IONS insider sale: 6,849 shares disposed at $69.02 weighted avg

Rhea-AI Filing Summary

Officer sale under 10b5-1 plan reduced direct holdings. An executive, Eric Swayze, reported the sale of 6,849 shares of Ionis Pharmaceuticals common stock on 10/06/2025 at a weighted-average price of $69.02. The filing states these sales were executed pursuant to a Rule 10b5-1 trading plan adopted on 08/14/2024, meaning they were pre-arranged instructions rather than discretionary trades.

After the transactions, the reporting person beneficially owns 30,453 shares directly and an additional 184 shares indirectly through a family member. The filer offers to provide detailed per-trade price information to the company, shareholders, or the SEC on request.

Positive

• Sale executed under a Rule 10b5-1 plan adopted on 08/14/2024, indicating pre-arranged, compliant trading
• Reporting offers transparency by committing to provide per-trade price details on request

Negative

• Officer sold 6,849 shares, reducing direct ownership to 30,453 shares
• Sale represents a meaningful partial divestment (single transaction block reported at ~$69.02 weighted average)

Insights

Corporate Governance Analyst

TL;DR: A pre-planned insider sale reduced direct holdings but followed a documented 10b5-1 plan.

The sale of 6,849 shares at a weighted-average price of $69.02 was executed under a Rule 10b5-1 plan adopted on 08/14/2024, which provides an affirmative defense against insider trading claims by showing trades were pre-scheduled. This procedural detail supports compliance with insider-trading rules.

The reporting officer retains 30,453 shares directly and 184 indirectly via a family member, so the sale was a partial reduction of holdings rather than a full exit. Monitor any future filings for additional planned sales or deviations from scheduled trades within the plan's timeframe.

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).

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^*

Swayze Eric

(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 Research

3. Date of Earliest Transaction (Month/Day/Year)
10/06/2025

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	10/06/2025		S		6,849(1)	D	$69.02(2)	30,453	D
Common Stock								184	I	by Son

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

Explanation of Responses:

1. Shares sold pursuant to a Rule 10b5-1 Trading Plan adopted by the reporting person on August 14, 2024.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $69.02 to $69.03 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.

	By: Patrick R. O'Neil, attorney-in-fact For: Eric Swayze	10/08/2025
	** 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.

FAQ

What did the IONS Form 4 filed by Eric Swayze report?

The filing reports a sale of 6,849 shares on 10/06/2025 at a weighted-average price of $69.02, executed under a Rule 10b5-1 trading plan.

How many Ionis (IONS) shares does Eric Swayze own after the reported sale?

After the sale, the reporting person beneficially owns 30,453 shares directly and 184 shares indirectly through a family member.

Was the sale discretionary or pre-arranged for IONS insider trades?

The sale was pre-arranged under a Rule 10b5-1 plan adopted on 08/14/2024, indicating it was not a discretionary trade.

What price range did the reported IONS sale cover?

The filing states transactions were executed at prices ranging from $69.02 to $69.03, with a reported weighted-average of $69.02.

Who signed the Form 4 for the reported IONS transaction?

The Form 4 was submitted by an attorney-in-fact, Patrick R. O'Neil, on behalf of Eric Swayze on 10/08/2025.