Ionis Pharmaceuticals (IONS) EVP Devers exercises options and sells shares

Rhea-AI Filing Summary

Ionis Pharmaceuticals' EVP and Chief Human Resources Officer, Shannon L. Devers, reported a series of option exercises and share sales on January 7, 2026. Devers exercised several non-qualified stock options to acquire common stock at exercise prices of $32.60, $37.58, $52.87, and $56.78, then sold the resulting shares in market transactions. Blocks sold included 25,545 shares at a weighted average price of $85.36 and 9,264 shares at a weighted average price of $84.62, among other trades. After these transactions, Devers directly held 17,494 shares of Ionis common stock. The sales were made under a Rule 10b5-1 trading plan adopted on September 3, 2024.

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

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

X

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^*

Devers Shannon L.

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief Human Resources Ofc

3. Date of Earliest Transaction (Month/Day/Year)
01/07/2026

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	01/07/2026		M		25,545	A	$56.78	43,039	D
Common Stock	01/07/2026		S		25,545(1)	D	$85.36(2)	17,494	D
Common Stock	01/07/2026		M		2,101	A	$32.6	19,595	D
Common Stock	01/07/2026		S		2,101(1)	D	$85.36(2)	17,494	D
Common Stock	01/07/2026		M		3,460	A	$32.6	20,954	D
Common Stock	01/07/2026		S		3,460(1)	D	$84.62(3)	17,494	D
Common Stock	01/07/2026		M		3,829	A	$37.58	21,323	D
Common Stock	01/07/2026		S		3,829(1)	D	$84.62(3)	17,494	D
Common Stock	01/07/2026		M		9,264	A	$52.87	26,758	D
Common Stock	01/07/2026		S		9,264(1)	D	$84.62(3)	17,494	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)	$32.6	01/07/2026		M			2,101	01/03/2023	01/02/2032	Common Stock	2,101	$0.0	11,339	D
Non-Qualified Stock Option (right to buy)	$32.6	01/07/2026		M			3,460	01/03/2023	01/02/2032	Common Stock	3,460	$0.0	7,879	D
Non-Qualified Stock Option (right to buy)	$37.58	01/07/2026		M			3,829	01/03/2024	01/02/2033	Common Stock	3,829	$0.0	9,254	D
Non-Qualified Stock Option (right to buy)	$52.87	01/07/2026		M			9,264	01/02/2024	01/01/2034	Common Stock	9,264	$0.0	9,262	D
Non-Qualified Stock Option (right to buy)	$56.78	01/07/2026		M			25,545	01/04/2022	01/03/2028	Common Stock	25,545	$0.0	2,971	D

Explanation of Responses:

1. Shares sold pursuant to a Rule 10b5-1 Trading Plan adopted by the reporting person on September 3, 2024.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $85.10 to $85.64 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 (2) on this Form 4.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $84.08 to $85.08 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 (3) on this Form 4.

	By: Patrick R. O'Neil, attorney-in-fact For: Shannon L. Devers	01/08/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider activity did Ionis Pharmaceuticals (IONS) report for Shannon L. Devers?

Ionis Pharmaceuticals reported that EVP and Chief Human Resources Officer Shannon L. Devers exercised multiple non-qualified stock options and sold the resulting common shares on January 7, 2026.

How many Ionis Pharmaceuticals shares does Shannon L. Devers own after these Form 4 transactions?

Following the reported transactions, Shannon L. Devers directly beneficially owned 17,494 shares of Ionis Pharmaceuticals common stock.

At what prices were the Ionis Pharmaceuticals options exercised and shares sold on January 7, 2026?

Devers exercised non-qualified stock options with exercise prices of $32.60, $37.58, $52.87, and $56.78. Resulting shares were sold at weighted average prices including $85.36 and $84.62, based on multiple trades within narrow price ranges.

Were the Ionis Pharmaceuticals (IONS) insider sales by Shannon L. Devers under a Rule 10b5-1 plan?

Yes. A footnote states that the shares were sold pursuant to a Rule 10b5-1 trading plan adopted by Shannon L. Devers on September 3, 2024.

What roles does Shannon L. Devers hold at Ionis Pharmaceuticals in this Form 4 filing?

Shannon L. Devers is identified as an officer of Ionis Pharmaceuticals, serving as EVP, Chief Human Resources Officer, and is not listed as a director or 10% owner.

What types of securities did Shannon L. Devers transact in for Ionis Pharmaceuticals?

The filing shows transactions in non-qualified stock options (rights to buy common stock) and the related Ionis common stock acquired and sold upon exercise.