Insider trading: IONS exec Schneider disposes 9.5k shares at $42.80 avg

Rhea-AI Filing Summary

Ionis Pharmaceuticals (IONS) filed a Form 4 stating that EVP & Chief Clinical Development Officer Eugene Schneider sold 9,549 common shares on 08/04/2025 pursuant to a pre-arranged Rule 10b5-1 trading plan adopted 05/02/2025. The weighted-average sale price was $42.8004, with individual trades executed between $42.315 and $43.45. Gross proceeds are roughly $0.41 million.

Following the disposition, Schneider directly owns 51,507 shares; the sale reduced his direct stake by approximately 15.6 % (from 61,056 shares). No derivative securities were involved. The filing is a routine Section 16 disclosure and does not affect the company’s operations or guidance.

Positive

• Sale executed under a pre-scheduled Rule 10b5-1 plan, demonstrating adherence to SEC insider-trading safeguards and governance best practices.

Negative

• Executive reduced direct holdings by ~15.6 %, which some investors may interpret as a mildly bearish sentiment signal.

Insights

Financial Analyst

TL;DR: Routine 10b5-1 insider sale; modest size, limited valuation impact.

The transaction equals roughly 0.04 % of Ionis’ 2024 year-end basic share count (~125 m) and 15 % of the insider’s personal holdings, so market impact should be minimal. Because it was executed under a 10b5-1 plan, motive is likely portfolio diversification rather than a signal on fundamentals. Investors may watch subsequent filings to see if sales become a pattern, but one isolated sale does not alter intrinsic value or forward cash-flow assumptions.

Corporate Governance Expert

TL;DR: Sale complies with governance best practices; no red flags.

Use of an advance-adopted 10b5-1 plan, full price ranges, and attorney-in-fact signature indicate adherence to SEC guidance. The executive maintains a sizeable residual stake (>50 k shares), aligning interests with shareholders. There is no evidence of opportunistic trading ahead of material events. I view the filing as transparent and governance-neutral.

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^*

Schneider Eugene

(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, Chf Clinical Develop Ofcr

3. Date of Earliest Transaction (Month/Day/Year)
08/04/2025

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	08/04/2025		S		9,549(1)	D	$42.8004(2)	51,507	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 2, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $42.315 to $43.45 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: Eugene Schneider	08/05/2025
	** 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

How many Ionis (IONS) shares did EVP Eugene Schneider sell?

9,549 common shares were sold on 08/04/2025.

What was the average price of the shares sold by Schneider?

The weighted-average price was $42.8004 per share, with trades between $42.315 and $43.45.

How many Ionis shares does Schneider still own after the sale?

He directly owns 51,507 shares following the transaction.

Was the sale part of a Rule 10b5-1 plan?

Yes. The plan was adopted on May 2, 2025 and covers the disclosed trades.

Does this Form 4 filing involve any derivative securities?

No. The table for derivative securities shows no activity reported in this filing.