[Form 4] IONIS PHARMACEUTICALS INC Insider Trading Activity

Rhea-AI Filing Summary

Ionis Pharmaceuticals director reports stock option exercise

A director of Ionis Pharmaceuticals, Inc. (IONS) reported exercising a non-qualified stock option on 11/18/2025. The option, with an exercise price of $24.42 per share and originally scheduled to expire on 06/30/2026, was exercised for 16,000 shares of common stock. Following this transaction, the reporting person holds 16,000 shares of Ionis common stock directly and 64,035 shares indirectly through a trust. The filing notes that the acquired shares resulted from the option exercise before its scheduled expiration.

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

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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).

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)
11/18/2025

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	11/18/2025		M		16,000(1)	A	$24.42	16,000	D
Common Stock								64,035	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
Non-Qualified Stock Option (right to buy)	$24.42	11/18/2025		M			16,000	07/01/2017	06/30/2026	Common Stock	16,000	$0.0	0	D

Explanation of Responses:

1. Acquired as a result of exercising a stock option that was scheduled to expire on 6/30/2026.

	By: Patrick R. O'Neil, attorney-in-fact For: Joseph H. Wender	11/19/2025
	** 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 insider transaction did Ionis Pharmaceuticals (IONS) report on this Form 4?

The filing reports that a director of Ionis Pharmaceuticals, Inc. (IONS) exercised a non-qualified stock option for 16,000 shares of common stock on 11/18/2025.

What was the exercise price of the Ionis Pharmaceuticals (IONS) stock option?

The non-qualified stock option was exercised at an exercise price of $24.42 per share.

How many Ionis Pharmaceuticals (IONS) shares does the insider own after the transaction?

After the transaction, the reporting person beneficially owns 16,000 shares of Ionis common stock directly and 64,035 shares indirectly through a trust.

What type of derivative security was involved in this Ionis (IONS) Form 4 filing?

The derivative security was a non-qualified stock option (right to buy) for 16,000 shares of Ionis common stock at $24.42 per share.

When was the Ionis Pharmaceuticals (IONS) stock option originally scheduled to expire?

The stock option exercised in this filing was scheduled to expire on 06/30/2026.

What is the relationship of the reporting person to Ionis Pharmaceuticals (IONS)?

The reporting person is identified as a Director of Ionis Pharmaceuticals, Inc.