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

Rhea-AI Filing Summary

Joseph Loscalzo, a director of Ionis Pharmaceuticals (IONS), reported paired transactions on 09/03/2025. He exercised 16,000 non-qualified stock options with an exercise price of $24.42 (options originally granted 07/01/2017, expiring 06/30/2026) and thereby acquired 16,000 shares. The same day he sold 16,000 shares under a Rule 10b5-1 trading plan adopted August 13, 2024, at a weighted-average price of $60.1482 (sales ranged from $60.00 to $60.57). The Form 4 shows 36,330 shares beneficially owned following these transactions.

Positive

• Full disclosure of 10b5-1 plan adoption date (August 13, 2024) and offer to provide detailed per-trade pricing on request
• Clear option grant and expiry dates (grant: 07/01/2017; expiration: 06/30/2026), showing disclosure completeness

Negative

• None.

Insights

Securities Analyst

TL;DR: Director exercised options and sold the resulting shares under a pre-established 10b5-1 plan; transactions appear routine and non-controversial.

The reporting shows a contemporaneous exercise of 16,000 non-qualified stock options at $24.42 and an immediate sale of 16,000 shares under a Rule 10b5-1 plan at a weighted-average of $60.1482. The sale price range and the stated 10b5-1 adoption date are disclosed, and the filer offers to provide detailed per-trade pricing on request. These are insider liquidity transactions rather than indicators of company operational changes. Impact on outstanding shares or control is not indicated in the filing.

Corporate Governance Expert

TL;DR: Transaction uses a documented 10b5-1 plan and discloses option grant and expiration details, aligning with standard insider trading controls.

The Form 4 discloses the option exercise terms (grant date 07/01/2017, expiration 06/30/2026) and confirms the sale was executed pursuant to a 10b5-1 trading plan adopted 08/13/2024. The signature is by an attorney-in-fact, and the filer provides a commitment to furnish detailed trade prices within the disclosed range upon request. From a governance perspective, disclosure is specific and follows Rule 10b5-1 protocol; no compliance issues are stated in the form.

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^*

LOSCALZO JOSEPH

(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)
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		16,000	A	$24.42	52,330	D
Common Stock	09/03/2025		S		16,000(1)	D	$60.1482(2)	36,330	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)	$24.42	09/03/2025		M			16,000	07/01/2017	06/30/2026	Common Stock	16,000	$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 $60.00 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 (2) on this Form 4.

	By: Patrick R. O'Neil, attorney-in-fact For: Joseph Loscalzo	09/04/2025
	** 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 transactions did Joseph Loscalzo report for IONS on 09/03/2025?

He exercised 16,000 non-qualified stock options at an exercise price of $24.42 and sold 16,000 shares the same day under a Rule 10b5-1 plan at a weighted-average price of $60.1482.

How many IONS shares does Joseph Loscalzo beneficially own after these transactions?

The Form 4 reports 36,330 shares beneficially owned following the reported transactions.

Were the sales executed under a pre-established trading plan for IONS insider?

Yes. The sales were made pursuant to a Rule 10b5-1 trading plan adopted on August 13, 2024.

What was the price range for the shares sold by Loscalzo?

The filing states the shares were sold in multiple transactions at prices ranging from $60.00 to $60.57, with a reported weighted-average of $60.1482.

What are the terms of the options exercised?

They are non-qualified stock options with an exercise price of $24.42, originally granted on 07/01/2017 and expiring on 06/30/2026.