This company is no longer publicly traded

Delisted / no longer publicly traded (per market data provider) Any Winston Score and financials shown below are based on the last available data and should be treated as historical — they are no longer updated.

Delisted: May 15, 2026

Apellis Pharmaceuticals

APLS

Biotechnology · Healthcare

Price

$41.03

+0.00 (+0.00%)

Market Cap

$5.25B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+49.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 84.4M (2021) → 126.0M (2025)

Apellis Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutic compounds through the inhibition of the complement system for autoimmune and inflammatory diseases. The company's lead product candidate is pegcetacoplan that is in Phase III clinical trials for the treatment of geographic atrophy (GA) in age-related macular degeneration and paroxysmal nocturnal hemoglobinuria (PNH) diseases. It also develops EM

Winston Score History

Politician Trades

3 trades / 12mo

2 Congressional buys and 1 sell on APLS in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+60.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+120.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$296M/ year

↓ Declining (-10% vs prior year)

29.5% of revenue

1.6x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

18.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~20 months

$407M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

Apellis Pharmaceuticals grew revenue 61% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

84.8%

Premium pricing power — 84.8% gross margin

Operating Margin

9.9%

Modest — 9.9% operating margin

ROCE

3.0%

Weak — 3.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+42.5%

Fast-growing sales (42.5% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

28%

Weak — only 28% of profit becomes cash

FCF Margin

3.4%

Thin free cash flow (3.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.12

Elevated debt (1.12)

Interest Cover

3.79x

Tight — interest eats into profit (3.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

38.7x

Pricey — P/E 38.7

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+6.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (38.7 → 32.5)

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Dividends

Not applicable for this business.

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