Global economic slowdown and geopolitical instability (e.g., Middle East conflict, IMF downgrade) could negatively impact overall market sentiment for growth stocks like biotech, and potentially increase supply chain costs for drug manufacturing and distribution.

A robust U.S. job market, as indicated by recent job additions and low unemployment, may foster a healthier domestic economy, potentially supporting healthcare spending, patient access, and reimbursement environments within the United States.

Inflationary pressures, possibly exacerbated by higher oil prices due to geopolitical tensions, could lead to increased operating expenses for Apellis, affecting research and development, manufacturing, and distribution costs for its biopharmaceutical products.