Ionis officer sells under 10b5-1 at $75.1083/$75.054

Rhea-AI Filing Summary

Ionis Pharmaceuticals (IONS) executive Richard S. Geary, EVP and Chief Development Officer, reported option exercises and related sales. On 10/31/2025 and 11/03/2025, he exercised non-qualified stock options at $60.89 and $56.78, then sold shares pursuant to a Rule 10b5-1 trading plan adopted on May 6, 2025. Weighted average sale prices were $75.1083 (range $75.00–$75.47) and $75.054 (range $75.00–$75.25). Following these transactions, he beneficially owns 59,657 shares directly.

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^*

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)
10/31/2025

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	10/31/2025		M		34,585	A	$60.89	114,242	D
Common Stock	10/31/2025		S		34,585(1)	D	$75.1083(2)	79,657	D
Common Stock	10/31/2025		M		34,664	A	$56.78	114,321	D
Common Stock	10/31/2025		S		34,664(1)	D	$75.1083(2)	79,657	D
Common Stock	10/31/2025		S		20,000(1)	D	$75.1083(2)	59,657	D
Common Stock	11/03/2025		M		775	A	$56.78	60,432	D
Common Stock	11/03/2025		S		775(1)	D	$75.054(3)	59,657	D
Common Stock	11/03/2025		M		905	A	$60.89	60,562	D
Common Stock	11/03/2025		S		905(1)	D	$75.054(3)	59,657	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)	$56.78	10/31/2025		M			34,664	01/04/2022	01/03/2028	Common Stock	34,664	$0.0	16,443	D
Non-Qualified Stock Option (right to buy)	$56.78	11/03/2025		M			775	01/04/2024	01/03/2028	Common Stock	775	$0.0	15,668	D
Non-Qualified Stock Option (right to buy)	$60.89	10/31/2025		M			34,585	01/02/2021	01/01/2027	Common Stock	34,585	$0.0	19,876	D
Non-Qualified Stock Option (right to buy)	$60.89	11/03/2025		M			905	01/02/2023	01/01/2027	Common Stock	905	$0.0	18,971	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 $75.00 to $75.47 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 $75.00 to $75.25 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.

	By: Patrick R. O'Neil, attorney-in-fact For: Richard S. Geary	11/03/2025
	** 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 did IONS insider Richard S. Geary report on Form 4?

He exercised non-qualified stock options and sold shares in related transactions under a Rule 10b5-1 plan.

How many IONS shares does the reporting person own after the transactions?

Following the reported transactions, he directly owns 59,657 shares.

At what prices were IONS shares sold?

Weighted average sale prices were $75.1083 (range $75.00–$75.47) and $75.054 (range $75.00–$75.25).

Were the IONS share sales under a 10b5-1 plan?

Yes. Sales were made pursuant to a Rule 10b5-1 trading plan adopted on May 6, 2025.

What were the IONS option exercise prices?

The options were exercised at $60.89 and $56.78.

On what dates did the IONS transactions occur?

Transactions occurred on 10/31/2025 and 11/03/2025.

What is the reporting person’s role at Ionis (IONS)?

He is the EVP, Chief Development Officer.