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

Apellis Pharmaceuticals Director A. Sinclair Dunlop reported the sale of 31,092 common shares and a distribution of 3,837 shares, primarily through an indirect holding.

Summary

• A. Sinclair Dunlop, a Director and indirect 10% owner of Apellis Pharmaceuticals, Inc. (APLS), reported transactions on September 19, 2025.
• 31,092 shares of common stock were sold at a weighted average price of $22.95 per share, with individual transaction prices ranging from $22.73 to $23.27.
• These sales were executed under a Rule 10b5-1 trading plan adopted by Epidarex Capital I LP ("Epidarex") on June 20, 2025.
• An additional 3,837 shares of common stock were distributed from Epidarex to a Limited Partner and General Partner for no consideration.
• Following these transactions, Dunlop directly owns 158,393 shares and indirectly owns 65,071 shares through Epidarex Capital I LP.
• Dunlop, as a general partner of Epidarex, may be deemed to have voting and dispositive power over the shares held by Epidarex but disclaims beneficial ownership except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: The filing is a factual report of insider transactions and does not inherently convey positive or negative sentiment regarding the company's performance or outlook.

Future Outlook

N/A

Industry Context

N/A

Related Party Transactions

• Distribution of 3,837 common shares from Epidarex Capital I LP to a Limited Partner and General Partner of Epidarex for no consideration.

Stakeholder Impact

• Shareholders may note the insider selling activity, though it was conducted under a pre-arranged Rule 10b5-1 trading plan, which typically mitigates concerns about opportunistic selling.

Key Dates

Keywords

Apellis Pharmaceuticals, APLS, insider trading, Form 4, stock sale, director, 10b5-1 plan, Epidarex Capital