[Form 4] IONIS PHARMACEUTICALS INC Insider Trading Activity

Rhea-AI Filing Summary

Ionis Pharmaceuticals (IONS) executive Richard S. Geary, EVP and Chief Development Officer, reported option exercises and related sales on November 5–6, 2025 under a Rule 10b5-1 trading plan adopted May 6, 2025.

He exercised non‑qualified stock options at $56.78 and $60.89 and sold the corresponding shares in multiple transactions at weighted average prices of $75.01, $76.0972, and $75.421 (with ranges disclosed in footnotes). Individual trades included 800 and 801 shares on November 5, and 14,738 and 18,300 shares on November 6. Following these transactions, Geary beneficially owns 59,657 shares directly.

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^*

Geary Richard S

(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 Development Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/05/2025

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	11/05/2025		M		800	A	$56.78	60,457	D
Common Stock	11/05/2025		S		800(1)	D	$75.01(2)	59,657	D
Common Stock	11/05/2025		M		801	A	$60.89	60,458	D
Common Stock	11/05/2025		S		801(1)	D	$75.01(2)	59,657	D
Common Stock	11/06/2025		M		14,738	A	$56.78	74,395	D
Common Stock	11/06/2025		S		14,738(1)	D	$76.0972(3)	59,657	D
Common Stock	11/06/2025		M		18,300	A	$60.89	77,957	D
Common Stock	11/06/2025		S		18,300(1)	D	$75.421(4)	59,657	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)	$56.78	11/05/2025		M			800	01/04/2024	01/03/2028	Common Stock	800	$0.0	14,738	D
Non-Qualified Stock Option (right to buy)	$56.78	11/06/2025		M			14,738	01/04/2024	01/03/2028	Common Stock	14,738	$0.0	0	D
Non-Qualified Stock Option (right to buy)	$60.89	11/05/2025		M			801	01/02/2023	01/01/2027	Common Stock	801	$0.0	18,300	D
Non-Qualified Stock Option (right to buy)	$60.89	11/06/2025		M			18,300	01/02/2023	01/01/2027	Common Stock	18,300	$0.0	0	D

Explanation of Responses:

1. Shares sold pursuant to a Rule 10b5-1 Trading Plan adopted by the reporting person on May 6, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $75.00 to $75.05 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 $75.02 to $75.84 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.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $75.84 to $76.65 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 (4) on this Form 4.

	By: Patrick R. O'Neil, attorney-in-fact For: Richard S. Geary	11/07/2025
	** 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 IONIS (IONS) disclose in this Form 4?

EVP Richard S. Geary exercised options and sold the resulting shares on Nov 5–6, 2025 under a Rule 10b5-1 plan.

How many Ionis shares does the reporting person hold after these trades?

Following the reported transactions, Richard S. Geary beneficially owns 59,657 shares directly.

What option exercise prices were used in the transactions?

Non‑qualified stock options were exercised at $56.78 and $60.89 per share.

At what prices were the shares sold?

Sales were reported at weighted averages of $75.01, $76.0972, and $75.421, with detailed price ranges noted in the footnotes.

Were the sales made under a pre‑arranged plan?

Yes. Footnote (1) states the sales were made pursuant to a Rule 10b5-1 Trading Plan adopted on May 6, 2025.

What were the transaction dates for the Ionis insider trades?

Transactions occurred on November 5, 2025 and November 6, 2025.