Ligand director exercises options, sells 2,034 shares

Ligand Pharmaceuticals director Stephen L. Sabba exercised a stock option for 2,034 common shares at $69.51 per share and on the same day sold 2,034 shares at $201.50 per share in an open-market transaction.

Rhea-AI Filing Summary

Ligand Pharmaceuticals director Stephen L. Sabba exercised a stock option for 2,034 common shares at $69.51 per share and on the same day sold 2,034 shares at $201.50 per share in an open-market transaction. He now directly holds 33,793 common shares.

Insider Trade Summary

Exercise and Sale: 2,034 shares ($268K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Sabba Stephen L

Role Director

Sold 2,034 shs ($410K)

Approx. gross sale proceeds $410K

Approx. exercise cost $141K

Approx. pre-tax spread $268K

Type	Security	Shares	Price	Value
Exercise	Non- Qualified Stock Option (right to buy)	2,034	$0.00	$0.00
Exercise	Common Stock	2,034	$69.51	$141K
Sale	Common Stock	2,034	$201.50	$410K

Holdings After Transaction: Non- Qualified Stock Option (right to buy) — 0 contracts (Direct); Common Stock — 33,793 shares (Direct)

Footnotes (2)

1. F1. These securities, as represented in Column 5, includes the grant of 1,209 restricted shares approved by the Board of Directors of the Company at the Annual Meeting held June 6, 2025, which shares will vest in full on the earlier of (a) the date of the next annual meeting of the Company stockholders following the grant date (such meeting has not yet been held) or (b) on the first anniversary of the grant date, as reported on the Reporting Person's Form 4, dated 10 June 2025, which was filed to reflect the 2025 Meeting grant.
2. F2. These securities, as represented in Column 5, were acquired by a grant of 2,329 shares approved by the Board of Directors of the Company at the 2016 Meeting, as previously reported on the Reporting Person's Form 4, dated 25 May 2016. That grant vested in full on the first anniversary of the grant date or immediately (x) upon a change in control or a hostile takeover of the Company or (y) the death or permanent disability of the grantee if still serving at that time. The original grant was adjusted to 2,034 shares and the exercise price adjusted to $69.51 pursuant to the OmniAb Inc. separation from the Company.

FAQ

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

What insider transactions did LGND director Stephen L. Sabba report?

Director Stephen L. Sabba reported exercising options for 2,034 Ligand Pharmaceuticals shares and selling 2,034 common shares. The exercise occurred at $69.51 per share, followed by an open-market sale at $201.50 per share, all on the same transaction date.

How many Ligand Pharmaceuticals (LGND) shares does Stephen L. Sabba now hold?

After the reported transactions, Stephen L. Sabba directly holds 33,793 Ligand Pharmaceuticals common shares. This reflects his option exercise for 2,034 shares and subsequent sale of 2,034 shares, as shown in the Form 4 ownership balances following each transaction.

What was the nature of the option transaction reported by LGND director Sabba?

Stephen L. Sabba exercised a Non-Qualified Stock Option for 2,034 Ligand Pharmaceuticals shares at an exercise price of $69.51 per share. The option exercise is coded “M,” indicating an exercise or conversion of a derivative security into common stock under the plan.

At what price did Stephen L. Sabba sell Ligand Pharmaceuticals (LGND) shares?

Stephen L. Sabba sold 2,034 Ligand Pharmaceuticals common shares at $201.50 per share. The Form 4 identifies this as an open-market or private sale (code “S”), and shows his direct ownership decreasing to 33,793 shares following the transaction.

Were the exercised Ligand Pharmaceuticals options part of a prior equity grant?

The exercised options trace back to a 2016 equity grant originally covering 2,329 shares. That grant later adjusted to 2,034 shares with a $69.51 exercise price in connection with the OmniAb Inc. separation, as described in the Form 4 explanatory footnote.

Does Stephen L. Sabba’s Form 4 mention any restricted stock related to LGND?

A footnote explains that his reported holdings previously included 1,209 restricted shares from a 2025 board-approved grant. Those restricted shares vest on the earlier of the next annual stockholder meeting after the grant or the first anniversary of the grant date.

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

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Accepted by SEC EDGAR 03/05/2026 - 11:05 AM EST Learn about SEC filing dates

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^*

Sabba Stephen L

(Last) (First) (Middle)

485 UNDERHILL BLVD SUITE 205

(Street)

SYOSSET NY 11791

(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)
03/03/2026

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(1)	03/03/2026		M		2,034	A	$69.51	35,827	D
Common Stock(1)	03/03/2026		S		2,034	D	$201.5	33,793	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)(2)	$69.51	03/03/2026		M			2,034	(2)	05/23/2026	Common Stock	2,034	$0	0	D

Explanation of Responses:

1. These securities, as represented in Column 5, includes the grant of 1,209 restricted shares approved by the Board of Directors of the Company at the Annual Meeting held June 6, 2025, which shares will vest in full on the earlier of (a) the date of the next annual meeting of the Company stockholders following the grant date (such meeting has not yet been held) or (b) on the first anniversary of the grant date, as reported on the Reporting Person's Form 4, dated 10 June 2025, which was filed to reflect the 2025 Meeting grant.

2. These securities, as represented in Column 5, were acquired by a grant of 2,329 shares approved by the Board of Directors of the Company at the 2016 Meeting, as previously reported on the Reporting Person's Form 4, dated 25 May 2016. That grant vested in full on the first anniversary of the grant date or immediately (x) upon a change in control or a hostile takeover of the Company or (y) the death or permanent disability of the grantee if still serving at that time. The original grant was adjusted to 2,034 shares and the exercise price adjusted to $69.51 pursuant to the OmniAb Inc. separation from the Company.

	/s/ Stephen L. Sabba	03/05/2026
	** 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.