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July 31, 2025 Second Quarter 2025 Financial Results Conference Call
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2 Forward-looking statements Statements in this presentation 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. 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 results of the Company’s clinical trials for EMPAVELI, SYFOVRE, or any of its future products will warrant regulatory submissions to the FDA or equivalent foreign regulatory agencies; whether systemic pegcetacoplan will receive approval from the FDA or equivalent foreign regulatory agencies for C3G and primary IC-MPGN; rate and degree of market acceptance and clinical utility of EMPAVELI, SYFOVRE and any future products for which we receive marketing approval will impact our commercialization efforts; whether SYFOVRE will receive approval from foreign regulatory agencies for GA when expected or at all; 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 or in the real world setting; whether 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 28, 2025 and the risks described in other filings that Apellis may make with the Securities and Exchange Commission. Any forward- looking statements contained in this presentation 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.
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3 DAVID ACHESON Executive Vice President of Commercial C E D R I C F R A N C O I S , M . D . , P h . D . Co-Founder, President & Chief Executive Officer T I M O T H Y S U L L I VA N Chief Financial Officer C A R O L I N E B A U M A L , M . D . Chief Medical Officer Call Participants
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4 For the first time, patients with C3G and primary IC -MPGN can be treated with a C3 -targeting therapy EMPAVELI® is indicated for the treatment of adult and pediatric patients aged 12 years and older with C3G or primary IC-MPGN, to reduce proteinuria. NOW APPROVED
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5 Apellis is the leader in C3-targeting therapies, with approved products in four indications and a maturing pipeline ✓ 2Q 2025 revenue of ~$151M in GA ✓ 6% QoQ injection growth ✓ 55% of new patient starts in 2Q 2025 ✓ Overall GA market share exceeds 60% ✓ Initiated Phase 2 study of SYFOVRE + APL-3007 ✓ Received U.S. FDA approval in C3G and primary IC-MPGN ▪ Broad label addresses several populations for which there were previously no approved treatments ✓ 2Q 2025 revenue of ~$21M in PNH ✓ Plan to initiate pivotal studies in DGF and FSGS by year end
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6 SYFOVRE ® total injections continue to increase QoQ 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Trade Free Goods SYFOVRE Total Injection Volume 1,2 1. Apellis data on file, excludes clinical trial injections. 2. This is an estimate derived and extrapolated from available ECP injection demand data estimated to be representative of approximately half of the anti-complement market.
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7 As of June 30 , 2025: • ~$21 million in 2Q 2025 U.S. net product revenue • ~97% patient compliance rate • Continued strong safety profile with zero meningococcal infections due to encapsulated bacteria EMPAVELI continues to elevate the standard of care in PNH
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8 Up to $300 million in non -dilutive capital from capped royalty purchase agreement for ex -U.S. royalties of Aspaveli ® Received $275 million upfront in exchange for 90% of future ex-U.S. royalties for Aspaveli Up to $25 million in milestones upon EMA approval of Aspaveli for C3G and primary IC-MPGN Non-dilutive funding strengthens balance sheet and provides significant operational flexibility on path to sustainable profitability Defined caps position Apellis to participate in future upside; 100% of ex-U.S. royalties revert to Apellis once caps are achieved
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9 (In USD Millions) EMPAVELI U.S. Net Product Sales SYFOVRE U.S. Net Product Sales Licensing and Other Revenue Total Revenue Cost of Sales Expenses R&D Expenses SG&A Expenses Total Operating Expenses Other Expense, net Income Tax Expense Net Loss Consolidated 2Q 2025 financial results Expect existing cash, combined with $275 million from the royalty purchase agreement and future product sales, will be sufficient to fund the business to sustainable profitability. Three Months Ended June 30, 2025 2024 $20.8 $24.5 $150.6 $154.6 $7.1 $20.5 $178.5 $199.7 $13.6 $23.1 $67.0 $78.0 $131.1 $128.1 $211.7 $229.1 $8.4 $8.1 $0.5 $0.1 $42.2 $37.7
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10 Maximizing the potential of EMPAVELI by expanding into new rare, kidney indications DELAYED GRAFT FUNCTION (DGF) PRIMARY FOCAL SEGMENTAL GLOMERULOSCLEROSIS (FSGS) Plan to initiate two pivotal trials by year end 1. Prevalence estimated using claims data and published literature for FSGS incidence and sub-types. 2. Moranne O et al.. QJM: An International Journal of Medicine 2008; Vol 101, Issue 3: 215-224. 3. Organ Procurement and Transplantation Network. DGF occurs in approximately 30-35% of deceased donor kidneys (~21,000 in the U.S. in 2023)3 ~13,000 patients in the U.S. have primary FSGS1 and ~50% of patients progress to kidney failure within 5-10 years2
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11 Initiated Phase 2 trial for SYFOVRE + APL -3007 to evaluate safety, biologic activity, and pharmacodynamics of combo treatment APL-3007 (siRNA) Phase 1 study in healthy volunteers Mean change from baseline in C3 • Next- generation treatment aimed at comprehensively blocking complement activity in the retina and choroid • APL-3007 reduced circulating C3 concentration by up to 90% in a single dose, Phase 1 healthy volunteer study • Potential to improve efficacy -100 -80 -60 -40 -20 0 Mean (±SE) % Change from Baseline in Complement C3 (mg/dL) Time Point (Day) Dose 1 Dose 2 Dose 3 Dose 4 Pooled Dose Pooled Placebo
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12 First and only FDA-approved treatment for adult and pediatric (12+ years) patients with primary IC-MPGN Only FDA-approved treatment for pediatric (12+ years) C3G patients Only FDA-approved treatment for post-transplant C3G disease recurrence EMPAVELI's broad label addresses significantly underserved patient populations
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13 5,000 C3G and primary IC -MPGN patients in the U.S. 1. 2024 claims data analysis (patients with confirmed diagnosis). Servais et al. Kidney Int. 2012; 82(4): 454. Iatropoulos et al, Mol Immunol. 2016; 71: 131 Note: Scale is an approximation based on APLS internal estimates. ~5K C3G / IC-MPGN patients estimated in U.S. 1 Primary IC-MPGN EMPAVELI is on the path to blockbuster status Post-Transplant / Pediatric C3G Adult C3G, native kidney Competitor label
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14 Maximizing the potential of EMPAVELI in C3G and Primary IC- MPGN Raise awareness about the availability of a disease-modifying therapy • With EMPAVELI now approved, the underlying cause of disease can be directly targeted through C3 inhibition Establish EMPAVELI as the treatment of choice • Trifecta of outcomes (proteinuria, eGFR, C3 staining) • Equate early use of EMPAVELI with the preservation of kidney function and long-term disease control Secure broad access as soon as possible • Helping patients with insurance support, disease education, and more • Actively engaging with payers to ensure broad coverage Highly Experienced Commercial Team
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15 Initiatives to drive SYFOVRE demand and new patient starts Highlight importance of early intervention and keeping patients on treatment Connect with patients through DTC campaign Broaden reach to eyecare community Educate ECPs On best practices for managing reimbursement
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16 Consistently demonstrated robust and increasing effects over time Approved for as few as 6 doses per year In a preferred position with many payers Data at ASRS uniquely demonstrates ability to preserve retina tissue through 48 months SYFOVRE’s market leadership is driven by its differentiated clinical profile
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July 31, 2025 Second Quarter 2025 Financial Results Conference Call