APLS · CIK 1492422
What Apellis Pharmaceuticals, Inc. told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for APLS. More may follow as additional filings are processed.
In its own words
What could break it.
Customer concentration
- small number of distributors (substantially all SYFOVRE revenue)medium
Sales to a small number of distributors account for substantially all gross revenue of SYFOVRE (Apellis's largest product, ~$587M of ~$689M net product revenue in 2025), concentrating collection and channel risk.
“Sales to a small number of distributors account for substantially all our gross revenue related to SYFOVRE during the year ended December 31, 2025.”
SEC filing →As of 2026
Supplier concentration
- reliance on third-party contract manufacturers (no in-house manufacturing)medium
Apellis owns no manufacturing facilities and relies entirely on third-party contract manufacturers to produce its clinical and commercial products, creating dependence on those CMs.
“We do not currently own or operate manufacturing facilities for the production of clinical or commercial quantities of our product candidates. Although we rely on third-party contract manufacturers to produce our products, we have recruited personnel with experience to manage the third-party contract manufacturers producing our products, product candidates and other product candidates that we may develop in the future.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“We also have approximately 24 pending patent applications between the Broad Institute, Inc., UCL Business, Ltd., and Apellis Pharmaceuticals, Inc.”
Cited →Swedish Orphan Biovitrum AB (Sobi)
“commercialization rights for EMPAVELI, and our collaboration partner, Swedish Orphan Biovitrum AB (Publ), or Sobi, has exclusive ex-U.S. commercialization rights for systemic pegcetacoplan.”
Cited →
In the MyPRIA app, this is checked against the companies you actually own.
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