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  4. [Form 4] LIGAND PHARMACEUTICALS INC Insider Trading Activity

Ligand Pharmaceuticals (LGND) CLO sells 5,000 shares after option exercise

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

LIGAND PHARMACEUTICALS INC officer Andrew Reardon, CLO & Secretary, exercised 5,000 employee stock options at $52.2700 per share on August 3, 2026, receiving 5,000 common shares. That same day he sold 5,000 common shares in multiple transactions at weighted-average prices within disclosed ranges from $283.24 to $292.89 per share. After the exercise, the option grant expiring 2032-08-01 covers 29,444.0000 shares. All reported transactions were made under a written trading plan adopted November 24, 2025, in accordance with Rule 10b5-1.

Positive

  • None.

Negative

  • None.
Insider Reardon Andrew
Role CLO & Secretary
Sold 5,000 shs ($1.44M)
Approx. gross sale proceeds $1.44M
Approx. exercise cost $261K
Approx. pre-tax spread $1.18M
Type Security Shares Price Value
Exercise Employee Stock Option (right to buy) F1, F12 5,000 $0.00 $0.00
Exercise Common Stock F1 5,000 $52.27 $261K
Sale Common Stock F1, F2 105 $284.1375 $30K
Sale Common Stock F1, F3 33 $284.553 $9K
Sale Common Stock F1, F4 157 $285.7357 $45K
Sale Common Stock F1, F5 1,032 $286.7968 $296K
Sale Common Stock F1, F6 1,214 $287.7731 $349K
Sale Common Stock F1, F7 356 $288.7496 $103K
Sale Common Stock F1, F8 503 $289.8022 $146K
Sale Common Stock F1, F9 200 $290.60 $58K
Sale Common Stock F1, F10 991 $291.7119 $289K
Sale Common Stock F1, F11 409 $292.8191 $120K
Holdings After Transaction: Employee Stock Option (right to buy) — 29,444 shares (Direct); Common Stock — 41,514 shares (Direct)
Footnotes (12)
  1. 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.
  2. F2. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $283.24 to $284.23. 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. F3. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $284.28 to $284.58. 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. F4. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $285.28 to $285.90. 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. F5. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $286.28 to $287.17. 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. F6. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $287.30 to $288.27. 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. F7. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $288.32 to $289.20. 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. F8. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $289.33 to $290.18. 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. F9. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $290.48 to $290.72. 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.
  10. F10. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $291.57 to $292.47. 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.
  11. F11. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $292.78 to $292.89. 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.
  12. F12. 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.
Options exercised 5000.0000 shares Employee Stock Option exercised on 2026-08-03
Option exercise price $52.2700 per share Conversion or exercise price of the Employee Stock Option
Common shares sold 5000 Total LGND common shares sold on 2026-08-03 across multiple transactions
Options remaining after exercise 29444.0000 shares Stock options held directly following the reported derivative transaction
Option expiration date 2032-08-01 Expiration date of the Employee Stock Option (right to buy)
10b5-1 plan adoption date November 24, 2025 Date the written trading plan governing these transactions was adopted
Lowest disclosed sale range start $283.24 per share Lower bound of a weighted-average price range for one sale tranche (Footnote F2)
Highest disclosed sale range end $292.89 per share Upper bound of a weighted-average price range for one sale tranche (Footnote F11)
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."
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)""
substantially equal monthly installments financial
"and in 42 substantially equal monthly installments thereafter."

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

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Form 4 Insider Transactions: What Each Field Means →

FAQ

What transactions did Andrew Reardon report for LGND in this Form 4?
Andrew Reardon reported exercising 5,000 employee stock options at $52.2700 per share and selling 5,000 common shares in multiple transactions. All activity occurred on August 3, 2026 and involved directly held securities.

How many LGND shares did Andrew Reardon sell and at what prices?
He sold a total of 5,000 LGND common shares in several tranches at weighted-average prices. Disclosed price ranges for these sales span from $283.24 to $292.89 per share, with each range detailed in separate footnotes.

What stock options did Andrew Reardon exercise in LGND?
He exercised 5,000 shares under an Employee Stock Option (right to buy) with an exercise price of $52.2700 per share. Following this exercise, that option grant, expiring 2032-08-01, continues to cover 29,444.0000 shares.

Were Andrew Reardon’s LGND trades made under a Rule 10b5-1 plan?
Yes. A footnote states the transactions were made pursuant to a written trading plan adopted on November 24, 2025 in accordance with Rule 10b5-1, and the Form 4’s 10b5-1 checkbox is affirmatively marked.

What is Andrew Reardon’s role at LGND mentioned in the Form 4?
The Form 4 identifies Andrew Reardon as an officer of LIGAND PHARMACEUTICALS INC, serving as CLO & Secretary. The reported option exercise and share sales relate to his directly held equity in the company.

How do Reardon’s LGND options vest according to the filing footnotes?
A footnote explains the stock option vests and is exercisable as to 12.5% of the underlying shares on February 1, 2023, and then in 42 substantially equal monthly installments thereafter, creating a long-term vesting schedule.
SEC Form 4
FORM 4UNITED 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*
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)
Director10% Owner
XOfficer (give title below)Other (specify below)
CLO & Secretary
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
08/03/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock08/03/2026M5,000(1)A$52.2746,514D
Common Stock08/03/2026S105(1)D$284.1375(2)46,409D
Common Stock08/03/2026S33(1)D$284.553(3)46,376D
Common Stock08/03/2026S157(1)D$285.7357(4)46,219D
Common Stock08/03/2026S1,032(1)D$286.7968(5)45,187D
Common Stock08/03/2026S1,214(1)D$287.7731(6)43,973D
Common Stock08/03/2026S356(1)D$288.7496(7)43,617D
Common Stock08/03/2026S503(1)D$289.8022(8)43,114D
Common Stock08/03/2026S200(1)D$290.6(9)42,914D
Common Stock08/03/2026S991(1)D$291.7119(10)41,923D
Common Stock08/03/2026S409(1)D$292.8191(11)41,514D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Employee Stock Option (right to buy)$52.2708/03/2026M5,000(1) (12)08/01/2032Common Stock5,000$0.029,444D
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 $283.24 to $284.23. 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 $284.28 to $284.58. 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 $285.28 to $285.90. 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 $286.28 to $287.17. 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 $287.30 to $288.27. 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 $288.32 to $289.20. 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 $289.33 to $290.18. 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 price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $290.48 to $290.72. 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.
10. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $291.57 to $292.47. 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.
11. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $292.78 to $292.89. 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.
12. 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 Reardon08/04/2026
** Signature of Reporting PersonDate
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