Ligand Pharmaceuticals (LGND) director sells 467 shares in 10b5-1 plan

Rhea-AI Filing Summary

Ligand Pharmaceuticals director John W. Kozarich reported multiple small open‑market sales of company common stock. On January 2, 2026, he sold an aggregate of 467 shares in a series of transactions at weighted‑average prices ranging from $186.59 to $192.395 per share.

The filing shows these trades were executed under a pre‑arranged written trading plan adopted on March 7, 2025 in accordance with Rule 10b5‑1, which is designed to allow insiders to sell shares according to a set schedule. After these sales, Kozarich directly beneficially owns 43,654 shares of Ligand common stock.

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

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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).

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)
01/02/2026

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	01/02/2026		S		21(1)	D	$186.59	44,100	D
Common Stock	01/02/2026		S		91(1)	D	$187.9536(2)	44,009	D
Common Stock	01/02/2026		S		102(1)	D	$188.9627(3)	43,907	D
Common Stock	01/02/2026		S		207(1)	D	$190.2703(4)	43,700	D
Common Stock	01/02/2026		S		46(1)	D	$192.395	43,654	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 transactions reported on this Form 4 were 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 $187.6150 to $188.5700. 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.

3. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $188.6000 to $189.3900. 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 $189.7800 to $190.5700. 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.

	By: s/ Andrew Reardon, Attorney-in-Fact For: John W. Kozarich	01/06/2026
	** 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).
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FAQ

What insider activity did Ligand Pharmaceuticals (LGND) report in this Form 4?

The Form 4 reports that director John W. Kozarich sold a total of 467 shares of Ligand Pharmaceuticals common stock in multiple transactions on January 2, 2026.

At what prices did John W. Kozarich sell Ligand (LGND) shares?

The reported weighted‑average sale prices per share were $186.59, $187.9536, $188.9627, $190.2703, and $192.395, each corresponding to separate blocks of common stock sold.

How many Ligand shares does the director own after these sales?

Following the reported transactions, director John W. Kozarich directly beneficially owns 43,654 shares of Ligand Pharmaceuticals common stock.

Were the Ligand (LGND) insider sales made under a Rule 10b5-1 plan?

Yes. A footnote states the transactions were made under a written trading plan adopted on March 7, 2025 in accordance with Rule 10b5‑1.

Who is the reporting person in this Ligand Pharmaceuticals Form 4?

The reporting person is John W. Kozarich, identified as a director of Ligand Pharmaceuticals Inc., filing individually on this Form 4.

Does the Form 4 describe how the weighted-average prices were calculated?

Footnotes explain that the reported prices are weighted‑average prices for shares sold in multiple transactions within stated price ranges, and that full trade‑by‑trade details are available upon request.