Form 4: Apellis Pharmaceuticals CFO Timothy Sullivan Reports Stock Option Exercises
SEC Form 4 Filing
Chief Financial Officer of Apellis Pharmaceuticals, Timothy Sullivan, reports exercising stock options and acquiring common stock on December 31, 2024.
Summary
- On December 31, 2024, Timothy Eugene Sullivan, the Chief Financial Officer of Apellis Pharmaceuticals, exercised stock options.
- He acquired 1,042 shares of common stock at a price of $14.95 per share.
- He also acquired 10,054 shares of common stock at a price of $13.85 per share.
- Following these transactions, Sullivan directly owns 90,270 shares of Apellis Pharmaceuticals common stock.
- Sullivan also indirectly owns 70,396 shares through The Timothy E Sullivan Irrevocable Trust of 2023.
- After the transaction, Sullivan directly owns 23,958 stock options with an exercise price of $14.95.
- After the transaction, Sullivan directly owns 84,946 stock options with an exercise price of $13.85.
Sentiment
Score: 6
Explanation: Neutral sentiment. This is a standard regulatory filing detailing stock option exercises. It doesn't inherently indicate positive or negative performance, but rather routine transactions.
Positives
- The exercise of stock options by a company executive can be seen as a positive signal, indicating confidence in the company's future performance.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in the pharmaceutical industry.
Comparison to Industry Standards
- Executive compensation packages in the pharmaceutical industry often include stock options to align management's interests with those of shareholders.
- The vesting schedules and exercise prices are typical for stock option grants.
- Comparing Sullivan's holdings and option exercises to those of CFOs at similar-sized biotech companies (e.g., Iveric Bio before its acquisition, or companies like Alnylam Pharmaceuticals at a similar stage) would provide further context.
Stakeholder Impact
- The stock option exercises could have a minor dilutive effect on existing shareholders.
Key Dates
| Date | Description |
|---|---|
| 02/16/2018 | Date stock option was granted with exercise price of $14.95. |
| 02/08/2019 | Date stock option was granted with exercise price of $13.85. |
| 12/31/2024 | Date of stock option exercise and acquisition of common stock. |
| 01/03/2025 | Date of Form 4 filing. |
| 02/15/2028 | Expiration date of stock option with exercise price of $14.95. |
| 02/07/2029 | Expiration date of stock option with exercise price of $13.85. |
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