[Form 4] Apellis Pharmaceuticals, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Apellis Pharmaceuticals insider Timothy E. Sullivan, the company's Chief Financial Officer, executed option exercises and share sales under a 10b5-1 plan on 09/08/2025. He exercised options to purchase 15,000 shares at an exercise price of $10.03, resulting in 15,000 newly acquired shares and increasing his directly held shares to 242,903. Concurrently, he sold 32,729 shares at a weighted average price of $27.86 and an additional 10,000 shares at $27.83, with sale prices ranging from $27.67 to $27.98. After these transactions, the reporting person directly owned 110,936 shares and indirectly held 60,396 shares through The Timothy E Sullivan Irrevocable Trust of 2023, which he disclaims beneficial ownership of except for his pecuniary interest. The transactions were reported on Form 4 and signed by an attorney-in-fact on 09/10/2025.

Positive

• Option exercise disclosed: 15,000 options exercised at a $10.03 exercise price, with the option fully vested (granted 10/18/2017).
• Use of 10b5-1 plan: Sales executed pursuant to a documented 10b5-1 trading plan dated 06/09/2025, indicating pre-arranged transactions.
• Full disclosure of trust holdings: Indirect holdings of 60,396 shares through The Timothy E Sullivan Irrevocable Trust of 2023 are disclosed along with trustee name.

Negative

• Significant share sales: Total sales of 42,729 shares (32,729 at weighted avg $27.86 and 10,000 at $27.83) reduced direct holdings.
• Potential liquidity event: The combination of exercise plus large sales may signal substantial insider liquidity on 09/08/2025 (explicitly reported).

Insights

Securities Analyst

TL;DR: CFO exercised vested options and sold a portion of shares under a pre-established 10b5-1 plan; net direct holdings remain substantial.

The filing shows a scheduled exercise of fully vested stock options (granted 10/18/2017) for 15,000 shares at $10.03 and multiple open-market sales totaling 42,729 shares executed under a 10b5-1 plan on 09/08/2025. The weighted average sale price for the 32,729-share tranche was $27.86, with individual sale prices between $27.67 and $27.98. Post-transaction direct beneficial ownership is reported as 110,936 shares, with an additional 60,396 shares held indirectly in an irrevocable trust. This pattern—option exercise followed by sales under a rule-compliant plan—is consistent with routine insider liquidity rather than an ad hoc disposition.

Corporate Governance Expert

TL;DR: Transactions were executed under a documented 10b5-1 plan and properly disclosed on Form 4, including trust holdings and signature by attorney-in-fact.

The filer explicitly states the sales were made pursuant to a 10b5-1 trading plan dated June 9, 2025, and provides the required explanatory detail about the trust and the range of sale prices. The form discloses the fully vested option grant date and the trust trustee. The filing appears procedurally complete: it reports exercise, sale, resulting ownership, and includes the required signature by an attorney-in-fact dated 09/10/2025. No additional material disclosures are present in this Form 4.

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
Estimated average burden
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).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Sullivan Timothy Eugene

(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)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2025

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	09/08/2025		M(1)		15,000	A	$10.03	143,665	D
Common Stock	09/08/2025		S(1)		32,729	D	$27.86	110,936	D
Common Stock	09/08/2025		S		10,000	D	$27.83(2)	60,396	I(3)	The Timothy E Sullivan Irrevocable Trust of 2023

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
Stock Option (Right to Buy)	$10.03	09/08/2025		M(1)			15,000	(4)	10/18/2027	Common Stock	15,000	$0	242,903	D

Explanation of Responses:

1. This is a scheduled exercise & sale from 10b5-1 trading plan dated June 9, 2025.

2. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $27.67 to $27.98, inclusive. The reporting person hereby undertakes to provide, upon request, to the staff of the Securities and Exchange Commission, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.

3. The securities are held by The Timothy E Sullivan Irrevocable Trust of 2023. Patrick O. Collins is the trustee of The Timothy E Sullivan Irrevocable Trust of 2023. The reporting person disclaims beneficial ownership over the shares held by The Timothy E Sullivan Irrevocable Trust of 2023 except to the extent of his pecuniary interest therein.

4. This option was granted on October 18, 2017 and fully vested.

	/s/ David Watson, attorney-in-fact for Timothy Sullivan	09/10/2025
	** 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 transactions did Apellis (APLS) CFO Timothy E. Sullivan report on Form 4?

He exercised 15,000 options at $10.03 and sold 42,729 shares (32,729 at a weighted avg $27.86 and 10,000 at $27.83) on 09/08/2025.

Were the sales by the reporting person part of a 10b5-1 plan?

Yes. The filing states the sales were made pursuant to a 10b5-1 trading plan dated June 9, 2025.

How many Apellis shares does Timothy Sullivan own after these transactions?

Direct beneficial ownership is reported as 110,936 shares; indirect ownership through The Timothy E Sullivan Irrevocable Trust of 2023 is 60,396 shares; total reported beneficially owned shares after the transactions include 242,903 shares indicated following the option exercise.

What were the sale prices for the shares sold on 09/08/2025?

The weighted average price for the 32,729-share sale was $27.86; individual sale prices ranged from $27.67 to $27.98; a separate 10,000-share sale reported at $27.83.

Is there a trust involved in these holdings and who is the trustee?

Yes. The Timothy E Sullivan Irrevocable Trust of 2023 holds 60,396 shares and Patrick O. Collins is identified as the trustee.