results of operations may be materially and adversely affected, and we will need to significantly modify our operational plans to continue as a going concern.

 

 

We are required to make substantial payments to SFJ Pharmaceuticals Group, or SFJ, pursuant to our development funding agreement as a result of receiving regulatory approval of EMPAVELI for the treatment of PNH. If we do not have sufficient funding or cash flow from our business to meet our payment obligations under the development funding agreement, SFJ could exercise its remedies as a holder of a first priority security interest in our assets and our business could be materially harmed.

 

 

We are dependent on the successful commercialization of EMPAVELI in PNH in the United States and the successful development and commercialization of pegcetacoplan in other jurisdictions and other disease indications. If we are unable to successfully commercialize EMPAVELI or develop and obtain marketing approval for or successfully commercialize pegcetacoplan in other jurisdictions and other indications, either alone or through a collaboration or if we experience significant delays in doing so, our business could be harmed.

 

 

The regulatory approval process is expensive, time consuming and uncertain and may prevent us or our collaborators such as Sobi from obtaining approvals for the commercialization of EMPAVELI and systemic pegcetacoplan outside the United States and in the United States in other indications or intravitreal pegcetacoplan for GA or other indications or any other product candidate that we develop in any jurisdiction. As a result, we cannot predict when or if, and in which jurisdictions, we, or our collaborators, will obtain marketing approval to commercialize EMPAVELI or systemic pegcetacoplan outside the United States and in the United States or in other indications or intravitreal pegcetacoplan for GA or other indications or any other product candidate that we develop in any jurisdiction.

 

 

The COVID-19 pandemic may affect our ability to initiate and complete preclinical studies and conduct our ongoing clinical trials, delay the initiation of planned and future clinical trials, disrupt regulatory activities, or have other adverse effects on our business and operations. In addition, the COVID-19 pandemic has adversely impacted economies worldwide, which could result in adverse effects on our business and operations.

 

 

Other than EMPAVELI, there are no approved therapies that act by inhibiting C3. As a result, systemic pegcetacoplan, intravitreal pegcetacoplan and other product candidates that we may develop may not demonstrate the pharmacological benefits we believe they may possess.

 

 

If clinical trials of systemic pegcetacoplan, intravitreal pegcetacoplan or our other product candidates fail to satisfactorily demonstrate safety and efficacy to the FDA, the European Medicines Agency, or EMA, and other regulators, we may incur additional costs or experience delays in completing, or ultimately may not be able to complete, the development and commercialization of these product candidates.

 

 

We may not be able to switch patients who are being treated for PNH with eculizumab or ravulizumab, which are the current standard of care for PNH, to EMPAVELI, and EMPAVELI or any other product candidates that we develop may fail to achieve the degree of market acceptance by physicians, patients, third-party payors and others in the medical community necessary for commercial success, in which case we may not generate significant revenues or become profitable.

 

 

We contract with third parties for the manufacture, storage and distribution of commercial and clinical supply of EMPAVELI and clinical supply for our product candidates and expect to continue to do so in connection with our future development and commercialization efforts. This reliance on third parties increases the risk that we will not have sufficient quantities of EMPAVELI or our other product candidates or such quantities at an acceptable cost, which could delay, prevent or impair our development or commercialization efforts. If these third parties do not perform satisfactorily, our development or commercialization efforts could be delayed or impaired.

 

 

Our prospects for the development and commercialization of systemic pegcetacoplan outside of the United States will depend in significant part on the success of our collaboration with Sobi.

 

 

If we fail to comply with our obligations under our existing and any future intellectual property licenses with third parties, we could lose license rights that are important to our business, including our patent license agreements with the University of Pennsylvania under which we license patents with claim that recite a class of compounds generically covering pegcetacoplan in other indications and APL-9, and that specifically recite the active component.


3


 

 

 

 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

APELLIS PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except per share amounts)

 

`

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

(Unaudited)

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

283,745

 

 

$

565,779

 

Marketable securities

 

 

146,566

 

 

 

311,869

 

Accounts receivable

 

 

3,522

 

 

 

 

Inventory

 

 

1,677

 

 

 

 

Prepaid assets

 

 

17,374

 

 

 

11,400

 

Restricted cash

 

 

1,563

 

 

 

1,266

 

Other current assets

 

 

20,980

 

 

 

26,878

 

Total current assets

 

 

475,427

 

 

 

917,192

 

Non-current Assets:

 

 

 

 

 

 

 

 

Right-of-use assets

 

 

20,930

 

 

 

17,719

 

Property and equipment, net

 

 

6,509

 

 

 

6,803

 

Other assets

 

 

22,823

 

 

 

18,855

 

Total assets

 

$

525,689

 

 

$

960,569

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

4,984

 

 

$

8,477

 

Accrued expenses

 

 

69,847

 

 

 

111,935

 

Current portion of development derivative liability

 

 

15,334

 

 

 

4,230

 

Current portion of right of use liabilities

 

 

4,072

 

 

 

3,685

 

Total current liabilities

 

 

94,237

 

 

 

128,327

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Convertible senior notes

 

 

189,610

 

 

 

358,830

 

Development derivative liability

 

 

281,017

 

 

 

253,638

 

Operating lease liabilities

 

 

18,150

 

 

 

15,217

 

Total liabilities

 

 

583,014

 

 

 

756,012

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 10,000 shares authorized, and zero

  shares issued and outstanding at September 30, 2021 and December 31, 2020

 

 

 

 

 

 

Common stock, $0.0001 par value; 200,000 shares authorized

   at September 30, 2021 and December 31, 2020; 87,219 shares

   issued and outstanding at September 30, 2021, and 76,130 shares

   issued and outstanding at December 31, 2020

 

 

9

 

 

 

8

 

Additional paid-in capital

 

 

1,453,431

 

 

 

1,131,013

 

Accumulated other comprehensive loss

 

 

(2,010

)

 

 

(117

)

Accumulated deficit

 

 

(1,508,755

)

 

 

(926,347

)

Total stockholders' equity

 

 

(57,325

)

 

 

204,557

 

Total liabilities and stockholders' equity

 

$

525,689

 

 

$

960,569

 

 

See accompanying notes to unaudited condensed consolidated financial statements

 

4


 

 

APELLIS PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)

(Unaudited)

(Amounts in thousands, except per share amounts)

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue, net

$

5,314

 

 

$

 

 

$

5,937

 

 

$

 

Licensing and other revenue

 

336

 

 

 

646

 

 

 

336

 

 

 

646

 

Total revenue:

 

5,650

 

 

 

646

 

 

 

6,273

 

 

 

646

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

149

 

 

 

 

 

 

149

 

 

 

 

Research and development

 

87,733

 

 

 

93,207

 

 

 

267,688

 

 

 

249,584

 

Cost of research collaboration

 

 

 

 

 

 

 

50,000

 

 

 

 

General and administrative

 

45,763

 

 

 

36,991

 

 

 

135,309

 

 

 

94,909

 

Total operating expenses:

 

133,645

 

 

 

130,198

 

 

 

453,146

 

 

 

344,493

 

Net operating loss

 

(127,995

)

 

 

(129,552

)

 

 

(446,873

)

 

 

(343,847

)

Loss on conversion of debt

 

(61,102

)

 

 

 

 

 

(100,589

)

 

 

 

(Loss)/gain from remeasurement of development derivative liability

 

(4,219

)

 

 

2,697

 

 

 

(42,483

)

 

 

(62,939

)

Interest income

 

144

 

 

 

670

 

 

 

381

 

 

 

3,970

 

Interest expense

 

(2,282

)

 

 

(9,499

)

 

 

(10,223

)

 

 

(20,327

)

Other (expense)/income, net

 

(117

)

 

 

(16

)

 

 

1,366

 

 

 

4

 

Net loss

 

(195,571

)

 

 

(135,700

)

 

 

(598,421

)

 

 

(423,139

)

Other comprehensive (loss)/gain:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Unrealized (loss)/gain on marketable securities

 

(25

)

 

 

(430

)

 

 

19

 

 

 

122

 

    Foreign currency loss

 

(156

)

 

 

(1,658

)

 

 

(1,912

)

 

 

(1,727

)

Total other comprehensive loss

 

(181

)

 

 

(2,088

)

 

 

(1,893

)

 

 

(1,605

)

Comprehensive loss, net of tax

$

(195,752

)

 

$

(137,788

)

 

$

(600,314

)

 

$

(424,744

)

Net loss per common share, basic and diluted

$

(2.28

)

 

$

(1.79

)

 

$

(7.31

)

 

$

(5.65

)

Weighted-average number of common shares used in net

   loss per common share, basic and diluted

 

85,661

 

 

 

75,628

 

 

 

81,846

 

 

 

74,925

 

 

See accompanying notes to unaudited condensed consolidated financial statements

 

5


 

 

Apellis Pharmaceuticals, Inc.

CONDENSED Consolidated Statements of CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Outstanding

 

 

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

Amount

 

 

Capital

 

 

Income/(Loss)

 

 

Deficit

 

 

Equity

 

Balance at January 1, 2021

 

 

76,130

 

 

$

8

 

 

$

1,131,013

 

 

$

(117

)

 

$

(926,347

)

 

$

204,557

 

Impact of adoption of ASU 2020-06

 

 

 

 

 

 

 

 

(165,747

)

 

 

 

 

 

16,013

 

 

 

(149,734

)

Issuance of shares in exchange of 2019 Convertible Notes, including issuance costs

 

 

3,976

 

 

 

 

 

 

162,258

 

 

 

 

 

 

 

 

 

162,258

 

Forfeiture of accrued interest in exchange of 2019 Convertible Notes

 

 

 

 

 

 

 

 

1,668

 

 

 

 

 

 

 

 

 

1,668

 

Issuance of common stock upon exercise of stock options

 

 

285

 

 

 

 

 

 

2,588

 

 

 

 

 

 

 

 

 

2,588

 

Vesting of restricted stock units, net of shares withheld for taxes

 

 

47

 

 

 

 

 

 

(956

)

 

 

 

 

 

 

 

 

(956

)

Share-based compensation expense

 

 

 

 

 

 

 

 

16,439

 

 

 

 

 

 

 

 

 

16,439

 

Unrealized gain on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

79

 

 

 

 

 

 

79

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(183,659

)

 

 

(183,659

)

Foreign currency loss

 

 

 

 

 

 

 

 

 

 

 

(1,582

)

 

 

 

 

 

(1,582

)

Balance at March 31, 2021

 

 

80,438

 

 

 

8

 

 

 

1,147,263

 

 

 

(1,620

)

 

 

(1,093,993

)

 

 

51,658

 

Issuance of common stock upon exercise of stock options

 

 

444

 

 

 

 

 

 

7,062

 

 

 

 

 

 

 

 

 

7,062

 

Vesting of restricted stock units, net of shares withheld for taxes

 

 

11

 

 

 

 

 

 

(233

)

 

 

 

 

 

 

 

 

(233

)

Share-based compensation expense

 

 

 

 

 

 

 

 

17,722

 

 

 

 

 

 

 

 

 

17,722

 

Issuance of common stock to employee stock purchase plan

 

 

63

 

 

 

 

 

 

1,698

 

 

 

 

 

 

 

 

 

1,698

 

Unrealized loss on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

(35

)

 

 

 

 

 

(35

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(219,191

)

 

 

(219,191

)

Foreign currency loss

 

 

 

 

 

 

 

 

 

 

 

(174

)

 

 

 

 

 

(174

)

Balance at June 30, 2021

 

 

80,956

 

 

 

8

 

 

 

1,173,512

 

 

 

(1,829

)

 

 

(1,313,184

)

 

 

(141,493

)

Issuance of shares in exchange of Convertible Notes, including issuance costs

 

 

6,071

 

 

 

1

 

 

 

258,104

 

 

 

 

 

 

 

 

 

258,105

 

Forfeiture of accrued interest in exchange of Convertible Notes

 

 

 

 

 

 

 

 

2,503

 

 

 

 

 

 

 

 

 

2,503

 

Issuance of common stock upon exercise of stock options

 

 

177

 

 

 

 

 

 

2,480

 

 

 

 

 

 

 

 

 

2,480

 

Vesting of restricted stock units, net of shares withheld for taxes

 

 

15

 

 

 

 

 

 

(362

)

 

 

 

 

 

 

 

 

(362

)

Share-based compensation expense

 

 

 

 

 

 

 

 

17,194

 

 

 

 

 

 

 

 

 

17,194

 

Unrealized loss on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

(25

)

 

 

 

 

 

(25

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(195,571

)

 

 

(195,571

)

Foreign currency loss

 

 

 

 

 

 

 

 

 

 

 

(156

)

 

 

 

 

 

(156

)

Balance at September 30, 2021

 

 

87,219

 

 

$

9

 

 

$

1,453,431

 

 

$

(2,010

)

 

$

(1,508,755

)

 

$

(57,325

)

 

See accompanying notes to unaudited condensed consolidated financial statement

6


 

 

Apellis Pharmaceuticals, Inc.

CONDENSED Consolidated Statements of CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Outstanding

 

 

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balance at January 1, 2020

 

 

63,938

 

 

$

6

 

 

$

615,850

 

 

$

(154

)

 

$

(581,473

)

 

$

34,229

 

Issuance of common stock in follow-on offering, net of offering costs

 

 

10,925

 

 

 

1

 

 

 

381,457

 

 

 

 

 

 

 

 

 

381,458

 

Issuance of common stock upon exercise of stock options

 

 

559

 

 

 

 

 

 

1,674

 

 

 

 

 

 

 

 

 

1,674

 

Share-based compensation expense

 

 

 

 

 

 

 

 

9,294

 

 

 

 

 

 

 

 

 

9,294

 

Unrealized gain on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

1,394