Apellis Pharmaceuticals, Inc. 4

CEO Cedric Francois’ Apellis common shares, RSUs and stock options were cancelled in the Biogen take‑private and converted into cash at $41.00 per share plus CVRs (or, for higher‑strike options, CVRs only or no consideration), leaving him with no remaining Apellis share ownership.

On May 14, 2026, in connection with the closing of Biogen Inc.’s acquisition of Apellis Pharmaceuticals, Inc., CEO Cedric Francois reported that all of his directly and indirectly held Apellis common shares, including positions in several family and educational trusts, were effectively exchanged for $41.00 per share in cash plus one contingent value right (CVR) per share, and that his previously reported direct and indirect common stock positions (aggregating over 1.8 million shares across direct and trust holdings) were reduced to zero as the issuer became a Biogen subsidiary. In addition, multiple blocks of restricted stock units (RSUs) covering 143,750, 87,108, 97,976 and 195,952 shares were automatically cancelled and converted into the right to receive cash based on the $41.00 cash consideration plus one CVR per underlying share, with some awards determined at 200% of target based on pre‑closing total shareholder return performance, all subject to continued service-based vesting. Concurrently, a series of vested and unvested stock options with strike prices ranging from $4.31 to $66.30 per share and covering 100,538, 273,779, 287,500, 273,312, 170,400, 206,250, 150,000, 131,093 and 104,834 underlying shares were cancelled; in‑the‑money options (exercise price below $41.00) were converted into cash equal to the intrinsic value per share plus one CVR per share, mid‑range options (exercise price between $41.00 and $45.00) were converted into CVRs only (with any CVR payout reduced by the excess over $41.00), and deeply out‑of‑the‑money options (exercise price at or above $45.00) were cancelled without consideration. As a result of these merger-driven equity cash‑outs and cancellations, Francois no longer directly holds Apellis equity, and his economic interest has shifted into cash proceeds and contingent value rights tied to post‑closing milestone achievements.

Filing Facts

CIK

1492422

Ticker

APLS

Form

4

Source Type

sec

Accession

0001193125-26-224579

Alert Tier

6