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ARCHERLiving with C3G 44th Annual J.P. Morgan Healthcare ConferenceCedric Francois, M.D., Ph.D.Co-Founder, Chief Executive Officer and PresidentJanuary 12, 2026
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2 Statements in this presentation about future expectations, plans and prospects, as well as any other statementsregarding 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 adjustments to Apellis’ preliminary revenue figures resulting from, among other things, the completion of financial closing and audit procedures for the quarter and year ended December 31, 2025; 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; whether systemic pegcetacoplan will receive approval from foreign regulatory agencies for C3G and primary IC-MPGN; 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 28, 2025 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 specificallydisclaimsany obligation to update any forward-looking statement, whetheras a result ofnew information, future events or otherwise. Forward-looking statements
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3 Transforming innovation into durable value creation 3 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 GROWTHLONG-TERM GROWTHSELF-FUNDED GA: geographic atrophy; PNH: paroxysmal nocturnal hemoglobinuria; C3G: C3 glomerulopathy; primary IC-MPGN: primary immune-complex glomerulonephritis
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4 Foundational 2025 positions Apellis with strong forward momentum Steady, durable revenue stream that supports long-term growth ambitionsExpanded the franchise into new indications and grew the market opportunityüMaintained GA market leadershipüAnnounced 5-year GALE data, showcasing unparalleledlong-term efficacy and safetyüAdvanced best-in-class prefilled syringe program üProgressed Phase 2 clinical trial for next-generation GA treatment (SYFOVRE + APL-3007) üSecured FDA approval in C3G and primary IC-MPGNüPhase 3 VALIANT data published in the New England Journal of MedicineüInitiated pivotal trials in two additional kidney diseases, FSGS and DGFüPositive CHMP opinion for C3G & primary IC-MPGN* Bolstered balance sheet with non-dilutive, royalty deal valued at up to $300 million*Received by partner Sobi. FSGS: focal segmental glomerulosclerosis; DGF: delayed graft function; CHMP: Committee for Medicinal Products for Human Use (a committee of the European Medicines Agency)
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5 Maximize EMPAVELI’s impact in rare diseases Transform the treatment of GA with SYFOVRE Advance innovative pipeline, leveraging our expertise in complement 2026 priorities focused on driving sustainable value creationUnlocking blockbuster potential and driving the next wave of innovation
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6 SYFOVRE is the market-leading treatment for GA in the U.S. Market leader in GA with~60% SHAREContinued total injection growth ~17% YoY Only GA therapy approved for AS FEW AS 6 DOSES/YEAR1. Estimated 2025 SYFOVRE net product revenue are unaudited, preliminary and based on management’s estimate as of the date of this presentation and are subject to completion of the Company’s financial closing review procedures. In aPREFERRED POSITION with many payers~$587Min 2025 U.S. net product revenue1
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7 Geographic Atrophy is a large, underpenetrated market with meaningful opportunity for SYFOVRE growth and expansion Advanced GA GA with wet AMD Patients currently being considered for anti-complement therapy. For illustrative purposes only. GA: geographic atrophy secondary to advanced macular degeneration. AMD: age-related macular degeneration. early GA: unilateral, early vision loss; Lesion ≥2.5 mm2. or 1.25 mm2 if multifocal; advanced GA: bilateral, blind in one eye; Lesion ≤17.5mm2 Early GA
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8 Geographic Atrophy is a large, underpenetrated market with meaningful opportunity for SYFOVRE growth and expansion Early GA GROWTH DRIVERSField execution with enhanced messaging, new resources, and focus on early career retina specialistsClinical evidence to reinforce SYFOVRE’s differentiation through long-term data and real-world evidence GROWTH DRIVERS: 1H 2026 1 2 Advanced GA GA with wet AMD3Competitive advantage through convenience of prefilled syringeSHARE EXPANSION: 2H 2026+ GA: geographic atrophy secondary to advanced macular degeneration. AMD: age-related macular degeneration. early GA: unilateral, early vision loss; Lesion ≥2.5 mm2. or 1.25 mm2 if multifocal; advanced GA: bilateral, blind in one eye; Lesion ≤17.5mm2 Patients currently being considered for anti-complement therapy. For illustrative purposes only.
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9Post 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 0.02.04.06.08.010.012.014.0 01224364860 Mean (SE) Change From Baseline in GA Growth, mm2 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
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10 Strengthening SYFOVRE’s competitive advantage through a best-in-class prefilled syringe Retina specialists strongly prefer prefilled syringes: streamlines administration and reduces preparation timeOptimizes workflow in clinics: lowers training burden, offers consistency, and reduces time in chairAccelerates adoption potential: simplified logistics support increased use in high-volume practices Regulatory submission planned in 1H 2026
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11 Unlocking the full opportunity in GA Early GA GROWTH DRIVERSField execution with enhanced messaging, new resources, and focus on early career retina specialistsClinical evidence to reinforce SYFOVRE’s differentiation through long-term data and real-world evidence GROWTH DRIVERS: 1H 2026 1 2 Advanced GA GA with wet AMD3Competitive advantage through convenience of prefilled syringeSHARE EXPANSION: 2H 2026+ 4Leverage AI development tool to identify progression, expand existing market adoption, and drive uptake in early GA EXTEND REACH: 2027+ GA: geographic atrophy secondary to advanced macular degeneration. AMD: age-related macular degeneration. early GA: unilateral, early vision loss; Lesion ≥2.5 mm2. or 1.25 mm2 if multifocal; advanced GA: bilateral, blind in one eye; Lesion ≤17.5mm2 Patients currently being considered for anti-complement therapy. For illustrative purposes only.
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12 •AI-powered software to visualize functional decline and quantify treatment impact•Trained and tested on extensive OAKS and DERBY datasets•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 BaselineMonth 24Sensitivity difference (%) Illustrative patient impact PATIENT IMPACTOCT-F images Sensitivity score = 61.5 Sensitivity score = 37.3 Difference map Sensitivity change CHANGE REPORT BaselineMonth 24 Months Sensitivity OCT: optical coherence tomography
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13 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 *Ongoing Phase 2 study is evaluating safety, biologic activity, and pharmacodynamics of multiple doses of APL-3007 in combination with SYFOVRE. APL-3007 (siRNA) Phase 1b study in patients with geographic atrophy*Mean change from baseline in C3 Time Point (Day) Mean (±SE) % Change from Baseline in Complement C3 (mg/dL)APL-3007 Placebo25 0 -25 -50 -75 -1000 60100 160204080120140180 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)
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14 2026 priorities focused on driving sustainable value creationUnlocking blockbuster potential and driving the next wave of innovation Maximize EMPAVELI’s impact in rare diseases Transform the treatment of GA with SYFOVRE Transform the treatment of GA with SYFOVRE Advance innovative pipeline, leveraging our expertise in complement Advance innovative pipeline, leveraging our expertise in complement
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15 EMPAVELI on track to become a blockbuster opportunity U.S. patient estimates based on available epidemiological literature and claims data. 2021PNHHematology 2025C3G & IC-MPGNRare Nephrology 2028+FSGS & DGFRare Nephrology ~1.5K patients ~5K patients ~30K patientsIn pivotal trials:Focal Segmental Glomerulosclerosis (FSGS)Delayed Graft Function (DGF) Expanding franchise to become a leader in rare nephrology
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16 EMPAVELI continues to elevate the standard of care As of December 31, 2025 1. Estimated 2025 EMPAVELI net product revenue are unaudited, preliminary and based on management’s estimate as of the date of this presentation and are subject to completion of the Company’s financial closing review procedures2. 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 pegcetacoplan2 ZERO meningococcal infections due to encapsulated bacteria ROBUST EFFICACY across all approved indications Continued STRONG SAFETY PROFILE ~$102 MILLIONin FY 2025 U.S. net product revenue1~$35 MILLION in Q4 2025 U.S. net product revenue1 QUINN living with C3G
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17 EMPAVELI is the only approved product for as much as two-thirds of the overall C3G and IC-MPGN market Broad label positions EMPAVELI for high utilization in C3G and primary IC-MPGN ~5K C3G / IC-MPGN patientsestimated 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: 1312. 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. Post-transplant C3G disease recurrence patients Pediatric patients with primary IC-MPGN2 Pediatric patients with C3G2 Adult patients with primary IC-MPGN Adult patients with C3G EMPAVELI®Competitor Label ✓✓✓✓✓ OOOO✓
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18 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~95% payer policiescovering to label or with minimal restrictions Strong early demand with robust pipeline of patients to drive growthGrowth driven by increasing breadth and depth of prescribersFavorable access dynamics positions launch for sustainable uptake
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19 EMPAVELI start form performance has significantly outpaced other successful rare nephrology launches Drug Market Penetration 2Q Post-Launch* (Start Forms)Indication at LaunchROALaunch DateAddressable Patients2Q Cumulative SFs >5%C3G / primary IC-MGPNSubQJuly 20255K267 LUPKYNIS®(Lupus Nephritis)0.6%Lupus NephritisOralJan 2021120K665 TARPEYO®(IgA Nephropathy)1.1%IgAN (UPCR ≥1.5; 9-month tx)OralDec 202140K451 FILSPARI®(IgA Nephropathy)1.4%IgAN (UPCR ≥1.5)OralFeb 202340K563 *Normalized for patient population. Calculated by dividing cumulative 2Q SFs by the addressable patient population
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20 Patient identification and activation to support uptake momentum Improve diagnosis of patients through medical education Drive urgency amongst nephrologists to treat early Differentiate EMPAVELI through its compelling efficacy, safety, and real-world evidence Positioning EMPAVELI for durable growth in 2026 Easy-to-use on-body device enables flexible dosing only 2x / week Focused execution on core priorities:
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21 Expanding EMPAVELI into new rare, kidney indications PRIMARY FOCAL SEGMENTAL GLOMERULOSCLEROSIS (FSGS) Pivotal trials for FSGS and DGF initiated in 4Q 2025 DELAYED GRAFT FUNCTION (DGF)
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22 FSGS DISEASE OVERVIEW•Causes scarring in the glomeruli UNMET NEED•~50% of patients progress to end-stage kidney disease (ESKD) within 5-10 years2 RATIONALE FOR EMPAVELI•Low levels of serum C3 correlate with higher disease activity, poorer outcomes, and faster risk of progression to ESKD•Complement proteins are detected in glomeruli and urine of patients•Pegcetacoplan inhibits C3 cleavage and activation of complement proteins, and increases serum C3 Primary FSGS is a rare, progressive kidney disease Approximately 13,000 patients in the U.S. have primary FSGS1 1. Prevalence estimated using claims data and published literature for FSGS incidence and sub-types. 2. MoranneO et al..QJM: An International Journal of Medicine2008; Vol 101, Issue 3: 215-224.
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23 DGF DISEASE OVERVIEW•Transplanted kidney fails to function, requiring dialysis <1-week post-transplantUNMET NEED•No FDA-approved therapies•DGF leads to a higher incidence of transplant rejection including retransplantation•Risk of graft failure and mortality persist after DGF resolutionRATIONALE FOR EMPAVELI●Complement plays a significant role in transplantation process●Comprehensive C3 inhibition may both prevent and treat complement overactivation associated with DGF DGF presents a significant challenge in kidney transplantation DGF occurs in approximately 30-35% of deceased donor kidney transplants (~21,000 in the U.S. in 2023)* *Organ Procurement and Transplantation Network.
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24 Maximize EMPAVELI’s impact in rare diseases Transform the treatment of GA with SYFOVRE 2026 priorities focused on driving sustainable value creationUnlocking blockbuster potential and driving the next wave of innovation Maximize EMPAVELI’s impact in rare diseases Transform the treatment of GA with SYFOVRE Advance innovative pipeline, leveraging our expertise in complement
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25 APL-9099: First-in-class base editing approach to disrupt the $20B FcRn market •Clinically-validated FcRn target with de-risked biology •Durable IgG reduction with as few as 1-2 doses •Current biologics limited by frequent dosing, variable IgG control, and relapse RATIONALE gRNA Cas9 mRNA LNP POTENTIAL SAFETY ADVANTAGES•Base editing vs. CRISPR•LNPvs. AAVNEXT STEPS•IND submission planned 2H 2026 gRNA Cas9 mRNA FcRn: neonatal fragment crystallizable receptor. IgG: immunoglobulin G. LNP: lipid nanoparticle. AAV: adeno-associated virus.Base-editing technology licensed from Beam Therapeutics. LNP technology licensed fromAcuitas Therapeutics, Inc.
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26 APL-9099 achieves sustained IgG reduction in NHPsAlbumin levels did not change after APL-9099 treatment APL-9099 demonstrated durable reduction of blood IgG levels after 1 or 2 doses, while preserving albumin recycling !"!#!A!%!C!!C"!C#!CA!C%!"!!! C! "! D! #! (! A! )! %! *! C!! CC! C"! !"#$B&DE)G+ I-./0$-/NGB203&4/5#E6"T$.B8/B9EG$6"-$+ +,-.LM12PL45P- SP718P9M1:;S<*!** =.>18P9M1:;S<*!** Dose 12nd dose resulted in ↑ pharmacologyDose 2 Time (Days)!"!#!$!%!&!!&"!&#!&$!&%!"!!! &! "! '! #! (! $! )! %! *! &!! &&! &"! !"#AB&DE)*+ ,-./0A-/N*B234N#"-&5/6#E3"TA.B8/B9E*A3"-A+ Dose 1Dose 2 Time (Days) Saline Control Low Dose APL-9099 Mid Dose APL-9099
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27 PRODUCTDISEASEPRECLINICALPHASE 1PHASE 2PHASE 3APPROVED OPHTHALMOLOGYSYFOVRE®(pegcetacoplan injection)GAAPL-3007 + SYFOVREGA RARE DISEASEEMPAVELI® (pegcetacoplan)* PNHC3GPrimary IC-MPGNFSGSDGFNEUROLOGYRNA therapies Undisclosed MULTIPLE THERAPEUTIC AREAS APL-9099:Gene-edited FcRn therapy (Beam)UndisclosedGene-edited complement therapies (Beam)UndisclosedOral complement inhibitorUndisclosed Marketed in the U.S. Advancing innovative pipeline leveraging expertise in complement Initiated Ph2 in Q2 2025 Initiated pivotal P2/3 trial in Q4 2025 Marketed in the U.S. PDUFA date: July 28, 2025Marketed in the U.S. Initiated pivotal P3 trial in Q4 2025 Marketed in the U.S. *Sobi has global co-development and ex-U.S. commercialization rights for systemic pegcetacoplanThe safety and efficacy of the agents for the indications under investigation have not been established.
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28 Solid 2025 builds a strong foundation for 2026 and beyond Existing cash and projected revenues expected to fund operations to profitability ~$190Mnet product revenue~$689Mnet product revenue~$466Mas of YE25 4Q25FY25Cash Estimated 4Q and full year 2025 U.S. net product revenues, cash and cash equivalents are unaudited, preliminary and based on management’s estimate as of the date of this presentation and are subject to completion of the Company’s financial closing review procedures.
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www.apellis.com ARCHERLiving with C3G