Deep Track (APLS) reports 4.53M shares, a 3.55% stake

Rhea-AI Filing Summary

Deep Track Capital, Deep Track Biotechnology Master Fund, Ltd., and David Kroin filed an amended Schedule 13G/A reporting beneficial ownership of 4,532,374 shares of Apellis Pharmaceuticals common stock, representing 3.55% of the class. The filing states shared voting and dispositive power over those shares and references 127,829,909 shares outstanding as of February 17, 2026. The signatures are dated May 15, 2026.

Insights

Governance Analyst

Institutional holder reports a 3.55% position with shared control over 4.53M shares.

The filing lists 4,532,374 shares and 3.55% beneficial ownership, with shared voting and dispositive power noted. The ownership figure is tied to an issuer outstanding count of February 17, 2026.

As a routine Schedule 13G/A amendment, this is administrative disclosure rather than an active change in strategy; subsequent filings would show material changes to this position.

Key Figures

Shares beneficially owned: 4,532,374 shares Percent of class: 3.55% Shares outstanding referenced: 127,829,909 shares +1 more

4 metrics

Shares beneficially owned 4,532,374 shares beneficial ownership reported as of March 31, 2026

Percent of class 3.55% percent of common stock based on issuer count

Shares outstanding referenced 127,829,909 shares outstanding as of <date>February 17, 2026</date> per issuer 10-K

Form type Schedule 13G/A Amendment No. 1 filed reporting ownership

Key Terms

beneficial ownership, shared dispositive power, Schedule 13G/A

3 terms

beneficial ownership regulatory

"Amount beneficially owned: 4,532,374"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

shared dispositive power regulatory

"Shared Dispositive Power 4,532,374.00"

Schedule 13G/A regulatory

"Amendment No. 1 ) Apellis Pharmaceuticals, Inc."

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Apellis Pharmaceuticals, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

03753U106

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 03753U106

1

Names of Reporting Persons

Deep Track Capital, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,532,374.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,532,374.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,532,374.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.55 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP Number(s): 03753U106

1

Names of Reporting Persons

Deep Track Biotechnology Master Fund, Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,532,374.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,532,374.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,532,374.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.55 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP Number(s): 03753U106

1

Names of Reporting Persons

David Kroin

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,532,374.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,532,374.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,532,374.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.55 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Apellis Pharmaceuticals, Inc.
(b)	Address of issuer's principal executive offices: 100 FIFTH AVENUE, WALTHAM, MA, 02451
Item 2.
(a)	Name of person filing: (i) Deep Track Capital, LP (ii) Deep Track Biotechnology Master Fund, Ltd. (iii) David Kroin
(b)	Address or principal business office or, if none, residence: (i) 200 Greenwich Ave, 3rd Floor, Greenwich, CT 06830 (ii) c/o Walkers Corporate Limited, 190 Elgin Ave, George Town, KY1-9001, Cayman Islands (iii) c/o Deep Track Capital, LP, 200 Greenwich Ave, 3rd Floor, Greenwich, CT 06830
(c)	Citizenship: (i) Delaware (ii) Cayman Islands (iii) United States
(d)	Title of class of securities: Common Stock, $0.0001 par value per share
(e)	CUSIP No.: 03753U106
Item 4.	Ownership
(a)	Amount beneficially owned: 4,532,374
(b)	Percent of class: 3.55%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 4,532,374
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 4,532,374
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Deep Track Capital, LP is the relevant entity for which David Kroin may be considered a control person.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Deep Track Capital, LP

Signature:	/s/ David Kroin
Name/Title:	David Kroin, Managing Member of the General Partner of the Investment Adviser
Date:	05/15/2026

Deep Track Biotechnology Master Fund, Ltd.

Signature:	/s/ David Kroin
Name/Title:	David Kroin, Director
Date:	05/15/2026

David Kroin

Signature:	/s/ David Kroin
Name/Title:	David Kroin
Date:	05/15/2026

Exhibit Information

Item 4: Information with respect to the Reporting Persons' ownership of the Common Stock as of March 31, 2026, is incorporated by reference to items (5) - (9) and (11) of the cover page of the respective Reporting Person The amount beneficially owned by each Reporting Person is determined based on 127,829,909 Common Stock outstanding as of February 17, 2026, according to the issuer's 10-K filed with the SEC on February 24, 2026. JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on SCHEDULE 13G, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on SCHEDULE 13G, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. Dated: May 15, 2026 Deep Track Capital, LP By: /s/ David Kroin David Kroin, Managing Member of the General Partner of the Investment Adviser Deep Track Biotechnology Master Fund, Ltd. By: /s/ David Kroin David Kroin, Director David Kroin By: /s/ David Kroin David Kroin

FAQ

What stake does Deep Track report in Apellis (APLS)?

Deep Track reports beneficial ownership of 4,532,374 shares (3.55%). The filing ties this stake to an outstanding share count of 127,829,909 shares as of February 17, 2026, and shows shared voting and dispositive power over the holdings.

Who are the reporting parties on this Schedule 13G/A for APLS?

The reporting persons are Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd., and David Kroin. The filing states Deep Track Capital, LP is the relevant entity for which Kroin may be a control person.

What type of power does Deep Track claim over the Apellis shares?

The filing reports shared voting power and shared dispositive power over 4,532,374 shares. It shows no sole voting or sole dispositive power attributed to the reporting persons for these shares.

When was the ownership figure calculated and when was the amendment signed?

Ownership is reported with a reference date of March 31, 2026 for the filing and uses an outstanding share count as of February 17, 2026. The amendment signatures are dated May 15, 2026.

Does this Schedule 13G/A indicate Deep Track intends to exceed 5% ownership?

No indication of intent to exceed 5% is provided; the filing states the group holds 3.55%. The document is an ownership disclosure and does not state plans to increase or decrease the position.