Ligand Pharmaceuticals (LGND) director sells 1,000 shares, keeps stake

Rhea-AI Filing Summary

Ligand Pharmaceuticals director Stephen L. Sabba reported an open-market sale of 1,000 shares of Common Stock. The shares were sold on March 23, 2026 at an average price of $207.8727 per share, as detailed across multiple small trades that day.

After this transaction, Sabba directly holds 32,793 shares of Ligand Pharmaceuticals Inc. A footnote explains that this total includes 1,209 previously reported restricted shares that were granted in 2025 and are expected to vest in full within six months from the reported date.

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^*

Sabba Stephen L

(Last) (First) (Middle)

485 UNDERHILL BLVD SUITE 205

(Street)

SYOSSET NEW YORK 11791

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/23/2026

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(1)	03/23/2026		S		1,000	D	$207.8727(2)	32,793	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

Explanation of Responses:

1. These securities, as represented in Column 5, include a grant of 1,209 restricted shares approved by the Board of Directors of the Company at the 2025 Meeting held 6 June 2025, which shares were previously reported on a Form 4 for this Reporting Person dated 10 June 2025, and are included on this Form 4 only to report that they will vest in full within six (6) months from the date hereof.

2. The price, as represented in Column 4, represents an average price per share of the following transactions on 23 March 2026: 100 shares at $208.055000, 17 shares at $207.980000, and 883 shares at $207.850000.

	/s/ Stephen L. Sabba	03/25/2026
	** 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 insider transaction did LGND director Stephen L. Sabba report?

Stephen L. Sabba, a director of Ligand Pharmaceuticals, reported selling 1,000 shares of Common Stock in an open-market transaction. The sale occurred on March 23, 2026, and was disclosed as a routine insider trade with updated post-transaction holdings.

How many Ligand Pharmaceuticals (LGND) shares did Stephen Sabba sell?

Stephen Sabba sold 1,000 shares of Ligand Pharmaceuticals Common Stock. The transaction was reported as an open-market sale, broken into several smaller trades, and reflects only a portion of his overall direct ownership in the company.

At what price were the LGND shares sold by director Stephen Sabba?

The reported price is an average of $207.8727 per share. A footnote specifies individual trades on March 23, 2026, including 100 shares at $208.0550, 17 shares at $207.9800, and 883 shares at $207.8500, which together produce the stated average.

How many LGND shares does Stephen Sabba own after this sale?

After the reported sale, Stephen Sabba directly owns 32,793 shares of Ligand Pharmaceuticals Common Stock. This figure includes time-based restricted shares that are expected to vest within six months from the transaction reporting date.

What does the restricted share footnote mean in the LGND Form 4?

The footnote explains that Sabba’s reported total includes 1,209 restricted shares granted in 2025. These shares were previously disclosed and are now referenced again solely to note that they will fully vest within six months from the current report date.

Was Stephen Sabba’s LGND transaction a market purchase or sale?

The transaction was a sale of Ligand Pharmaceuticals Common Stock. It is characterized as an open-market or private transaction, coded as “S,” which in this context represents a discretionary disposition rather than a grant, option exercise, or tax-related withholding.