WALTHAM, Mass., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Apellis Pharmaceuticals, Inc. (Nasdaq: APLS), today announced its second quarter 2024 financial results and business highlights.
“We have continued to execute well and progress our programs over the past six months. SYFOVRE delivered strong growth and is reaching more people living with geographic atrophy, EMPAVELI continues to elevate the standard of care in PNH, and we are now very well positioned financially to support the business for the long term,” said Cedric Francois, M.D., Ph.D., chief executive officer at Apellis. “We are looking forward to a catalyst-driven second half of this year, as we continue to drive strong commercial execution in the U.S, prepare for the topline readout from our Phase 3 VALIANT trial with systemic pegcetacoplan for C3G and IC-MPGN later this month, and seek a final decision from the European regulatory authorities for SYFOVRE in GA in the fourth quarter.”
Second Quarter 2024 Business Highlights and Upcoming Milestones
Ophthalmology Highlights
Paroxysmal Nocturnal Hemoglobinuria (PNH) Highlights
R&D Highlights
Second Quarter 2024 Financial Results
Total Revenue.
Cost of Sales.
R&D Expenses.
Selling, General and Administrative (SG&A) Expenses.
Net Loss. Apellis reported a net loss of $37.7 million for the second quarter 2024, compared to a net loss of $122.0 million for the same period in 2023.
Cash. As of June 30, 2024, Apellis had $360.1 million in cash and cash equivalents, compared to $351.2 million in cash and cash equivalents as of December 31, 2023.
Conference Call and Webcast
Apellis will host a conference call and webcast to discuss its second quarter 2024 financial results and business highlights today, August 1, 2024, at 8:30 a.m. ET. To access the live call by phone, please pre-register for the call here. A live audio webcast of the event and accompanying slides may also be accessed through the “Events and Presentations” page of the “Investors and Media” section of the company’s website. A replay of the webcast will be available for 30 days following the event.
About SYFOVRE® (pegcetacoplan injection)
SYFOVRE® (pegcetacoplan injection) is the first-ever approved therapy for geographic atrophy (GA). By targeting C3, SYFOVRE is designed to provide comprehensive control of the complement cascade, part of the body’s immune system. SYFOVRE is approved in the United States for the treatment of GA secondary to age-related macular degeneration.
About EMPAVELI®/Aspaveli® (pegcetacoplan)
EMPAVELI®/Aspaveli® (pegcetacoplan) is a targeted C3 therapy designed to regulate excessive activation of the complement cascade, part of the body’s immune system, which can lead to the onset and progression of many serious diseases. It is approved for the treatment of paroxysmal nocturnal hemoglobinuria (PNH) in the United States, European Union, and other countries globally. The therapy is also under investigation for several other rare diseases across hematology and nephrology.
U.S. Important Safety Information for SYFOVRE® (pegcetacoplan injection)
CONTRAINDICATIONS
WARNINGS AND PRECAUTIONS
ADVERSE REACTIONS
Please see accompanying full Prescribing Information for more information.
U.S. Important Safety Information for EMPAVELI® (pegcetacoplan)
BOXED WARNING: SERIOUS INFECTIONS CAUSED BY ENCAPSULATED BACTERIA
EMPAVELI, a complement inhibitor, increases the risk of serious infections, especially those caused by encapsulated bacteria, such as Streptococcus pneumoniae, Neisseria meningitidis, and Haemophilus influenzae type B. Life-threatening and fatal infections with encapsulated bacteria have occurred in patients treated with complement inhibitors. These infections may become rapidly life-threatening or fatal if not recognized and treated early.
Because of the risk of serious infections caused by encapsulated bacteria, EMPAVELI is available only through a restricted program under a Risk Evaluation and Mitigation Strategy (REMS) called the EMPAVELI REMS.
CONTRAINDICATIONS
WARNINGS AND PRECAUTIONS
Serious Infections Caused by Encapsulated Bacteria
EMPAVELI, a complement inhibitor, increases a patient’s susceptibility to serious, life-threatening, or fatal infections caused by encapsulated bacteria including Streptococcus pneumoniae, Neisseria meningitidis (caused by any serogroup, including non-groupable strains), and Haemophilus influenzae type B. Life-threatening and fatal infections with encapsulated bacteria have occurred in both vaccinated and unvaccinated patients treated with complement inhibitors. The initiation of EMPAVELI treatment is contraindicated in patients with unresolved serious infection caused by encapsulated bacteria.
Complete or update vaccination against encapsulated bacteria at least 2 weeks prior to administration of the first dose of EMPAVELI, according to the most current ACIP recommendations for patients receiving a complement inhibitor. Revaccinate patients in accordance with ACIP recommendations considering the duration of therapy with EMPAVELI. Note that, ACIP recommends an administration schedule in patients receiving complement inhibitors that differs from the administration schedule in the vaccine prescribing information. If urgent EMPAVELI therapy is indicated in a patient who is not up to date with vaccines against encapsulated bacteria according to ACIP recommendations, provide the patient with antibacterial drug prophylaxis and administer these vaccines as soon as possible. The benefits and risks of treatment with EMPAVELI, as well as the benefits and risks of antibacterial drug prophylaxis in unvaccinated or vaccinated patients, must be considered against the known risks for serious infections caused by encapsulated bacteria.
Vaccination does not eliminate the risk of serious encapsulated bacterial infections, despite development of antibodies following vaccination. Closely monitor patients for early signs and symptoms of serious infection and evaluate patients immediately if an infection is suspected. Inform patients of these signs and symptoms and instruct patients to seek immediate medical care if these signs and symptoms occur. Promptly treat known infections. Serious infection may become rapidly life-threatening or fatal if not recognized and treated early. Consider interruption of EMPAVELI in patients who are undergoing treatment for serious infections.
EMPAVELI is available only through a restricted program under a REMS.
EMPAVELI REMS
EMPAVELI is available only through a restricted program under a REMS called EMPAVELI REMS, because of the risk of serious infections caused by encapsulated bacteria. Notable requirements of the EMPAVELI REMS include the following:
Under the EMPAVELI REMS, prescribers must enroll in the program. Prescribers must counsel patients about the risks, signs, and symptoms of serious infections caused by encapsulated bacteria, provide patients with the REMS educational materials, ensure patients are vaccinated against encapsulated bacteria at least 2 weeks prior to the first dose of EMPAVELI, prescribe antibacterial drug prophylaxis if patients’ vaccine status is not up to date and treatment must be started urgently, and provide instructions to always carry the Patient Safety Card both during treatment, as well as for 2 months following last dose of EMPAVELI. Pharmacies that dispense EMPAVELI must be certified in the EMPAVELI REMS and must verify prescribers are certified.
Further information is available at www.empavelirems.com or 1-888-343-7073.
Infusion-Related Reactions
Systemic hypersensitivity reactions (e.g., facial swelling, rash, urticaria) have occurred in patients treated with EMPAVELI. One patient (less than 1% in clinical studies) experienced a serious allergic reaction which resolved after treatment with antihistamines. If a severe hypersensitivity reaction (including anaphylaxis) occurs, discontinue EMPAVELI infusion immediately, institute appropriate treatment, per standard of care, and monitor until signs and symptoms are resolved.
Monitoring PNH Manifestations after Discontinuation of EMPAVELI
After discontinuing treatment with EMPAVELI, closely monitor for signs and symptoms of hemolysis, identified by elevated LDH levels along with sudden decrease in PNH clone size or hemoglobin, or reappearance of symptoms such as fatigue, hemoglobinuria, abdominal pain, dyspnea, major adverse vascular events (including thrombosis), dysphagia, or erectile dysfunction. Monitor any patient who discontinues EMPAVELI for at least 8 weeks to detect hemolysis and other reactions. If hemolysis, including elevated LDH, occurs after discontinuation of EMPAVELI, consider restarting treatment with EMPAVELI.
Interference with Laboratory Tests
There may be interference between silica reagents in coagulation panels and EMPAVELI that results in artificially prolonged activated partial thromboplastin time (aPTT); therefore, avoid the use of silica reagents in coagulation panels.
ADVERSE REACTIONS
Most common adverse reactions in patients with PNH (incidence ≥10%) were injection site reactions, infections, diarrhea, abdominal pain, respiratory tract infection, pain in extremity, hypokalemia, fatigue, viral infection, cough, arthralgia, dizziness, headache, and rash.
USE IN SPECIFIC POPULATIONS
Females of Reproductive Potential
EMPAVELI may cause embryo-fetal harm when administered to pregnant women. Pregnancy testing is recommended for females of reproductive potential prior to treatment with EMPAVELI. Advise female patients of reproductive potential to use effective contraception during treatment with EMPAVELI and for 40 days after the last dose.
Please see full Prescribing Information, including Boxed WARNING regarding serious infections caused by encapsulated bacteria, and Medication Guide.
About Apellis
Apellis Pharmaceuticals, Inc. is a global biopharmaceutical company that combines courageous science and compassion to develop life-changing therapies for some of the most challenging diseases patients face. We ushered in the first new class of complement medicine in 15 years and now have two approved medicines targeting C3. These include the first-ever therapy for geographic atrophy, a leading cause of blindness around the world. We believe we have only begun to unlock the potential of targeting C3 across serious retinal, rare, and neurological diseases. For more information, please visit http://apellis.com or follow us on Twitter and LinkedIn.
Apellis Forward-Looking Statement
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 regarding the expected timing of clinical data, and the review of the marketing authorization application of SYFOVRE by the EMA. 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 the benefit/risk profile of SYFOVRE following the events of retinal vasculitis will impact the Company’s commercialization efforts; whether SYFOVRE will receive approval from foreign regulatory agencies for GA when expected or at all, including the impact of the reported events of retinal vasculitis on the likelihood and timing of such approvals; whether the Company’s clinical trials will be completed when anticipated; whether results obtained in clinical trials will be indicative of results that will be generated in future clinical trials; whether pegcetacoplan will successfully advance through the clinical trial process on a timely basis, or at all; whether the results of the Company’s clinical trials will warrant regulatory submissions and whether systemic pegcetacoplan will receive approval from the FDA or equivalent foreign regulatory agencies for C3G and IC-MPGN or any other indication when expected or at all; the period for which the Company believes that its cash resources will be sufficient to fund its operations; and other factors discussed in the “Risk Factors” section of Apellis’ Annual Report on Form 10-K with the Securities and Exchange Commission on February 27, 2024 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.
Media Contact:
Tracy Vineis
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617.420.4839
Investor Contact:
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617.599.8178
| APELLIS PHARMACEUTICALS, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (Amounts in thousands, except per share amounts) | ||||||||
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | (Unaudited) | |||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 360,087 | $ | 351,185 | ||||
| Accounts receivable | 304,433 | 206,442 | ||||||
| Inventory | 152,772 | 146,362 | ||||||
| Prepaid assets | 28,971 | 38,820 | ||||||
| Restricted cash | 1,339 | 1,114 | ||||||
| Other current assets | 12,372 | 22,408 | ||||||
| Total current assets | 859,974 | 766,331 | ||||||
| Non-current assets: | ||||||||
| Right-of-use assets | 16,321 | 16,745 | ||||||
| Property and equipment, net | 3,836 | 4,345 | ||||||
| Long-term inventory | 23,021 | — | ||||||
| Other assets | 1,330 | 1,309 | ||||||
| Total assets | $ | 904,482 | $ | 788,730 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 38,270 | 37,516 | |||||
| Accrued expenses | 122,781 | 127,806 | ||||||
| Current portion of development liability | — | 75,830 | ||||||
| Current portion of lease liabilities | 6,214 | 6,441 | ||||||
| Deferred revenue | 1,903 | — | ||||||
| Total current liabilities | 169,168 | 247,593 | ||||||
| Long-term liabilities: | ||||||||
| Long-term development liability | — | 239,817 | ||||||
| Long-term credit facility | 364,025 | — | ||||||
| Convertible senior notes | 93,186 | 93,033 | ||||||
| Lease liabilities | 11,085 | 11,454 | ||||||
| Other liabilities | 2,691 | 2,312 | ||||||
| Total liabilities | 640,155 | 594,209 | ||||||
| Commitments and contingencies (Note 13) | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock, $0.0001 par value; 10,000 shares authorized and zero shares issued and outstanding at June 30, 2024 and December 31, 2023 | — | — | ||||||
| Common stock, $0.0001 par value; 200,000 shares authorized at June 30, 2024 and December 31, 2023; 121,687 shares issued and outstanding at June 30, 2024, and 119,556 shares issued and outstanding at December 31, 2023 | 12 | 12 | ||||||
| Additional paid-in capital | 3,209,245 | 3,035,539 | ||||||
| Accumulated other comprehensive loss | (3,362 | ) | (3,542 | ) | ||||
| Accumulated deficit | (2,941,568 | ) | (2,837,488 | ) | ||||
| Total stockholders' equity | 264,327 | 194,521 | ||||||
| Total liabilities and stockholders' equity | $ | 904,482 | $ | 788,730 | ||||
| APELLIS PHARMACEUTICALS, INC. | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||||||||||
| (Amounts in thousands, except per share amounts) | ||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Revenue: | ||||||||||||||||
| Product revenue, net | $ | 179,136 | $ | 89,645 | $ | 342,211 | $ | 128,444 | ||||||||
| Licensing and other revenue | 20,549 | 5,324 | 29,798 | 11,370 | ||||||||||||
| Total revenue: | 199,685 | 94,969 | 372,009 | 139,814 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Cost of sales | 23,100 | 8,379 | 43,309 | 16,188 | ||||||||||||
| Research and development | 77,947 | 95,658 | 162,647 | 205,684 | ||||||||||||
| Selling, general and administrative | 128,081 | 111,373 | 257,587 | 213,466 | ||||||||||||
| Operating expenses: | 229,128 | 215,410 | 463,543 | 435,338 | ||||||||||||
| Net operating loss | (29,443 | ) | (120,441 | ) | (91,534 | ) | (295,524 | ) | ||||||||
| Loss on extinguishment of development liability | (1,949 | ) | — | (1,949 | ) | — | ||||||||||
| Interest income | 3,184 | 6,002 | 6,488 | 11,395 | ||||||||||||
| Interest expense | (9,359 | ) | (7,341 | ) | (16,326 | ) | (14,869 | ) | ||||||||
| Other income / (expense), net | 24 | (63 | ) | (475 | ) | (341 | ) | |||||||||
| Net loss before taxes | (37,543 | ) | (121,843 | ) | (103,796 | ) | (299,339 | ) | ||||||||
| Income tax expense | 114 | 194 | 284 | 476 | ||||||||||||
| Net loss | $ | (37,657 | ) | $ | (122,037 | ) | $ | (104,080 | ) | $ | (299,815 | ) | ||||
| Other comprehensive gain/(loss): | ||||||||||||||||
| Foreign currency translation | 163 | (21 | ) | 180 | 79 | |||||||||||
| Total other comprehensive income | 163 | (21 | ) | 180 | 79 | |||||||||||
| Comprehensive loss, net of tax | $ | (37,494 | ) | $ | (122,058 | ) | $ | (103,900 | ) | $ | (299,736 | ) | ||||
| Net loss per common share, basic and diluted | $ | (0.30 | ) | $ | (1.02 | ) | $ | (0.84 | ) | $ | (2.57 | ) | ||||
| Weighted-average number of common shares used in net loss per common share, basic and diluted | 123,904 | 119,316 | 123,430 | 116,594 | ||||||||||||
| Last Trade: | US$26.87 |
| Daily Change: | -0.62 -2.26 |
| Daily Volume: | 252,381 |
| Market Cap: | US$3.270B |
November 05, 2024 September 20, 2024 | |
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