Form 4: Apellis CEO Sells Shares for Tax Withholding

Apellis Pharmaceuticals CEO Cedric Francois sold 10,186 shares of common stock to cover tax withholding obligations related to restricted stock units.

Summary

• Cedric Francois, Chief Executive Officer and Director of Apellis Pharmaceuticals, Inc. (APLS), reported a transaction on January 13, 2026.
• The transaction involved the sale of 10,186 shares of Common Stock at a price of $22.1872 per share.
• The purpose of the sale was to cover tax withholding obligations on Restricted Stock Units (RSUs) that were released on January 12, 2026.
• Following the transaction, direct beneficial ownership stands at 321,419 shares of Common Stock.
• Indirect beneficial ownership includes 307,946 shares held by The Cedric Francois Irrevocable Trust of 2023 2, 472,065 shares by The Cedric Francois Irrevocable Trust of 2023, 300,000 shares by The Francois Grossi Trust, and 234,411 shares by The Francois-DuBois Educational Trust.
• Cedric Francois disclaims beneficial ownership over shares held by these trusts except to the extent of his pecuniary interest therein.

Sentiment

Score: 5

Explanation: The transaction is a routine sale of shares by an executive to cover tax withholding obligations on vested restricted stock units, which is a common and expected occurrence and does not reflect on the company's operational performance or future prospects.

Future Outlook

NA

Industry Context

This is a routine insider transaction for an executive to manage tax obligations related to equity compensation and does not inherently reflect broader industry trends or competitive positioning.

Related Party Transactions

• Indirect beneficial ownership is reported through several trusts: The Cedric Francois Irrevocable Trust of 2023 2, The Cedric Francois Irrevocable Trust of 2023, The Francois Grossi Trust (where the spouse serves as trustee), and The Francois-DuBois Educational Trust. The reporting person disclaims beneficial ownership over these shares except to the extent of pecuniary interest.

Stakeholder Impact

• Shareholders: The sale is a routine tax-related transaction and does not indicate a change in management's confidence or the company's fundamentals, thus having a neutral impact.

Key Dates

Recommendation

The transaction reported is a routine sale of shares by the CEO to cover tax withholding obligations on vested restricted stock units. This is a common occurrence for executives receiving equity compensation and does not reflect a change in the company's operational performance, strategic direction, or the executive's long-term confidence in the company. Therefore, it does not warrant a change in investment recommendation based solely on this filing.

Keywords

Apellis Pharmaceuticals, APLS, Cedric Francois, Form 4, Insider Transaction, Stock Sale, Tax Withholding, Restricted Stock Units