[Form 4] IONIS PHARMACEUTICALS INC Insider Trading Activity

Rhea-AI Filing Summary

Richard S. Geary, EVP & Chief Development Officer of Ionis Pharmaceuticals (IONS), reported option exercise and share sales on 09/30/2025. He exercised a non-qualified stock option with a $53.77 exercise price to acquire 57,900 shares, increasing his direct beneficial ownership to 137,557 shares. On the same date he sold 57,900 shares under a Rule 10b5-1 trading plan adopted May 6, 2025, for a weighted-average price of $65.2447 per share, with individual sale prices in the $65.00 to $65.52 range. The filing was submitted by an attorney-in-fact.

Positive

• Exercise and sale were disclosed in a timely Form 4 showing compliance with reporting rules
• Sales executed under a Rule 10b5-1 plan, indicating pre-cleared, pre-arranged transactions

Negative

• Reduction in direct holdings by 57,900 shares due to the reported sale
• Weighted-average sale price reported rather than per-trade prices (detailed per-trade breakdown available on request)

Insights

Securities Analyst

TL;DR: Insider exercised options and sold the same number of shares under a Rule 10b5-1 plan, netting a realized gain by price difference.

The report shows a routine, same-day option exercise paired with coordinated sales under a pre-established Rule 10b5-1 plan. The exercise at $53.77 and sales at a weighted-average of $65.2447 indicate the reporting person realized a positive spread per share. This is a standard liquidity action often used by executives to monetize vested equity while remaining compliant with insider trading rules. No new grants, unusual derivative structures, or change in control signals are present in this filing.

Corporate Governance Expert

TL;DR: Transaction appears procedural and compliant; documentation references a formal 10b5-1 plan and attorney-in-fact signature.

The filing explicitly notes the use of a Rule 10b5-1 trading plan adopted May 6, 2025, and contains an attorney-in-fact signature, which supports prearranged and documented execution. The transactions are clearly disclosed with exercise price, sale price range, and resulting beneficial ownership. From a governance perspective, disclosure is complete for the transactions shown and there are no indications of policy breaches or undisclosed related-party arrangements within this Form 4.

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).

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)
09/30/2025

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	09/30/2025		M		57,900	A	$53.77	137,557	D
Common Stock	09/30/2025		S		57,900(1)	D	$65.2447(2)	79,657	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)	$53.77	09/30/2025		M			57,900	01/02/2020	01/01/2026	Common Stock	57,900	$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 $65.00 to $65.52 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: Richard S. Geary	09/30/2025
	** 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.
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FAQ

What did Richard S. Geary report on the Form 4 for IONS?

He exercised a non-qualified stock option for 57,900 shares at $53.77 and sold 57,900 shares on 09/30/2025.

Were the sales part of a prearranged trading plan for IONS insider?

Yes. The shares sold were pursuant to a Rule 10b5-1 trading plan adopted May 6, 2025.

What prices were involved in the transactions reported for IONS?

Exercise price: $53.77 per share. Weighted-average sale price: $65.2447 per share; individual sales ranged $65.00 to $65.52.

How many shares does Geary beneficially own after the transactions?

137,557 shares of common stock are reported as beneficially owned following the transactions.

Who signed the Form 4 filing for Richard S. Geary?

Patrick R. O'Neil, attorney-in-fact, signed the Form 4 on behalf of Richard S. Geary on 09/30/2025.