Apellis (APLS) Form 4: Cedric Francois reports 225K-share sale

Rhea-AI Filing Summary

Cedric Francois, Chief Executive Officer and Director of Apellis Pharmaceuticals (APLS), reported insider sales on August 27–28, 2025. The Form 4 shows sales of 175,037 shares on 08/27/2025 at a weighted-average price of $28.19 and 49,963 shares on 08/28/2025 at a weighted-average price of $28.39, totaling 225,000 shares sold. The filing reports post-transaction beneficial ownership figures of 357,909 shares (after the 08/27 sale) and 307,946 shares (after the 08/28 sale). The report also discloses multiple indirect holdings held in trusts: 472,065 shares, 300,000 shares and 234,411 shares, with trustees named in the footnotes. Footnotes clarify weighted-average price ranges and the reporting persons limited beneficial interest in trust-held shares.

Positive

• Insider transactions were timely and fully disclosed via a Form 4 with explanatory footnotes
• Trust holdings and trustee names were disclosed, clarifying indirect ownership and disclaimers

Negative

• CEO sold a total of 225,000 shares (175,037 on 08/27/2025 at $28.19 weighted-average; 49,963 on 08/28/2025 at $28.39 weighted-average), reducing direct holdings
• Significant portion of holdings held indirectly in trusts, which may complicate assessment of actual beneficial control

Insights

Financial Analyst

TL;DR: CEO sold 225,000 APLS shares across two days at roughly $28, reducing his direct beneficial holdings.

The disclosed sales—175,037 shares on August 27 at a $28.19 weighted average and 49,963 on August 28 at $28.39—total 225,000 shares. Post-sale direct beneficial ownership is reported as 357,909 and 307,946 shares respectively after each transaction. These are clear, material insider dispositions that reduce direct ownership and increase the proportion held indirectly in named trusts. For short-term market impact, the transaction size relative to daily volume should be considered (not provided here). The filing is procedurally complete with explanatory footnotes on weighted-average prices and trustee relationships.

Corporate Governance Expert

TL;DR: Form 4 properly discloses sales and trust arrangements; trustee and disclaimer language limit apparent beneficial ownership.

The filing identifies the reporting persons roles (Director and CEO) and specifies trustee names and disclaimers that limit asserted beneficial ownership of trust-held shares. Footnotes transparently report weighted-average price ranges and offer to provide per-price breakdowns to SEC staff on request. From a governance perspective, the disclosure meets Section 16 requirements and clarifies indirect vs. direct ownership, which is important for assessing control and potential conflicts of interest.

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).

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^*

Francois Cedric

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

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	08/27/2025		S		175,037	D	$28.19(1)	357,909	I(2)	Indirect Owner (The Cedric Francois Irrevocable Trust of 2023 - 2)
Common Stock	08/28/2025		S		49,963	D	$28.39(3)	307,946	I(2)	Indirect Owner (The Cedric Francois Irrevocable Trust of 2023 - 2)
Common Stock								331,605	D
Common Stock								472,065	I(4)	Indirect Owner (The Cedric Francois Irrevocable Trust of 2023)
Common Stock								300,000	I(5)	Indirect Owner (The Francois Grossi Trust)
Common Stock								234,411	I(6)	Indirect Owner (The Francois-DuBois Educational Trust)

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. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $27.78 - $28.49, 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 within the ranges set forth in footnotes (1) and (3) to this Form 4.

2. The securities are held by The Cedric Francois Irrevocable Trust of 2023 - 2. William V. A. Zorn is the trustee of The Cedric Francois Irrevocable Trust of 2023 - 2. The reporting person disclaims beneficial ownership over the shares held by The Cedric Francois Irrevocable Trust of 2023 - 2 except to the extent of his pecuniary interest therein.

3. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $28.14 - $28.68, inclusive.

4. The securities are held by The Cedric Francois Irrevocable Trust of 2023. William V. A. Zorn is the trustee of The Cedric Francois Irrevocable Trust of 2023. The reporting person disclaims beneficial ownership over the shares held by The Cedric Francois Irrevocable Trust of 2023 except to the extent of his pecuniary interest therein.

5. The securities are held by The Francois Grossi Trust, for which Juliana Grossi, the spouse of the reporting person, serves as trustee. The reporting person disclaims beneficial ownership over the shares held by the Francois Grossi Trust except to the extent of his pecuniary interest therein.

6. The securities are held by The Francois-DuBois Educational Trust, for which the Fiduciary Trust Company of New England serves as trustee. The reporting person disclaims beneficial ownership over the shares held by The Francois-DuBois Educational Trust except to the extent of his pecuniary interest therein.

	/s/ David Watson, attorney-in-fact for Cedric Francois	08/29/2025
	** 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 insider transactions did Cedric Francois (APLS) report on the Form 4?

The Form 4 reports sales of 175,037 shares on 08/27/2025 at a $28.19 weighted-average price and 49,963 shares on 08/28/2025 at a $28.39 weighted-average price, totaling 225,000 shares sold.

How many APLS shares did the CEO own after the reported sales?

The filing shows post-transaction beneficial ownership of 357,909 shares after the 08/27 sale and 307,946 shares after the 08/28 sale.

Are any of Cedric Francoiss APLS shares held indirectly?

Yes. The Form 4 discloses indirect holdings in trusts including 472,065 shares, 300,000 shares, and 234,411 shares, with trustees named in the footnotes.

Do the footnotes explain pricing and ownership disclaimers?

Yes. Footnotes state the reported prices are weighted averages across price ranges and include disclaimers that the reporting person disclaims beneficial ownership of trust-held shares except to the extent of pecuniary interest.

Who signed the Form 4 filing for Cedric Francois?

The Form 4 is signed by David Watson, attorney-in-fact for Cedric Francois on 08/29/2025.