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Side-by-side financial comparison of Angel Studios, Inc. (ANGX) and Apellis Pharmaceuticals, Inc. (APLS). Click either name above to swap in a different company.
Apellis Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($199.9M vs $109.9M, roughly 1.8× Angel Studios, Inc.). Apellis Pharmaceuticals, Inc. runs the higher net margin — -29.5% vs -71.5%, a 42.0% gap on every dollar of revenue. On growth, Angel Studios, Inc. posted the faster year-over-year revenue change (254.3% vs -5.9%).
Angel Studios, Inc. is an American independent media company and film distribution studio based in Provo, Utah. It produces and distributes films for theatrical release and operates the over-the-top video on-demand service Angel. The streaming service is available worldwide and can be accessed via web browsers or via application software installed on smartphones, tablet computers, and smart TVs.
Apellis Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing targeted therapies that modulate the complement system to address serious unmet medical needs. Its core products target ophthalmic conditions like geographic atrophy secondary to age-related macular degeneration, as well as rare hematological and autoimmune disorders, with primary operations in the United States and European markets.
ANGX vs APLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $109.9M | $199.9M |
| Net Profit | $-78.6M | $-59.0M |
| Gross Margin | 60.2% | — |
| Operating Margin | -64.5% | -25.6% |
| Net Margin | -71.5% | -29.5% |
| Revenue YoY | 254.3% | -5.9% |
| Net Profit YoY | -111.5% | -62.2% |
| EPS (diluted) | $-0.47 | $-0.40 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $109.9M | $199.9M | ||
| Q3 25 | $76.5M | $458.6M | ||
| Q2 25 | — | $178.5M | ||
| Q1 25 | — | $166.8M | ||
| Q4 24 | — | $212.5M | ||
| Q3 24 | $20.1M | $196.8M | ||
| Q2 24 | — | $199.7M | ||
| Q1 24 | — | $172.3M |
| Q4 25 | $-78.6M | $-59.0M | ||
| Q3 25 | $-38.6M | $215.7M | ||
| Q2 25 | — | $-42.2M | ||
| Q1 25 | — | $-92.2M | ||
| Q4 24 | — | $-36.4M | ||
| Q3 24 | $-13.9M | $-57.4M | ||
| Q2 24 | — | $-37.7M | ||
| Q1 24 | — | $-66.4M |
| Q4 25 | 60.2% | — | ||
| Q3 25 | 55.1% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 59.7% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -64.5% | -25.6% | ||
| Q3 25 | -49.8% | 48.7% | ||
| Q2 25 | — | -18.6% | ||
| Q1 25 | — | -50.0% | ||
| Q4 24 | — | -12.3% | ||
| Q3 24 | -75.3% | -24.0% | ||
| Q2 24 | — | -14.7% | ||
| Q1 24 | — | -36.0% |
| Q4 25 | -71.5% | -29.5% | ||
| Q3 25 | -50.4% | 47.0% | ||
| Q2 25 | — | -23.6% | ||
| Q1 25 | — | -55.3% | ||
| Q4 24 | — | -17.1% | ||
| Q3 24 | -68.9% | -29.2% | ||
| Q2 24 | — | -18.9% | ||
| Q1 24 | — | -38.5% |
| Q4 25 | $-0.47 | $-0.40 | ||
| Q3 25 | $-0.25 | $1.67 | ||
| Q2 25 | — | $-0.33 | ||
| Q1 25 | — | $-0.74 | ||
| Q4 24 | — | $-0.30 | ||
| Q3 24 | $-0.10 | $-0.46 | ||
| Q2 24 | — | $-0.30 | ||
| Q1 24 | — | $-0.54 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $44.1M | $466.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-25.8M | $370.1M |
| Total Assets | $241.4M | $1.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $44.1M | $466.2M | ||
| Q3 25 | $63.3M | $479.2M | ||
| Q2 25 | — | $370.0M | ||
| Q1 25 | — | $358.4M | ||
| Q4 24 | — | $411.3M | ||
| Q3 24 | — | $396.9M | ||
| Q2 24 | — | $360.1M | ||
| Q1 24 | — | $325.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $93.1M |
| Q4 25 | $-25.8M | $370.1M | ||
| Q3 25 | $37.2M | $401.2M | ||
| Q2 25 | — | $156.3M | ||
| Q1 25 | — | $164.2M | ||
| Q4 24 | — | $228.5M | ||
| Q3 24 | $-5.0M | $237.1M | ||
| Q2 24 | — | $264.3M | ||
| Q1 24 | — | $266.7M |
| Q4 25 | $241.4M | $1.1B | ||
| Q3 25 | $197.0M | $1.1B | ||
| Q2 25 | — | $821.4M | ||
| Q1 25 | — | $807.3M | ||
| Q4 24 | — | $885.1M | ||
| Q3 24 | $13.5M | $901.9M | ||
| Q2 24 | — | $904.5M | ||
| Q1 24 | — | $831.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.35× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-14.2M |
| Free Cash FlowOCF − Capex | — | $-14.3M |
| FCF MarginFCF / Revenue | — | -7.1% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $45.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-14.2M | ||
| Q3 25 | $-58.1M | $108.5M | ||
| Q2 25 | — | $4.4M | ||
| Q1 25 | — | $-53.4M | ||
| Q4 24 | — | $19.4M | ||
| Q3 24 | $-37.7M | $34.1M | ||
| Q2 24 | — | $-8.3M | ||
| Q1 24 | — | $-133.0M |
| Q4 25 | — | $-14.3M | ||
| Q3 25 | — | $108.3M | ||
| Q2 25 | — | $4.4M | ||
| Q1 25 | — | $-53.4M | ||
| Q4 24 | — | $19.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $-8.4M | ||
| Q1 24 | — | $-133.3M |
| Q4 25 | — | -7.1% | ||
| Q3 25 | — | 23.6% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | -32.0% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -4.2% | ||
| Q1 24 | — | -77.3% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.50× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ANGX
| Licensed content and other revenue | $109.8M | 100% |
| Pay it Forward revenue | $163.7K | 0% |
APLS
| Syfovre | $155.2M | 78% |
| Empaveli Pegcetacoplan | $35.1M | 18% |
| Licensing And Other Revenue | $9.6M | 5% |
