Watson David O. 4

What Happened
David O. Watson, General Counsel of Apellis Pharmaceuticals (APLS), sold 2,475 shares on January 20, 2026 at $19.79 per share, generating proceeds of $48,987. The sale is reported as an open‑market or private sale (S) and, per the filing, was executed to cover tax withholding on restricted stock units (RSUs) released January 16, 2026 — a routine administrative sale rather than a discretionary directional trade.

Key Details

• Transaction date and price: 2026-01-20, 2,475 shares @ $19.79 each. Total proceeds reported: $48,987.
• Reason: Footnote F1 indicates the shares were sold to cover tax withholding on RSUs released Jan 16, 2026 (tax‑withholding sale).
• Accounts/ownership notes: Footnotes F2–F4 note some shares are held in a custodial account for the reporting person’s minor children (F2) and in trusts (The David O. Watson Irrevocable Trust of 2023 and The Watson Education Trust), with standard disclaimers of beneficial ownership except to the extent of pecuniary interest.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Filing timeliness: Report filed 2026-01-21 for a 2026-01-20 transaction — appears to be timely (filed the next day).

Context
Tax‑withholding sales of vested equity (RSUs) are common and typically administrative; they do not necessarily indicate the insider’s view of the company’s prospects. This was a sale to satisfy withholding obligations rather than a market-timing purchase or liquidation for investment reasons.