09:51 AM EDT, 08/01/2024 (MT Newswires) -- Apellis Pharmaceuticals ( APLS ) shares fell nearly 5% in early trading Thursday after reporting a Q2 net loss of 0.30 per diluted share, narrowing from a loss of $1.02 a year earlier.

Analysts polled by Capital IQ expected a loss of $0.32.

The company reported total revenue of $199.7 million for the quarter that ended June 30, up from $95.0 million a year earlier.

Analysts surveyed by Capital IQ expected $191.3 million.

As of June 30, the company said it had $360.1 million in cash and cash equivalents. The company said revenues and cash are expected to be sufficient to fund operations to positive cash flow.

Price: 37.02, Change: -2.58, Percent Change: -6.52