Ionis Pharmaceuticals (NASDAQ: IONS) EVP sells 13,441 shares after exercising options

Rhea-AI Filing Summary

Ionis Pharmaceuticals executive vice president, CLO & General Counsel Patrick R. O'Neil exercised 10,200 non-qualified stock options on October 6, 2025 at a strike price of $52.8700 per share, acquiring common stock. He then sold 13,441 shares at weighted-average prices of $69.8872 and $69.2651 pursuant to a Rule 10b5-1 trading plan adopted on May 2, 2025. After these transactions, he directly holds 53,889 Ionis common shares and 17,000 options from this grant, which are exercisable from January 2, 2025 and expire on January 1, 2034.

Insights

Corporate Governance Analyst

TL;DR: Insider exercised options at $52.87 and sold shares under a 10b5‑1 plan, reducing holdings to 53,889 shares.

Exercising 10,200 options at an exercise price of $52.87 then selling those shares at weighted average prices near $69.9 indicates the reporting person monetized stock‑option value while complying with a prearranged trading plan. The Form 4 discloses two weighted‑average sale prices and notes the 10b5‑1 plan adoption date of 05/02/2025.

The main dependencies are the accuracy of the weighted‑average prices and the 10b5‑1 plan terms; the filer commits to provide per‑trade price details on request. Investors should note the decline in direct common stock from 67,330 to 53,889 shares and the remaining 17,000 options outstanding; monitor future Form 4s for additional option exercises or plan‑based sales.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider O'NEIL PATRICK R.

Role EVP CLO & General Counsel

Sold 13,441 shs ($937K)

Approx. gross sale proceeds $937K

Approx. exercise cost $539K

Type	Security	Shares	Price	Value
Exercise	Non-Qualified Stock Option (right to buy)	10,200	$0.00	$0.00
Exercise	Common Stock	10,200	$52.87	$539K
Sale	Common Stock	10,200	$69.8872	$713K
Sale	Common Stock	3,241	$69.2651	$224K

Holdings After Transaction: Non-Qualified Stock Option (right to buy) — 17,000 shares (Direct); Common Stock — 53,889 shares (Direct)

Footnotes (3)

1. F1. Shares sold pursuant to a Rule 10b5-1 Trading Plan adopted by the reporting person on May 2, 2025.
2. F2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $69.70 to $70.075 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. F3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $69.1912 to $69.32 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.

Key Figures

Shares sold: 13,441 shares Options exercised: 10,200 shares Option strike price: $52.8700 per share +5 more

8 metrics

Shares sold 13,441 shares Common stock sold on October 6, 2025 in two open-market or private transactions

Options exercised 10,200 shares Non-qualified stock options exercised into common stock on October 6, 2025

Option strike price $52.8700 per share Conversion or exercise price for non-qualified stock options exercised

Sale price lot 1 $69.8872 per share Weighted average price for sale of 10,200 shares, trades between $69.70 and $70.075

Sale price lot 2 $69.2651 per share Weighted average price for sale of 3,241 shares, trades between $69.1912 and $69.32

Post-transaction common shares 53,889 shares Direct common stock holdings of Patrick R. O'Neil after reported transactions

Remaining options 17,000 options Non-qualified stock options remaining from this grant, exercisable from January 2, 2025, expiring January 1, 2034

Rule 10b5-1 plan adoption date May 2, 2025 Date O'Neil adopted the Rule 10b5-1 Trading Plan governing these sales

Key Terms

Rule 10b5-1 Trading Plan, Non-Qualified Stock Option, weighted average price

3 terms

Rule 10b5-1 Trading Plan regulatory

"Shares sold pursuant to a Rule 10b5-1 Trading Plan adopted by the reporting person"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

Non-Qualified Stock Option financial

"Non-Qualified Stock Option (right to buy) reported as a derivative security"

A non-qualified stock option (NSO) is a contract that lets an employee or service provider buy company shares at a fixed price for a set period, like a voucher to purchase stock later at today’s price. It matters to investors because exercising NSOs creates ordinary income for the holder and can increase share count, affecting a company’s earnings and ownership mix; think of it as a future sale that can dilute existing shareholders and has immediate tax consequences for the recipient.

weighted average price financial

"The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 10/08/2025 - 06:37 PM Learn about SEC filing dates

FAQ

What did Ionis Pharmaceuticals (IONS) insider Patrick R. O'Neil report in this Form 4?

Patrick R. O'Neil exercised 10,200 non-qualified stock options at $52.8700 per share and sold 13,441 common shares at weighted-average prices near $69.89 and $69.27. These trades were made under a Rule 10b5-1 trading plan adopted May 2, 2025.

How many Ionis Pharmaceuticals (IONS) shares does Patrick R. O'Neil hold after these transactions?

After the reported option exercise and share sales, Patrick R. O'Neil directly owns 53,889 Ionis common shares. He also retains 17,000 non-qualified stock options from the same grant, which are exercisable beginning January 2, 2025 and expire on January 1, 2034.

What options did the Ionis Pharmaceuticals (IONS) EVP exercise, and at what price?

O'Neil exercised 10,200 non-qualified stock options, converting them into common stock at a strike price of $52.8700 per share. These options are part of a grant exercisable from January 2, 2025 and expiring on January 1, 2034, leaving 17,000 options outstanding.

At what prices were Ionis Pharmaceuticals (IONS) shares sold in this Form 4 filing?

He sold 10,200 shares at a weighted-average price of $69.8872 per share, with trades between $69.70 and $70.075, and 3,241 shares at a weighted-average price of $69.2651, with trades between $69.1912 and $69.32.

Was the Ionis Pharmaceuticals (IONS) insider sale made under a Rule 10b5-1 plan?

Yes. The footnotes state the shares were sold pursuant to a Rule 10b5-1 Trading Plan adopted by O'Neil on May 2, 2025. Such plans prearrange trading, providing structured timing for insider transactions in Ionis stock.

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^*

O'NEIL PATRICK R.

(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 CLO & General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
10/06/2025

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	10/06/2025		M		10,200	A	$52.87	67,330	D
Common Stock	10/06/2025		S		10,200(1)	D	$69.8872(2)	57,130	D
Common Stock	10/06/2025		S		3,241(1)	D	$69.2651(3)	53,889	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)	$52.87	10/06/2025		M			10,200	01/02/2025	01/01/2034	Common Stock	10,200	$0.0	17,000	D

Explanation of Responses:

1. Shares sold pursuant to a Rule 10b5-1 Trading Plan adopted by the reporting person on May 2, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $69.70 to $70.075 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 $69.1912 to $69.32 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.

	Patrick R. O'Neil	10/08/2025
	** 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.