Ionis Insider Files Form 4: 10,000-Share Sale Under 10b5-1 Plan

Rhea-AI Filing Summary

Richard S. Geary, Executive Vice President and Chief Development Officer of Ionis Pharmaceuticals (IONS), reported the sale of 10,000 shares of common stock on 09/02/2025. The shares were sold at a weighted average price of $50.3671 per share (individual trades ranged from $50.01 to $50.92). After the reported disposition, Mr. Geary beneficially owns 79,657 shares. The filing states the sales were made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 6, 2025, and the filer offers to provide trade-level detail on request.

Positive

• Sales executed under a Rule 10b5-1 trading plan, which indicates pre-scheduled, documented transactions
• Filer offers to provide trade-level breakdown of prices within the disclosed range upon request, increasing transparency

Negative

• Disposition of 10,000 shares reduces the reporting person's beneficial holdings to 79,657 shares
• Weighted average sale price reported instead of per-trade quantities and prices in the form itself (though breakdown is offered on request)

Insights

Financial Analyst

TL;DR: Insider sold a modest block of shares under a pre-established 10b5-1 plan; transaction appears procedural, not a sudden change in ownership.

Geary disposed of 10,000 shares at a weighted average of $50.3671, leaving 79,657 shares beneficially owned. The transaction was executed under a Rule 10b5-1 plan adopted May 6, 2025, which typically signals scheduled, non-discretionary sales. On its face this is a routine insider liquidity event rather than an extraordinary corporate development. Investors seeking granular timing or per-trade prices may request the breakdown the filer offered to provide.

Corporate Governance Expert

TL;DR: Use of a 10b5-1 plan indicates compliance with insider trading rules; disclosure is complete about plan adoption and price range.

The Form 4 discloses the plan adoption date and a weighted average sale price with the reported per-trade price range, and the filer explicitly offers to supply detailed trade-level information on request. Those disclosures align with good governance and transparency practices for Section 16 reporting. The transaction reduces the officer's direct holdings to 79,657 shares but does not, by itself, indicate misuse of material nonpublic information.

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).

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)
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		10,000(1)	D	$50.3671(2)	79,657	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

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 $50.01 to $50.92, 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: Richard S. Geary	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 did Ionis insider Richard Geary sell in the Form 4 (IONS)?

He sold 10,000 shares of Ionis common stock on 09/02/2025.

At what price were the shares sold according to the Form 4?

The filing reports a weighted average price of $50.3671 per share, with individual trades ranging from $50.01 to $50.92.

How many Ionis shares does Richard Geary beneficially own after the sale?

Following the reported transactions he beneficially owns 79,657 shares.

Were the sales part of a 10b5-1 trading plan?

Yes. The shares were sold pursuant to a Rule 10b5-1 trading plan adopted May 6, 2025.

Can investors obtain the exact per-trade details for the sale?

Yes. The reporting person states they will provide, upon request, full information on the number of shares sold at each separate price within the disclosed range.