Apellis reported preliminary U.S. net product revenues of $689 million for full‐year 2025, underscoring robust commercial momentum. SYFOVRE generated $587 million, representing 85% of total product sales, while EMPAVELI contributed $102 million. In the fourth quarter alone, SYFOVRE net revenues were approximately $155 million and EMPAVELI net revenues were $35 million. As of December 31, 2025, the company held $466 million in cash and cash equivalents, and management expects existing liquidity combined with ongoing product revenues to fund operations through to profitability.

SYFOVRE maintained its leadership in geographic atrophy treatment with year‐over‐year injection demand growth of 17% and approximately 60% market share in Q4 2025. During that quarter, Apellis delivered roughly 102,000 doses to physician offices, including 89,000 commercial doses and 13,000 free goods. The company announced plans to submit a regulatory application for a prefilled syringe formulation in the first half of 2026 and highlighted five‐year post hoc data showing a 1.5‐year delay in disease progression compared to sham treatment. Apellis is also developing OCT-F, an AI imaging tool for functional retina assessment, slated for research use in H2 2026.

EMPAVELI achieved more than 5% market penetration in C3 glomerulopathy and primary immune complex membranoproliferative glomerulonephritis within five months of its U.S. launch, supported by 267 new patient start forms in 2025 and 95% payer coverage at label or with minimal restrictions. The company initiated pivotal trials targeting focal segmental glomerulosclerosis and delayed graft function in late 2025. Ex-U.S. partner Sobi received a positive CHMP opinion for Aspaveli’s label extension in Europe, and Phase 3 VALIANT results were published in the New England Journal of Medicine.

Looking ahead, Apellis intends to expand the geographic atrophy market through competitive positioning of SYFOVRE, including the forthcoming prefilled syringe and next‐generation combination trials (SYFOVRE + APL-3007) with topline data expected in 2027. The company will continue to drive EMPAVELI toward blockbuster status by broadening nephrology indications and leveraging global partnerships. Preclinical work on APL-90993, a one-time FcRn base editing therapy, is advancing with an investigational new drug submission planned for H2 2026. Disciplined financial execution and self‐funding of the pipeline remain central to Apellis’s strategy for long‐term value creation.