Ligand director plans $342K stock sale

Director Martine Zimmermann has filed a Rule 144 notice to sell 1,200 LGND common shares with an indicated value of $342,000.

Rhea-AI Filing Summary

LIGAND PHARMACEUTICALS INC (LGND) has a notice of proposed sale of common stock filed on behalf of director Martine Zimmermann under Rule 144. The notice covers 1,200 shares of common stock, with an aggregate market value of $342,000, to be sold through Morgan Stanley Smith Barney LLC on or about September 10, 2026 on NASDAQ.

The shares to be sold relate to restricted stock issued by the company, including 438 shares from a grant dated June 6, 2025 and 762 shares from a grant dated September 22, 2024. Shares outstanding are stated as 19,935,609, a baseline figure, not the amount being sold.

Key Figures

Shares to be sold: 1,200 shares Aggregate market value: $342,000 Shares outstanding: 19,935,609 shares +2 more

5 metrics

Shares to be sold 1,200 shares Common stock covered by the Rule 144 notice

Aggregate market value $342,000 Value associated with the 1,200 LGND shares to be sold

Shares outstanding 19,935,609 shares LGND common shares outstanding as referenced in the notice

Restricted stock grant shares (June 6, 2025) 438 shares Restricted stock issued by the issuer on June 6, 2025

Restricted stock grant shares (September 22, 2024) 762 shares Restricted stock issued by the issuer on September 22, 2024

Key Terms

Rule 144, Restricted Stock, Aggregate market value, Securities To Be Sold

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 financial

"Common | 06/06/2025 | Restricted Stock | Issuer"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

Aggregate market value financial

"Common ... | 1200 | 342000.00 | 19935609"

Aggregate market value is the combined price you would pay to buy all outstanding shares of a company or all companies in a group at current market prices — essentially the sum of each stock’s market capitalization. It matters to investors because it shows the overall size and weight of an investment or sector (like the total cost to buy every piece of a puzzle), helps compare scale across companies or markets, and influences index composition and risk exposure.

Securities To Be Sold regulatory

"144: Securities To Be Sold"

FAQ

What does the Form 144 filing disclose for LIGAND PHARMACEUTICALS INC (LGND)?

The filing discloses that director Martine Zimmermann plans to sell 1,200 shares of LGND common stock under Rule 144 through Morgan Stanley Smith Barney LLC, with an indicated aggregate market value of $342,000, on or about September 10, 2026 on NASDAQ.

How many LGND shares is Martine Zimmermann planning to sell under this Form 144?

Martine Zimmermann is planning to sell 1,200 shares of LIGAND PHARMACEUTICALS INC common stock. The filing lists these 1,200 shares with an aggregate market value of $342,000 in the Form 144 securities information section.

What is the aggregate market value of the LGND shares in this Form 144 notice?

The Form 144 notice lists an aggregate market value of $342,000 for the 1,200 LGND common shares proposed to be sold. This figure appears in the securities information section of the filing.

When are the LGND shares expected to be sold according to the Form 144?

The shares are expected to be sold on or about September 10, 2026. This date appears as the approximate date of sale in the securities information section for the 1,200 LGND common shares listed in the notice.

What is the source of the LGND shares being sold under this Form 144?

The shares originate from restricted stock issued by LIGAND PHARMACEUTICALS INC. The filing identifies 438 shares from a June 6, 2025 restricted stock issuance and 762 shares from a September 22, 2024 restricted stock issuance as securities to be sold.

How many LGND shares are outstanding as referenced in this Form 144 filing?

The filing references 19,935,609 shares of LGND common stock as outstanding. This number is provided as a context figure in the securities information section and is not the amount being sold.

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

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Available on EDGAR 09/10/2026 - 04:02 PM Accepted by SEC EDGAR 09/10/2026 - 04:01 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	0001994049
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	MARTINE ZIMMERMANN
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	Director

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	1200	342000.00	19935609	09/10/2026	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	06/06/2025	Restricted Stock	Issuer			438	06/06/2025	Not Applicable
Common	09/22/2024	Restricted Stock	Issuer			762	09/22/2024	Not Applicable

* 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

Nothing to Report

144: Remarks and Signature

Remarks
Date of Notice	09/10/2026
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/ Martine Zimmerman
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)