CLO Andrew Reardon nets 5,000-share sale at Ligand (NASDAQ: LGND)

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Ligand Pharmaceuticals’ CLO & Secretary Andrew Reardon reported a pre-planned option exercise and share sale. On May 1, 2026, he exercised employee stock options for 5,000 shares of common stock at $52.27 per share and sold 5,000 shares of common stock in open-market transactions at weighted-average prices ranging from about $227 to $234 per share. The filing notes these trades were made under a Rule 10b5-1 trading plan adopted on November 24, 2025, indicating they were scheduled in advance rather than timed discretionarily.

Insider Trade Summary 10b5-1

Net Seller: 5,000 shares ($1,156,556)

Net Sell 9 txns

Insider Reardon Andrew

Role CLO & Secretary

Sold 5,000 shs ($1.16M)

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (right to buy)	5,000	$0.00	--
Exercise	Common Stock	5,000	$52.27	$261K
Sale	Common Stock	600	$227.4493	$136K
Sale	Common Stock	932	$228.7537	$213K
Sale	Common Stock	98	$229.7086	$23K
Sale	Common Stock	370	$230.8692	$85K
Sale	Common Stock	780	$232.0399	$181K
Sale	Common Stock	1,420	$232.922	$331K
Sale	Common Stock	800	$234.0177	$187K

Holdings After Transaction: Employee Stock Option (right to buy) — 44,444 shares (Direct, null); Common Stock — 46,382 shares (Direct, null)

Footnotes (1)

The transactions reported on this Form 4 were made pursuant to a written trading plan adopted by the Reporting Person on November 24, 2025, in accordance with Rule 10b5-1. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $227.0400 to $227.9200. 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. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $228.4000 to $229.3000. 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. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $229.4000 to $230.3800. 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. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $230.4300 to $231.3500. 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. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $231.5200 to $232.4900. 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. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $232.5400 to $233.3300. 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. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $233.8200 to $234.1100. 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. The stock option vests and is exercisable as to 12.5% of the underlying shares on February 1, 2023, and in 42 substantially equal monthly installments thereafter.

Key Figures

Shares sold: 5,000 shares Option exercise size: 5,000 shares Option exercise price: $52.27 per share +3 more

6 metrics

Shares sold 5,000 shares Common stock sold in open-market transactions on May 1, 2026

Option exercise size 5,000 shares Employee stock options exercised into common stock on May 1, 2026

Option exercise price $52.27 per share Exercise price for employee stock option

Sale price range $227.04–$234.11 per share Weighted-average sale price ranges across multiple tranches

10b5-1 plan adoption date November 24, 2025 Date written trading plan was adopted

Option expiration August 1, 2032 Expiration date of employee stock option before exercise

Key Terms

Rule 10b5-1, weighted-average price, Employee Stock Option (right to buy), derivative security, +1 more

5 terms

Rule 10b5-1 regulatory

"adopted by the Reporting Person on November 24, 2025, in accordance with Rule 10b5-1"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

weighted-average price financial

"The price reported in Column 4 is a weighted-average price."

Employee Stock Option (right to buy) financial

"security_title": "Employee Stock Option (right to buy)""

derivative security financial

"Exercise or conversion of derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

Common Stock financial

"security_title": "Common Stock""

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Form 4 Insider Transactions: What Each Field Means →

05/04/2026 - 08:20 PM

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^*

Reardon Andrew

(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)
	CLO & Secretary

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/01/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/01/2026		M		5,000⁽¹⁾	A	$52.27	46,382	D
Common Stock	05/01/2026		S		600⁽¹⁾	D	$227.4493⁽²⁾	45,782	D
Common Stock	05/01/2026		S		932⁽¹⁾	D	$228.7537⁽³⁾	44,850	D
Common Stock	05/01/2026		S		98⁽¹⁾	D	$229.7086⁽⁴⁾	44,752	D
Common Stock	05/01/2026		S		370⁽¹⁾	D	$230.8692⁽⁵⁾	44,382	D
Common Stock	05/01/2026		S		780⁽¹⁾	D	$232.0399⁽⁶⁾	43,602	D
Common Stock	05/01/2026		S		1,420⁽¹⁾	D	$232.922⁽⁷⁾	42,182	D
Common Stock	05/01/2026		S		800⁽¹⁾	D	$234.0177⁽⁸⁾	41,382	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (right to buy)	$52.27	05/01/2026		M			5,000⁽¹⁾	⁽⁹⁾	08/01/2032	Common Stock	5,000	$0.0	44,444	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 24, 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 $227.0400 to $227.9200. 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 $228.4000 to $229.3000. 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 $229.4000 to $230.3800. 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 $230.4300 to $231.3500. 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.

6. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $231.5200 to $232.4900. 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 $232.5400 to $233.3300. 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.

8. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $233.8200 to $234.1100. 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 stock option vests and is exercisable as to 12.5% of the underlying shares on February 1, 2023, and in 42 substantially equal monthly installments thereafter.

	/s/Andrew Reardon	05/04/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did LGND CLO Andrew Reardon report on May 1, 2026?

Andrew Reardon reported exercising options for 5,000 shares of Ligand Pharmaceuticals common stock and selling 5,000 shares in open-market transactions on May 1, 2026, according to the Form 4 filing.

At what prices did Andrew Reardon sell LGND shares in this Form 4?

The reported sales used weighted-average prices between roughly $227 and $234 per share, with detailed ranges provided in footnotes for each sale tranche, reflecting multiple individual trades within those price intervals.

Did Andrew Reardon exercise stock options in the latest LGND Form 4?

Yes. He exercised employee stock options covering 5,000 shares of Ligand Pharmaceuticals common stock at an exercise price of $52.27 per share, converting his option position into actual shares before the reported sales.

Were Andrew Reardon’s LGND stock sales made under a Rule 10b5-1 plan?

Yes. The filing states all reported transactions were executed under a written trading plan adopted on November 24, 2025, in accordance with Rule 10b5-1, meaning the trades were pre-scheduled rather than timed opportunistically.

What type of securities are involved in Andrew Reardon’s LGND Form 4?

The Form 4 covers Ligand Pharmaceuticals common stock and an employee stock option. The option gave the right to buy 5,000 common shares at $52.27 per share and had an expiration date of August 1, 2032, before this exercise.