[144] Apellis Pharmaceuticals, Inc. SEC Filing

Rhea-AI Filing Summary

Apellis Pharmaceuticals (APLS) insider filing reports a proposed sale under Rule 144 by Timothy Sullivan. The notice lists a planned block of 10,000 shares to be sold through UBS with an aggregate market value of $280,000, and indicates a recent sale on 09/08/2025 of 32,729 shares generating gross proceeds of $911,829. The company has 126,289,910 shares outstanding, so the disclosed transactions represent a small fraction of total equity. The shares being offered were acquired via option exercises on 04/18/2024 in four lots totaling 10,000 shares, with cash payment recorded on the original acquisition dates.

Positive

• Transparent disclosure of acquisition dates, payment method, broker, and planned sale details in compliance with Rule 144
• Insider attestation that no material nonpublic information is known, reducing regulatory ambiguity

Negative

• Insider sale activity by Timothy Sullivan, including a 09/08/2025 sale of 32,729 shares, which may be viewed negatively by some investors despite being small relative to outstanding shares

Insights

Securities Analyst

TL;DR: Routine Rule 144 notice showing insider option exercises followed by modest sales; not materially dilutive given company share count.

The filing documents that Timothy Sullivan exercised options on 04/18/2024 to acquire 10,000 shares and subsequently filed a Rule 144 notice to sell that block via UBS. The filing also discloses an actual sale on 09/08/2025 of 32,729 shares for $911,829, which suggests prior dispositions beyond the 10,000-block but are explicitly reported. Compared with 126 million shares outstanding, these transactions are immaterial to capital structure and unlikely to affect valuation metrics materially. The filing fulfills disclosure requirements and signals liquidity actions by an insider rather than company financing.

Corporate Governance Expert

TL;DR: Disclosure is complete and compliant; insider representation asserts no undisclosed material nonpublic information.

The notice includes the required acquisition details (option exercise dates and payment in cash), planned sale logistics (broker, approximate date, and exchange), and an attestation that the seller is not aware of undisclosed material information. This aligns with Rule 144 procedural expectations. From a governance perspective, the filing is a standard insider liquidity event and the explicit attestation reduces regulatory risk for the reporting individual. No governance red flags are present in the document itself.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common Stock	UBS Financial Services Inc 1000 Harbor Blvd 3rd Floor Weehawken NJ 07086	10000	280000	126289910	09/08/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common Stock	04/18/2024	Option Exercise	Timothy Sullivan		01/21/2024	4031	01/21/2024	Cash
Common Stock	04/18/2024	Option Exercise	Timothy Sullivan		01/12/2024	2412	01/12/2024	Cash
Common Stock	04/18/2024	Option Exercise	Timothy Sullivan		01/12/2024	2225	01/12/2024	Cash
Common Stock	04/18/2024	Option Exercise	Timothy Sullivan		01/21/2024	1332	01/21/2024	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Timothy Sullivan 25 Glenridge Rd Dedham MA 02026	Common Stock	09/08/2025	32729	911829

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What did the APLS Form 144 filed by Timothy Sullivan disclose?

The filing discloses a proposed sale of 10,000 shares via UBS (aggregate market value $280,000) and reports a sale on 09/08/2025 of 32,729 shares for gross proceeds of $911,829.

How were the shares acquired that are being sold under Rule 144 for APLS?

The shares were acquired by option exercises on 04/18/2024 in four lots (4,031; 2,412; 2,225; 1,332) with cash payments recorded on the original acquisition dates.

Through which broker will the APLS shares be sold and on which exchange?

The filing lists UBS Financial Services Inc as the broker and specifies the NASDAQ as the exchange.

What percentage of Apellis' outstanding shares do these transactions represent?

Apellis has 126,289,910 shares outstanding; the disclosed 32,729-share sale represents approximately 0.026% of outstanding shares, indicating immaterial dilution.

Does the Form 144 include any indication of undisclosed material information?

The seller signs an attestation representing that they do not know any material adverse information about the issuer that has not been publicly disclosed.