Ligand (LGND) grants CFO stock options and 4,933 RSUs

Rhea-AI Filing Summary

Ligand Pharmaceuticals’ Chief Financial Officer Octavio Espinoza received equity awards as part of his compensation. He was granted stock options covering 23,527 shares of common stock at an exercise price of $202.55 per share, expiring on March 2, 2036. These options vest as to 12.5% of the underlying shares six months after the grant date, then in 42 substantially equal monthly installments.

He also received 4,933 restricted stock units (RSUs), each representing one share of common stock. The RSUs vest in three substantially equal annual installments on February 15, 2027, February 15, 2028, and February 15, 2029, subject to continued service. Delivery of shares on each vesting date will be deferred under the company’s Nonqualified Deferred Compensation Plan. Following the RSU grant, he directly owns 37,945 shares of common stock.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Espinoza Octavio

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Grant/Award	Employee Stock Option (right to buy)	23,527	$0.00	--
Grant/Award	Common Stock	4,933	$0.00	--

Holdings After Transaction: Employee Stock Option (right to buy) — 23,527 shares (Direct); Common Stock — 37,945 shares (Direct)

Footnotes (1)

1. Represents restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs shall vest over three years, in three substantially equal annual installments on February 15, 2027; February 15, 2028; and February 15, 2029, subject to the Reporting Person's continued service to the Issuer through each such vesting date. Pursuant to an election under the Issuer's Nonqualified Deferred Compensation Plan, delivery of shares otherwise issuable upon each vesting date will be deferred. The Stock Option grant vests and is exercisable as to 12.5% of the underlying shares 6 months after the grant date, and in 42 substantially equal monthly installments thereafter.

Form 4 Insider Transactions: What Each Field Means →

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).

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 FLORIDA 33458

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/02/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	03/02/2026		A		4,933(1)	A	$0	37,945	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)	$202.55	03/02/2026		A		23,527		(2)	03/02/2036	Common Stock	23,527	$0	23,527	D

Explanation of Responses:

1. Represents restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs shall vest over three years, in three substantially equal annual installments on February 15, 2027; February 15, 2028; and February 15, 2029, subject to the Reporting Person's continued service to the Issuer through each such vesting date. Pursuant to an election under the Issuer's Nonqualified Deferred Compensation Plan, delivery of shares otherwise issuable upon each vesting date will be deferred.

2. The Stock Option grant vests and is exercisable as to 12.5% of the underlying shares 6 months after the grant date, and in 42 substantially equal monthly installments thereafter.

	By: /s/ Andrew Reardon, Attorney-in-Fact For: Octavio Espinoza	03/27/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What equity awards did Ligand Pharmaceuticals (LGND) grant to its CFO?

Ligand Pharmaceuticals granted its CFO, Octavio Espinoza, 23,527 stock options at an exercise price of $202.55 and 4,933 restricted stock units. These awards are compensation-related grants, not open-market purchases, and increase his long-term equity exposure to Ligand shares.

How do the new Ligand (LGND) stock options for the CFO vest?

The 23,527 stock options granted to Ligand’s CFO vest gradually over time. Twelve and a half percent vest six months after the grant date, with the remaining options vesting in 42 substantially equal monthly installments, providing a long-term performance and retention incentive.

What is the vesting schedule for the CFO’s 4,933 RSUs at Ligand (LGND)?

The 4,933 restricted stock units vest over three years in substantially equal annual installments. Vesting dates are February 15, 2027, February 15, 2028, and February 15, 2029, and are conditioned on the CFO’s continued service with Ligand Pharmaceuticals through each vesting date.

When do the newly granted Ligand (LGND) stock options to the CFO expire?

The stock options granted to Ligand’s CFO expire on March 2, 2036. They carry an exercise price of $202.55 per share and become exercisable over time based on the defined vesting schedule, giving a long-dated window to convert options into common shares.

How many Ligand (LGND) common shares does the CFO hold after these grants?

After receiving the new restricted stock unit grant, Ligand’s CFO directly holds 37,945 shares of common stock. This figure reflects his updated equity position as reported, separate from the 23,527 stock options that provide additional potential future share ownership.

Are the Ligand (LGND) RSU shares delivered immediately upon vesting to the CFO?

No. Although the RSUs vest in three annual installments, delivery of the underlying shares is deferred. Pursuant to an election under Ligand’s Nonqualified Deferred Compensation Plan, shares otherwise issuable at each vesting date will be delivered at a later time instead of immediately.