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October 30, 2025 Third 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 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 D AV I D A C H E S O N 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 I N F L A M M A T I O N Targeting C3 for comprehensive control of complement References: 1. Ricklin D, Lambris JD. Adv Exp Med Biol. 2008;632:273-292. MAC = membrane attack complex C L A S S I C A L P A T H W A Y L E C T I N P A T H W A Y A L T E R N A T I V E P A T H W A Y C3 I N F L A M M A T I O N P H A G O C Y T O S I S C3a C3b C5 C5a M A CC5b STOP STOP C 3 b O P S O N I Z A T I O N C E L L L Y S I S STOP C3 is the only target in the complement cascade that addresses all 3 activation pathways that can initiate and drive disease .1 Controls all downstream effects
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5 ✓ 3Q’25 revenue of ~$151 million ✓ 4% QoQ injection growth ✓ Overall GA market share exceeds 60% ✓ 52% of new patient starts in 3Q’25 ✓ Phase 2 study of SYFOVRE + APL-3007 ongoing ✓ Received U.S. FDA approval in C3G and primary IC-MPGN in July ✓ 152 patient start forms received for nephrology as of September 30, 2025 ✓ 3Q’25 revenue of ~$27 million ✓ Plan to initiate pivotal studies in FSGS and DGF by year end Apellis is the leader in C3-targeting therapies, with two approved products across four indications Carolyn Living with GA Archer & Brie Living with C3G C3G = C3 Glomerulopathy; IC -MPGN = Immune -complex Membranoproliferative Glomerulonephritis; PNH = Paroxysmal Nocturnal Hemoglobi nuria
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6 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 Notes: No head-to-head clinical studies have been conducted comparing the efficacy of EMPAVELI to competitor for the treatment of C3G a nd primary IC -MPGN. Scale is an approximation based on APLS internal estimates. For illustrative purposes only. EMPAVELI is the only approved product for as much as two-thirds of the overall C3G and IC-MPGN market Post-transplant C3G disease recurrence patients Primary IC-MPGN patients aged 12 years and older Pediatric patients with C3G Adult patients with IC-MPGN Adult patients with C3G EMPAVELI® Competitor Label ✓ ✓ ✓ ✓ ✓ ✓ Broad label positions EMPAVELI for high utilization in C3G and primary IC-MPGN Make 5K big visually ~5K C3G / IC-MPGN patients estimated in U.S. 1
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7 Early momentum for EMPAVELI C3G/IC -MPGN launch Strong early demand with positive reception from patients and physicians; 152 new start forms in Q3 Meaningful traction among prescriber base; 19/20 top target accounts have ≥1 REMS-certified prescriber Securing favorable coverage and rapid access Easy-to-use on-body device enables flexible dosing only 2x / week
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8 DELAYED GRAFT FUNCTION (DGF) PRIMARY FOCAL SEGMENTAL GLOMERULOSCLEROSIS (FSGS) Plan to initiate two pivotal trials by year-end 2025 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 kidney transplants (~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 Maximizing the potential of EMPAVELI by expanding into new rare, kidney indications
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9 10% total currently treated GA patients in ECP office2 Maximize adoption through advancement of pre-filled syringe and AI imaging tools Develop next generation GA treatment with Phase 2 trial of SYFOVRE + APL-3007 ~1.5M GA patients estimated in U.S.1 GA patients currently in ECP office Grow the GA market through targeted disease awareness education Opportunities to drive SYFOVRE demand and long -term growth of GA market 1. FriedmanDS et al.,ArchOphthalmol2004;Apellisanalysisand assumptions.2. QdataAMD, as of July2025,providedby VeranaHealth, Inc.For illustrative purposes only.
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10 Consistently demonstrated robust and increasing effects over time Approved for as few as 6 doses per year In a preferred position with many payers Demonstrated ability to preserve visual function and retina tissue through 48 months SYFOVRE’s market leadership is driven by its differentiated clinical profile
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11 SYFOVRE distribution network overview Wholesaler Distributor Manufacturer (Apellis) ECP Office Patient Revenue Recognized Doses Delivered1 (commercial + free goods) Total Injections1,2 (commercial + free goods) Q3’25 Metrics: ~$151 million 3Q’25 revenue ~101K doses delivered (~86K commercial, ~15K free goods) 4% QoQ injection growth 1. Apellis data on file, excludes clinical trial injections. 2. This is an estimate derived and extrapolated from available E CP injection demand data estimated to be representative of approximately half of the anti -complement market.
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12 SYFOVRE total injections continue to increase quarter over quarter 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 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 E CP injection demand data estimated to be representative of approximately half of the anti -complement market.
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13 (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 T ax Expense Net Income/(Loss) Consolidated 3Q 2025 financial results Expect existing cash of $479.2 and future product sales will be sufficient to fund the business to sustainable profitability. Three Months Ended Sep 30, 2025 2024 $26.8 $24.6 $150.9 $152.0 $280.8 $20.3 $458.6 $196.8 $24.5 $33.6 $68.2 $88.6 $142.7 $122.0 $235.4 $244.1 $6.9 $9.6 $0.6 $0.6 $215.7 ($57.4) Tables above may not foot due to rounding
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October 30, 2025 Third Quarter 2025 Financial Results Conference Call