Apellis Pharmaceuticals, Inc. (APLS): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of a focused biotech play, and for Apellis Pharmaceuticals, Inc., the whole game is built around their proprietary C3-targeting technology, which is now translating into real revenue. Honestly, the Q3 2025 results show the traction: $151 million in SYFOVRE net sales and a huge $275 million upfront payment from Sobi, all while they are aggressively spending, with Q2 2025 SG&A reaching $131.1 million to fuel that commercial engine. This Business Model Canvas strips away the jargon to show you precisely how they manage that high-touch specialty sales force, defend their IP, and balance near-term product growth against pipeline expansion. It's a clear map of their strategy, so let's look below at the nine blocks that defintely define their current value creation.

Apellis Pharmaceuticals, Inc. (APLS) - Canvas Business Model: Key Partnerships

You're looking at the structure that lets Apellis Pharmaceuticals, Inc. get its specialized complement therapies to patients, and honestly, it's a mix of big pharma deals and focused execution on the ground. Here's the quick math on the key external relationships as of late 2025.

Sobi (Swedish Orphan Biovitrum) for ex-U.S. systemic pegcetacoplan commercialization

The collaboration with Sobi for Aspaveli (systemic pegcetacoplan outside the U.S.) was recently restructured to provide a significant, non-dilutive cash infusion to Apellis Pharmaceuticals, Inc. This deal underscores the shared belief in the product's long-term value in rare diseases.

The Royalty Buy-Down Agreement, finalized in July 2025, involved Sobi acquiring 90% of Apellis Pharmaceuticals, Inc.'s future ex-U.S. royalties for Aspaveli.

The impact of this partnership is visible in Apellis Pharmaceuticals, Inc.'s reported income. For the third quarter of 2025, net income was $215.7 million, driven by the one-time $275.0 million upfront payment from Sobi. Contrast that with a net loss of $57.4 million for the same period in 2024. The licensing and other revenue from the Sobi collaboration was $7.1 million in Q2 2025 and $16.9 million in Q1 2025.

Beam Therapeutics for preclinical gene-edited complement therapies

This research collaboration focuses on applying Beam Therapeutics' base editing technology to discover new treatments for complement-driven diseases across six programs. Apellis Pharmaceuticals, Inc. retains exclusive rights to license each program.

• Number of Research Programs
• Six
• Upfront Payment to Beam Therapeutics (Total)
• $50 million
• Additional Near-Term Milestone Payment (Total)
• $25 million
• Total Initial/Near-Term Payments to Beam Therapeutics
• $75 million
• Potential U.S. Co-Development/Co-Commercialization Share (for one program)
• 50-50

Contract Manufacturing Organizations (CMOs) for drug production

Apellis Pharmaceuticals, Inc. relies on external manufacturing partners to produce its commercial products, SYFOVRE and EMPAVELI. Specific financial terms or the exact number of CMOs are not detailed in the latest public financial reports, but the Cost of Sales reflects these activities.

Cost of Sales was $24.5 million for the third quarter of 2025.

Key opinion leaders (KOLs) and clinical trial sites for R&D

R&D activities are supported by clinical sites and key medical experts. The company is advancing its pipeline with specific regulatory and trial milestones.

The U.S. FDA PDUFA action date for EMPAVELI in C3G and primary IC-MPGN was July 28, 2025. Following this, Apellis Pharmaceuticals, Inc. received 152 new patient start forms for EMPAVELI in C3G and primary IC-MPGN in the first two months post-launch (as of September 30, 2025). Furthermore, seven abstracts were accepted for presentation at the ASN Kidney Week.

Commercial execution data provides insight into the scale of product delivery, which ties into the physician network supporting these therapies:

SYFOVRE total market share exceeded an estimated 60% in Q3 2025, with injection demand growing 4% quarter-over-quarter.

Specialty distributors and pharmacies for product fulfillment

Apellis Pharmaceuticals, Inc. has established a network of key specialty distributors and specialty pharmacies to ensure product access for retina specialists and other prescribers. The company also utilizes a field reimbursement team to support the reimbursement journey.

For SYFOVRE in Q2 2025, approximately 95K doses were delivered to physician offices, including ~82K commercial doses and ~13K free goods doses. This indicates the volume flowing through the fulfillment channel.

Apellis Pharmaceuticals, Inc. (APLS) - Canvas Business Model: Key Activities

You're looking at the core actions Apellis Pharmaceuticals, Inc. (APLS) must nail down right now to keep the momentum going after a big Q3 2025. It's all about execution on the commercial front and pushing the pipeline forward. Here's the quick math on what they're spending and what they're bringing in.

Research and development (R&D) of C3-targeting compounds

APLS is definitely pouring resources into its science, but R&D expenses have seen some fluctuation across the year as trials progress. You need to track this spending against pipeline milestones.

The R&D activity is focused on advancing next-generation science, like the APL-3007 program.

• APL-3007 is in a Phase II clinical trial for Age-related macular degeneration (AMD), which started on June 23, 2025.
• The APL-3007 program aims to extend SYFOVRE dosing from every two months to every three months.
• This next-gen therapy seeks to reduce systemic C3 levels by 80-90%.

Commercialization and marketing of SYFOVRE and EMPAVELI in the U.S.

The commercial engine is running, with Q3 2025 showing strong combined U.S. net product sales. SYFOVRE is the steady revenue driver, while EMPAVELI is building its base in new rare disease indications.

For the third quarter ending September 30, 2025, the U.S. net product sales totaled $177.8 million.

The EMPAVELI launch for C3G and primary IC-MPGN is showing initial traction.

• 152 new patient start forms were received in the first two months post-launch for C3G and primary IC-MPGN.
• The Total Addressable Market (TAM) for C3G/IC-MPGN is estimated at 5,000 patients.

Managing global regulatory approvals and post-marketing commitments.

A major activity was securing the U.S. FDA approval for EMPAVELI in C3G and primary IC-MPGN, which happened in Q2 2025. This success is also tied to international partnership value, as seen in the significant, one-time cash infusion.

The company booked a substantial one-time payment related to ex-U.S. rights for Aspaveli (pegcetacoplan) in Q3 2025.

This deal helped propel Apellis Pharmaceuticals to a net income of $215.7 million for Q3 2025, a stark change from the net loss of $57.4 million in the same period last year.

Expanding EMPAVELI's label into new rare kidney diseases (FSGS, DGF).

The next phase of growth for EMPAVELI involves expanding into two other kidney indications where complement control is key. You should expect to see these trials kick off very soon.

Pivotal Phase 3 trials for EMPAVELI in both Focal Segmental Glomerulosclerosis (FSGS) and Delayed Graft Function (DGF) are slated to initiate in the second half of 2025.

• Targeted annual market size for FSGS is estimated at $2.5 billion.
• Targeted annual market size for DGF is estimated at $2 billion.

Clinical trials for next-generation therapies like APL-3007.

This activity focuses on enhancing the efficacy and convenience of the existing SYFOVRE treatment for geographic atrophy. The goal is to create a superior regimen.

The Phase 2 study (NCT07215390) for APL-3007 in combination with SYFOVRE started in June 2025.

Finance: draft 13-week cash view by Friday.

Apellis Pharmaceuticals, Inc. (APLS) - Canvas Business Model: Key Resources

You're looking at the core assets Apellis Pharmaceuticals, Inc. (APLS) relies on to run its business as of late 2025. These aren't just things they own; these are the things that make their value propositions possible.

The most fundamental resource is their proprietary C3-targeting platform, built around pegcetacoplan. This science allows Apellis Pharmaceuticals to selectively inhibit C3, the central protein in the complement cascade, which they believe offers a more precise way to treat diseases driven by complement overactivation compared to targeting other parts of the system. This platform underpins both of their commercial products. You see this scientific foundation reflected in their ongoing patent activity; for instance, they disclosed new complement C3 inhibitors in patent WO 2025054361.

The commercial success hinges on two approved medicines, which represent the tangible output of that platform:

• SYFOVRE (pegcetacoplan injection) for geographic atrophy (GA).
• EMPAVELI (pegcetacoplan) for systemic rare diseases, specifically C3 glomerulopathy (C3G) and primary immune complex glomerulonephritis (IC-MPGN).

The financial strength supporting these resources is quite solid following recent activity. As of September 30, 2025, Apellis Pharmaceuticals held $479.2 million in cash and cash equivalents. This strong balance sheet allowed the company to discontinue factoring receivables during the quarter.

Here's a quick look at the recent commercial performance of these key products in the third quarter of 2025:

To drive adoption for these specialized treatments, Apellis Pharmaceuticals maintains a specialized sales force. This team is structured to target the specific prescribing physicians: retina specialists for SYFOVRE and nephrologists for EMPAVELI's new indications. The company is also expanding EMPAVELI's development into FSGS and DGF, with plans to initiate pivotal trials by year-end 2025.

The company's extensive intellectual property portfolio is a critical barrier to entry, protecting the mechanism of C3 complement inhibition. This IP covers the core pegcetacoplan technology and its applications. For context on the scale of their commercial assets prior to Q3 2025, their full-year 2024 U.S. net product revenues were $709 million, with SYFOVRE contributing $611 million and EMPAVELI contributing $98 million.

The overall financial structure of the company as of the end of Q3 2025 shows significant activity:

• Total Revenue (Q3 2025): $459 million.
• Net Income (Q3 2025): $215.7 million.
• Operating Expenses (Q3 2025): $235 million.
• Cash and Equivalents (as of Sept 30, 2025): $479.2 million.

Finance: draft 13-week cash view by Friday.

Apellis Pharmaceuticals, Inc. (APLS) - Canvas Business Model: Value Propositions

The value propositions for Apellis Pharmaceuticals, Inc. (APLS) center on delivering first-in-class, C3-targeting therapies for serious, rare diseases, providing tangible clinical benefits where options were previously limited or non-existent.

SYFOVRE is positioned as the first and leading FDA-approved therapy for Geographic Atrophy (GA) secondary to age-related macular degeneration (AMD). Long-term data from the GALE extension study shows that continuous treatment with SYFOVRE delayed GA lesion growth by approximately 1.5 years when compared to a sham/projected sham control in patients with nonsubfoveal GA. Specifically, from baseline to Month 60, the every-other-month (EOM) dosing group showed a 27% reduction in GA lesion growth (p < 0.0001), while the monthly group showed a 31% reduction (p < 0.0001). As of the second quarter of 2025, SYFOVRE held 55% of new patient starts and exceeded 60% total market share. The global population affected by GA is estimated to be more than one million Americans and five million people worldwide.

EMPAVELI is the first C3-targeting therapy approved by the U.S. Food and Drug Administration (FDA) on July 28, 2025, for Paroxysmal Nocturnal Hemoglobinuria (PNH), and more recently for C3 Glomerulopathy (C3G) and primary Immune Complex Membranoproliferative Glomerulonephritis (IC-MPGN) in patients aged 12 and older. For C3G and primary IC-MPGN, the Phase 3 VALIANT study demonstrated a statistically significant 68% reduction in proteinuria compared to placebo (p<0.0001). The diseases C3G and primary IC-MPGN are estimated to affect approximately 5,000 people in the United States and up to 8,000 in Europe.

The unique mechanism of both medicines is targeting C3, which is the central protein in the complement cascade, a part of the body's immune system. This targeted approach provides a treatment option for rare kidney diseases with high unmet need, where up to 50% of patients progress to end-stage kidney disease (ESKD) within five to 10 years of diagnosis without treatment. Furthermore, up to approximately 90% of patients who receive a kidney transplant for these conditions experience disease recurrence.

Apellis Pharmaceuticals, Inc. is seeing commercial traction, with U.S. net product sales reaching $178 million in the third quarter of 2025, comprising $151 million from SYFOVRE and $27 million from EMPAVELI. Following the C3G/IC-MPGN launch, the company received 152 new patient start forms for EMPAVELI in the first two months. The company reported cash and cash equivalents of $479.2 million as of September 30, 2025.

The flexible dosing schedule for SYFOVRE is a key feature, allowing administration once every 25 to 60 days into each affected eye. The standard dose is 15 mg (0.1 mL) of a 150 mg/mL solution per injection.

Here is a summary of key financial and statistical metrics as of late 2025:

The value proposition is also supported by the breadth of clinical experience:

• SYFOVRE dosing schedule flexibility: every 25 to 60 days.
• EMPAVELI VALIANT study size: 124 patients.
• C3G/IC-MPGN patients progressing to ESKD without treatment: up to 50% in 5-10 years.
• Post-transplant recurrence rate for C3G/IC-MPGN: up to 90%.

Apellis Pharmaceuticals, Inc. (APLS) - Canvas Business Model: Customer Relationships

You're managing a commercial-stage biopharma focused on rare diseases, so your customer relationships aren't just about sales; they're about intensive support for patients facing serious, often life-altering conditions. This means the relationship is high-touch, especially for a newly launched product like EMPAVELI in C3G and primary ICMPGN.

For the recent EMPAVELI launch in C3G and primary IC-MPGN, Apellis Pharmaceuticals, Inc. tracked early engagement closely. Through the end of September 2025, the company reported receiving 152 new patient start forms for EMPAVELI in these indications, covering the first two months post-approval. This initial metric is crucial for rare disease launches. Also, about 50 patients from the prior Expanded Access Program (EAP) were in the process of converting to commercial drug by the end of 2025. For the established PNH patient base, Apellis Pharmaceuticals, Inc. continues to see high patient compliance rates, holding steady at 97%.

Dedicated patient assistance programs are central to ensuring access, particularly given the complexity of rare disease treatment. Apellis Pharmaceuticals, Inc. manages this through the ApellisAssist program. For SYFOVRE, the Co-Pay Program is structured to assist commercially-insured patients by covering eligible co-pay and co-insurance costs, offering up to $25,000 in annual financial assistance, which can let eligible patients pay as little as $0 per treatment up to that limit. It's worth noting that the utilization of SYFOVRE free goods was elevated in Q3 2025, impacting revenue by approximately $15 million.

The direct engagement with specialized physicians-nephrologists for EMPAVELI and retina specialists for SYFOVRE-is vital for navigating access and driving adoption. The ApellisAssist team is actively working with prescribers to manage the expected prior authorization hurdles for EMPAVELI, aiming to minimize delays. Early feedback from the nephrology community regarding EMPAVELI has been described as enthusiastic, recognizing its compelling efficacy profile. For SYFOVRE, Apellis Pharmaceuticals, Inc. maintained market leadership in the geographic atrophy (GA) market, exceeding an estimated 60% total market share and capturing 52% of new patient starts during the third quarter of 2025. The company is also leveraging technology, like developing artificial intelligence tools, to enhance physician feedback and patient care.

Investor relationships are managed through transparent communication around commercial execution and financial health. The Q3 2025 earnings call provided concrete figures that underscore the commercial traction and financial stability. Here's a quick look at the numbers shared:

The relationship with the financial community is supported by clear metrics on product performance and market penetration. For the rare kidney disease segment, the addressable market for EMPAVELI (C3G and primary IC-MPGN) is estimated to include approximately 5,000 people in the United States. The company's ability to support patients through access hurdles is a key topic in these investor discussions, as is the ongoing development pipeline, which includes plans to initiate pivotal studies in FSGS and DGF by year-end 2025.

The support structure for EMPAVELI patients is comprehensive, involving dedicated personnel. When you enroll in ApellisAssist, you get a dedicated Apellis Care Educator (ACE), who has a nursing background, to provide 1-on-1 training on self-administration, either in-home or virtually. The ApellisAssist team is reachable at 1-866-MY-APL-ASSIST (1-866-692-7527), available 8 AM-8 PM ET, Monday-Friday. Also, they can connect you to a pharmacist 24 hours a day. The program also offers the Apellis Bridge Program to help cover temporary supply interruptions due to insurance changes.

For physicians specializing in these rare diseases, Apellis Pharmaceuticals, Inc. is focused on providing data that supports the value proposition. For instance, the 68% reduction in proteinuria seen in the VALIANT study for EMPAVELI is a key data point shared with nephrologists. The company is also focused on expanding the prescriber base for SYFOVRE through targeted educational initiatives and the planned introduction of a prefilled syringe. The sales force size, deemed sufficient for current targets, was noted to be between 50 to 60 persons as of early 2025.

Finance: draft the Q4 2025 patient assistance accrual estimate by next Tuesday.

Apellis Pharmaceuticals, Inc. (APLS) - Canvas Business Model: Channels

You're looking at how Apellis Pharmaceuticals, Inc. gets its two key products, SYFOVRE and EMPAVELI, into the hands of the right patients and providers as of late 2025. The channel strategy is clearly bifurcated between ophthalmology (SYFOVRE) and systemic rare diseases (EMPAVELI), with a distinct global partnership for ex-U.S. rights.

U.S. Direct Sales Force for SYFOVRE and EMPAVELI

While the exact headcount of the Apellis Pharmaceuticals, Inc. direct sales force isn't public, the channel effectiveness is measured by product uptake and delivery volume. For SYFOVRE, the channel successfully delivered approximately 94,000 SYFOVRE doses (commercial and sample vials) to physician practices in the fourth quarter of 2025. This indicates a substantial, trained field force supporting the ophthalmology segment. For EMPAVELI, the channel is measured by patient start forms following its mid-2025 approval for C3G and primary IC-MPGN. The company projects reaching 225 cumulative start forms or more by the end of 2025 for the new EMPAVELI indications.

Specialty Distributors and Pharmacies for Product Distribution

Distribution for systemic therapies like EMPAVELI often relies on a limited or exclusive specialty pharmacy network to manage cold chain requirements and REMS (Risk Evaluation and Mitigation Strategy) compliance. Historically, for pegcetacoplan (EMPAVELI), Apellis Pharmaceuticals, Inc. established a limited distribution arrangement. The initial specialty distribution partners included ASD Healthcare, Cardinal Health, McKesson Plasma & Biologics LLC, and McKesson Specialty Care Distribution LLC. PANTHERx Rare Specialty Pharmacy was also designated to dispense directly to patients. For SYFOVRE, the channel involves delivery directly to the treating physician offices, which also function as the dispensing point for the intravitreal injection.

Sobi's Commercial Network for Ex-U.S. Systemic Pegcetacoplan (Aspaveli)

Ex-U.S. commercialization for systemic pegcetacoplan, marketed as Aspaveli, is handled exclusively by Sobi. Sobi leverages its broad commercial footprint and deep rare disease expertise to reach patients globally, particularly for PNH, and following expected regulatory approvals for C3G and IC-MPGN. This partnership is financially significant for Apellis Pharmaceuticals, Inc., which received a $275 million upfront cash payment in July 2025 as part of a capped royalty purchase agreement, reducing its ex-U.S. royalty obligations to Sobi by 90% until defined caps are achieved.

Direct-to-Physician Delivery for SYFOVRE (Intravitreal Injection)

The channel for SYFOVRE is highly specialized, requiring direct delivery to the ophthalmology or retina specialist's office for the intravitreal injection procedure. This model ensures the product is available on-site for administration. In the third quarter of 2025, Apellis Pharmaceuticals, Inc. reported that SYFOVRE total injection demand grew 4% quarter-over-quarter. The volume of doses delivered reflects the channel's utilization: approximately 101,000 total doses were delivered in Q3 2025, with 86,000 being commercial vials. This direct-to-office channel supports SYFOVRE's market leadership, accounting for an estimated 52% of new patient starts in Q3 2025.

Key Channel Metrics and Financial Flows (Late 2025 Data)

The channel strategy for systemic products like EMPAVELI requires adherence to specific distribution agreements, which for the PNH indication involved a closed network of qualified pharmacies. For SYFOVRE, the channel is optimized for the in-office administration required for intravitreal injections.

The ex-U.S. channel relies entirely on Sobi's established infrastructure, which includes approximately 1,900 employees across Europe, North America, the Middle East, Asia, and Australia as of 2024.

• SYFOVRE is the leading treatment for geographic atrophy (GA) secondary to age-related macular degeneration (AMD).
• EMPAVELI's new indications (C3G and primary IC-MPGN) expand its addressable market by approximately 5,000 patients.
• The direct-to-physician delivery model for SYFOVRE supports its market leadership position.
• The Sobi agreement provides Apellis Pharmaceuticals, Inc. with non-dilutive funding, strengthening the balance sheet to $479.2 million in cash as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Apellis Pharmaceuticals, Inc. (APLS) - Canvas Business Model: Customer Segments

You're looking at the core groups Apellis Pharmaceuticals, Inc. is targeting with its complement-inhibiting therapies. These segments are defined by the serious, often rare, diseases they suffer from, and the specialists who manage their care. Honestly, the company has successfully launched two distinct products across four serious indications, which is a major feat in biotech.

Geographic Atrophy (GA) patients secondary to AMD

This segment is served by SYFOVRE (pegcetacoplan injection). The addressable market in the U.S. is substantial, with an estimated 1 million people in the United States living with Geographic Atrophy (GA) secondary to Age-related Macular Degeneration (AMD). Apellis Pharmaceuticals, Inc. has established SYFOVRE as the market leader here. In the third quarter of 2025, SYFOVRE captured 52% of new patient starts and maintained a total market share exceeding an estimated 60%. Still, the penetration is relatively low; only about 10% of diagnosed GA patients are currently being treated with complement inhibitors. The U.S. net product revenue for SYFOVRE in Q3 2025 was $151 million.

Patients with Paroxysmal Nocturnal Hemoglobinuria (PNH)

For PNH, the customer is the patient receiving EMPAVELI (pegcetacoplan). This segment shows high adherence, with patient compliance rates reported at 97%. The U.S. net product revenue generated from EMPAVELI for PNH in the first quarter of 2025 was $19.7 million.

Patients with rare kidney diseases: C3G and primary IC-MPGN

This is a newer, but critical, segment following the July 28, 2025, FDA approval of EMPAVELI for C3 Glomerulopathy (C3G) and primary Immune Complex Membranoproliferative Glomerulonephritis (IC-MPGN) in patients aged 12 years and older. The estimated U.S. population for these two indications combined is around 5,000 people. The initial uptake is showing momentum; Apellis Pharmaceuticals, Inc. recorded 152 new patient start forms for EMPAVELI in C3G and primary IC-MPGN within the first two months post-launch (as of September 30, 2025). To be fair, the prognosis without treatment is grim, with roughly 50% of these patients progressing to kidney failure within five to 10 years. EMPAVELI U.S. net product revenue for Q3 2025, reflecting the early launch in these new indications and continued PNH use, was $27 million.

U.S. retina specialists, hematologists, and nephrologists

These are the key prescribers and gatekeepers for the respective patient populations. The prescribing community is segmented by specialty, directly correlating with the approved indications for Apellis Pharmaceuticals, Inc.'s products. You have retina specialists managing the GA patient base, hematologists for PNH, and nephrologists for the C3G and IC-MPGN patients. Physician adoption is driven by data; for instance, the nephrology community is responding to the positive Phase 3 VALIANT data published in The New England Journal of Medicine.

Here's a quick look at the patient populations and key metrics as of late 2025:

The adoption landscape involves distinct prescribing behaviors. For GA, there's a noted 4% sequential growth in total injection demand in Q3 2025, though growth is expected to be steady near-term. For the kidney diseases, the initial focus is on converting those 152 start forms and managing the 4 to 6 week transition time from start form to actual treatment.

Finance: draft 13-week cash view by Friday.

Apellis Pharmaceuticals, Inc. (APLS) - Canvas Business Model: Cost Structure

You're looking at the core spending areas for Apellis Pharmaceuticals, Inc. as they scale up commercial operations and push their pipeline forward. The cost structure is heavily weighted toward supporting their marketed products and advancing late-stage clinical assets.

Research and Development (R&D) remains a substantial fixed cost, reflecting the commitment to innovation beyond the current approved indications. For the second quarter of 2025, Apellis Pharmaceuticals, Inc. reported R&D expenses of $67.0 million.

To support the commercial launch and ongoing market presence of SYFOVRE and EMPAVELI, Selling, General & Administrative (SG&A) costs are significant. In Q2 2025, SG&A expenses reached $131.1 million. This spending covers the necessary infrastructure for sales, marketing, and general corporate overhead.

The direct costs associated with manufacturing and delivering product are captured in the Cost of Sales. For the third quarter of 2025, Apellis Pharmaceuticals, Inc. reported Cost of Sales as $24.5 million.

A major component of the variable cost structure involves funding the pipeline expansion. This includes substantial outlay for clinical trials to support new indications for EMPAVELI and further development of other candidates. Apellis Pharmaceuticals, Inc. was on track to initiate pivotal trials for EMPAVELI in focal segmental glomerulosclerosis (FSGS) and in delayed graft function (DGF) in the second half of 2025.

Here's a quick look at how some of the key operating expenses trended between Q2 and Q3 2025:

The investment in the pipeline is clearly visible in the R&D spend, which also covers work on assets like APL-3007. These clinical trial costs are essential for expanding the total addressable market for Apellis Pharmaceuticals, Inc. The company is also investing in development activities such as a pre-filled syringe and AI imaging tools.

The overall operating expense profile for the third quarter of 2025 was $235 million.

You can see the ongoing investment in commercial scale-up reflected in the SG&A increases:

• SG&A in Q3 2025 was $142.7 million, up from $131.1 million in Q2 2025.
• The Q3 increase was driven by higher general commercial activities and personnel costs.
• R&D expenses for Q3 2025 were $68.2 million.
• Cost of Sales in Q3 2025 was $24.5 million.

Finance: draft 13-week cash view by Friday.

Apellis Pharmaceuticals, Inc. (APLS) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Apellis Pharmaceuticals, Inc. as of late 2025, specifically focusing on the third quarter figures which show a significant impact from strategic partnership milestones. Honestly, the revenue mix in Q3 2025 is heavily weighted by a one-time event, so you need to separate that from the recurring product sales.

The primary revenue streams for Apellis Pharmaceuticals, Inc. are derived from the U.S. commercial sales of its two approved products, SYFOVRE and EMPAVELI, supplemented by significant non-product revenue from collaborations, most notably the one with Sobi.

Here are the key components of the revenue picture for the third quarter of 2025:

• SYFOVRE U.S. net product sales reached $151 million in Q3 2025.
• EMPAVELI U.S. net product sales were $27 million in Q3 2025.
• Total net product sales for the quarter were $177.8 million, comprised of $150.9 million from SYFOVRE and $26.8 million from EMPAVELI.
• The company reported that SYFOVRE total injection demand grew 4% quarter-over-quarter.
• EMPAVELI saw positive early launch momentum in C3G and primary IC-MPGN, recording 152 new patient start forms through September 30, 2025.

The non-product revenue stream was dominated by a major transaction with Sobi related to the ex-U.S. rights for Aspaveli (pegcetacoplan):

• Licensing and other revenue included a $275 million upfront payment from Sobi in Q3 2025, connected to the Aspaveli royalty purchase agreement.
• Total licensing and other revenue for the quarter was reported at $280.8 million, suggesting an additional $5.8 million in other associated revenue.
• Royalties and milestone payments from the Sobi collaboration (Aspaveli) are structured under this agreement, with the upfront payment being the most substantial component for the quarter.

To give you a clearer view of the total revenue generation for the period, here is a breakdown of the reported figures:

The total revenue for the third quarter of 2025 was $458.6 million, which is a substantial increase from the $196.8 million reported in the third quarter of 2024. This large swing was almost entirely due to the one-time $275 million upfront payment. Finance: draft 13-week cash view by Friday.