Planned LGND insider sale: Ligand (LGND) CLO sells 5,000 shares

Rhea-AI Filing Summary

Ligand Pharmaceuticals’ Chief Legal Officer and Secretary Andrew Reardon reported a set of planned insider transactions in company stock. On March 4, 2026, he exercised employee stock options for 5,000 shares of common stock and then sold 5,000 common shares in a series of open-market trades.

The sales were executed at weighted-average prices disclosed in ranges between approximately $197.58 and $208.97, under a Rule 10b5-1 trading plan adopted on November 24, 2025. After these transactions, Reardon directly holds 36,869 common shares and 54,444 options, with the underlying option grant vesting over time.

Insights

Equity analyst – insider activity

Planned option exercise and matching sale, net 5,000-share disposition.

Andrew Reardon, CLO & Secretary of Ligand Pharmaceuticals, exercised employee stock options for 5,000 shares and sold 5,000 common shares on March 4, 2026. The sale prices, reported as weighted averages, span ranges roughly from $197.58 to $208.97.

The transactions occurred under a pre-established Rule 10b5-1 trading plan adopted on November 24, 2025, which can reduce informational content by automating trades. Following these moves, he directly holds 36,869 common shares and 54,444 options, indicating continued exposure to the company’s equity.

From an investment perspective this looks like a routine combination of compensation-related option exercise and partial monetization, with a net-sell direction of 5,000 shares. The overall signal is neutral, and interpretation depends on broader context from future company disclosures.

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^*

Reardon Andrew

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/04/2026

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	03/04/2026		M		5,000(1)	A	$52.27	41,869	D
Common Stock	03/04/2026		S		100(1)	D	$197.6954(2)	41,769	D
Common Stock	03/04/2026		S		100(1)	D	$199.005	41,669	D
Common Stock	03/04/2026		S		207(1)	D	$199.956(3)	41,462	D
Common Stock	03/04/2026		S		93(1)	D	$200.6225(4)	41,369	D
Common Stock	03/04/2026		S		300(1)	D	$201.7	41,069	D
Common Stock	03/04/2026		S		200(1)	D	$204.17(5)	40,869	D
Common Stock	03/04/2026		S		460(1)	D	$205.178(6)	40,409	D
Common Stock	03/04/2026		S		340(1)	D	$206.367(7)	40,069	D
Common Stock	03/04/2026		S		612(1)	D	$207.0089(8)	39,457	D
Common Stock	03/04/2026		S		1,446(1)	D	$208.1183(9)	38,011	D
Common Stock	03/04/2026		S		1,142(1)	D	$208.8724(10)	36,869	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
Employee Stock Option (right to buy)	$52.27	03/04/2026		M			5,000(1)	(11)	08/01/2032	Common Stock	5,000	$0.0	54,444	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 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 $197.5800 to $198.3800. 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 $199.8800 to $200.5500. 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.

4. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $200.5800 to $200.8700. 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 $203.8600 to $204.4800. 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 $204.8400 to $205.5700. 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 $205.6000 to $206.5400. 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 $206.6800 to $207.5100. 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 $207.6700 to $208.5500. 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.

10. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $208.6000 to $208.9700. 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.

11. 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 Reardon	03/06/2026
	** 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.

FAQ

What insider transactions did LGND executive Andrew Reardon report on this Form 4?

Andrew Reardon reported exercising employee stock options for 5,000 Ligand Pharmaceuticals shares and selling 5,000 common shares. All trades occurred on March 4, 2026, as open-market sales executed under a pre-established Rule 10b5-1 trading plan adopted on November 24, 2025.

How many Ligand Pharmaceuticals (LGND) shares did Andrew Reardon sell?

Andrew Reardon sold 5,000 shares of Ligand Pharmaceuticals common stock. The sale was split across multiple open-market transactions, with weighted-average prices disclosed in several ranges between about $197.58 and $208.97, all executed on March 4, 2026 under a Rule 10b5-1 plan.

At what prices were Andrew Reardon’s LGND shares sold?

The reported sale prices are weighted averages from multiple trades, with ranges spanning approximately $197.58 to $208.97 per share. Individual trades within each range are not itemized, but Reardon has agreed to provide detailed breakdowns upon request to the company, shareholders, or SEC staff.

Does Andrew Reardon still hold Ligand Pharmaceuticals (LGND) stock after these transactions?

Yes. After exercising options and selling 5,000 shares, Andrew Reardon directly holds 36,869 shares of Ligand Pharmaceuticals common stock. He also holds 54,444 employee stock options, tied to an option award that vests gradually over several years according to its stated vesting schedule.

Were Andrew Reardon’s LGND trades part of a Rule 10b5-1 trading plan?

Yes. The Form 4 states these transactions were made under a written Rule 10b5-1 trading plan adopted on November 24, 2025. Such plans pre-schedule trades, helping separate personal trading decisions from nonpublic information and providing a more mechanical framework for insider stock sales.

What is the vesting schedule of the Ligand (LGND) stock options exercised by Andrew Reardon?

The stock option underlying these transactions vests as to 12.5% of the shares on February 1, 2023. The remaining portion then vests in 42 substantially equal monthly installments, creating a long-term, gradually realized compensation structure tied to Ligand Pharmaceuticals’ equity over several years.