Form 4: Apellis CFO Sells Shares for Tax Withholding

Apellis Pharmaceuticals' CFO, Timothy Sullivan, sold 2,892 shares of common stock to cover tax withholding obligations related to vested Restricted Stock Units.

Summary

• Timothy Eugene Sullivan, Chief Financial Officer of Apellis Pharmaceuticals, Inc. (APLS), reported a transaction on January 20, 2026.
• Sullivan sold 2,892 shares of Apellis Pharmaceuticals common stock at a price of $19.7929 per share.
• The sale was made to cover tax withholding obligations associated with Restricted Stock Units (RSUs) that were released on January 16, 2026.
• Following the transaction, Sullivan directly beneficially owns 104,188 shares of common stock.
• Additionally, 60,396 shares are indirectly beneficially owned by The Timothy E Sullivan Irrevocable Trust of 2023, for which the reporting person disclaims beneficial ownership except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the transaction is a non-discretionary sale to cover tax withholding on vested equity, which is a routine event and not indicative of management's view on the company's prospects.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This is a routine insider transaction, common for executives receiving equity compensation. It does not reflect a discretionary sale based on market views but rather a pre-planned action to cover tax liabilities upon RSU vesting, which is standard practice across industries for publicly traded companies.

Related Party Transactions

• 60,396 shares are indirectly held by The Timothy E Sullivan Irrevocable Trust of 2023. The reporting person disclaims beneficial ownership over these shares except to the extent of his pecuniary interest therein.

Stakeholder Impact

• Shareholders: Minimal impact as this is a routine, non-discretionary sale for tax purposes and does not signal a change in management's confidence or company fundamentals.

Key Dates

Recommendation

The transaction reported is a routine, non-discretionary sale of shares by the CFO to cover tax withholding obligations upon the vesting of Restricted Stock Units. This type of transaction is common for executives and does not typically reflect a change in the company's fundamentals or management's outlook. Therefore, it provides no new information that would warrant a change in investment recommendation, suggesting a 'hold' position for existing investors.

Keywords

Apellis Pharmaceuticals, APLS, Form 4, Insider Transaction, CFO, Stock Sale, Tax Withholding, Restricted Stock Units, Equity Compensation