Apellis Insider Sell-to-Cover: 189 Shares Disposed, 53,468 Shares Held

Rhea-AI Filing Summary

Apellis Pharmaceuticals insider James G. Chopas, the company's VP and Chief Accounting Officer, reported a small sale of 189 shares of Apellis common stock on 09/15/2025 at a price of $24.192 per share. The filing states the shares were sold to cover tax withholding related to Restricted Stock Units that vested on 09/12/2025. After the transaction, Mr. Chopas beneficially owned 53,468 shares, held directly. The Form 4 was signed by an attorney-in-fact on 09/16/2025.

Positive

• Retains direct beneficial ownership of 53,468 shares after the transaction
• Disclosure includes explanation that the sale was to cover tax withholding on vested RSUs

Negative

• Sold 189 shares of common stock at $24.192 per share on 09/15/2025

Insights

Financial Analyst

TL;DR: Minor insider sale to cover taxes; ownership remains material but transaction is routine and non-dilutive.

The reported disposition of 189 shares at $24.192 each represents a routine sell-to-cover for vested RSUs and does not indicate a change in company strategy or financial condition. Post-transaction direct ownership of 53,468 shares keeps the officer economically aligned with shareholders. The transaction size is immaterial relative to typical insider holdings and the company's market capitalization, so investor impact is likely negligible.

Corporate Governance Expert

TL;DR: Compliance filing documents a standard tax-withholding sale; disclosure appears complete and timely.

The Form 4 identifies the reporting person, relationship to the issuer, and the nature of the sale (sell-to-cover for RSU tax withholding). The filing includes transaction date, price, post-transaction beneficial ownership, and an explanation. Signature by an attorney-in-fact is noted and dated 09/16/2025, consistent with procedural requirements. No governance red flags are present in this disclosure.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Chopas James George

(Last) (First) (Middle)

C/O APELLIS PHARMACEUTICALS, INC.

100 FIFTH AVENUE, 3RD FLOOR

(Street)

WALTHAM MA 02451

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Apellis Pharmaceuticals, Inc. [ APLS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP/Chief Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/15/2025		S(1)		189	D	$24.192	53,468	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This represents shares sold to cover tax withholding on the Restricted Stock Units released on September 12, 2025.

	/s/ David Watson, attorney-in-fact for James Chopas	09/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did James Chopas report in the Form 4 for APLS?

He reported a sale of 189 shares on 09/15/2025 at $24.192 per share to cover tax withholding from RSUs.

How many Apellis (APLS) shares does the reporting officer own after the transaction?

The Form 4 states he beneficially owns 53,468 shares following the reported transaction.

Why were the shares sold according to the filing?

The filing explains the shares were sold to cover tax withholding on Restricted Stock Units released on 09/12/2025.

When was the Form 4 signed and by whom?

The Form 4 was signed by David Watson, attorney-in-fact for James Chopas on 09/16/2025.

Is this Form 4 filing an individual or joint filing?

The filing indicates it was made by one reporting person (individual filing).