Francois Cedric 4

What Happened
Cedric (Francois) Cedric, CEO of Apellis Pharmaceuticals, sold 27,192 shares on January 22, 2026 at $21.77 per share for total proceeds of $591,845. The filing indicates this disposal was to cover tax withholding on restricted stock units (RSUs) released January 21, 2026.

Key Details

• Transaction date: 2026-01-22; Price per share: $21.77; Total value: $591,845.
• Transaction type/code: Sale (S). Footnote indicates sale to cover tax withholding on RSU release (F1).
• Shares owned after transaction: Not specified in the provided filing.
• Trust disclosures: Shares are held in various trusts (The Cedric Francois Irrevocable Trusts of 2023 and related trusts; The Francois Grossi Trust; The Francois‑DuBois Educational Trust) with trustees named; the reporting person disclaims beneficial ownership of trust-held shares except to the extent of pecuniary interest (F2–F5).
• Filing timeliness: Report filed 2026-01-23 for a 2026-01-22 transaction (filed next day), indicating a timely Form 4.

Context
This was a sale to satisfy tax withholding on RSUs — a routine, administrative transaction (often coded F for tax withholding) and not by itself a clear signal of the insider’s view on the company. Multiple holdings are held in trusts with disclaimed beneficial ownership except for pecuniary interest, which is common for estate or tax planning and can affect how ownership is reported.