Francois Cedric 4

What Happened

• Cedric Francois, CEO of Apellis Pharmaceuticals (APLS), sold 8,182 shares on January 20, 2026 at $19.79 per share, for total proceeds of $161,946. The Form 4 reports the sale as an open‑market/private sale (code S).
• The filing notes this sale was made to cover tax withholding on Restricted Stock Units (RSUs) that vested on January 16, 2026 (footnote F1). This is a routine tax‑withholding sale rather than a directional trade.

Key Details

• Transaction date: 2026-01-20; price: $19.79; shares sold: 8,182; total value: $161,946.
• Purpose: Sale to cover tax withholding on RSUs released Jan 16, 2026 (F1).
• Ownership disclosures: Several holdings are reported as held in related irrevocable and family trusts (footnotes F2–F5); the reporting person disclaims beneficial ownership of trust‑held shares except to the extent of pecuniary interest.
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Filing/timeliness: Report filed 2026-01-21 for a 2026-01-20 transaction — the filing appears timely. No 10b5‑1 trading plan or other prearranged plan is noted in the provided information.

Context

• Sales to cover tax withholding on vested RSUs are common and generally treated as administrative transactions rather than signals about the insider’s view of the stock.
• Purchases are often more informative about insider sentiment; this transaction appears routine given the stated tax‑withholding purpose.