Sullivan Timothy Eugene 4
Research Summary
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Apellis (APLS) CFO Timothy E. Sullivan Sells 2,892 Shares
What Happened Timothy E. Sullivan, Chief Financial Officer of Apellis Pharmaceuticals (APLS), sold 2,892 shares on January 20, 2026 at $19.79 per share, generating proceeds of $57,241. The filing indicates the sale was made to cover tax withholding related to Restricted Stock Units (RSUs) released on January 16, 2026.
Key Details
- Transaction date: 2026-01-20; sale price: $19.79; total proceeds: $57,241.
- Transaction type: Sale (open market or private sale) reported on Form 4 filed 2026-01-21 — filed one day after the transaction (appears timely).
- Reason: Footnote states shares were sold to cover tax withholding on RSUs released Jan 16, 2026 (tax-withholding sell-to-cover).
- Ownership disclosure: The securities are held by The Timothy E. Sullivan Irrevocable Trust of 2023; Patrick O. Collins is trustee. Sullivan disclaims beneficial ownership of trust-held shares except to the extent of his pecuniary interest.
- Shares owned after the transaction are not specified in the summary provided.
Context Sales to cover tax withholding on vested equity are routine administrative transactions and do not, by themselves, indicate a change in insider sentiment about the company. This was not an options exercise or a gift; it was a sale tied to RSU vesting and tax obligations.