7Baggers

Apellis Pharmaceuticals, Inc
(NASDAQ:APLS) 

APLS stock logo

Apellis Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, focuses on the development of therapeutic compounds through the inhibition of the complement system for autoimmune and inflammatory diseases. Its lead product candidate is pegcetacoplan that is in Phase III clinical trials fo...

Founded: 2009
Full Time Employees: 350
Sector: Healthcare
Industry: Biotechnology
Pharmaceuticals
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 
                                       
      revenue:
    		                                   
      product revenue
    		192,010,000 190,341,000 177,755,000 171,387,000 149,900,000 191,172,000 176,571,000 179,136,000 163,075,000 138,655,000 99,182,000 89,645,000 38,800,000 19,653,000 17,676,000 15,654,000 12,109,000 9,210,000 5,314,000 623,000                
      licensing and other revenue
    		76,285,000 9,572,000 280,823,000 7,107,000 16,897,000 21,356,000 20,259,000 20,549,000 9,250,000 7,722,000 11,217,000 5,324,000 6,046,000 3,010,000 4,380,000 668,000 2,272,000 51,080,000 336,000                 
      total revenue:
    		268,295,000 199,913,000 458,578,000 178,494,000 166,797,000 212,528,000 196,830,000 199,685,000 172,325,000 146,377,000 110,399,000 94,969,000 44,846,000 22,663,000 22,056,000 16,322,000 14,381,000 60,290,000 5,650,000 623,000                
      yoy
    		60.85% -5.94% 132.98% -10.61% -3.21% 45.19% 78.29% 110.26% 284.26% 545.89% 400.54% 481.85% 211.84% -62.41% 290.37% 2519.90%                    
      qoq
    		34.21% -56.41% 156.92% 7.01% -21.52% 7.98% -1.43% 15.88% 17.73% 32.59% 16.25% 111.77% 97.88% 2.75% 35.13% 13.50% -76.15% 967.08% 806.90%                 
      operating expenses:
    		                                   
      cost of sales
    		40,547,000 29,719,000 24,531,000 13,626,000 34,360,000 40,856,000 33,557,000 23,100,000 20,209,000 19,912,000 22,410,000 8,379,000 7,809,000 2,925,000 1,381,000 82,000 1,247,000 51,000 149,000                 
      research and development
    		76,958,000 74,233,000 68,186,000 67,015,000 86,420,000 76,354,000 88,569,000 77,947,000 84,701,000 69,282,000 79,421,000 95,658,000 110,027,000 99,423,000 95,207,000 101,661,000 90,945,000 78,181,000 87,733,000 95,943,000 84,012,000 50,337,000 93,207,000 87,094,000 69,282,000 78,471,428 51,319,017 50,698,427 40,479,899 30,805,611 29,539,456 27,537,619 17,402,890 13,132,853 9,517,882 
      selling, general and administrative
    		124,323,000 147,103,000 142,678,000 131,139,000 129,345,000 121,482,000 121,984,000 128,081,000 129,505,000                           
      total operating expenses:
    		241,828,000 251,055,000 235,395,000 211,780,000 250,125,000 238,692,000 244,110,000 229,128,000 234,415,000 230,895,000 247,479,000 215,410,000 219,929,000 186,716,000 174,994,000 164,946,000 143,379,000 113,286,500 133,645,000 194,910,000  86,123,250 130,198,000             
      net operating income
    		26,467,000 -51,142,000 223,183,000 -33,286,000 -83,328,000 -26,164,000 -47,280,000 -29,443,000 -62,090,000 -84,518,000 -137,080,000 -120,441,000 -175,083,000 -164,053,000 -152,938,000 -148,624,000 -128,998,000 -89,404,000 -127,995,000 -194,287,000 -124,591,000 130,121,000 -129,552,000             
      yoy
    		-131.76% 95.47% -572.05% 13.05% 34.21% -69.04% -65.51% -75.55% -64.54% -48.48% -10.37% -18.96% 35.73% 83.50% 19.49% -23.50% 3.54% -168.71% -1.20%                 
      qoq
    		-151.75% -122.91% -770.50% -60.05% 218.48% -44.66% 60.58% -52.58% -26.54% -38.34% 13.82% -31.21% 6.72% 7.27% 2.90% 15.21% 44.29% -30.15% -34.12% 55.94% -195.75% -200.44%              
      operating margin %
    		9.86% -25.58% 48.67% -18.65% -49.96% -12.31% -24.02% -14.74% -36.03% -57.74% -124.17% -126.82% -390.41% -723.88% -693.41% -910.57% -897.00% -148.29% -2265.40% -31185.71% -Infinity% Infinity% -Infinity% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% 
      interest income
    		2,914,000 3,502,000 4,376,000 2,607,000 2,658,000 3,396,000 2,889,000 3,184,000 3,303,000 4,548,000 4,989,000 6,002,000 5,393,000 4,575,000 2,809,000 1,432,000 98,000 37,000 144,000 104,000 134,000 194,000 670,000 1,025,000 2,275,000 1,478,465 1,341,811 1,421,485 867,017 2,762,557 280,891 184,009 -266,686   
      interest expense
    		-10,317,000 -10,847,000 -11,279,000 -11,152,000 -11,049,000 -11,534,000 -12,532,000 -9,359,000 -6,967,000 -7,402,000 -7,310,000 -7,341,000 -7,529,000 -7,738,000 -7,903,000 -8,448,000 -8,538,000 -3,018,000 -2,282,000 -3,767,000 -4,175,000 -9,610,000 -9,499,000 -6,909,000 -3,919,000 -3,930,231 -601,377 -159,497 -593,505       
      other income
    		88,000 4,500 37,000 146,000  -101,250 70,000 24,000 -499,000 219,000 -603,000 -63,000 -277,000 -10,500 99,000 149,000 -289,000 -4,000 -117,000 -61,000 1,544,000 -505,000 -16,000 5,000 14,000 -89,373 -61,048 228,286  -24,183 -22,234 -32,867  -12,475 16,046 
      net income before taxes
    		19,152,000 -58,638,000 216,317,000                                 
      income tax expense
    		496,000 313,000 602,000 466,000 341,000 286,000 592,000 114,000 170,000 1,423,000 233,000 194,000 282,000 -1,471,000 446,000 486,000 1,208,000                   
      net income
    		18,656,000 -58,951,000 215,715,000 -42,151,000 -92,225,000 -36,353,000 -57,445,000 -37,657,000 -66,423,000 -88,576,000 -140,237,000 -122,037,000 -177,778,000 -165,991,000 -191,269,000 -155,977,000 -138,935,000 -147,933,000 -195,571,000 -219,191,000 -183,659,000 78,265,000 -135,700,000 -118,617,000 -168,822,000 -113,217,423 -69,824,659 -71,090,164 -50,574,367 -36,459,474 -35,972,115     
      yoy
    		-120.23% 62.16% -475.52% 11.93% 38.84% -58.96% -59.04% -69.14% -62.64% -46.64% -26.68% -21.76% 27.96% 12.21% -2.20% -28.84% -24.35% -289.02% 44.12% 84.79% 8.79% -169.13% 94.34% 66.85% 233.81% 210.53% 94.11%         
      qoq
    		-131.65% -127.33% -611.77% -54.30% 153.69% -36.72% 52.55% -43.31% -25.01% -36.84% 14.91% -31.35% 7.10% -13.22% 22.63% 12.27% -6.08% -24.36% -10.78% 19.35% -334.66% -157.68% 14.40% -29.74% 49.11% 62.15% -1.78% 40.57% 38.71% 1.35%      
      net income margin %
    		6.95% -29.49% 47.04% -23.61% -55.29% -17.11% -29.19% -18.86% -38.55% -60.51% -127.03% -128.50% -396.42% -732.43% -867.20% -955.62% -966.10% -245.37% -3461.43% -35183.15% -Infinity% Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% NaN% NaN% NaN% NaN% 
      other comprehensive income:
    		                                   
      foreign currency translation
    		-308,000 327,000 32,000 485,000 254,000 -759,000 222,000 163,000 17,000                     84,985.5 339,942     
      total other comprehensive income
    		-308,000 297,000 169,000 485,000 254,000 -168,000 222,000 163,000 17,000 -2,477,000 -269,000 -21,000 100,000 2,152,000 167,000 -1,135,000 31,000                   
      comprehensive income, net of tax
    		18,348,000 -58,654,000 215,884,000                                 
      net income per share
    		                                   
      basic earnings per share
    		0.15 -0.47 1.71                                 
      diluted earnings per share
    		0.15 -0.45 1.67                                 
      weighted-average shares used for eps calculation
    		                                   
      loss on extinguishment of development liability
    		       -1,949,000                            
      unrealized gain on pension benefits
    		 34,250 137,000                                 
      net loss before taxes
    		   -41,685,000 -91,884,000 -36,067,000 -56,853,000 -37,543,000 -66,253,000 -87,153,000 -140,004,000 -121,843,000 -177,496,000 -167,462,000 -190,823,000 -155,491,000 -137,727,000                   
      other comprehensive gain:
    		                                   
      comprehensive loss, net of tax
    		   -41,666,000 -91,971,000 -36,521,000 -57,223,000 -37,494,000 -66,406,000 -91,053,000 -140,506,000 -122,058,000 -177,678,000 -163,839,000 -191,102,000 -157,112,000 -138,904,000 -148,013,000 -195,752,000 -219,400,000 -185,162,000 -106,186,000 -137,788,000 -119,298,000 -167,658,000 -47,892,908 -69,907,931 -71,091,496 -50,572,205 -22,675,694.5 -35,632,173     
      net loss per common share, basic and diluted
    		   -330 -740 -290 -460 -300 -540 -720 -1,170 -1,020 -1,560 -1,500 -1,750 -1,460 -1,420 -1,530 -2,280 -2,720 -2,320 1,060 -1,790 -1,570 -2,290 -2.11 -1.1 -1.12 -0.87 -0.65 -0.64 -0.61 -0.43 0.2 -1.37 
      weighted-average number of common shares used in net loss per common share, basic and diluted
    		   126,024,000 125,453,000 123,905,000 124,234,000 123,904,000 122,957,000 118,678,000 120,292,000 119,316,000 113,872,000 106,114,000 109,126,000 106,630,000 98,069,000 84,421,000 85,661,000 80,654,000 79,219,000 75,163,000 75,628,000 75,550,000 73,720,000 62,228,601 63,752,719 63,263,901 57,897,390 54,396,483 56,201,299 54,691,833 50,353,812  8,442,072 
      other expense
    		    -165,000                        -253,177    -31,473   
      general and administrative
    		         141,701,000 145,648,000 111,373,000 102,093,000 84,368,000 78,406,000 63,203,000 51,187,000 41,462,000 45,763,000 48,967,000 40,579,000 44,492,000 36,991,000 28,414,000 29,504,000 27,468,856 18,628,945 12,778,011 8,170,671 6,390,981 6,265,125 5,947,823 4,035,255 4,859,961 2,071,437 
      loss on conversion of debt
    		              -32,890,000    -61,102,000  -39,487,000               
      unrealized gain on marketable securities
    		             382,000 435,000 -766,000 -52,000 -10,000 -25,000 -35,000 79,000 30,500 -430,000 -842,000 1,394,000           
      foreign currency loss
    		         -47,500 -269,000   -138,500 -268,000 -369,000  -478,000 -156,000  -1,582,000 -431,750 -1,658,000             
      foreign currency gain
    		           -21,000 100,000    83,000   -174,000    161,000 -230,000 -20,610.5 -83,272 -1,332 2,162       
      cost of research collaboration
    		                 25,000,000  50,000,000                
      loss from remeasurement of development derivative liability
    		                    -17,084,000    -68,406,000 -4,736,000 -263,000 -9,104,000 -736,000       
      gain from remeasurement of development derivative liability
    		                 -10,620,750 -4,219,000 -21,180,000  -15,734,750 2,697,000 2,770,000            
      total other comprehensive loss
    		                 -473,250 -181,000   -401,250 -2,088,000             
      total other comprehensive gain
    		                   -209,000    -681,000 1,164,000 -20,610.5 -83,272 -1,332 2,162       
      other comprehensive loss:
    		                                   
      total other comprehensive gain/ loss
    		                    -1,503,000               
      licensing revenue
    		                     249,848,000 646,000             
      total revenue
    		                     161,500 646,000             
      loss on extinguishment of debt
    		                          -293,083  -1,208,132       
      operating income
    		                       -115,508,000 -98,786,000 -105,940,284 -69,947,962 -63,476,438 -48,650,570 -37,196,592 -35,804,581 -33,485,442 -21,438,145 -17,992,814 -11,589,319 
      unrealized foreign currency loss
    		                             -106,547.75 -426,191     
      net loss and comprehensive loss
    		                               -33,334,300 -21,736,304 -18,255,896 -11,573,273 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 
                                         
        assets
      		                                   
        current assets:
      		                                   
        cash and cash equivalents
      		405,207,000 466,233,000 479,171,000 370,036,000 358,393,000 411,290,000 396,864,000 360,087,000 325,923,000 351,185,000 452,414,000 616,259,000 765,083,000 551,801,000 584,189,000 604,489,000 633,456,000 640,192,000 283,745,000 270,764,000 265,435,000 565,779,000 415,560,000 317,348,000 417,881,000 351,985,085 433,994,644 289,128,569 288,246,706 176,267,666 220,640,818 253,839,540 152,930,977 175,643,529 13,135,848 
        accounts receivable
      		440,299,000 366,221,000 345,538,000 214,131,000 235,246,000 264,926,000 279,011,000 304,433,000 267,837,000 206,442,000 169,258,000 110,913,000 31,505,000 7,727,000 8,091,000 7,518,000 6,330,000 10,103,000 3,522,000 719,000                
        inventory
      		131,408,000 142,556,000 122,819,000 121,000,000 82,468,000 81,404,000 121,058,000 152,772,000 161,283,000 146,362,000 98,545,000 103,216,000 85,484,000 85,714,000 59,753,000 48,451,000 32,850,000 16,286,000 1,677,000 3,731,000                
        prepaid and other current assets
      		49,587,000 38,303,000                                  
        restricted cash
      		1,520,000 1,527,000 1,430,000 1,430,000 1,434,000 1,322,000 1,373,000 1,339,000 1,103,000 1,114,000 1,086,000 1,085,000 1,275,000 1,273,000 1,259,000 1,266,000 1,558,000 1,563,000 1,563,000 1,572,000 1,552,000  1,255,000 1,248,000 1,016,000           
        total current assets
      		1,028,021,000 1,014,840,000 990,676,000 755,610,000 727,718,000 788,954,000 833,897,000 859,974,000 811,428,000 766,331,000 796,767,000 892,686,000 954,255,000 719,523,000 831,937,000 959,969,000 1,103,982,000 824,047,000 475,427,000 655,126,000 773,625,000  742,349,000 853,825,000 672,407,000  451,194,872 308,412,717 310,527,863  238,932,792 266,701,518 163,086,857 182,015,306 19,032,933 
        non-current assets:
      		                                   
        right-of-use assets
      		18,945,000 18,195,000 19,720,000 14,637,000 15,251,000 16,083,000 17,060,000 16,321,000 14,994,000 16,745,000 15,484,000 16,726,000 17,854,000 18,747,000 19,522,000 20,755,000 19,972,000 19,901,000 20,930,000 21,939,000 22,518,000  18,545,000 12,959,000 13,715,000  13,332,783 6,644,312 6,621,807       
        property and equipment
      		1,418,000 1,708,000 1,927,000 2,117,000 2,514,000 2,952,000 3,379,000 3,836,000 4,195,000 4,345,000 4,790,000 5,339,000 5,967,000 6,148,000 5,681,000 5,892,000 5,893,000 6,177,000 6,509,000 6,750,000 7,077,000  6,531,000 2,416,000 1,972,000  1,592,787 1,439,108 1,041,063       
        long-term inventory
      		28,489,000 34,959,000 40,909,000 48,128,000 60,652,000 75,713,000 46,080,000 23,021,000                            
        other assets
      		5,659,000 5,555,000 5,491,000 898,000 1,150,000 1,349,000 1,450,000 1,330,000 1,313,000 1,309,000 1,175,000 827,000 793,000 15,799,000 15,752,000 15,882,000 16,007,000 31,640,000 22,823,000 16,097,000 6,909,000  909,000 906,000 845,000  236,515 207,873 162,345  212,979 116,150 116,150 116,150 108,350 
        total assets
      		1,082,532,000 1,075,257,000 1,058,723,000 821,390,000 807,285,000 885,051,000 901,866,000 904,482,000 831,930,000 788,730,000 818,216,000 915,578,000 978,869,000 760,217,000 872,892,000 1,002,498,000 1,145,854,000 881,765,000 525,689,000 699,912,000 810,129,000 960,569,000 768,334,000 870,106,000 688,939,000 389,244,980 466,356,957 316,704,010 318,353,078 203,533,559 239,145,771 266,817,668 163,203,007 182,131,456 19,141,283 
        liabilities and stockholders’ equity
      		                                   
        current liabilities:
      		                                   
        accounts payable
      		49,049,000 56,798,000 38,602,000 54,241,000 55,287,000 38,572,000 42,730,000 38,270,000 26,788,000 37,516,000 18,192,000 27,500,000 31,494,000 37,342,000 14,099,000 16,220,000 12,273,000 16,909,000 4,984,000 5,339,000 4,158,000  11,069,000 9,927,000 3,078,000  11,836,609 13,811,730 11,916,152  5,468,800 5,133,017 4,585,058 3,663,253 4,001,059 
        accrued expenses
      		133,693,000 166,049,000 140,322,000 138,999,000 116,146,000 140,184,000 139,835,000 122,781,000 101,399,000 127,806,000 117,089,000 97,716,000 71,251,000 95,139,000 79,778,000 89,419,000 105,272,000 103,239,000 69,847,000 134,303,000 69,398,000  60,766,000 45,399,000 44,930,000  30,431,607 20,229,694 7,342,601  10,565,640 5,121,178 2,709,801 2,890,705 2,936,885 
        convertible senior notes
      		93,744,000 93,662,000 93,581,000 93,500,000 93,421,000 93,341,000 93,263,000 93,186,000 93,109,000 93,033,000 92,957,000 92,883,000 92,809,000 92,736,000 92,663,000 189,313,000 189,168,000 189,024,000 189,610,000 386,471,000 386,152,000 358,830,000 353,769,000 348,842,000 144,561,000 142,566,851 140,614,523         
        current portion of lease liabilities
      		6,962,000 7,087,000 7,022,000 7,419,000 6,944,000 6,753,000 6,792,000 6,214,000 6,257,000                           
        total current liabilities
      		283,448,000 323,596,000 279,527,000 200,659,000 178,377,000 185,509,000 191,260,000 169,168,000 215,291,000 247,593,000 185,630,000 174,837,000 138,644,000 167,610,000 115,446,000 126,793,000 124,769,000 131,847,000 94,237,000 157,787,000 83,670,000  75,273,000 57,990,000 50,740,000  44,572,363 35,591,073 20,386,473  16,034,440 10,254,195 7,294,859 6,553,958 6,937,944 
        long-term liabilities:
      		                                   
        long-term credit facility
      		362,243,000 361,664,000 361,091,000 360,535,000 360,001,000 359,489,000 358,982,000 364,025,000                            
        lease liabilities
      		12,807,000 11,947,000 13,680,000 8,313,000 9,186,000 10,201,000 11,411,000 11,085,000 9,770,000                           
        other liabilities
      		9,111,000 7,903,000 3,257,000 2,078,000 2,084,000 7,972,000 9,829,000 2,691,000 2,658,000 2,312,000 946,000 429,000 347,000  1,938,000 1,569,000 1,208,000          250,000 250,000 234,932       
        total liabilities
      		667,609,000 705,110,000 657,555,000 665,085,000 643,069,000 656,512,000 664,745,000 640,155,000 565,254,000 594,209,000 585,945,000 570,175,000 566,746,000 590,345,000 565,476,000 668,080,000 683,619,000 683,103,000 583,014,000 841,405,000 758,471,000 756,012,000 662,494,000 638,042,000 429,942,000 355,015,304 326,795,143 157,617,972 93,598,186 42,560,904 43,190,921 37,265,562 34,160,902 33,188,596  
        commitments and contingencies
      		                                   
        stockholders’ equity:
      		                                   
        preferred stock, 0.0001 par value...
      		                                   
        common stock, 0.0001 par value...
      		13,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 11,000 11,000 11,000 11,000 10,000 9,000 8,000 8,000  8,000 8,000 7,000  6,387 6,367 6,322  5,624 5,615 5,042 5,033 847 
        additional paid-in capital
      		3,411,643,000 3,385,216,000 3,357,583,000 3,328,604,000 3,294,849,000 3,267,201,000 3,239,262,000 3,209,245,000 3,174,100,000 3,035,539,000 2,982,236,000 2,954,862,000 2,899,524,000 2,479,596,000 2,453,301,000 2,289,201,000 2,259,906,000 1,857,430,000 1,453,431,000 1,173,512,000 1,147,263,000  1,112,203,000 1,100,639,000       435,915,657     
        accumulated other comprehensive loss
      		-2,411,000 -2,103,000 -2,400,000 -2,569,000 -3,054,000 -3,308,000 -3,140,000 -3,362,000 -3,525,000 -3,542,000 -1,065,000 -796,000 -775,000 -875,000 -3,027,000 -3,194,000 -2,059,000 -2,090,000 -2,010,000 -1,829,000 -1,620,000      -205,249 -121,977 -120,645       
        accumulated deficit
      		-2,994,322,000 -3,012,978,000 -2,954,027,000 -3,169,742,000 -3,127,591,000 -3,035,366,000 -2,999,013,000 -2,941,568,000 -2,903,911,000 -2,837,488,000 -2,748,912,000 -2,608,675,000 -2,486,638,000 -2,308,860,000 -2,142,869,000 -1,951,600,000 -1,795,623,000 -1,656,688,000 -1,508,755,000 -1,313,184,000 -1,093,993,000 -926,347,000 -1,004,612,000 -868,912,000 -750,295,000 -581,472,460 -468,255,037 -398,430,378 -327,340,214 -276,765,847 -240,306,373 -204,334,259 -170,999,957 -149,263,653 -131,007,757 
        total stockholders’ equity
      		414,923,000 370,147,000 401,168,000 156,305,000 164,216,000 228,539,000 237,121,000 264,327,000 266,676,000 194,521,000 232,271,000 345,403,000 412,123,000 169,872,000 307,416,000 334,418,000 462,235,000 198,662,000                 12,203,339 
        total liabilities and stockholders’ equity
      		1,082,532,000 1,075,257,000 1,058,723,000 821,390,000 807,285,000 885,051,000 901,866,000 904,482,000 831,930,000 788,730,000 818,216,000 915,578,000 978,869,000 760,217,000 872,892,000 1,002,498,000 1,145,854,000 881,765,000                 19,141,283 
        prepaid assets
      		  31,560,000 29,171,000 37,104,000 18,368,000 23,809,000 28,971,000 43,163,000 38,820,000 44,617,000 34,404,000 36,559,000 36,350,000 30,356,000 21,478,000 24,534,000 24,868,000 17,374,000 18,866,000 17,203,000  11,299,000 17,925,000 22,806,000  14,742,698 13,977,215 20,509,948  16,846,183 10,857,287 8,121,602 5,059,593  
        other current assets
      		  10,158,000 19,842,000 13,073,000 11,644,000 11,782,000 12,372,000 12,119,000 22,408,000 30,847,000 26,809,000 34,349,000 36,658,000 23,925,000 28,460,000 73,412,000 70,677,000 20,980,000 31,228,000 31,198,000  1,637,000 1,828,000 1,891,000  2,457,530 3,355,995 15,570  81,532 7,695 205,713 14,823 3,653,520 
        current portion of development liability
      		        77,287,000 75,830,000 44,610,000 43,769,000 30,071,000 29,504,000 16,146,000 15,842,000 2,664,000 7,584,000                  
        long-term development liability
      		        244,426,000 239,817,000 295,532,000 289,960,000 321,713,000 315,647,000 340,142,000 333,729,000 351,784,000 345,151,000                  
        deferred revenue
      		      1,903,000 1,903,000 3,560,000                           
        current portion of right-of-use liabilities
      		         6,441,000 5,739,000 5,852,000 5,828,000 5,625,000 5,423,000 5,312,000 4,560,000 4,115,000                  
        right-of-use liabilities
      		         11,454,000 10,880,000 12,066,000 13,233,000 14,352,000 15,287,000 16,676,000 16,690,000 17,081,000         11,255,257 5,243,491 5,566,811       
        marketable securities
      		              124,364,000 248,307,000 331,842,000 60,358,000 146,566,000 328,246,000 458,237,000  312,598,000 515,476,000 228,813,000           
        current portion of development derivative liability
      		                  15,334,000 14,110,000 6,212,000               
        development derivative liability
      		                  281,017,000 278,022,000 268,740,000 257,868,000 217,778,000 220,475,000 223,245,000 134,839,000 130,103,000 109,840,000 60,736,000       
        liabilities and stockholders' equity
      		                                   
        current portion of right of use liabilities
      		                  4,072,000 4,035,000 3,902,000  3,438,000 2,664,000 2,732,000  2,304,147 1,549,649 1,127,720       
        operating lease liabilities
      		                  18,150,000 19,125,000 19,909,000  15,674,000 10,735,000 11,396,000           
        stockholders' equity:
      		                                   
        total stockholders' equity
      		                  -57,325,000 -141,493,000 51,658,000 204,557,000 105,840,000 232,064,000 258,997,000 34,229,676 139,561,814 159,086,038 224,754,892 160,972,655 195,954,850 229,552,106 129,042,105 148,942,860  
        total liabilities and stockholders' equity
      		                  525,689,000 699,912,000 810,129,000  768,334,000 870,106,000 688,939,000  466,356,957 316,704,010 318,353,078  239,145,771 266,817,668 163,203,007 182,131,456  
        consolidated balance sheet data
      		                                   
        working capital
      		                     788,865,000    307,341,865    185,414,614      
        term loan facility
      		                             20,388,988 20,270,032 20,143,217 20,015,568 19,806,944  
        promissory note
      		                           6,693,408 6,673,970 6,655,193 6,636,449     
        convertible preferred stock
      		                                   
        accumulated other comprehensive income
      		                      -1,759,000 329,000 1,010,000      339,942     
        additional paid in capital
      		                        1,008,275,000  608,015,713 557,632,026 552,209,429   433,880,750 300,037,020 298,201,480 31,407,476 
        consolidated balance sheet data:
      		                                   
        current portion of long-term debt
      		                                   
        refundable research and development credit
      		                           1,950,938 1,755,639  1,364,259 1,996,996 1,828,565 1,297,361 2,243,565 
        common stock warrant liability
      		                              250,000 250,000 250,000 244,292  
        promissory note - related party
      		                               6,618,150 6,600,475 6,583,402  
        series a convertible preferred stock, 0.0001 par value...
      		                                  2,654,405 
        series b convertible preferred stock, 0.0001 par value...
      		                                  6,944,148 
        series c convertible preferred stock, 0.0001 par value...
      		                                  35,542,707 
        series d convertible preferred stock, 0.0001 par value...
      		                                  46,913,666 
        series e convertible preferred stock, 0.0001 par value...
      		                                  19,747,847 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 
                                          
          operating activities
        		                                  
          net income
        		18,656,000 -58,951,000                            -36,459,474 -35,972,114 -33,334,302 -21,736,304 -18,255,896 
          adjustments to reconcile net income to net cash from operating activities:
        		                                  
          share-based compensation expense
        		25,173,000 21,246,000 28,186,000 27,197,000 27,374,000 26,314,000 27,475,000 29,990,000 30,349,000 26,219,000 21,625,000 29,278,000 28,823,000 24,241,000 23,541,000 22,530,000 20,773,000 19,312,000 17,194,000 17,722,000 16,439,000 12,494,000 12,099,000 11,489,000 9,294,000 7,107,068 5,295,152 4,183,221 4,558,588 1,828,617 2,050,924 2,243,527 1,610,188 4,164,340 
          depreciation expense
        		291,000 327,000 339,000 446,000 446,000 447,000 457,000 449,000 444,000 476,000 462,000 425,000 421,000 388,000 401,000 386,000 377,000 373,000 282,000 442,000 282,000 267,000 190,000 95,000 85,000 86,713 65,549 46,918 40,503      
          amortization of discounts for credit facility
        		579,000  556,000 534,000 512,000 508,000 581,000                            
          amortization of discounts for convertible notes
        		82,000  80,000 80,000 79,000 79,000 77,000 77,000 76,000                          
          changes in operating assets and liabilities:
        		                                  
          accounts receivable
        		-74,068,000 -20,674,000 -131,403,000 21,118,000 29,680,000 14,085,000 25,421,000 -36,575,000 -61,415,000 -37,173,000 -58,356,000 -79,408,000 -23,778,000 365,000 -574,000 -1,189,000 3,773,000 -7,485,000 -1,899,000                
          inventory
        		18,806,000 -8,658,000 5,402,000 -26,008,000 13,997,000 10,021,000 8,655,000 -14,510,000 -14,921,000 -47,816,000 4,671,000 -17,646,000 144,000 -25,961,000 -11,302,000 -15,601,000 -16,533,000 -14,640,000 2,054,000                
          prepaid and other current assets
        		-11,270,000                                  
          other assets
        		-292,000 120,000 -4,440,000 61,000 198,000 786,000 225,000 -404,000 98,000 -3,111,000 -166,000 8,000 14,969,000 1,605,000 128,000 123,000 15,634,000 -8,826,000 -6,714,000 -9,188,000 11,946,000 -17,341,000 -1,000 -58,000 -460,000 -202,771 -28,952 -45,141 -45,925 -881,359    -7,800 
          right-of-use assets and lease liabilities
        		-16,000 -143,000 -113,000 215,000 7,000 -270,000 164,000 -55,000 -116,000                          
          accounts payable
        		-7,741,000 18,195,000 -15,638,000 -1,045,000 16,711,000 1,488,000 -1,158,000 11,489,000 -10,730,000 19,620,000 -9,601,000 -3,995,000 -5,854,000 23,126,000 -7,028,000 8,962,000 -6,371,000 13,700,000 83,000 874,000 -4,170,000 -2,446,000 792,000 6,837,000 -5,237,000 -3,433,391 -2,008,290 1,894,386 1,906,521 4,792,625 325,080 547,959 921,805 -521,548 
          accrued expenses and other liabilities
        		-31,166,000     -1,382,000                             
          net cash from operating activities
        		-60,966,000 -14,176,000 108,468,000 4,445,000 -53,410,000 19,360,000 34,096,000 -8,339,000 -132,983,000 -97,875,000 -169,085,000 -150,155,000 -177,620,000 -140,744,000 -154,417,000 -107,024,000 -111,560,000 -112,499,000 -168,625,000 -128,688,000 -153,314,000 141,979,000 -99,824,000 -94,294,000 -108,349,000 -82,071,683 -53,597,640 -39,905,638 -35,560,484 -44,478,223 -33,132,448 -30,694,877 -22,935,249 -15,532,804 
          capital expenditures
        		 -108,000 -148,000 -49,000 -8,000 -20,000 0 -90,000 -293,000 -95,000 -47,000 -372,000 -259,000 -851,000 -196,000 -391,000 -86,000 -19,000 -352,000 -248,000 -484,000 -711,000 -3,738,000 -538,000 -435,000 -155,786 -470,047 -192,378 -875,111 0 0 0 0 0 
          free cash flows
        		 -14,284,000 108,320,000 4,396,000 -53,418,000 19,340,000 34,096,000 -8,429,000 -133,276,000 -97,970,000 -169,132,000 -150,527,000 -177,879,000 -141,595,000 -154,613,000 -107,415,000 -111,646,000 -112,518,000 -168,977,000 -128,936,000 -153,798,000 141,268,000 -103,562,000 -94,832,000 -108,784,000 -82,227,469 -54,067,687 -40,098,016 -36,435,595 -44,478,223 -33,132,448 -30,694,877 -22,935,249 -15,532,804 
          investing activities
        		                                  
          purchase of property and equipment
        		 -108,000 -148,000 -49,000 -8,000 -20,000 0 -90,000 -293,000 -95,000 -47,000 -372,000 -259,000 -851,000 -196,000 -391,000 -86,000 -19,000 -352,000 -248,000 -484,000 -711,000 -3,738,000 -538,000 -435,000 -155,786 -470,047 -192,378 -875,111      
          net cash from investing activities
        		 -108,000 -148,000 -49,000 -8,000 -20,000 0 -90,000 -293,000 4,000 -47,000 -372,000 -259,000 124,129,000 124,784,000 82,929,000 -271,949,000 84,980,000 179,649,000 129,752,000 -146,765,000 -91,000 198,763,000 -287,807,000 -227,854,000 -155,786 -470,047 -192,378 -875,111      
          financing activities
        		                                  
          proceeds from exercise of stock options
        		86,000 100,000 797,000 4,367,000 281,000 321,000 2,556,000 1,962,000 9,477,000 25,465,000 5,757,000 22,334,000 17,718,000  10,639,000 4,770,000 4,000,000  2,481,000 7,062,000 2,588,000  1,126,000 1,355,000 1,674,000  929,710 1,262,162 192,005  114,989 275,749 225,361  
          payments of employee tax withholding related to equity-based compensation
        		-22,000 0 -4,000 0 -7,000 -15,000 -14,000 0 -28,000   -28,000 -10,999,000 -1,727,000 -1,003,000 -536,000 -2,416,000 -237,000 -361,000 -234,000 -956,000              
          net cash from financing activities
        		64,000 1,259,000 793,000 6,558,000 274,000 -4,000,000 2,542,000 42,487,000 108,212,000 -3,913,000 5,746,000 1,560,000 391,106,000 -15,946,000 9,636,000 -4,735,000 376,704,000 383,958,000 2,120,000 4,526,000 1,632,000 6,317,000 926,000 281,668,000 403,267,000 209,610 198,949,710 40,963,913 148,418,251 115,657 -38,434 131,603,440 222,697 178,040,485 
          effect of exchange rate changes on cash, cash equivalents and restricted cash
        		-131,000 184,000 22,000 685,000 359,000 -965,000 173,000 342,000 -209,000  -458,000 -47,000 56,000  -310,000 -429,000 64,000  -172,000 -241,000 -1,611,000  -1,646,000 132,000 -152,000          
          net decrease in cash, cash equivalents and restricted cash
        		-61,033,000    -52,785,000          -20,307,000                    
          cash, cash equivalents and restricted cash at beginning of period
        		467,760,000 0 0 0 412,612,000 0 0 0 352,299,000 -1,000 0 0 553,075,000 0 0 0 641,755,000 0 0 0 567,045,000 0 0 0 351,985,000          
          cash, cash equivalents and restricted cash at end of period
        		406,727,000 -12,841,000 109,135,000 11,639,000 359,827,000 14,375,000 36,811,000 34,400,000 327,026,000 -101,201,000 -163,844,000 -149,014,000 766,358,000 -32,374,000 -20,307,000 -29,259,000 635,014,000 356,447,000 12,972,000 5,349,000 266,987,000 150,230,000 98,219,000 -100,301,000 418,897,000          
          reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:
        		                                  
          cash and cash equivalents
        		405,207,000  109,135,000 11,643,000 358,393,000  36,777,000 34,164,000 325,923,000  -163,845,000 -148,824,000 765,083,000  -20,300,000 -28,967,000 633,456,000  12,981,000 5,329,000 265,435,000  98,212,000 -100,533,000 417,881,000          
          restricted cash
        		1,520,000  0 -4,000 1,434,000  34,000 236,000 1,103,000  1,000 -190,000 1,275,000  -7,000 -292,000 1,558,000  -9,000 20,000 1,552,000  7,000 232,000 1,016,000          
          total cash, cash equivalents, and restricted cash
        		406,727,000  109,135,000 11,639,000 359,827,000  36,811,000 34,400,000 327,026,000  -163,844,000 -149,014,000 766,358,000  -20,307,000 -29,259,000 635,014,000  12,972,000 5,349,000 266,987,000  98,219,000 -100,301,000 418,897,000          
          supplemental disclosures
        		                                  
          cash paid for interest
        		10,476,000  20,796,000 0 11,092,000  12,497,000 5,306,000 1,643,000  1,643,000 0 1,643,000  1,643,000 0 3,360,000  3,372,000 0 6,893,000  9,100,000 0 3,829,000 28,383 230,521 140,000 588,473 477,639     
          cash paid for income taxes
        		66,000  40,000 666,000 141,000      194,000 134,000 250,000  0                    
          lease assets obtained in exchange for operating lease liabilities
        		2,400,000                                  
          loss on extinguishment of development liability
        		     0 0                            
          loss on disposal of fixed assets
        		         -32,000 133,000 0 19,000                      
          amortization of discounts for credit facility and convertible notes
        		                                  
          accretion of discount to development liability
        		     0 0 2,870,000 6,066,000 6,505,000 6,413,000 6,445,000 6,633,000 6,864,000 6,717,000 6,623,000 6,713,000                  
          proceeds from sale of fixed assets
        		                                  
          proceeds from credit facility
        		     0 0                            
          payment of issuance cost for credit facility
        		     -5,625,000 0                            
          payment of development liability
        		                                  
          proceeds from settlement of capped call
        		     0 0 0 98,763,000                          
          proceeds from issuance of common stock, pre-funded warrant offering, net of issuance costs
        		                                  
          proceeds from issuance of common stock under employee share purchase plan
        		     1,319,000 0   1,624,000 0   1,707,000 0   1,272,000 0   1,054,000 0            
          net increase in cash, cash equivalents and restricted cash
        		 -12,841,000 109,135,000   14,375,000 36,811,000 34,400,000 -25,273,000  -163,844,000 -149,014,000 213,283,000    -6,741,000  12,972,000 5,349,000 -300,058,000  98,219,000 -100,301,000 66,912,000          
          prepaid assets
        		  -2,384,000 7,953,000 -18,726,000 5,398,000 5,190,000 14,170,000 -4,338,000 5,811,000 -10,216,000 2,642,000 -107,000 -5,987,000 -8,882,000 3,056,000 334,000 -7,625,000 1,611,000 -1,654,000 -5,819,000 235,000 6,626,000 4,881,000 -3,004,000 -5,059,719 -765,742 6,532,304 3,824,196 -7,478,756 -5,998,668 -2,735,685 -3,062,009  
          other current assets
        		  9,787,000 -6,838,000 -1,307,000 142,000 612,000 -658,000 10,697,000 8,262,000 -3,865,000 7,538,000 2,308,000 -12,521,000 3,232,000 44,537,000 -2,312,000 -47,605,000 10,988,000 -69,000 -4,242,000 -25,657,000 197,000 -153,000 -671,000 1,171,628 2,155,786 -3,064,915 24,854 -296,210 -20,279 195,354 -188,226 1,936,041 
          accrued expenses
        		  7,075,000 22,883,000 -30,156,000   22,022,000 -26,330,000 11,851,000 20,034,000 26,536,000 -23,471,000 14,952,000 -3,977,000 -20,939,000 3,652,000 31,700,000 -64,611,000 65,321,000 -42,802,000 50,999,000 13,617,000 421,000 -9,991,000 24,908,739 10,145,204 12,635,167 2,764,408 -5,461,504 5,465,051 2,411,377 -180,904 -46,180 
          other current liabilities
        		                                  
          other liabilities
        		              367,000 363,000 1,208,000         -250,000 0 15,067 76,150      
          repayment of development liability
        		     0 0                            
          proceeds from issuance of common stock under employee stock purchase plan
        		  0                                
          issuance costs for credit facility incurred but not yet paid
        		                                  
          net loss
        		   -42,151,000 -92,225,000 -36,353,000 -57,445,000 -37,657,000 -66,423,000 -88,576,000 -140,237,000 -122,037,000 -177,778,000 -165,991,000 -191,269,000 -155,977,000 -138,935,000 -147,933,000 -195,571,000 -219,191,000 -183,659,000 78,265,000 -135,700,000 -118,617,000 -168,822,000 -113,217,423 -69,824,659 -71,090,164 -50,574,367      
          adjustments to reconcile net loss to net cash from operating activities:
        		                                  
          deferred revenue
        		      0 -1,657,000 3,560,000                          
          proceeds from income tax refunds net of income taxes paid
        		       -138,000 257,000                          
          loss on conversion of debt
        		             0    0 61,102,000 0 39,487,000              
          forfeiture of accrued interest in exchange of convertible notes
        		             0    0 2,503,000 0 1,668,000              
          purchase of available-for-sale securities
        		             0 0 0 -331,863,000 -1,000 1,000 0 -171,281,000 -311,880,000 1,000 -339,769,000 -227,419,000          
          proceeds from maturity of available-for-sale securities
        		             124,980,000 124,980,000 83,320,000 60,000,000 85,000,000 180,000,000 130,000,000 25,000,000 312,500,000 202,500,000            
          proceeds from issuance of common stock, net of issuance costs
        		          0   0 0 0 380,120,000     0 0 -170,000 381,593,000 -658,152 0 -22,740 110,262,000 0 -130,997    
          payments for development liability
        		         -31,000,000 0   -18,000,000 0 -11,500,000 -5,000,000                  
          proceeds from issuance of common stock and pre-funded warrant offering, net of issuance costs
        		            384,387,000                      
          loss from remeasurement of development derivative liability
        		                 55,192,000 4,219,000 21,180,000 17,084,000 40,090,000 -2,697,000 -2,770,000 68,406,000 4,736,000 263,000 9,104,000 736,000      
          amortization of right of use assets
        		                                  
          amortization of discounts for convertible notes, net of financing costs
        		         75,000 75,000 74,000 73,000 73,000 96,000 146,000 144,000 143,000 142,000   5,060,000 4,928,000 3,554,000 1,994,000          
          payments for development derivative liability
        		                                  
          effect of exchange rate changes on cash and cash equivalents
        		                         8,300 -15,948 15,966 -3,616 -10,586     
          net increase in cash and cash equivalents
        		                         -82,009,559 144,866,075 881,863 111,979,040 -44,373,152    162,507,681 
          amortization of right-of-use assets
        		          -57,000 -15,000 -22,000  -44,000 -44,000 -17,000  -8,000 6,000 112,000  125,000 27,000 57,000  77,793 76,103 72,725      
          payment of employee tax withholding related to equity-based compensation
        		                                  
          convertible notes exchanged for common stock
        		                                  
          (payments for)/proceeds from development derivative liability
        		                                  
          payments for capped call transactions and associated costs
        		                     0 0   0         
          proceeds from issuance of convertible notes, net of issuance costs
        		                     0 -200,000   -487,762         
          proceeds from exercise of stock options and warrants
        		                                  
          net decrease in cash and cash equivalents
        		                               100,908,563 -22,712,552  
          supplemental disclosure of financing activities
        		                                  
          loss on early extinguishment of debt
        		                         0 293,083 0 1,208,132      
          amortization of debt discounts
        		                    360,000     0         
          amortization of term loan facility discounts
        		                         0         
          repayment of promissory note
        		                         0         
          repayment of term loan facility
        		                         0 0 0 -21,701,292      
          proceeds from / (payments for) development derivative liability
        		                  0                
          2019 convertible notes exchanged for common stock
        		                   0 126,129,000              
          proceeds from development derivative liability
        		                     0 0 0 20,000,000 0 20,000,000 40,000,000 60,000,000      
          non-cash lease expense
        		                                  
          amortization of discounts for promissory note
        		                                  
          deferred issuance costs
        		                          0 -275,509 -334,462 4,246   -2,664  
          issuance of series e convertible preferred stock, net of issuance costs
        		                                 0 
          proceeds from issuance of term loan, net of issuance costs
        		                                  
          proceeds from issuance of promissory note, net of issuance costs
        		                                  
          proceeds from issuance of stock options and warrants
        		                                  
          cash and cash equivalents at beginning of period
        		                         0 0 0 176,267,666 0 0 0 175,643,529  
          cash and cash equivalents at end of period
        		                         -82,009,559 144,866,075 881,863 288,246,706 -44,373,152 -33,198,722 100,908,563 152,930,977  
          supplemental disclosure of non-cash financing activities
        		                                  
          conversion of convertible preferred stock to common stock
        		                                  
          equity component of convertible notes
        		                                  
          amortization of deferred financing costs
        		                                  
          accretion of discounts for promissory note
        		                           19,438 18,777 18,744     
          accretion of discounts for term loan facility
        		                           0 104,172 118,955     
          refundable research and development credit
        		                           -212,022 -275,218 -142,453 543,082 -168,431 -531,204 946,204 
          (gain)/income from remeasurement of fair value of warrants
        		                                  
          issuance of series d convertible preferred stock, net of issuance costs
        		                                  
          proceeds from issuance of promissory note payable to an affiliate of stockholder
        		                                  
          proceeds from the issuance of common stock warrants
        		                                  
          conversion of series a convertible preferred stock
        		                                  
          conversion of series b convertible preferred stock
        		                                  
          conversion of series c convertible preferred stock
        		                                  
          conversion of series d convertible preferred stock
        		                                  
          shares reserved under 2010 equity incentive plan
        		                                  
          shares reserved under 2017 equity incentive plan
        		                                  
          shares reserved under 2017 employee stock purchase plan
        		                                  
          common stock warrants
        		                                  
          total
        		                             -533,869 5,444,462 2,411,377 2,709,801 5,046,442 
          income from remeasurement of fair value of warrants
        		                              0 0 5,708  
          unrealized foreign currency loss
        		                                  
          proceeds for issuance of series e convertible preferred stock, net of issuance costs
        		                                  
          supplemental cash flow information:
        		                                  
          accrued research and development
        		                              4,376,707 1,620,430 1,857,970  
          accrued payroll liabilities
        		                              887,926 758,733 703,186  
          other
        		                              179,829 32,214 148,645  
          accretion of discounts
        		                               17,675 17,073  
          amortization of term loan facility
        		                                  
          amortization
        		                                208,624  
          non-cash acquisition of in-process research and development
        		                                  
          issuance of series c convertible preferred stock, net of issuance costs
        		                                  
          cash and cash equivalents beginning of period
        		                                  
          cash and cash equivalents end of period