C. Frank Bennett Sells 6,000 IONS Shares Under 10b5-1 Plan

Rhea-AI Filing Summary

Insider sale recorded on Form 4: Ionis Pharmaceuticals EVP and Chief Scientific Officer C. Frank Bennett sold 6,000 shares of Ionis common stock on 09/05/2025 at a weighted average price of $59.5968 per share, reducing his beneficial ownership to 82,679 shares. The sales were made pursuant to a Rule 10b5-1 trading plan adopted May 13, 2025, and occurred in multiple transactions at prices ranging from $59.25 to $59.86. The Form 4 was signed by an attorney-in-fact on behalf of Mr. Bennett on 09/09/2025.

Insights

Financial Analyst

TL;DR: Officer sold 6,000 shares under a pre-established 10b5-1 plan; transaction appears routine, reducing holdings to 82,679 shares.

The reported transaction is a non-derivative sale of 6,000 common shares at a weighted average price of $59.5968 executed on 09/05/2025 under a Rule 10b5-1 plan adopted May 13, 2025. The filing discloses a price range of $59.25 to $59.86 across multiple trades and confirms post-transaction beneficial ownership of 82,679 shares. From a financial monitoring perspective, this is a clear, pre-arranged disposition rather than an ad hoc sale; the filing provides explicit pricing and ownership figures but no information on percentage ownership or proceeds allocation.

Corporate Governance Expert

TL;DR: Use of a documented 10b5-1 plan indicates compliance and pre-planned trading; disclosure is complete for the reported sale.

The disclosure states the trades were executed pursuant to a Rule 10b5-1 trading plan adopted May 13, 2025, which supports the affirmative defense for insider trading. The Form 4 includes weighted average pricing, a specified price range, and the resulting beneficial ownership count, meeting standard disclosure requirements. The filing was executed by an attorney-in-fact and includes an undertaking to provide granular trade-price details upon request, which enhances transparency. No additional corporate governance events are 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

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^*

BENNETT C FRANK

(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 Scientific Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/05/2025

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	09/05/2025		S		6,000(1)	D	$59.5968(2)	82,679	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 13, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $59.25 to $59.86 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: C. Frank Bennett	09/09/2025
	** 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).
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