Ligand (NASDAQ: LGND) CFO trades shares under 10b5-1 plan

Rhea-AI Filing Summary

Ligand Pharmaceuticals’ Chief Financial Officer Octavio Espinoza exercised employee stock options and sold shares in the company on March 11, 2026. He exercised options covering 2,405 shares of common stock at an exercise price of $92.65 per share.

On the same day, he sold 3,057 shares of common stock at a price of $225.00 per share, leaving him with 21,010 shares held directly after the transactions. These trades were carried out under a pre-arranged Rule 10b5-1 trading plan adopted on November 19, 2025, and the stock option was fully vested and exercisable.

Insights

Equity analyst

CFO executes routine option exercise and planned share sale under 10b5-1.

Octavio Espinoza, CFO of Ligand Pharmaceuticals, exercised options for 2,405 shares at an exercise price of $92.65 and sold 3,057 shares at $225.00 on March 11, 2026. The option was fully vested and exercisable, indicating this was a scheduled liquidity event rather than a new grant.

The filing states the trades were made under a written Rule 10b5-1 trading plan adopted on November 19, 2025, which typically reduces the informational value of timing because transactions are pre-planned. After these moves, Espinoza holds 21,010 shares directly, so the sale represents a partial, not complete, reduction of his equity stake.

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)
03/11/2026

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	03/11/2026		M		2,405(1)	A	$92.65	24,067	D
Common Stock	03/11/2026		S		3,057(1)	D	$225	21,010	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)	$92.65	03/11/2026		M			2,405(1)	(2)	03/02/2028	Common Stock	2,405	$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 stock option is fully vested and exercisable.

	By: /s/ Andrew Reardon, Attorney-in-Fact For: Octavio Espinoza	03/13/2026
	** 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.

FAQ

What did Ligand (LGND) CFO Octavio Espinoza report in this Form 4?

He reported an option exercise and share sale. Espinoza exercised options for 2,405 shares at $92.65, then sold 3,057 common shares at $225.00 on March 11, 2026, and ended with 21,010 shares held directly.

How many Ligand (LGND) shares did the CFO sell and at what price?

He sold 3,057 Ligand shares at $225.00 each. The sale involved common stock in an open-market or private transaction on March 11, 2026, as reflected by transaction code “S” in the Form 4 filing.

How many Ligand (LGND) shares does the CFO own after these transactions?

He holds 21,010 Ligand shares directly after the trades. Following the March 11, 2026 option exercise of 2,405 shares and the sale of 3,057 shares, the Form 4 shows total direct ownership of 21,010 common shares.

Were the Ligand (LGND) CFO’s transactions done under a Rule 10b5-1 plan?

Yes, they were executed under a Rule 10b5-1 plan. The footnotes state the transactions were made pursuant to a written trading plan adopted on November 19, 2025, in accordance with Rule 10b5-1, indicating they were pre-arranged.

What stock options did the Ligand (LGND) CFO exercise in this filing?

He exercised fully vested stock options for 2,405 shares. The options had an exercise price of $92.65 per share, were fully vested and exercisable, and converted into 2,405 shares of Ligand common stock on March 11, 2026.

Does the Form 4 show any remaining options for the Ligand (LGND) CFO?

The filing does not list remaining derivative positions for this option. The reported employee stock option for 2,405 shares was exercised in full and derivative position data in the summary is empty, indicating no remaining balance for that specific grant.