Slides
Page 1
February 24, 2026 Fourth Quarter and Full Year 2025 Financial Results Conference Call
Page 2
2 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 and whether the Company will make regulatory submissions when anticipated; the 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 data from the Company’s clinical trials will be available 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 Company’s products will generate the revenues projected by the Company, the Company will achieve profitability or maintain profitability, if achieved; whether the Company cash resources, together with its projected revenues, will fund its operations through profitability; 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 24, 2026 and 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. Forward-looking statements
Page 3
3 D AVI D A C H ES O N Executive Vice President of Commercial C E D R I C F R A N C O I S , M . D . , Ph . 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
Page 4
4 Transforming innovation into durable value creation 4 Apellis: The Leading Complement Company Two approved C3 therapies, SYFOVRE ® and EMPAVELI ®, across four serious diseases (GA, PNH, C3G, & primary IC -MPGN) Advancing pipeline leveraging our C3 expertise across complement -mediated diseases and biological adjacencies Deploying capital with precision to drive revenue growth and advance on our path to profitability NEAR -TERM GROWTH LONG -TERM GROWTH SELF -FUNDED GA: geographic atrophy; PNH: paroxysmal nocturnal hemoglobinuria; C3G: C3 glomerulopathy; primary IC-MPGN: primary immune-complex glomerulonephritis
Page 5
5 ✓ ~$587M in FY 2025 U.S. net product revenue ✓ Total injections increased 17% YoY ✓ Regulatory submission for best-in-class prefilled syringe planned for 1H 2026 ✓ Phase 2 study of SYFOVRE + APL-3007 ongoing, topline data expected in 2027 Apellis is the leader in C3-targeting therapies, with two approved products across four indications Carolyn Living with GA ✓ ~$102M in FY 2025 U.S. net product revenue ✓ Strong launch continues in C3G and primary IC-MPGN ✓ 267 cumulative start forms as of YE'25 ✓ >5% penetration into U.S. patient market ✓ Pivotal studies underway in FSGS and DGF Archer Living with C3G FSGS: focal segmental glomerulosclerosis; DGF: delayed graft function
Page 6
6 SYFOVRE is the market -leading treatment for GA in the U.S. CONTINUED INJECTION GROWTH ~17% YoY Only GA therapy approved for AS FEW AS 6 DOSES/YEAR In a PREFERRED POSITION with many payers ~$587M in 2025 U.S. net product revenue
Page 7
7 Expanding the GA opportunity and positioning SYFOVRE for its next phase of growth Targeted Field Execution Precision execution across priority segments and early-career retina specialists Data-driven Differentiation Supported by unparalleled clinical data and real-world evidence Innovation-led Growth Advancing a best-in-class prefilled syringe and OCT-F AI imaging tool OCT-F: optical coherence tomography – functional
Page 8
8 EMPAVELI continues to elevate the standard of care As of December 31, 2025 1. Includes patients as of December 2025 from all subcutaneous pegcetacoplan clinical trials and post-marketing exposure of EMPAVELI >3,000 PATIENT -YEARS of exposure to systemic pegcetacoplan1 ZERO meningococcal infections due to encapsulated bacteria ROBUST EFFICACY across all approved indications Continued STRONG SAFETY PROFILE ~$102 MILLION in FY 2025 U.S. net product revenue ~$35 MILLION in Q4 2025 U.S. net product revenue QUINN living with C3G
Page 9
9 EMPAVELI is the only approved product for as much as two-thirds of overall U.S. C3G and IC-MPGN market Broad label positions EMPAVELI for high utilization in C3G and primary IC -MPGN ~5K C3G / IC-MPGN patients estimated in U.S. 1 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 2. Pediatric patients aged 12 or older. Notes: No head-to-head clinical studies have been conducted comparing the efficacy of EMPAVELI to competitor for the treatment of C3G and primary IC-MPGN. Scale is an approximation based on APLS internal estimates. For illustrative purposes only. 3. Labels vary by jurisdiction. Post-transplant C3G disease recurrence patients Pediatric patients with primary IC-MPGN2 Pediatric patients with C3G 2 Adult patients with primary IC-MPGN Adult patients with C3G EMPAVELI® Competitor U.S Label3 ✓ ✓ ✓ ✓ ✓ ✓
Page 10
10 Strong launch for EMPAVELI in C3G & primary IC -MPGN continues 267 cumulative patient start forms as of Dec 31, 2025 >5% penetration into U.S. patient market 1 ~95% payer policies covering to label or with minimal restrictions Strong early demand with robust pipeline of patients to drive growth Growth driven by increasing breadth and depth of prescribers Favorable access dynamics positions launch for sustainable uptake Potential to be used by up to 50% of the U.S. patient population1 1. Based on Apellis estimate ofapproximately 5,000 U.S. patient population for C3G and primary IC-MPGN.
Page 11
11 Easy-to-use on-body device enables flexible dosing only 2x / week Positioning EMPAVELI for durable growth in 2026 Strengthen patient identification and activation to support uptake momentum Broaden physician engagement through focused field efforts and peer education Increase adoption across patient segments, building on pediatric & post-transplant strength and growing use in adults
Page 12
12 Post hoc analysis. Mean rate of change in GA lesion area between SYFOVRE group and sham group from antecedent study baseline to Month 60, with knots at Months 12, 24, 36 and 48 allowing for the slope to be linear over each of the 12-month segments but to differ between segments using piecewise slope analysis. Mean rate of change of projected sham from Month 24 to Month 60 was estimated from the mean rate of change in each period from Month 0 to Month 24 in the sham group. SYFOVRE delayed GA progression by ~1.5 Years 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 0 12 24 36 48 60 Mean (SE) Change From Baseline in GA Growth, mm 2 Month Patients with nonsubfoveal (NSF) GA (N=286) SYFOVRE Every-Other-Month (n=104) SYFOVRE Monthly (n=95) Sham (n=87) Projected Sham ~18.5 months Rollover to open label extension
Page 13
13 Strengthening SYFOVRE’s competitive advantage through a best-in-class prefilled syringe Retina specialists strongly prefer prefilled syringes: streamlines administration and reduces preparation time Optimizes workflow in clinics: lowers training burden, offers consistency, and reduces time in chair Accelerates adoption potential: simplified logistics support increased use in high -volume practices Regulatory submission planned in 1H 2026
Page 14
14 • AI-powered software to visualize functional decline and quantify treatment impact • Trained and tested on extensive OAKS and DERBY datasets • Data presentations at 2026 Angiogenesis and The Macula Society meetings • In development and expected to be available for research use in ECP offices in 2H 2026 Making the OCT “Functional”: Leveraging AI to visualize GA progression and treatment effect Baseline Month 24Sensitivity difference (%) Illustrative patient impact PATIENT IMPACT OCT-F images Sensitivity score = 61.5 Sensitivity score = 37.3 Difference map Sensitivity change CHANGE REPORT BaselineMonth 24 Months Sensitivity OCT: optical coherence tomography
Page 15
15 Advancing potential next generation treatment for GA SYFOVRE + APL -3007 • Potential to improve efficacy by comprehensively blocking complement activity in retina and choroid • Phase 2 multi -dose study ongoing; data expected in 2027 APL-3007 (siRNA) Phase 1b study in patients with geographic atrophy 1 Mean change from baseline in C3 Time Point (Day) Mean ( ±SE) % Change from Baseline in Complement C3 (mg/dL) APL -3007 Placebo 25 0 -25 -50 -75 -100 0 60 100 16020 40 80 120 140 180 APL -3007 reduced circulating C3 concentration by up to 94% in elderly GA patients* Pooled (N=11) Geographic Atrophy Patient (N=5)Heathy Volunteer (N=6) 1. Ongoing Phase 2 study is evaluating safety, biologic activity, and pharmacodynamics of multiple doses of APL-3007 in combination with SYFOVRE.
Page 16
16 Expanding EMPAVELI into new rare, kidney indications PRIMARY FOCAL SEGMENTAL GLOMERULOSCLEROSIS (FSGS) Pivotal trials underway in FSGS and DGF DELAYED GRAFT FUNCTION (DGF) DGF occurs in approximately30-35% of deceaseddonor 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 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.
Page 17
17 APL-9099: First-in-class base editing approach to disrupt the $20B FcRn market • Clinically -validated FcRn target with de -risked biology • Durable IgG reduction with as few as 1-2 doses • Current biologics limited by frequent dosing, variable IgG control, and relapse RATIONALE gRNA Cas9 mRNA LNP POTENTIAL SAFETY ADVANTAGES • Base editing vs. CRISPR • LNP vs. AAV NEXT STEPS • IND submission planned 2H 2026 gRNA Cas9 mRNA FcRn: neonatal fragment crystallizable receptor. IgG: immunoglobulin G. LNP: lipid nanoparticle. AAV: adeno-associated virus. Base-editing technology licensed from Beam Therapeutics. LNP technology licensed fromAcuitas Therapeutics, Inc.
Page 18
18 (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 (Loss)/Income Consolidated fourth quarter and full year 2025 financial results Apellis anticipates its cash, cash equivalents and projected product revenues will be sufficient to fund the business to profitability Three Months Ended Dec 31, 2025 2024 $35.1 $23.4 $155.2 $167.8 $9.6 $21.4 $199.9 $212.5 $29.7 $40.9 $74.2 $76.4 $147.1 $121.5 $251.1 $238.7 $7.5 $9.9 $0.3 $0.3 ($58.9) ($36.4) Twelve Months Ended Dec 31, 2025 2024 $102.4 $98.1 $586.9 $611.8 $314.4 $71.4 $1,003.8 $781.4 $102.2 $117.7 $295.9 $327.6 $550.3 $501.1 $948.4 $946.3 $31.3 $31.7 $1.7 $1.2 $22.4 ($197.9) Tables above may not foot due to rounding
Page 19
February 24, 2026 Fourth Quarter and Full Year 2025 Financial Results Conference Call