Apellis Pharmaceuticals Inc. (APLS) shares plunged 32.39% in after-hours on Thursday, September 09, 2021, and closed the weekly trading at $37.60.  In the regular trading session of Thursday, APLS’s stock gained 0.05%. APLS shares have risen 85.24% over the last 12 months, and they have moved down 14.09% in the past week. Over the past three months, the stock has lost 8.70%, while over the past six months, it has gained 11.18%.

Let’s see, why did it face a significant loss in the after-hours on Thursday?

APLS Phase 3 DERBY and OAKS studies results

On September 09, 2021, Apellis Pharmaceuticals, Inc (APLS) reported top-line results from the Phase 3 DERBY and OAKS studies evaluating intravitreal pegcetacoplan. Geographic atrophy (GA) is a leading cause of blindness that impacts more than five million people globally, including one million people in the United States. Based on results from the studies, the company plans to submit a New Drug Application (NDA) for pegcetacoplan for GA to the U.S. Food and Drug Administration (FDA) in the first half of 2022.

APLS Inducement Grants

On September 07, 2021, Apellis Pharmaceuticals, Inc approved the grant of equity awards to one new employee with a grant date of September 1, 2021. The employees received options to purchase 1,000 shares of Apellis common stock and 500 restricted stock units.

Earlier on September 03, 2021, APLS approved the grant of equity awards to its newly appointed VP, Corporate Controller / Chief Accounting Officer, Jim Chopas. Mr Chopas received options to purchase 21,750 shares of Apellis common stock and 7,600 restricted stock units.

APLS’ recent financial results announcement

On August 09, 2021, Apellis Pharmaceuticals, Inc. (APLS) announced its second-quarter 2021 financial results.

Q2 2021 financial highlights

• APLS reported total revenue of $0.6 million in Q2 2021 compared to zero revenue in Q2 2020.
• Total operating expenses were $194.9 million in Q2 2021 compared to $115.5 million in Q2 2020.
• It suffered a net loss of $219.2 million in Q2 2021 compared to a net loss of $118.6 million for the same period in 2020.
• Net loss per basic and diluted share was $2.72 compared to $1.57 in Q2 2020.
• The company had $599.0 million in cash, cash equivalents, and short-term marketable securities on June 30, 2021, compared to $877.6 million in cash, cash equivalents, and short-term marketable securities as of December 31, 2020.

Conclusion

We are unable to find any valid reason behind its plummeting in the after-hours on Thursday. the company announced top-line results from the Phase 3 DERBY and OAKS studies yesterday which cannot be the reason behind its loss. APLS stock should have surged after that announcement.