APLS Insider Sale: David Watson Disposes of 5,000 Shares via 10b5-1 Plan

Rhea-AI Filing Summary

David O. Watson, General Counsel of Apellis Pharmaceuticals (APLS), reported a sale of 5,000 shares of Apellis common stock on 09/16/2025 at a price of $24.34 per share under a 10b5-1 trading plan dated March 3, 2025. After the reported transaction, Mr. Watson beneficially owns 118,730 shares directly. The filing also discloses 10,000 shares held in a custodial account for his minor children and 50,136 shares held by The David O. Watson Irrevocable Trust of 2023, over which he disclaims beneficial ownership except to the extent of any pecuniary interest. The Form 4 was signed on 09/18/2025.

Positive

• Sale executed under a documented 10b5-1 trading plan, which supports non-discretionary, pre-scheduled insider selling.
• Timely and complete Section 16 disclosure including direct and indirect holdings and a trustee disclosure for the irrevocable trust.

Negative

• Reduction of direct holdings by 5,000 shares could modestly decrease the reporting person's immediate equity stake.
• Trust shares are disclaimed except for pecuniary interest, which may limit clarity on full economic alignment without additional detail.

Insights

Financial Analyst

TL;DR Routine insider sale under a pre-established 10b5-1 plan; modest reduction in direct holdings, no indication of unusual activity.

The sale of 5,000 shares at $24.34 was executed under a March 3, 2025 10b5-1 plan, which typically signals planned, non-discretionary transactions rather than opportunistic trading by management. The remaining direct position of 118,730 shares plus disclosed indirect holdings in a custodial account and an irrevocable trust keep the reporting person economically aligned with the company. No derivative transactions or other atypical transfers were reported. Overall, this filing represents routine compliance and limited change to total economic exposure.

Corporate Governance Expert

TL;DR Proper disclosure and use of a 10b5-1 plan indicate governance controls functioning as expected.

The reporting person is an officer (General Counsel) and has reported the sale in accordance with Section 16 rules. Use of a documented 10b5-1 plan reduces concerns about insider timing. The trust ownership and custodial account are clearly disclosed, with an explicit disclaimer of beneficial ownership for the trust holdings except for pecuniary interest. The filing appears complete and timely, supporting transparency standards for insider reporting.

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).

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)
09/16/2025

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	09/16/2025		S(1)		5,000	D	$24.34	118,730	D
Common Stock								10,000	I(2)	Indirect Owner (Custodial Account for minor children)
Common Stock								50,136	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	09/18/2025
	** 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 transaction did David O. Watson report on Form 4 for APLS?

The filing reports a sale of 5,000 shares of Apellis common stock on 09/16/2025 at $24.34 per share.

Was the insider sale part of a trading plan for APLS insider David Watson?

Yes. The sale was executed under a 10b5-1 trading plan dated March 3, 2025 as disclosed in the Form 4.

How many Apellis shares does David Watson beneficially own after the sale?

Following the reported transaction, he directly beneficially owns 118,730 shares.

Does David Watson hold additional Apellis shares indirectly?

Yes. The filing shows 10,000 shares in a custodial account for his minor children and 50,136 shares held by The David O. Watson Irrevocable Trust of 2023.

What role does David Watson have at Apellis as reported on the Form 4?

He is reported as an Officer (General Counsel) of Apellis Pharmaceuticals, Inc.