Form 4: Apellis CFO Sells Shares Under 10b5-1 Plan

Apellis Pharmaceuticals' CFO, Timothy Sullivan, executed a pre-scheduled sale of 10,000 common shares, realizing a gain from exercised stock options.

Summary

• Timothy Sullivan, Chief Financial Officer of Apellis Pharmaceuticals, Inc., completed a pre-arranged transaction on October 21, 2025.
• The transaction involved the exercise of 10,000 stock options at an exercise price of $10.03 per share.
• Concurrently, 10,000 shares of Apellis Pharmaceuticals common stock were sold at a price of $28.03 per share.
• This exercise and sale were conducted pursuant to a Rule 10b5-1 trading plan established on June 9, 2025.
• Following these transactions, Sullivan directly holds 110,936 shares of common stock and 232,903 stock options.
• An additional 60,396 shares of common stock are held indirectly by The Timothy E Sullivan Irrevocable Trust of 2023.

Sentiment

Score: 7

Explanation: The CFO realized a substantial gain from exercising options and selling shares, which is a positive for the individual. The transaction was pre-scheduled under a 10b5-1 plan, indicating planned liquidity rather than a reaction to new company information, thus having a neutral impact on company sentiment.

Positives

• The CFO realized a significant gain of $18.00 per share on 10,000 shares, totaling $180,000, from the exercise of options and subsequent sale.
• The transaction was pre-scheduled under a Rule 10b5-1 plan, indicating planned liquidity rather than a reaction to new, undisclosed company information.

Negatives

• The sale by a key executive, even if pre-scheduled, reduces their direct equity stake in the company.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• 60,396 shares of common stock are held indirectly 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: The transaction represents a routine, pre-planned insider sale, which typically has minimal impact on shareholder sentiment or company valuation unless the scale is unusually large or unexpected.

Key Dates

Recommendation

The filing reports a routine, pre-scheduled insider transaction (exercise of options and sale of shares) under a 10b5-1 plan. Such transactions are generally not indicative of new material information about the company's prospects and do not warrant a change in investment thesis based solely on this filing. The CFO's decision to realize gains is a personal financial move.

Keywords

Apellis Pharmaceuticals, APLS, Timothy Sullivan, CFO, Form 4, Insider Trading, Stock Option Exercise, Share Sale, 10b5-1 Plan