Ligand (LGND) Form 144 Filed for 467-Share Sale, Prior July/August Sales Disclosed

Rhea-AI Filing Summary

Form 144 notice by an individual shareholder of Ligand Pharmaceuticals, Inc. (LGND) reporting proposed sale of common stock. The filer intends to sell 467 shares through UBS Financial Services on Nasdaq, with an aggregate market value of $75,518 and an approximate sale date of 09/02/2025. The securities were acquired on 06/09/2023 from the issuer and 467 shares are listed as the amount to be sold. The filing also discloses two recent sales by the same person in the past three months: 934 shares on 07/10/2025 for $116,750 and 467 shares on 08/01/2025 for $61,614.49. The form includes the required signature representation that the seller is not aware of undisclosed material adverse information.

Positive

• None.

Negative

• Insider selling disclosed: Proposed sale of 467 shares and prior recent sales totaling 1,401 shares in the past three months.
• Potential signaling risk: While amounts are small, repeated insider sales could be interpreted by some investors as a negative signal.

Insights

Corporate Governance Expert

TL;DR: Insider selling disclosed but amounts are small relative to total shares outstanding; watch for pattern but not clearly material.

The filing shows an insider proposing to sell 467 shares valued at $75,518 and prior sales totaling 1,401 shares in two transactions during the past three months. Against the company's outstanding share count of 19,596,560, these disposals represent a de minimis percentage, suggesting limited immediate impact on equity supply or control. From a governance perspective, recurring insider sales merit monitoring for potential pattern or liquidity needs, but the filing alone does not indicate insider knowledge of material nonpublic information given the signer’s attestation.

Securities Analyst

TL;DR: Small-volume insider sales disclosed; unlikely to affect market price materially but worth noting for short-term flow.

The transactions reported—467 shares planned and prior sales of 934 and 467 shares—sum to 1,868 shares over the reporting period, with aggregate reported proceeds of approximately $253,882.49. Relative to the ~19.6 million shares outstanding, these amounts are negligible (<0.01%). For trading impact, execution via UBS on Nasdaq suggests standard brokerage distribution. No financial performance metrics are provided in this filing, so valuation implications cannot be assessed from this document alone.

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

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

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

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	UBS Financial Services, Inc. Eleven Madison Avenue 4th Floor New York NY 10010	467	75518.00	19596560	09/02/2025	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	06/09/2023	Various	Issuer			467	06/09/2023	NA

* 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
John Kozarich 3911 SORRENTO VALLEY BLVD SUITE 110 SAN DIEGO CA 92121	Common	07/10/2025	934	116750.00
John Kozarich 3911 SORRENTO VALLEY BLVD SUITE 110 SAN DIEGO CA 92121	Common	08/01/2025	467	61614.49

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

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

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the Form 144 filed for LGND disclose?

The form discloses a proposed sale of 467 common shares by an insider through UBS on Nasdaq with an aggregate market value of $75,518 and prior sales of 934 shares and 467 shares in July and August 2025.

When is the approximate date of the proposed sale reported on the Form 144?

The approximate date of sale is listed as 09/02/2025.

How many shares outstanding does Ligand report in the filing?

The filing lists 19,596,560 shares outstanding.

What were the gross proceeds from recent sales by the same person?

Reported gross proceeds were $116,750.00 for 934 shares on 07/10/2025 and $61,614.49 for 467 shares on 08/01/2025.

Does the filer state they possess undisclosed material information?

By signing the form, the person represents they do not know any material adverse information about the issuer that has not been publicly disclosed.