IONS Form 4: Brett Monia’s Option Exercises Offset by 203,814 Share Sales

Rhea-AI Filing Summary

Brett P. Monia, Chief Executive Officer and Director of Ionis Pharmaceuticals (IONS), reported multiple transactions on 09/03/2025 that offset each other, resulting in no net change to total common shares held. On that date the reporting person acquired 203,814 shares through exercises and market purchases and sold 203,814 shares under a Rule 10b5-1 trading plan adopted August 13, 2024. The filings show weighted-average sale prices in three ranges: $58.57–$59.55, $59.60–$60.57, and $60.61–$61.48. Following the transactions the reporting person beneficially owned 180,009 common shares. The Form 4 also lists exercises of non-qualified stock options at strike prices of $32.60, $37.58, and $53.77, with resulting increases in underlying common shares reported in Table II.

Positive

• Acquisitions and option exercises totaling 203,814 shares increased immediate liquidity from exercised options
• Sales executed under a Rule 10b5-1 trading plan, indicating pre-planned compliance with insider trading rules
• Detailed footnotes disclose weighted-average price ranges and offer to provide per-price breakdowns on request

Negative

• Substantial gross sales of 203,814 shares on a single date, which may be viewed as significant insider liquidity
• Beneficial ownership decreased to 180,009 shares after the transactions, reflecting a lower reported holding

Insights

Financial Analyst

Insider executed option exercises and matched sales under a 10b5-1 plan; net share position unchanged.

The Form 4 shows coordinated option exercises and open-market sales totaling 203,814 shares on 09/03/2025. Sales were executed under a pre-established Rule 10b5-1 plan, with weighted-average prices spanning about $58.57 to $61.48. Exercises occurred at strike prices between $32.60 and $53.77, converting options into common shares. The activity appears liquidity-driven rather than a directional change in ownership: the total acquired equals total sold and the post-transaction beneficial ownership is reported as 180,009 shares.

Corporate Governance Expert

Transactions comply with a 10b5-1 plan and reflect routine insider liquidity and option exercises.

The disclosure specifically notes a Rule 10b5-1 trading plan adopted August 13, 2024, and provides weighted-average sale price ranges with an undertaking to disclose per-price details on request. Multiple option exercises are disclosed with grant/exercise dates and expiration dates, and Table II reconciles options converted into common shares. Documentation and footnotes are consistent with transparent insider reporting practices, with no unexplained transfers or indirect holdings reported.

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).

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^*

Monia Brett P

(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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2025

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	09/03/2025		M		102,900	A	$53.77	282,909	D
Common Stock	09/03/2025		S		16,615(1)	D	$59.119(2)	266,294	D
Common Stock	09/03/2025		M		42,030	A	$37.58	308,324	D
Common Stock	09/03/2025		S		127,500(1)	D	$60.1337(3)	180,824	D
Common Stock	09/03/2025		M		31,316	A	$32.6	212,140	D
Common Stock	09/03/2025		M		27,568	A	$32.6	239,708	D
Common Stock	09/03/2025		S		59,699(1)	D	$61.0629(4)	180,009	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)	$32.6	09/03/2025		M			31,316	01/03/2023	01/02/2032	Common Stock	31,316	$0.0	67,741	D
Non-Qualified Stock Option (right to buy)	$32.6	09/03/2025		M			27,568	01/03/2023	01/02/2032	Common Stock	27,568	$0.0	40,173	D
Non-Qualified Stock Option (right to buy)	$37.58	09/03/2025		M			42,030	01/03/2024	01/02/2033	Common Stock	42,030	$0.0	76,643	D
Non-Qualified Stock Option (right to buy)	$53.77	09/03/2025		M			102,900	01/02/2020	01/01/2026	Common Stock	102,900	$0.0	0	D

Explanation of Responses:

1. Shares sold pursuant to a Rule 10b5-1 Trading Plan adopted by the reporting person on August 13, 2024.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $58.57 to $59.55 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 $59.60 to $60.57 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 $60.61 to $61.48 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: Brett P. Monia	09/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transactions did Ionis (IONS) CEO Brett Monia report on 09/03/2025?

The Form 4 reports that Brett Monia acquired 203,814 shares (including option exercises) and sold 203,814 shares on 09/03/2025, resulting in a reported beneficial ownership of 180,009 shares.

Were the sales by Brett Monia executed under a 10b5-1 plan?

Yes. Footnote 1 states the shares were sold pursuant to a Rule 10b5-1 Trading Plan adopted August 13, 2024.

What price ranges were reported for the sales on the Form 4?

The sales were disclosed as weighted-average prices in three ranges: $58.57–$59.55, $59.60–$60.57, and $60.61–$61.48.

What option exercises are disclosed in the filing?

Table II shows non-qualified stock option exercises converting options into 31,316; 27,568; 42,030; and 102,900 common shares at strike prices of $32.60, $32.60, $37.58, and $53.77, respectively.

Does the Form 4 indicate any indirect beneficial ownership?

All ownership shown in the filing is reported as Direct (D); no indirect beneficial ownership forms are indicated.