Ligand CLO Reardon Exercises Options, Sells 5,000 Shares
Ligand Pharmaceuticals’ CLO & Secretary Andrew Reardon exercised stock options and sold the resulting shares.
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Form Type
4
Rhea-AI Filing Summary
Ligand Pharmaceuticals’ CLO & Secretary Andrew Reardon exercised stock options and sold the resulting shares. He exercised 5,000 Employee Stock Options at an exercise price of $52.27 per share, receiving 5,000 shares of common stock.
On the same date, he sold all 5,000 shares in multiple open-market transactions at weighted-average prices ranging from about $198.40 to $204.82 per share, under a written Rule 10b5-1 trading plan adopted on November 24, 2025. Following these transactions, he directly holds 41,382 shares of Ligand common stock.
Insider Trade Summary 10b5-1
Exercise and Sale: 5,000 shares ($745K approx. pre-tax spread)
Exercise and Sale
8 txns
Insider
Reardon Andrew
Role
CLO & Secretary
Sold
5,000 shs ($1.01M)
Approx. gross sale proceeds
$1.01M
Approx. exercise cost
$261K
Approx. pre-tax spread
$745K
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option (right to buy) | 5,000 | $0.00 | $0.00 |
| Exercise | Common Stock | 5,000 | $52.27 | $261K |
| Sale | Common Stock | 460 | $198.8493 | $91K |
| Sale | Common Stock | 1,302 | $199.7221 | $260K |
| Sale | Common Stock | 1,238 | $200.9429 | $249K |
| Sale | Common Stock | 700 | $201.8971 | $141K |
| Sale | Common Stock | 963 | $203.2218 | $196K |
| Sale | Common Stock | 337 | $204.5026 | $69K |
Holdings After Transaction:
Employee Stock Option (right to buy) — 49,444 contracts (Direct);
Common Stock — 41,382 shares (Direct)
Footnotes (8)
- F1. 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.
- F2. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $198.4000 to $199.3500. 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.
- F3. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $199.4600 to $200.3300. 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.
- F4. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $200.6000 to $201.5500. 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.
- F5. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $201.6500 to $202.1900. 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.
- F6. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $202.9900 to $203.7100. 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.
- F7. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $204.0100 to $204.8200. 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.
- F8. 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
Options exercised: 5,000 options
Exercise price: $52.27/share
Shares sold: 5,000 shares
+4 more
7 metrics
Options exercised
5,000 options
Employee Stock Option exercise at $52.27 per share
Exercise price
$52.27/share
Strike price for 5,000 Employee Stock Options
Shares sold
5,000 shares
Total Ligand common shares sold in open-market transactions
Sale price range
$198.40–$204.82/share
Weighted-average sale price ranges across multiple trades
Shares held after transactions
41,382 shares
Direct Ligand common stock holding after sales
Option expiration date
August 1, 2032
Expiration of the Employee Stock Option grant exercised
Rule 10b5-1 plan adoption date
November 24, 2025
Date Reardon adopted written trading plan
Key Terms
Rule 10b5-1, weighted-average price, Employee Stock Option (right to buy), open-market sale, +1 more
5 terms
Rule 10b5-1 regulatory
"written trading plan 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. These shares were sold in multiple transactions"
Weighted-average price is the average of multiple prices where each price is counted according to its size or importance—larger trades carry more weight than smaller ones, like averaging course grades by credit hours. It matters to investors because it gives a more realistic picture of the true price paid or received, helping assess trade execution, compare performance, calculate cost basis, and value positions more accurately than a simple average.
Employee Stock Option (right to buy) financial
"security_title": "Employee Stock Option (right to buy)""
open-market sale financial
"transaction_action": "open-market sale","transaction_code_description": "Sale in open market or private transaction""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
vesting financial
"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"
Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Ligand (LGND) CLO Andrew Reardon do in this Form 4 filing?
Andrew Reardon exercised 5,000 stock options at $52.27 per share and sold all 5,000 resulting Ligand shares in open-market transactions around $200 per share, under a pre-arranged Rule 10b5-1 trading plan adopted in November 2025.
What stock options did Andrew Reardon exercise in Ligand (LGND)?
He exercised 5,000 Employee Stock Options with an exercise price of $52.27 per share, converting these options into 5,000 Ligand common shares. The option grant vests 12.5% initially, then in 42 substantially equal monthly installments thereafter, as disclosed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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