Ionis (IONS) director exercises options, sells 44K shares at $72

Ionis Pharmaceuticals director reports option exercises and share sales.

Accepted by SEC EDGAR 11/20/2025 - 05:12 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Ionis Pharmaceuticals director reports option exercises and share sales. On 11/19/2025, the reporting person exercised non-qualified stock options to acquire 12,000 Ionis common shares at $40.05 and 32,000 shares at $63.90. The same day, they sold 12,000 shares and another 32,000 shares at a weighted average price of $72.1325 per share, in multiple trades within a stated price range. After these transactions, the insider beneficially owned 46,086 Ionis shares directly, and both option grants referenced in the filing were fully exercised, leaving no remaining derivative securities from those specific awards.

Insider Trade Summary

Exercise and Sale: 44,000 shares ($648K approx. pre-tax spread)

Exercise and Sale 6 txns

Insider HERMAN JOAN E

Role Director

Sold 44,000 shs ($3.17M)

Approx. gross sale proceeds $3.17M

Approx. exercise cost $2.53M

Approx. pre-tax spread $648K

Type	Security	Shares	Price	Value
Exercise	Non-Qualified Stock Option (right to buy)	12,000	$0.00	$0.00
Exercise	Non-Qualified Stock Option (right to buy)	32,000	$0.00	$0.00
Exercise	Common Stock	12,000	$40.05	$481K
Sale	Common Stock	12,000	$72.1325	$866K
Exercise	Common Stock	32,000	$63.90	$2.04M
Sale	Common Stock	32,000	$72.1325	$2.31M

Holdings After Transaction: Non-Qualified Stock Option (right to buy) — 0 contracts (Direct); Common Stock — 46,086 shares (Direct)

Footnotes (1)

1. F1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $71.985 to $72.33 inclusive. The reporting person undertakes to provide to Ionis Pharmaceuticals, Inc. any security holder of Ionis Pharmaceuticals, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (1) on this Form 4.

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SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

HERMAN JOAN E

(Last) (First) (Middle)

2855 GAZELLE COURT

(Street)

CARLSBAD CA 92010

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
IONIS PHARMACEUTICALS INC [ IONS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/19/2025		M		12,000	A	$40.05	58,086	D
Common Stock	11/19/2025		S		12,000	D	$72.1325(1)	46,086	D
Common Stock	11/19/2025		M		32,000	A	$63.9	78,086	D
Common Stock	11/19/2025		S		32,000	D	$72.1325(1)	46,086	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-Qualified Stock Option (right to buy)	$40.05	11/19/2025		M			12,000	07/01/2022	06/30/2031	Common Stock	12,000	$0.0	0	D
Non-Qualified Stock Option (right to buy)	$63.9	11/19/2025		M			32,000	06/10/2020	06/08/2029	Common Stock	32,000	$0.0	0	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $71.985 to $72.33 inclusive. The reporting person undertakes to provide to Ionis Pharmaceuticals, Inc. any security holder of Ionis Pharmaceuticals, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (1) on this Form 4.

	By: Patrick R. O'Neil, attorney-in-fact For: Joan E. Herman	11/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.