Ligand officer plans $4.3M stock sale under Rule 144

Rhea-AI Filing Summary

Ligand Pharmaceuticals Inc. (LGND) officer Andrew Reardon filed a Form 144 indicating an intention to sell up to 15,000 shares of common stock under Rule 144 through Morgan Stanley Smith Barney LLC, with an indicated value of about $4,303,800 as of September 3, 2026.

The shares relate to stock options for 5,340 shares expected to be exercised for cash, and previously vested restricted stock units for 3,336 shares and performance stock units for 6,324 shares. Reardon also reports prior 10b5-1 plan sales of 5,000 shares each on July 1, 2026 and August 3, 2026.

Key Figures

Planned shares to be sold: 15,000 shares Approximate value of planned sale: $4,303,800 Stock options underlying planned sale: 5,340 shares +4 more

7 metrics

Planned shares to be sold 15,000 shares Common stock to be sold under Rule 144 for Andrew Reardon

Approximate value of planned sale $4,303,800 Indicated value of 15,000 LGND shares as of September 3, 2026

Stock options underlying planned sale 5,340 shares Common stock to be received upon exercise of stock options on September 3, 2026

Restricted Stock Units underlying planned sale 3,336 shares RSUs dated February 15, 2025

Performance Stock Units underlying planned sale 6,324 shares PSUs dated February 14, 2025

10b5-1 sale on July 1, 2026 5,000 shares for $1,566,377 Common stock sale for Andrew Reardon in past three months

10b5-1 sale on August 3, 2026 5,000 shares for $1,444,951 Common stock sale for Andrew Reardon in past three months

Key Terms

Rule 144, Restricted Stock Units, Performance Stock Units, 10b5-1

4 terms

Rule 144 regulatory

"See the definition of "person" in paragraph (a) of Rule 144."

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

Restricted Stock Units financial

"Restricted Stock Units | Issuer | | | 3336 | 02/15/2025"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Performance Stock Units financial

"Performance Stock Units | Issuer | | | 6324 | 02/14/2025"

Performance stock units are a type of company award that grants employees shares of stock only if certain performance goals are met. They motivate employees to work toward specific company achievements, aligning their interests with those of shareholders. For investors, they can influence a company's future stock supply and reflect management’s confidence in reaching key targets.

10b5-1 regulatory

"10b5-1 Sales for ANDREW REARDON 555 Heritage Drive"

A 10b5-1 plan is a pre-set schedule that lets company insiders buy or sell shares according to written instructions made when they do not possess material, nonpublic information. Think of it as a timed automatic payment for stock trades: it helps insiders avoid accusations of trading on secret information and gives outside investors a clearer signal about whether sales are routine or potentially informative about the company’s prospects.

FAQ

What does the Form 144 filing disclose for LGND?

The Form 144 discloses that Andrew Reardon, an officer of Ligand Pharmaceuticals Inc. (LGND), plans to sell up to 15,000 shares of common stock under Rule 144 through Morgan Stanley Smith Barney LLC, based on equity awards and stock options.

How many LGND shares does Andrew Reardon plan to sell under Rule 144?

Andrew Reardon indicates an intention to sell up to 15,000 shares of Ligand Pharmaceuticals common stock under Rule 144, with an indicated value of about $4,303,800 as of September 3, 2026.

What LGND equity awards underlie the planned Form 144 sale?

The planned sale relates to 5,340 shares from the exercise of stock options dated September 3, 2026, plus vested 3,336 restricted stock units dated February 15, 2025 and 6,324 performance stock units dated February 14, 2025.

What recent LGND stock sales has Andrew Reardon reported in this Form 144?

The notice lists 10b5-1 sales of LGND common stock by Andrew Reardon of 5,000 shares on July 1, 2026 for about $1,566,377 and 5,000 shares on August 3, 2026 for about $1,444,951.

How will Andrew Reardon acquire the LGND shares to be sold?

According to the notice, the securities to be sold will be received upon the exercise of stock options over the next three months, and were acquired upon the vesting of restricted stock units during the period from February 15, 2025 through August 10, 2025.

Is the LGND Form 144 sale associated with a 10b5-1 trading plan?

Yes. The section on securities sold during the past three months identifies the July 1, 2026 and August 3, 2026 transactions as “10b5-1 Sales for ANDREW REARDON”, indicating they were executed under a Rule 10b5-1 trading plan.

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

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Available on EDGAR 09/03/2026 - 05:50 PM Accepted by SEC EDGAR 09/03/2026 - 04:40 PM Learn about SEC filing dates

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001950232
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	LIGAND PHARMACEUTICALS INCORPORATED
SEC File Number	001-33093
Address of Issuer	555 Heritage Drive, Suite 200 Jupiter FLORIDA 33458
Phone	858-550-7500
Name of Person for Whose Account the Securities are To Be Sold	ANDREW REARDON
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Officer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	15000	4303800.00	19935609	09/03/2026	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	09/03/2026	Exercise of Stock Options	Issuer			5340	09/03/2026	Cash
Common	02/15/2025	Restricted Stock Units	Issuer			3336	02/15/2025	N/A
Common	02/14/2025	Performance Stock Units	Issuer			6324	02/14/2025	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales for ANDREW REARDON 555 Heritage Drive, Suite 200 Jupiter FL 33458	Common	08/03/2026	5000	1444951.00
10b5-1 Sales for ANDREW REARDON 555 Heritage Drive, Suite 200 Jupiter FL 33458	Common	07/01/2026	5000	1566377.00

144: Remarks and Signature

Remarks	The securities to be sold were acquired upon the vesting of restricted stock units during the period of 2/15/2025 through 8/10/2025. The securities to be sold will be received upon the exercise of stock options over the next three months. The dates of acquisition and payment will be the dates of exercise/sale.
Date of Notice	09/03/2026
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	06/04/2026
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ Andrew Reardon
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)