[Form 4] Ionis Pharmaceuticals, Inc. Insider Trading Activity

Rhea-AI Filing Summary

C. Frank Bennett, EVP and Chief Scientific Officer of Ionis Pharmaceuticals (IONS), reported an employee stock purchase on 08/29/2025. The filing shows 213 shares of Ionis common stock were acquired at a price of $27.71 under the company’s Amended and Restated 2000 Employee Stock Purchase Plan. Following the transaction the filing lists 93,679 shares beneficially owned (direct). The purchased shares are subject to a sale restriction and may not be sold until March 2, 2026. The Form 4 was signed by an attorney-in-fact on behalf of Mr. Bennett on 09/03/2025.

Positive

• Reported acquisition of 213 shares under the company ESPP, increasing direct beneficial ownership to 93,679 shares
• Clear disclosure of transaction date (08/29/2025), purchase price ($27.71), and resale restriction date (March 2, 2026)

Negative

• Purchased shares are restricted and may not be sold until March 2, 2026, limiting immediate liquidity
• No materiality indicated — the filing shows a small routine ESPP purchase with no larger impact disclosed

Insights

Securities Analyst

TL;DR: Routine ESPP purchase of 213 shares at $27.71 increases direct holdings to 93,679 shares; shares restricted until March 2, 2026.

The reported transaction is a standard acquisition under Ionis’s Employee Stock Purchase Plan and is small relative to total outstanding shares. The filing provides clear transactional details: date, price, shares acquired, and post-transaction beneficial ownership. There is no indication of derivative activity or disposals reported. For market impact, the transaction appears immaterial but is reportable under Section 16 rules.

Corporate Governance Expert

TL;DR: Insider purchase documented and timely reported; shares subject to plan-imposed resale restriction until March 2, 2026.

The Form 4 demonstrates compliance with Section 16 reporting for an officer and shows the use of the company’s ESPP. The explicit restriction date is important for transparency about liquidity of those shares. No amendments, unusual codes, or joint filings are indicated. This is a routine governance disclosure with no material governance concerns disclosed.

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
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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).

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^*

BENNETT C FRANK

(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 Scientific Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/29/2025

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	08/29/2025		J		213(1)	A	$27.71	93,679	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

Explanation of Responses:

1. Reporting shares purchased under the Ionis Pharmaceuticals, Inc. Amended and Restated 2000 Employee Stock Purchase Plan on August 29, 2025. These shares may not be sold until March 2, 2026.

	By: Patrick R. O'Neil, attorney-in-fact For: C. Frank Bennett	09/03/2025
	** 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 transaction did C. Frank Bennett report on the Form 4 for IONS?

Mr. Bennett reported acquiring 213 shares of Ionis common stock on 08/29/2025 under the company’s Employee Stock Purchase Plan.

At what price were the IONS shares purchased by the reporting person?

The shares were purchased at a price of $27.71 per share.

How many Ionis shares does C. Frank Bennett beneficially own after the transaction?

The Form 4 lists 93,679 shares beneficially owned following the reported transaction.

Are there any restrictions on the shares acquired by the reporting person?

Yes. The filing states these shares may not be sold until March 2, 2026.

Who signed the Form 4 and when was it signed?

The Form 4 was executed by Patrick R. O'Neil, attorney-in-fact for C. Frank Bennett on 09/03/2025.