What is the 13F Pro Quality Score for APLS?

13F Pro ranks Apellis Pharmaceuticals, Inc. (APLS) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View APLS's current score at https://13fpro.ai/research/APLS (free sign-up required for the full ranking).

Which hedge funds own the most APLS stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of APLS include BlackRock,, Avoro Capital Advisors, MORGAN STANLEY. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/APLS as soon as new 13F filings post.

Where does 13F Pro source APLS data?

All Apellis Pharmaceuticals, Inc. fundamentals and ownership data come directly from SEC EDGAR. Apellis Pharmaceuticals, Inc. files with the SEC under CIK 1492422. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is APLS in?

Apellis Pharmaceuticals, Inc. (APLS) is classified in the Healthcare sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/healthcare.

How often is APLS research updated on 13F Pro?

APLS's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Apellis Pharmaceuticals, Inc.(APLS)Stock Analysis

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13F Pro Quality Score

63.9/100

Rank #667 of 2,879 stocksTOP 25%

View Healthcare peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

93.4/100

Profitability

75.8/100

Balance Sheet

85.4/100

Earnings Quality

30.0/100

Free Cash Flow

33.4/100

Institutional Flow

45.5/100

Revenue Scale

50.7/100

Dilution Risk

16.5/100

APLS Stock Analysis & AI Quality Score

AI stock analysis and institutional research for Apellis Pharmaceuticals, Inc. (APLS), a Healthcare sector company. 13F Pro's AI-powered ranking engine scores APLS at 63.9/100 on a 32-signal composite quality model, placing it at rank #667 of 2,879 stocks — the top 25% of the AI-ranked universe. APLS scores in the top quartile across revenue growth (93.4), balance sheet strength (85.4), profitability (75.8). Areas of concern include earnings quality (30.0) and free cash flow (33.4), which score below median versus the broader universe. Shareholder dilution risk is elevated at 16.5/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), Apellis Pharmaceuticals, Inc. reports quarterly revenue of $268.3M, net income of $18.7M, an operating margin of 9.9%. Top institutional holders of APLS by reported 13-F value include BlackRock,, Avoro Capital Advisors, MORGAN STANLEY, based on the most recent SEC filings. APLS trades on the Nasdaq exchange and files with the SEC under CIK 1492422. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate APLS daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Apellis Pharmaceuticals, Inc. directly from SEC EDGAR. Apellis Pharmaceuticals, Inc.'s 13F Pro composite quality score has ranged between 8 and 90 since 2021, currently 63.9 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.

✦

Fun facts about Apellis Pharmaceuticals, Inc.

Quirks, history, and lore behind APLS — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. biopharmaceutical company · mid-cap · listed on Nasdaq · headquartered in Massachusetts.
2
The Numbers
Annual revenue in the low hundreds of millions and climbing fast, driven almost entirely by one commercial product launched in the early 2020s.
3
The History
Founded in 2009, the company spent over a decade in the lab before cracking one of medicine's most stubborn targets: the complement system, a branch of innate immunity gone haywire.
4
The Secret
Its drugs work by blocking complement protein C3, a chokepoint upstream of where nearly every other complement drug in the industry aims — giving it a potentially broader mechanism than rivals.
5
The Lore
Its first approved drug targets geographic atrophy, the advanced, vision-robbing form of dry age-related macular degeneration — a condition that had no approved treatment for decades.
6
The Giveaway
The drug is called Syfovre, it's injected directly into the eye, and the company's ticker — APLS — is a nod to the complement protein at the heart of everything it does.

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Revenue

Q1 2026

$268.3M

Net Income

Q1 2026

$18.7M

Free Cash Flow

Q1 2026

$-61.0M

Operating Margin

Q1 2026

9.9%

ROIC

Q1 2026

6.4%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+28.5% YoY

$1.00BFY 2025

FY19 —FY23 $396.6MFY24 $781.4MFY25 $1.00B

Net Income

+111.3% YoY

$22.4MFY 2025

FY19 $-304.7MFY23 $-528.6MFY24 $-197.9MFY25 $22.4M

Operating Income

+133.6% YoY

$55.4MFY 2025

FY19 $-288.0MFY23 $-517.1MFY24 $-165.0MFY25 $55.4M

EPS (Diluted)

+112.5% YoY

$0.20FY 2025

FY19 —FY23 $-4.45FY24 $-1.60FY25 $0.20

Total Assets

+21.5% YoY

$1.08BFY 2025

FY19 $389.2MFY23 $788.7MFY24 $885.1MFY25 $1.08B

Total Debt

—FY 2025

FY19 —FY23 $93.0MFY24 —FY25 —

Op. Cash Flow

+151.6% YoY

$45.3MFY 2025

FY19 $-211.1MFY23 $-594.7MFY24 $-87.9MFY25 $45.3M

Metric	FY 2025	FY 2024	FY 2023	FY 2019	FY 2017	FY 2016
Revenue	$1.00B +28.5%	$781.4M +97.0%	$396.6M	—	—	—
Net Income	$22.4M +111.3%	$-197.9M +62.6%	$-528.6M -73.5%	$-304.7M -497.4%	$-51.0M -88.0%	$-27.1M
Operating Income	$55.4M +133.6%	$-165.0M +68.1%	$-517.1M -79.5%	$-288.0M -467.3%	$-50.8M -86.1%	$-27.3M
EPS (Diluted)	$0.20 +112.5%	$-1.60 +64.0%	$-4.45	—	—	—
Total Assets	$1.08B +21.5%	$885.1M +12.2%	$788.7M +102.6%	$389.2M +113.7%	$182.1M +563.9%	$27.4M
Total Debt	—	—	$93.0M	—	$27.0M	—
Operating Cash Flow	$45.3M +151.6%	$-87.9M +85.2%	$-594.7M -181.7%	$-211.1M -353.1%	$-46.6M -79.2%	$-26.0M

AI Insight: APLS Financial Trends

Revenue spiked to $459M in Q3 2025 before normalizing, while profitability remains inconsistent despite recent positive quarters.

• Revenue surged to $459M in Q3 2025 from $178M in Q2 2025, then fell to $200M in Q4 2025.

• Operating income turned positive at $223M in Q3 2025 and $26M in Q1 2026 after losses in prior quarters.

• Net income swung from $-92M loss in Q1 2025 to $216M profit in Q3 2025, then back to losses.

⚠ Operating cash flow remains volatile, turning negative at $-61M in Q1 2026 despite positive operating income.

⚠ Revenue sustainability after Q3 2025 spike unclear as Q4 2025 revenue dropped back to $200M levels.

AI Insight: APLS Ratio Trends

Apellis achieved profitability with 14.9% operating margin in TTM 2026 after volatile losses through 2025.

• Operating margin surged from -25.6% in Q4 2025 to 9.9% in Q1 2026, reaching 14.9% on TTM basis.

• Net profit margin turned positive to 12.1% TTM after hitting -55.3% trough in Q1 2025.

• ROIC recovered from -55.3% in Q4 2025 to 25.5% in Q1 2026, reaching 39.8% on TTM basis.

⚠ Profitability remains volatile with Q3 2025 showing 48.7% operating margin before declining again in Q4 2025.

⚠ ROE and ROIC data gaps in Q1 and Q3 2025 suggest potential accounting irregularities or restructuring.

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Available Research

13F Pro tracks comprehensive data for Apellis Pharmaceuticals, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of APLS

BlackRock, Inc.
$544.6M13,536,964 sh
Avoro Capital Advisors LLC
$491.7M12,222,222 sh
MORGAN STANLEY
$404.0M10,042,399 sh
STATE STREET CORP
$275.4M6,844,990 sh
UBS Group AG
$249.7M6,206,681 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$217.4M5,404,559 sh
Pentwater Capital Management LP
$211.2M5,250,000 sh
VANGUARD CAPITAL MANAGEMENT LLC
$191.9M4,768,944 sh
Deep Track Capital, LP
$182.3M4,532,374 sh
Point72 Asset Management, L.P.
$168.3M4,183,918 sh

Fund	Value	Shares
BlackRock, Inc.	$544.6M	13,536,964
Avoro Capital Advisors LLC	$491.7M	12,222,222
MORGAN STANLEY	$404.0M	10,042,399
STATE STREET CORP	$275.4M	6,844,990
UBS Group AG	$249.7M	6,206,681
VANGUARD PORTFOLIO MANAGEMENT LLC	$217.4M	5,404,559
Pentwater Capital Management LP	$211.2M	5,250,000
VANGUARD CAPITAL MANAGEMENT LLC	$191.9M	4,768,944
Deep Track Capital, LP	$182.3M	4,532,374
Point72 Asset Management, L.P.	$168.3M	4,183,918

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Is APLS a good stock to buy?

13F Pro's AI-powered analysis of Apellis Pharmaceuticals, Inc. (APLS) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Healthcare sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for APLS are available on the APLS stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own APLS?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling APLS. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Apellis Pharmaceuticals, Inc.'s investment landscape.