LGND insider Form 4 shows sales; post‑trade holdings 44,588

Rhea-AI Filing Summary

Ligand Pharmaceuticals (LGND): Form 4 insider transaction

Director John W. Kozarich reported open‑market sales of Ligand common stock on 11/03/2025 pursuant to a Rule 10b5‑1 trading plan adopted on March 07, 2025. Reported sales were executed in multiple trades: 84 shares at a weighted‑average price of $188.9968, 49 shares at $190.2579, 207 shares at $191.2494, and 127 shares at $192.3781. Following these transactions, the reporting person beneficially owned 44,588 shares, held directly. Prices reflect weighted averages across multiple executions within disclosed ranges.

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^*

KOZARICH JOHN W

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
11/03/2025

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	11/03/2025		S		84(1)	D	$188.9968(2)	44,971	D
Common Stock	11/03/2025		S		49(1)	D	$190.2579(3)	44,922	D
Common Stock	11/03/2025		S		207(1)	D	$191.2494(4)	44,715	D
Common Stock	11/03/2025		S		127(1)	D	$192.3781(5)	44,588	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. The transaction reported on this Form 4 was made pursuant to a written trading plan adopted by the Reporting Person on March 07, 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 $188.7150 to $189.5250. 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 $189.7800 to $190.5750. 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 $190.9400 to $191.6000. 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 $192.1200 to $192.9700. 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.

	By: /s/ Andrew Reardon, Attorney-in-Fact For: John W. Kozarich	11/05/2025
	** 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 insider activity did LGND report on Form 4?

A director reported sales of common stock in multiple transactions on 11/03/2025 under a Rule 10b5-1 plan.

How many LGND shares does the insider own after the trades?

The reporting person beneficially owned 44,588 shares directly after the reported transactions.

What prices were the LGND shares sold at?

Weighted‑average prices were $188.9968, $190.2579, $191.2494, and $192.3781, each reflecting multiple executions within stated ranges.

Were the sales made under a pre‑arranged trading plan?

Yes. The transactions were made pursuant to a written trading plan adopted on March 07, 2025 in accordance with Rule 10b5-1.

What is the insider’s relationship to Ligand (LGND)?

The reporting person is a Director of Ligand Pharmaceuticals.

How were the transactions coded on the form?

They were coded as S (open‑market or private sale) in Table I.