Form 4: Ionis Director B. Lynne Parshall Disposes of 5,000 Shares Under 10b5-1

Rhea-AI Filing Summary

Ionis Pharmaceuticals director B. Lynne Parshall sold 5,000 shares of Ionis common stock on 08/06/2025 under a pre-established Rule 10b5-1 trading plan adopted May 6, 2025. The filings report two sales: 4,600 shares at a weighted-average price of $41.8685 (individual trade prices ranged from $41.50 to $42.36) and 400 shares at a weighted-average price of $42.6275 (individual trade prices ranged from $42.56 to $42.83). Following the reported transactions, the Form 4 shows beneficial ownership figures of 86,744 shares and 86,344 shares respectively. The reporting person is identified as a director and the sales were executed pursuant to the disclosed trading plan.

Positive

• Sales executed under a Rule 10b5-1 trading plan, indicating the transactions were pre-authorized and reduce concerns about opportunistic timing.
• Filing provides weighted-average prices and explicit price ranges and offers to supply detailed breakdowns, which supports transparency.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director sales under a 10b5-1 plan are routine and signal pre-planned disposition, not necessarily a change in company outlook.

The Form 4 documents two sales by Director B. Lynne Parshall totaling 5,000 shares executed on 08/06/2025 under a Rule 10b5-1 trading plan adopted May 6, 2025. This structure typically provides an affirmative defense against insider trading claims and indicates transactions were pre-authorized. The filing also includes weighted-average prices and price ranges, and offers to provide transaction-level breakdowns on request, which supports transparency in disclosure practices. Impact on investors is limited absent additional context on relative stake size or company developments.

Securities Analyst

TL;DR: The sales are a disclosed insider disposition with clear pricing; unlikely to be materially market-moving on their own.

The Form 4 shows routine sales of 4,600 and 400 shares at weighted-average prices of $41.8685 and $42.6275, with specified price ranges. The reporting person remains a director after the transactions, and the filing includes explicit post-transaction beneficial ownership figures. Because the transactions were conducted pursuant to a documented 10b5-1 plan and the filing provides price-range transparency, these disclosures reduce uncertainty but do not by themselves convey a material operational or financial change for Ionis Pharmaceuticals.

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^*

PARSHALL B LYNNE

(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)
08/06/2025

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	08/06/2025		S		4,600(1)	D	$41.8685(2)	86,744	D
Common Stock	08/06/2025		S		400(1)	D	$42.6275(3)	86,344	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. 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 $41.5 to $42.36 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 $42.56 to $42.83 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: B. Lynne Parshall	08/08/2025
	** 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 insider activity did Ionis (IONS) disclose on this Form 4?

Director B. Lynne Parshall sold 5,000 shares on 08/06/2025 (4,600 and 400 share lots) as reported on the Form 4.

Were the sales by the Ionis director part of a pre-arranged plan?

Yes. The sales were made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 6, 2025.

At what prices were the Ionis shares sold in the Form 4?

Weighted-average prices were $41.8685 (4,600 shares) with individual trades $41.50–$42.36, and $42.6275 (400 shares) with trades $42.56–$42.83.

How many shares did the reporting person beneficially own after the sales?

The Form 4 reports beneficial ownership of 86,744 shares after the 4,600-share sale and 86,344 shares after the 400-share sale, as stated in the filing.