Ligand legal chief Reardon sells 5,000 shares

Q: How many LGND shares did Andrew Reardon sell, and at what prices?

Andrew Reardon sold 5,000 common shares on October 2, 2026, in six transactions under a written Rule 10b5-1 plan adopted June 4, 2026. Weighted-average prices were $302.5107 for 833 shares, $303.5444 for 1,976, $304.5154 for 1,535, $306.1834 for 404, and $307.1911 for 235; another 17 shares were reported at $307.7400.

Q: What options did Andrew Reardon exercise in LGND?

Andrew Reardon exercised 340 employee stock options on October 2, 2026, at a $52.27 exercise price. The reported option balance afterward was 29,104, and the options have an August 1, 2032 expiration date.

The sales followed a written Rule 10b5-1 plan adopted June 4, 2026; the reported option balance after exercise was 29,104.

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Rhea-AI Filing Summary

Ligand Pharmaceuticals (LGND) Chief Legal Officer and Secretary Andrew Reardon exercised 340 employee stock options on October 2, 2026, at a $52.27 exercise price, acquiring 340 common shares; 29,104 options remained after the exercise. That day, he sold 5,000 common shares in six transactions under a written Rule 10b5-1 plan adopted June 4, 2026. Five sale blocks carried weighted-average prices of $302.5107 (833 shares), $303.5444 (1,976 shares), $304.5154 (1,535 shares), $306.1834 (404 shares), and $307.1911 (235 shares); another 17 shares were reported at $307.7400.

Insights

Analyzing...

Insider Trade Summary 10b5-1

Exercise and sale activity reported; no spread calculated

Exercise and Sale 8 txns

Insider Reardon Andrew

Role CLO & Secretary

Sold 5,000 shs ($1.52M)

Approx. gross sale proceeds $1.52M

Approx. exercise cost $18K

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (right to buy) ^F7	340	$0.00	$0.00
Exercise	Common Stock ^F1	340	$52.27	$18K
Sale	Common Stock ^{F1, F2}	833	$302.5107	$252K
Sale	Common Stock ^{F1, F3}	1,976	$303.5444	$600K
Sale	Common Stock ^{F1, F4}	1,535	$304.5154	$467K
Sale	Common Stock ^{F1, F5}	404	$306.1834	$124K
Sale	Common Stock ^{F1, F6}	235	$307.1911	$72K
Sale	Common Stock ^F1	17	$307.74	$5K

Holdings After Transaction: Employee Stock Option (right to buy) — 29,104 contracts (Direct); Common Stock — 31,854 shares (Direct)

Footnotes (7)

F1. The transactions reported on this Form 4 were made pursuant to a written trading plan adopted by the Reporting Person on June 4, 2026, 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 $302.14 to $303.06. 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 $303.14 to $304.12. 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 $304.19 to $305.01. 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 $305.71 to $306.46. 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 $306.72 to $307.54. 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 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 Employee stock options exercised: 340 options Common shares acquired through exercise: 340 shares +3 more

6 metrics

Shares sold 5,000 shares Six transactions on October 2, 2026

Employee stock options exercised 340 options October 2, 2026

Common shares acquired through exercise 340 shares October 2, 2026

Option exercise price $52.27 per share Options exercised October 2, 2026

Options following transaction 29,104 options After the October 2, 2026 exercise

Weighted-average sale price $302.5107 per share 833 shares sold October 2, 2026

Key Terms

Rule 10b5-1, weighted-average price, written trading plan

3 terms

Rule 10b5-1 regulatory

"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"

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.

written trading plan financial

"pursuant to a written trading plan adopted by the Reporting Person"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many LGND shares did Andrew Reardon sell, and at what prices?

Andrew Reardon sold 5,000 common shares on October 2, 2026, in six transactions under a written Rule 10b5-1 plan adopted June 4, 2026. Weighted-average prices were $302.5107 for 833 shares, $303.5444 for 1,976, $304.5154 for 1,535, $306.1834 for 404, and $307.1911 for 235; another 17 shares were reported at $307.7400.

What options did Andrew Reardon exercise in LGND?

Andrew Reardon exercised 340 employee stock options on October 2, 2026, at a $52.27 exercise price. The reported option balance afterward was 29,104, and the options have an August 1, 2032 expiration date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/06/2026 - 04:36 PM Accepted by SEC EDGAR 10/06/2026 - 04:35 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)
10/02/2026

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	10/02/2026		M		340⁽¹⁾	A	$52.27	36,854	D
Common Stock	10/02/2026		S		833⁽¹⁾	D	$302.5107⁽²⁾	36,021	D
Common Stock	10/02/2026		S		1,976⁽¹⁾	D	$303.5444⁽³⁾	34,045	D
Common Stock	10/02/2026		S		1,535⁽¹⁾	D	$304.5154⁽⁴⁾	32,510	D
Common Stock	10/02/2026		S		404⁽¹⁾	D	$306.1834⁽⁵⁾	32,106	D
Common Stock	10/02/2026		S		235⁽¹⁾	D	$307.1911⁽⁶⁾	31,871	D
Common Stock	10/02/2026		S		17⁽¹⁾	D	$307.74	31,854	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	10/02/2026		M			340	⁽⁷⁾	08/01/2032	Common Stock	340	$0	29,104	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 June 4, 2026, 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 $302.14 to $303.06. 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 $303.14 to $304.12. 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 $304.19 to $305.01. 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 $305.71 to $306.46. 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 $306.72 to $307.54. 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 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.

Remarks:

	/s/Andrew Reardon	10/06/2026
	** 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