Francois Cedric 4

What Happened

• Francois Cedric, CEO of Apellis Pharmaceuticals (APLS), exercised stock options on Feb. 3, 2026 to acquire 8,840 shares at a strike price of $3.76 per share, for a cash outlay of $33,238. The Form 4 also reports an equal number of 8,840 shares as a $0.00 disposition (both transactions coded M for option exercise/conversion).
• This filing indicates an option exercise (a purchase of stock via conversion of an option). The filing does not show an open-market sale for proceeds; the $0.00 disposition likely reflects a non‑sale transfer or treatment of shares but the form does not specify the reason.

Key Details

• Transaction date: 2026-02-03; Form 4 filed: 2026-02-05 (appears timely).
• Acquired: 8,840 shares at $3.76/share = $33,238 (code M: option exercise/conversion).
• Reported disposition: 8,840 shares at $0.00 (code M: derivative/option conversion) — no cash proceeds shown.
• Shares owned after transaction: Not specified in the filing.
• Footnotes: multiple trusts are named (The Cedric Francois Irrevocable Trusts of 2023 and others; reporting person disclaims beneficial ownership except to extent of pecuniary interest) and the option was granted Feb 8, 2016 and fully vested (F1–F5).
• No 10b5-1 plan or explicit tax-withholding sale is indicated in the filing.

Context

• Exercising options converts the option into shares by paying the strike price; this transaction shows Cedric paid the strike ($3.76) to acquire shares.
• The matching $0.00 disposition is not an open‑market sale and may reflect transfer, holding by trustees, or other administrative treatment — the Form 4 does not state the specific reason.
• Purchases/exercises can be interpreted by investors as a form of insider buying, but filings alone don’t reveal motivation.