Apellis (APLS) Form 4: David Watson reports scheduled 5,000-share sale

Rhea-AI Filing Summary

Apellis Pharmaceuticals insider transaction: David O. Watson, General Counsel and officer of Apellis Pharmaceuticals (APLS), reported a scheduled sale of 5,000 shares of Apellis common stock on 08/18/2025 at a price of $27.80 per share under a 10b5-1 trading plan dated March 3, 2025. After the reported sale, Mr. Watson beneficially owns 123,730 shares directly, plus 10,000 held in a custodial account for his minor children and 70,136 shares held by The David O. Watson Irrevocable Trust of 2023 (for which he disclaims beneficial ownership except to the extent of pecuniary interest). The Form 4 was signed on 08/19/2025.

Positive

• Sale executed under a 10b5-1 trading plan, indicating the transaction was pre-scheduled and not opportunistic
• Clear disclosure of indirect holdings (custodial account and irrevocable trust) and disclaimer language

Negative

• Officer sale of 5,000 shares is disclosed, which may be perceived by some investors as insider liquidity
• Trust-held shares disclaimed by the reporting person, which reduces clarity on his full economic exposure

Insights

Securities Analyst

TL;DR: Officer executed a scheduled 10b5-1 sale of 5,000 shares; remaining direct holdings are material but not unusually large.

The reported transaction is a routine, pre-arranged sale governed by a 10b5-1 plan, which removes manager discretion over timing and can reduce timing-related signaling. The sale involved 5,000 shares at $27.80, leaving 123,730 shares directly owned, plus additional indirect holdings through a custodial account and a trust. This disclosure is compliant with Section 16 reporting requirements and provides transparency on insider liquidity.

Corporate Governance Expert

TL;DR: Disclosure aligns with governance best practices by noting 10b5-1 plan and trust holdings; no material governance concern disclosed.

The Form 4 explicitly states the sale was part of a 10b5-1 trading plan dated March 3, 2025, and clarifies indirect ownership through a custodial account and an irrevocable trust with a named trustee. The filing includes the required signatures and explanatory notes, offering clear provenance for the reported holdings and any disclaimers of beneficial ownership.

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^*

Watson David O.

(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)
	General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

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	08/18/2025		S(1)		5,000	D	$27.8	123,730	D
Common Stock								10,000	I(2)	Indirect Owner (Custodial Account for minor children)
Common Stock								70,136	I(3)	Indirect Owner (The David O. Watson 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

Explanation of Responses:

1. This was a scheduled sale from 10B5-1 trading plan dated March 3, 2025.

2. This represents a custodial account held by the reporting person for the sole benefit of his minor children.

3. The securities are held by The David O. Watson Irrevocable Trust of 2023. William Zorn is the trustee of The David O. Watson Irrevocable Trust of 2023. The reporting person disclaims beneficial ownership over the shares held by The David O. Watson Irrevocable Trust of 2023 except to the extent of his pecuniary interest therein.

	David Watson	08/19/2025
	** 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 Apellis (APLS) insider David O. Watson do on 08/18/2025?

He sold 5,000 shares of Apellis common stock at $27.80 per share under a 10b5-1 trading plan.

Was the sale by David O. Watson discretionary or pre-scheduled?

The sale was part of a pre-scheduled 10b5-1 trading plan dated March 3, 2025 as stated in the Form 4.

How many Apellis shares does David O. Watson beneficially own after the transaction?

He beneficially owns 123,730 shares directly after the reported transaction, plus 10,000 in a custodial account and 70,136 held by an irrevocable trust.

Who holds the trustee role for the irrevocable trust mentioned in the filing?

The trustee of The David O. Watson Irrevocable Trust of 2023 is William Zorn, per the filing.

When was the Form 4 signed and filed?

The Form 4 shows the reporting person signature dated 08/19/2025.