Form 4: Apellis Pharmaceuticals CFO Sells Shares to Cover Tax Obligations

Apellis Pharmaceuticals' Chief Financial Officer, Timothy Eugene Sullivan, sold 2,170 shares of common stock to cover tax obligations related to restricted stock units.

Summary

• Timothy Eugene Sullivan, the Chief Financial Officer of Apellis Pharmaceuticals, sold 2,170 shares of common stock on January 13, 2025.
• The sale was executed at a price of $28.7021 per share.
• This transaction was to cover tax withholding obligations related to restricted stock units that were released on January 10, 2025.
• Following the transaction, Mr. Sullivan directly owns 88,100 shares of Apellis Pharmaceuticals common stock.
• Additionally, 70,396 shares are held indirectly through The Timothy E Sullivan Irrevocable Trust of 2023.

Sentiment

Score: 5

Explanation: The document reflects a routine transaction related to executive compensation and does not indicate any positive or negative sentiment about the company's performance.

Industry Context

This is a routine transaction for executives who receive stock-based compensation. It is common for executives to sell shares to cover tax obligations when restricted stock units vest.

Comparison to Industry Standards

• Executive stock sales to cover tax obligations are a common practice across the pharmaceutical industry.
• Similar transactions are regularly reported by executives at companies like Regeneron, Vertex, and Biogen.
• The volume of shares sold is relatively small compared to the total holdings of the executive, which is typical for these types of transactions.

Stakeholder Impact

• The transaction has a minimal impact on shareholders as it is a routine sale to cover tax obligations.
• The sale does not indicate any change in the executive's confidence in the company.

Key Dates

Keywords

Apellis Pharmaceuticals, APLS, insider trading, stock sale, CFO, Timothy Eugene Sullivan, Form 4, restricted stock units, tax withholding