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

Apellis Pharmaceuticals Director Sinclair Dunlop sold 31,092 shares of common stock and distributed 3,837 shares, primarily through an indirect holding via Epidarex Capital I LP.

Summary

• Sinclair Dunlop, a Director of Apellis Pharmaceuticals, Inc., reported transactions involving common stock.
• On September 30, 2025, 31,092 shares of common stock were sold at a weighted average price of $22.58 per share.
• These sales were executed under a Rule 10b5-1 trading plan adopted by Epidarex Capital I LP on June 20, 2025.
• Additionally, 3,837 shares of common stock were distributed from Epidarex to a Limited Partner and General Partner for no consideration on September 30, 2025.
• Following these transactions, Sinclair Dunlop directly owns 158,393 shares and indirectly owns 30,142 shares through Epidarex Capital I LP.

Sentiment

Score: 5

Explanation: The transactions represent a planned reduction in indirect beneficial ownership by a director, executed under a Rule 10b5-1 trading plan, which typically indicates a pre-scheduled event rather than a reaction to new information.

Negatives

• Director Sinclair Dunlop reduced indirect beneficial ownership of Apellis Pharmaceuticals common stock by 31,092 shares through sales and 3,837 shares through distribution.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• The reporting person, Sinclair Dunlop, is a general partner of Epidarex Capital I LP, which holds Apellis Pharmaceuticals shares.
• A stock distribution occurred from Epidarex Capital I LP to a Limited Partner and General Partner of Epidarex for no consideration.

Stakeholder Impact

• Shareholders: A director's sale, even under a 10b5-1 plan, could be interpreted by some as a reduction in confidence, though the pre-planned nature mitigates this. The overall impact is likely minimal given the context of a scheduled transaction.

Key Dates

Recommendation

The filing details a pre-scheduled insider sale and distribution by a director under a Rule 10b5-1 plan. Such transactions are typically not indicative of new material information or a change in the company's fundamental outlook, thus warranting a 'hold' recommendation based solely on this filing.

Keywords

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