Ligand Pharmaceuticals (LGND) CFO sells 13,423 shares after option exercise

Rhea-AI Filing Summary

Ligand Pharmaceuticals’ Chief Financial Officer Octavio Espinoza reported option exercises and share sales in company stock. On March 4, 2026, he exercised employee stock options covering 2,073 shares of common stock and then sold 13,423 shares in open-market transactions.

The sales were executed at weighted-average prices generally between $198.37 and $208.95 pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on November 19, 2025. After these transactions, he directly owned 21,662 shares of Ligand common 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^*

Espinoza Octavio

(Last) (First) (Middle)

555 HERITAGE DRIVE

SUITE 200

(Street)

JUPITER FL 33458

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
LIGAND PHARMACEUTICALS INC [ LGND ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/04/2026

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	03/04/2026		M		1,607(1)	A	$58.49	34,619	D
Common Stock	03/04/2026		M		466(1)	A	$80.72	35,085	D
Common Stock	03/04/2026		S		699(1)	D	$198.7052(2)	34,386	D
Common Stock	03/04/2026		S		53(1)	D	$200.0777(3)	34,333	D
Common Stock	03/04/2026		S		698(1)	D	$201.0939(4)	33,635	D
Common Stock	03/04/2026		S		950(1)	D	$201.7266(5)	32,685	D
Common Stock	03/04/2026		S		697(1)	D	$202.7873(6)	31,988	D
Common Stock	03/04/2026		S		668(1)	D	$203.6287(7)	31,320	D
Common Stock	03/04/2026		S		743(1)	D	$204.7449(8)	30,577	D
Common Stock	03/04/2026		S		1,457(1)	D	$205.7937(9)	29,120	D
Common Stock	03/04/2026		S		1,588(1)	D	$206.8904(10)	27,532	D
Common Stock	03/04/2026		S		2,457(1)	D	$207.9052(11)	25,075	D
Common Stock	03/04/2026		S		3,413(1)	D	$208.796(12)	21,662	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
Employee Stock Option (right to buy)	$58.49	03/04/2026		M			1,607(1)	(13)	02/24/2027	Common Stock	1,607	$0.0	0	D
Employee Stock Option (right to buy)	$80.72	03/04/2026		M			466(1)	(13)	08/01/2026	Common Stock	466	$0.0	0	D

Explanation of Responses:

1. The transactions reported on this Form 4 were made pursuant to a written trading plan adopted by the Reporting Person on November 19, 2025, in accordance with Rule 10b5-1.

2. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $198.3700 to $199.2500. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, 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 range set forth in this footnote.

3. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $199.4400 to $200.0900. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, 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 range set forth in this footnote.

4. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $200.5000 to $201.3400. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, 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 range set forth in this footnote.

5. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $201.4600 to $202.3300. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, 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 range set forth in this footnote.

6. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $202.4000 to $203.0500. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, 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 range set forth in this footnote.

7. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $203.4100 to $203.8600. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, 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 range set forth in this footnote.

8. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $204.4600 to $205.3600. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, 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 range set forth in this footnote.

9. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $205.3700 to $206.3600. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, 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 range set forth in this footnote.

10. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $206.4700 to $207.3500. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, 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 range set forth in this footnote.

11. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $207.4100 to $208.3500. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, 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 range set forth in this footnote.

12. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $208.3900 to $208.9500. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, 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 range set forth in this footnote.

13. The stock option is fully vested and exercisable.

	By: /s/ Andrew Reardon, Attorney-in-Fact For: Octavio Espinoza	03/06/2026
	** Signature of Reporting Person	Date
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