Apellis Pharmaceuticals, Inc. reported a net loss of $197.8 million for the year ended December 31, 2024, compared to a net loss of $528.6 million in 2023. This improvement was driven by a significant increase in product revenue, reaching $709.9 million in 2024, up from $366.3 million in 2023. This increase is largely attributed to the strong performance of SYFOVRE, which generated $611.9 million in net product revenue in 2024, compared to $275.2 million in 2023. EMPAVELI contributed $98.1 million in net product revenue in 2024, slightly higher than the $91.0 million generated in 2023. Licensing and other revenue also increased, reaching $71.4 million in 2024 compared to $30.3 million in 2023.
The company's cost of sales increased to $117.7 million in 2024 from $58.5 million in 2023, primarily due to higher sales volumes, increased product supplied to Sobi, higher royalty expenses, and expenses related to excess inventory. Research and development expenses decreased to $327.6 million in 2024 from $354.4 million in 2023, mainly due to lower personnel costs. Selling, general, and administrative expenses saw a slight increase to $501.1 million in 2024 from $500.8 million in 2023. Apellis also incurred a $1.9 million loss on the extinguishment of a development liability in 2024.
Strategic developments included the submission of a supplemental new drug application (sNDA) to the FDA in early 2025 for EMPAVELI to treat C3 glomerulopathy (C3G) and primary immune complex membranoproliferative glomerulonephritis (IC-MPGN), following positive Phase 3 trial results. The company also plans to initiate two Phase 3 trials for EMPAVELI in the second half of 2025, targeting primary focal segmental glomerulosclerosis (FSGS) and delayed graft function (DGF). In the ophthalmology space, Apellis plans to initiate a Phase 2 trial in the second quarter of 2025 combining SYFOVRE with APL-3007, a siRNA therapy. The company also withdrew its marketing authorization application for SYFOVRE from the European Medicines Agency in October 2024 following a negative opinion.
Apellis ended 2024 with 705 full-time employees. The company's cash and cash equivalents totaled $411.3 million as of December 31, 2024. The company expects its current cash resources, along with anticipated revenue from EMPAVELI and SYFOVRE sales, to fund operations for at least the next 12 months. However, the company acknowledges the need for additional funding to support its long-term plans, which may involve equity offerings or debt financing. The company also notes ongoing litigation related to SYFOVRE's clinical trials and commercial adoption.
About Apellis Pharmaceuticals, Inc.
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