Apellis Pharmaceuticals Inc's stock is trading lower following a report by Citron Research that casts doubt on the company's prospects and the safety of its recently approved treatment for Geographic Atrophy, Syfovre. The report anticipates an FDA warning letter and criticizes the lack of transparency surrounding the drug's approval process and side effect reports. Apellis is under scrutiny for alleged underreporting of retinal vasculitis cases associated with Syfovre use.