Form 4: Apellis CEO Sells Over 225,000 Shares in Pre-Arranged Plan

Apellis Pharmaceuticals CEO Cedric Francois reported the sale of 225,000 shares of common stock in late August 2025, executed under a Rule 10b5-1 plan.

Summary

• Cedric Francois, the Chief Executive Officer and a Director of Apellis Pharmaceuticals, Inc. (APLS), reported the sale of company common stock.
• A total of 225,000 shares of common stock were sold across two transactions.
• On August 27, 2025, 175,037 shares were sold at a weighted average price of $28.19 per share, totaling approximately $4,933,304.
• On August 28, 2025, an additional 49,963 shares were sold at a weighted average price of $28.39 per share, totaling approximately $1,418,480.
• The sales were conducted pursuant to a Rule 10b5-1(c) contract, instruction, or written plan.
• Following these transactions, Cedric Francois's direct beneficial ownership is 331,605 shares, and indirect beneficial ownership through various trusts totals 1,114,385 shares.

Sentiment

Score: 4

Explanation: The sale of a significant number of shares by the CEO, while conducted under a pre-arranged 10b5-1 plan, can still be perceived negatively by investors, suggesting a potential lack of confidence or a belief that the stock's upside is limited in the near term.

Positives

• The transactions were made pursuant to a Rule 10b5-1(c) contract, instruction, or written plan, indicating a pre-scheduled sale rather than a reaction to new, undisclosed information.

Negatives

• CEO Cedric Francois sold a significant aggregate of 225,000 shares of Apellis Pharmaceuticals common stock.
• Insider selling, particularly by a CEO, can be perceived by the market as a negative signal regarding the company's near-term prospects or valuation.

Future Outlook

No forward-looking statements or guidance are provided in this insider transaction report.

Management Comments

• The reporting person disclaims beneficial ownership over the shares held by The Cedric Francois Irrevocable Trust of 2023 2 except to the extent of his pecuniary interest therein.
• The reporting person disclaims beneficial ownership over the shares held by The Cedric Francois Irrevocable Trust of 2023 except to the extent of his pecuniary interest therein.
• The reporting person disclaims beneficial ownership over the shares held by The Francois Grossi Trust except to the extent of his pecuniary interest therein.
• The reporting person disclaims beneficial ownership over the shares held by The Francois-DuBois Educational Trust except to the extent of his pecuniary interest therein.

Industry Context

This Form 4 filing, detailing an insider stock transaction, does not provide information related to broader industry trends or competitors.

Related Party Transactions

• The sales were conducted by Cedric Francois, the CEO and a Director of Apellis Pharmaceuticals, Inc., making them related party transactions.
• The shares sold were held indirectly by The Cedric Francois Irrevocable Trust of 2023 2, for which Cedric Francois disclaims beneficial ownership except for his pecuniary interest.

Stakeholder Impact

• Shareholders may interpret the insider sale as a negative signal, potentially influencing their perception of the company's future prospects and the stock's valuation.

Key Dates

Recommendation

While the CEO sold a substantial number of shares, the transaction was executed under a pre-arranged 10b5-1 plan, which suggests the sale was not based on new, undisclosed material information. Investors should monitor future insider activity and company performance, but this single filing does not warrant an immediate change from a 'hold' position.

Keywords

Apellis Pharmaceuticals, APLS, Cedric Francois, Insider Sale, Form 4, CEO, Director, Stock Transaction, 10b5-1 Plan