IONS Form 4: Director Joseph Wender Disposes of 28,000 Shares

Rhea-AI Filing Summary

Joseph H. Wender, a director of Ionis Pharmaceuticals, Inc. (IONS), reported multiple sales under a Rule 10b5-1 trading plan adopted December 16, 2024. On 09/02/2025 he reported disposing of 11,200 shares at a weighted-average price of $55.0386 (sales priced between $55.000 and $55.180) and disposing of 5,600 shares at a weighted-average price of $57.5311 (prices between $57.500 and $57.575), leaving his beneficial ownership at 120,035 shares after that transaction. On 09/03/2025 he reported disposing of 11,200 shares at a weighted-average price of $60.1383 (prices between $60.00 and $60.53), leaving his beneficial ownership at 108,835 shares. The Form 4 was signed by Patrick R. O'Neil as attorney-in-fact for Mr. Wender on 09/04/2025.

Insights

Securities Analyst

TL;DR: Director sold 28,000 IONS shares across two days under a 10b5-1 plan; holdings declined to 108,835 shares.

The filings show systematic sales executed under a pre-established Rule 10b5-1 plan adopted on December 16, 2024, which reduces the likelihood these were opportunistic trades. Sales occurred on 09/02/2025 and 09/03/2025 totaling 28,000 shares disposed of at weighted-average prices of $55.0386, $57.5311, and $60.1383 across separate lots and price ranges. Beneficial ownership declined in steps from 125,635 to 120,035 to 108,835 shares. For investors, such disclosures document insider liquidity but do not, by themselves, provide evidence of company-specific negative information.

Corporate Governance Expert

TL;DR: Director sales were executed under a documented 10b5-1 plan, which provides procedural compliance but results in reduced insider stake.

The report explicitly states the trades were made pursuant to a Rule 10b5-1 trading plan adopted 12/16/2024, and includes weighted-average prices and price ranges for each lot. Execution by attorney-in-fact is disclosed with a 09/04/2025 signature date. The transaction disclosure meets Section 16 reporting requirements; governance implications are limited to a decline in the director's beneficial ownership to 108,835 shares as 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

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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).

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^*

WENDER JOSEPH H

(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)
09/02/2025

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	09/02/2025		S		11,200(1)	D	$55.0386(2)	125,635	I	by Trust
Common Stock	09/02/2025		S		5,600(1)	D	$57.5311(3)	120,035	I	by Trust
Common Stock	09/03/2025		S		11,200(1)	D	$60.1383(4)	108,835	I	by Trust

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 December 16, 2024.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $55.000 to $55.180 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 $57.500 to $57.575 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 $60.00 to $60.53 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: Joseph H. Wender	09/04/2025
	** Signature of Reporting Person	Date
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