Francois Cedric, the Chief Executive Officer of Apellis Pharmaceuticals, Inc. (NASDAQ:APLS), a $3.86 billion market cap biotech company showing remarkable revenue growth of 162% over the last twelve months, recently sold a portion of his holdings in the company. According to the latest SEC filing, Cedric sold 13,551 shares of common stock on January 22, 2025, at an average price of $30.4255 per share. This transaction amounted to a total of $412,295.
Following this sale, Cedric holds 418,519 shares directly. Additionally, he has indirect ownership of shares through various trusts. These trusts include The Cedric Francois Irrevocable Trust of 2023 - 2, The Cedric Francois Irrevocable Trust of 2023, The Francois Grossi Trust, and The Francois-DuBois Educational Trust, which collectively hold substantial shares in Apellis Pharmaceuticals. Cedric disclaims beneficial ownership of these indirectly held shares except to the extent of his pecuniary interest.According to InvestingPro analysis, Apellis maintains strong liquidity with a current ratio of 4.36, indicating robust financial health despite current unprofitability.
The sale was executed to cover tax withholding obligations related to restricted stock units released on January 21, 2025. InvestingPro analysis suggests the stock is currently trading below its Fair Value, with additional insights available in the comprehensive Pro Research Report.
In other recent news, Apellis Pharmaceuticals reported preliminary full-year 2024 U.S. net product revenues of approximately $709 million, a significant 162% growth over the last twelve months. The company's lead products, SYFOVRE® and EMPAVELI®, contributed significantly to this performance with $611 million and $98 million in net revenues respectively. Analysts from InvestingPro anticipate continued sales growth in the current year.
Apellis is preparing for the submission of a supplemental new drug application (sNDA) for EMPAVELI® for the treatment of rare kidney diseases C3G and primary IC-MPGN, with a U.S. launch anticipated in the second half of 2025 if approved. The firm also plans to initiate Phase 3 studies for pegcetacoplan in two other nephrology indications in the latter half of 2025.
In other developments, Apellis announced organizational changes, including the departure of Chief Operating Officer Adam Townsend, who will be succeeded by David Acheson as Executive Vice President of Commercial. The company's focus remains on the treatment of geographic atrophy with SYFOVRE®, which has seen over 510,000 injections administered. A Phase 1b/2 multi-dose study of APL-3007 (siRNA) + SYFOVRE® is expected to commence in the second quarter of 2025.
Finally, analyst firms including Goldman Sachs, Morgan Stanley (NYSE:MS), and RBC Capital Markets have made recent ratings changes for Apellis, indicating varying views on the company's prospects. These are the recent developments for Apellis Pharmaceuticals.
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