[Form 4] LIGAND PHARMACEUTICALS INC Insider Trading Activity

Rhea-AI Filing Summary

Jason Aryeh, a director of Ligand Pharmaceuticals (LGND), reported the sale of 10,000 shares of Ligand common stock on 09/23/2025. The sales occurred in multiple transactions at weighted-average prices reported in three groupings: $170.4051 (range $169.6625–$170.6600), $170.9643 (range $170.6850–$171.6050), and $171.9237 (range $171.7250–$172.2400).

After these transactions Mr. Aryeh directly beneficially owned between 69,289 and 74,871 shares across the reported lines and retains indirect holdings of 51,594 shares through funds managed by JALAA Equities, LP/JLV Investments, LP and 5,025 shares held by a trust. The Form 4 was signed on 09/24/2025 by an attorney-in-fact.

Positive

• Timely and transparent disclosure of insider sales with weighted-average prices and offered breakdown on request
• Clear attribution of indirect holdings via JALAA Equities, JLV Investments and a trust

Negative

• Insider sold 10,000 shares on 09/23/2025, representing realized liquidation of direct holdings
• Direct beneficial ownership was reduced to reported levels (as low as 69,289 on one reported line)

Insights

Financial Analyst

TL;DR: Director sold 10,000 shares on 09/23/2025 across weighted-average prices near $170–$172; indirect holdings remain material.

The filing shows routine insider disposition rather than acquisition activity. Total shares sold equal 10,000, executed in multiple trades with disclosed weighted-average prices and price ranges, which provides granular transparency about execution levels. Direct beneficial ownership lines after the sales are reported as 74,871; 70,243; and 69,289 shares on separate lines, while indirect ownership via funds and a trust totals 56,619 shares. For investors, this is a disclosure of insider liquidity but does not itself quantify impact on company fundamentals or signal change in control.

Corporate Governance Expert

TL;DR: Filing complies with Section 16 disclosure; sales were disclosed promptly and include explanatory footnotes on weighted-average pricing.

The Form 4 includes detailed footnotes clarifying that reported prices are weighted averages from multiple trades and offers to provide per-trade quantities upon request, which strengthens compliance posture. It also clarifies beneficial ownership attribution through investment funds where Mr. Aryeh is a partner, consistent with Rule 16a-1. The filing appears procedural and transparent, with no additional governance events disclosed.

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

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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).

1. Name and Address of Reporting Person^*

Aryeh Jason

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/23/2025

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	09/23/2025		S		4,418	D	$170.4051(1)	74,871	D
Common Stock	09/23/2025		S		4,628	D	$170.9643(2)	70,243	D
Common Stock	09/23/2025		S		954	D	$171.9237(3)	69,289	D
Common Stock								51,594	I	Indirect(4)
Common Stock								5,025	I	by Trust

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. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $169.6625 to $170.6600. 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.

2. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $170.6850 to $171.6050. 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 $171.7250 to $172.2400. 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. All securities disclosed in this Form 4 are owned by certain funds managed by JALAA Equities, LP, JLV Investments, LP and affiliates (the "Funds"). Jason Aryeh is the General Partner of JALAA Equities, LP and a partner of JLV Investments, LP. By reason of the provisions of Rule 16a-1 under the Securities Exchange Act of 1934, as amended, JALAA Equities, LP, JLV Investments, LP and affiliates and Mr. Aryeh may be deemed to be the beneficial owners of the securities beneficially owned by the Funds.

	By: /s/ Andrew Reardon, Attorney-in-Fact For: Jason Aryeh	09/24/2025
	** 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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did LGND director Jason Aryeh report on Form 4?

The Form 4 reports that Jason Aryeh sold 10,000 shares of Ligand common stock on 09/23/2025 and filed the Form on 09/24/2025.

At what prices were the LGND shares sold?

Sales were reported as weighted-average prices of $170.4051, $170.9643, and $171.9237, with specified trade price ranges in each grouping.

How many LGND shares does Jason Aryeh still beneficially own?

The filing shows direct beneficial ownership reported on separate lines as 74,871, 70,243, and 69,289, plus indirect holdings of 51,594 shares via funds and 5,025 shares held by a trust.

Who manages the indirect holdings disclosed in the Form 4?

Indirect holdings are owned by funds managed by JALAA Equities, LP, JLV Investments, LP and affiliates; Mr. Aryeh is General Partner/partner in those entities as disclosed.

Does the Form 4 indicate any derivative transactions?

No derivative (options, warrants, etc.) transactions are reported in Table II of the Form 4.