<SEC-DOCUMENT>0000935836-25-000697.txt : 20251114
<SEC-HEADER>0000935836-25-000697.hdr.sgml : 20251114
<ACCEPTANCE-DATETIME>20251114154516
ACCESSION NUMBER:		0000935836-25-000697
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251114
DATE AS OF CHANGE:		20251114

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Apellis Pharmaceuticals, Inc.
		CENTRAL INDEX KEY:			0001492422
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				271537290
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-90187
		FILM NUMBER:		251485269

	BUSINESS ADDRESS:	
		STREET 1:		100 FIFTH AVENUE
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02451
		BUSINESS PHONE:		617-977-5700

	MAIL ADDRESS:	
		STREET 1:		100 FIFTH AVENUE
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02451

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EcoR1 Capital, LLC
		CENTRAL INDEX KEY:			0001587114
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		357 TEHAMA STREET #3
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
		BUSINESS PHONE:		415-448-6534

	MAIL ADDRESS:	
		STREET 1:		357 TEHAMA STREET #3
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
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  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0000935836-24-000205</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: EcoR1 Capital, LLC -->
          <cik>0001587114</cik>
          <ccc>XXXXXXXX</ccc>
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      <liveTestFlag>LIVE</liveTestFlag>



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    <coverPageHeader>
      <amendmentNo>2</amendmentNo>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>09/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001492422</issuerCik>
        <issuerName>Apellis Pharmaceuticals, Inc.</issuerName>
        <issuerCusip>03753U106</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>100 Fifth Avenue</com:street1>
          <com:city>Waltham</com:city>
          <com:stateOrCountry>MA</com:stateOrCountry>
          <com:zipCode>02451</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
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    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>EcoR1 Capital, LLC</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>3447156.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>3447156.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>3447156.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>2.7</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>Percentage calculated based on 126,525,218 shares of Common Stock outstanding on October 23, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended September 30, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Oleg Nodelman</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>3447156.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>3447156.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>3447156.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>2.7</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>Percentage calculated based on 126,525,218 shares of Common Stock outstanding on October 23, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended September 30, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>EcoR1 Capital Fund Qualified, L.P.</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>3219256.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>3219256.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>3219256.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>2.5</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>Percentage calculated based on 126,525,218 shares of Common Stock outstanding on October 23, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended September 30, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Apellis Pharmaceuticals, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>100 Fifth Avenue, Waltham, MA 02451</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>EcoR1 Capital, LLC, a Delaware limited liability company ("EcoR1")

EcoR1 Capital Fund Qualified, L.P., a Delaware limited partnership ("Qualified Fund")

Oleg Nodelman


Qualified Fund is filing this statement jointly with the other reporting persons, but not as a member of a group, and it expressly disclaims membership in a group.  In addition, the filing of this Schedule 13G on behalf of Qualified Fund should not be construed as an admission that it is, and it disclaims that it is, a beneficial owner, as defined in Rule 13d-3 under the Act, of any securities covered by this Schedule 13G.  Each reporting person also disclaims beneficial ownership of the securities reported herein except to the extent of that person's pecuniary interest therein.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>357 Tehama Street #3
San Francisco, CA 94103</principalBusinessOfficeOrResidenceAddress>
        <citizenship>See Item 4 of the cover sheet for each reporting person.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
        <typeOfPersonFiling>HC</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>EcoR1:  3,447,156

Oleg Nodelman:  3,447,156

Qualified Fund:  3,219,256</amountBeneficiallyOwned>
        <classPercent>EcoR1:  2.7%

Oleg Nodelman:  2.7%

Qualified Fund:  2.5%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>EcoR1:  0

Oleg Nodelman:  0

Qualified Fund:  0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>EcoR1:  3,447,156

Oleg Nodelman:  3,447,156

Qualified Fund:  3,219,256</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>EcoR1:  0

Oleg Nodelman:  0

Qualified Fund:  0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>EcoR1:  3,447,156

Oleg Nodelman:  3,447,156

Qualified Fund:  3,219,256</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>N</notApplicableFlag>
        <classOwnership5PercentOrLess>Y</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>N</notApplicableFlag>
        <identificationAndClassificationOfGroupMembers>EcoR1 is the general partner and investment adviser of investment funds, including Qualified Fund.  Mr. Nodelman is the control person of EcoR1.</identificationAndClassificationOfGroupMembers>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>Exhibit 99 - Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>EcoR1 Capital, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Oleg Nodelman</signature>
        <title>Manager</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Oleg Nodelman</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Oleg Nodelman</signature>
        <title>Reporting person</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>EcoR1 Capital Fund Qualified, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Oleg Nodelman</signature>
        <title>Manager of the General Partner, EcoR1 Capital, LLC</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
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<DOCUMENT>
<TYPE>EX-99.1 AGREEMENT
<SEQUENCE>2
<FILENAME>ex991.htm
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">EXHIBIT 99.1</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">AGREEMENT REGARDING JOINT FILING</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">OF STATEMENT ON SCHEDULE 13D OR 13G</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned agree to file jointly with the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) any and all statements on Schedule 13D or Schedule 13G or Forms 3, 4 or 5(and any amendments
or supplements thereto) required under section 13(d) and 16(a) of the Securities Exchange Act of 1934, as amended, in connection with
purchases by the undersigned of the securities of any issuer. For that purpose, the undersigned hereby constitute and appoint EcoR1 Capital,
LLC, a Delaware limited liability company, as their true and lawful agent and attorney-in-fact, with full power and authority for and
on behalf of the undersigned to prepare or cause to be prepared, sign, file with the SEC and furnish to any other person all certificates,
instruments, agreements and documents necessary to comply with section 13(d) and section 16(a) of the Securities Exchange Act of 1934,
as amended, in connection with said purchases, and to do and perform every act necessary and proper to be done incident to the exercise
of the foregoing power, as fully as the undersigned might or could do if personally present.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Dated:   November 14, 2025</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 53%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>ECOR1 CAPITAL, LLC</B><BR>
    <BR>
    <BR>
    By:&#9;<U>/s/ <I>Oleg Nodelman</I>&#9;&#9;&#9;</U><BR>
    &#9;Oleg Nodelman<BR>
    &#9;Manager</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>ECOR1 CAPITAL FUND QUALIFIED, L.P.<BR>
    <BR>
    </B>By:&#9;EcoR1 Capital, LLC,<BR>
    &#9;General Partner<BR>
    <BR>
    By:&#9;<U>/s/ <I>Oleg Nodelman&#9;&#9;&#9;</I></U><BR>
    &#9;Oleg Nodelman<BR>
    &#9;Manager</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>/s/ <I>Oleg Nodelman</I>&#9;&#9;&#9;&#9;</U></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Oleg Nodelman</P></TD></TR>
  </TABLE>

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