Ionis (NASDAQ: IONS) director Yang gains 1,930 shares from RSU vest

Rhea-AI Filing Summary

Ionis Pharmaceuticals director Michael J. Yang reported the vesting of restricted stock units and corresponding receipt of common shares. On 01/15/2026, 1,930 Restricted Stock Units were converted at an exercise price of $0.0 into 1,930 shares of Ionis common stock, reflecting the scheduled vesting of an equity award. Following these transactions, Yang beneficially owned 7,150 Restricted Stock Units and 7,940 shares of common stock, all held directly. The filing notes that each Restricted Stock Unit represents a contingent right to receive one share of Ionis common stock or its cash equivalent, and that these units vest in three equal annual installments.

Insider Trade Summary

1,930 shares exercised/converted

Mixed 2 txns

Insider YANG MICHAEL J.

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Unit	1,930	$0.00	--
Exercise	Common Stock	1,930	$0.00	--

Holdings After Transaction: Restricted Stock Unit — 7,150 shares (Direct); Common Stock — 7,940 shares (Direct)

Footnotes (1)

1. Acquired pursuant to vesting and release of shares in accordance with a Restricted Stock Unit award. Each Restricted Stock Unit represents a contingent right to receive one share of Ionis common stock, or its equivalent cash value. Restricted Stock Units vest in three equal annual installments. Upon vesting, the restricted stock units will be paid out in whole shares of Ionis common stock or cash as may be determined by the Company.

Form 4 Insider Transactions: What Each Field Means →

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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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).

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^*

YANG MICHAEL J.

(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)
01/15/2026

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	01/15/2026		M(1)		1,930(1)	A	$0.0	7,940	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
Restricted Stock Unit	$0.0(2)	01/15/2026		M			1,930	01/15/2026(3)	(3)	Common Stock	1,930	$0.0	7,150	D

Explanation of Responses:

1. Acquired pursuant to vesting and release of shares in accordance with a Restricted Stock Unit award.

2. Each Restricted Stock Unit represents a contingent right to receive one share of Ionis common stock, or its equivalent cash value.

3. Restricted Stock Units vest in three equal annual installments. Upon vesting, the restricted stock units will be paid out in whole shares of Ionis common stock or cash as may be determined by the Company.

	By: Patrick R. O'Neil, attorney-in-fact For: Michael J. Yang	01/20/2026
	** 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 transaction did Ionis Pharmaceuticals (IONS) report for Michael J. Yang?

Ionis Pharmaceuticals (IONS) reported that director Michael J. Yang had 1,930 Restricted Stock Units vest on 01/15/2026, which were converted into 1,930 shares of common stock at an exercise price of $0.0 as part of an equity award.

Were the Ionis (IONS) shares acquired by Michael J. Yang an open-market purchase or from equity vesting?

The 1,930 Ionis common shares reported for Michael J. Yang were acquired via vesting and release of Restricted Stock Units in accordance with a previously granted award, not through an open-market purchase.

How many Ionis Pharmaceuticals (IONS) shares does Michael J. Yang own after this Form 4 transaction?

After the reported transaction on 01/15/2026, Michael J. Yang beneficially owned 7,940 shares of Ionis common stock and 7,150 Restricted Stock Units, all reported as held directly.

What does each Ionis (IONS) Restricted Stock Unit represent for Michael J. Yang?

Each Restricted Stock Unit represents a contingent right to receive one share of Ionis common stock, or its equivalent cash value, as stated in the explanation of responses.

What is the vesting schedule of Michael J. Yang’s Ionis (IONS) Restricted Stock Units?

The Restricted Stock Units reported for Michael J. Yang vest in three equal annual installments. Upon vesting, they are paid out in whole shares of Ionis common stock or cash, as may be determined by the company.

What transaction code was used in Michael J. Yang’s Ionis (IONS) Form 4 filing?

The transaction is coded as "M", indicating an exercise or conversion of derivative securities (Restricted Stock Units) into Ionis common stock in accordance with the award terms.