[Form 4] LIGAND PHARMACEUTICALS INC Insider Trading Activity

Rhea-AI Filing Summary

Ligand Pharmaceuticals (LGND) director John L. LaMattina reported same‑day option exercises and share sales. On 11/07/2025, he exercised 2,145 options at $66.13 and 2,034 options at $69.51, then sold 2,145 shares at $205.45 and 2,034 shares at $205.45. Following these transactions, he directly owned 30,724 shares. The options exercised were previously granted awards that had been adjusted in connection with the OmniAb Inc. separation and carried expiration dates of 05/25/2027 and 05/23/2026.

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

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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^*

LAMATTINA JOHN L

(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)
11/07/2025

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	11/07/2025		M		2,145	A	$66.13	32,869	D
Common Stock	11/07/2025		S		2,145	D	$205.45	30,724	D
Common Stock	11/07/2025		M		2,034	A	$69.51	32,758	D
Common Stock	11/07/2025		S		2,034	D	$205.45	30,724	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
Non-Qualified Stock Option (right to buy)	$66.13	11/07/2025		M			2,145	(1)	05/25/2027	Common Stock	2,145	$0.0	0	D
Non-Qualified Stock Option (right to buy)	$69.51	11/07/2025		M			2,034	(2)	05/23/2026	Common Stock	2,034	$0.0	0	D

Explanation of Responses:

1. This Option was previously reported as a Grant of 2,456 shares, which vested in full on May 25, 2018, at an exercise price of $113.5000 per share but was adjusted pursuant to the OmniAb Inc. separation from the issuer.

2. This Option was previously reported as a Grant of 2,329 shares, which vested in full on May 23, 2017, at an exercise price of $119.3000 per share but was adjusted pursuant to the OmniAb Inc. separation from the issuer.

	By: Andrew Reardon, Attorney-in-Fact For: John L. LaMattina	11/12/2025
	** 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 did LGND director John L. LaMattina report on Form 4?

He exercised options and sold shares on 11/07/2025, then held 30,724 shares directly.

How many LGND options were exercised and at what prices?

He exercised 2,145 options at $66.13 and 2,034 options at $69.51.

At what price were LGND shares sold?

Shares were sold at $205.45 per share in two transactions.

What is LaMattina’s LGND share ownership after the transactions?

He directly owned 30,724 shares following the reported trades.

Were the options tied to prior grants?

Yes. They were previously reported grants adjusted due to the OmniAb Inc. separation, with expirations on 05/25/2027 and 05/23/2026.

What is LaMattina’s relationship to LGND?

He is a Director of Ligand Pharmaceuticals.