Director-linked funds trim Ligand (LGND) stake with 5,000-share sale

Rhea-AI Filing Summary

Funds managed by entities associated with director Jason Aryeh reported open-market sales totaling 5,000 shares of Ligand Pharmaceuticals common stock at $250 per share on June 10–11, 2026, leaving 102,580 shares held directly and 13,000 shares held indirectly.

On June 5, 2026, the funds also received 836 restricted stock units (RSUs), each representing one common share, which fully vest on the earlier of the next annual stockholder meeting or the first anniversary of grant. In addition, they were granted 2,938 non-qualified stock options exercisable for common stock at $237 per share, expiring on June 5, 2036.

The filing notes the total number of shares previously reported was reduced by 7,825 shares to align with the reporting person's account records and clarifies that all securities are owned by funds managed by JALAA Equities, LP, JLV Investments, LP and affiliates, for which Aryeh may be deemed a beneficial owner.

Insider Trade Summary

Net Seller: 5,000 shares ($1,250,000)

Net Sell 5 txns

Insider Aryeh Jason

Role null

Sold 5,000 shs ($1.25M)

Type	Security	Shares	Price	Value
Sale	Common Stock	4,500	$250.00	$1.13M
Sale	Common Stock	500	$250.00	$125K
Grant/Award	Non-Qualified Stock Option (right to buy)	2,938	$0.00	--
Grant/Award	Common Stock	836	$0.00	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 102,580 shares (Direct, null); Non-Qualified Stock Option (right to buy) — 2,938 shares (Direct, null); Common Stock — 13,000 shares (Indirect, Indirect)

Footnotes (1)

1. Represents restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. Acquired by a grant of the Board of Directors of the Company at their annual meeting on June 5, 2026. Fully vests on the earlier of (A) the date of the next annual meeting of the Company stockholders following the grant date or (B) on the first anniversary of the date of grant. The total number of shares owned has been reduced by 7,825 shares to reflect a reallocation of the reporting person's shares in accordance with his account records. All securities disclosed in this Form 4 are owned by certain funds managed by JALAA Equities, LP, JLV Investments, LP and affiliates (the "Funds"). Jason Aryeh is the General Partner of JALAA Equities, LP and a partner of JLV Investments, LP. By reason of the provisions of Rule 16a-1 under the Securities Exchange Act of 1934, as amended, JALAA Equities, LP, JLV Investments, LP and affiliates and Mr. Aryeh may be deemed to be the beneficial owners of the securities beneficially owned by the Funds. Acquired by a grant of the Board of Directors of the Company at their annual meeting on June 5, 2026. Fully vests on the earlier of (A) the date of the next annual meeting of the Company stockholders following the grant date or (B) on the first anniversary of the date of grant.

Key Figures

Shares sold: 5,000 shares Sale price: $250 per share Direct holdings after trades: 102,580 shares +5 more

8 metrics

Shares sold 5,000 shares Open-market sales on June 10–11, 2026 at $250

Sale price $250 per share Open-market sales of Ligand common stock

Direct holdings after trades 102,580 shares Common stock held directly following June 11, 2026 sales

Indirect holdings 13,000 shares Common stock held indirectly as of June 5, 2026

RSUs granted 836 units Restricted stock units granted June 5, 2026

Options granted 2,938 options Non-qualified stock options granted June 5, 2026

Option strike price $237 per share Exercise price for non-qualified stock options

Share count adjustment 7,825 shares Reduction to reconcile prior reported ownership

Key Terms

restricted stock units ("RSUs"), Non-Qualified Stock Option, beneficial owners, Rule 16a-1, +1 more

5 terms

restricted stock units ("RSUs") financial

"Represents restricted stock units ("RSUs"). Each RSU represents a contingent right..."

Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.

Non-Qualified Stock Option financial

"Non-Qualified Stock Option (right to buy) with an exercise price of $237..."

A non-qualified stock option (NSO) is a contract that lets an employee or service provider buy company shares at a fixed price for a set period, like a voucher to purchase stock later at today’s price. It matters to investors because exercising NSOs creates ordinary income for the holder and can increase share count, affecting a company’s earnings and ownership mix; think of it as a future sale that can dilute existing shareholders and has immediate tax consequences for the recipient.

beneficial owners financial

"may be deemed to be the beneficial owners of the securities beneficially owned by the Funds."

Beneficial owners are the people or entities that actually enjoy the economic benefits and control of shares or other assets, even when legal title is held by someone else such as a broker, custodian or trustee. Investors pay attention because beneficial owners hold the real voting power, receive dividends and can influence strategy and takeover outcomes — like the driver of a car who uses and maintains it while the bank holds the title — so disclosure shows who truly controls and benefits.

Rule 16a-1 regulatory

"By reason of the provisions of Rule 16a-1 under the Securities Exchange Act of 1934..."

indirect ownership financial

"Common Stock entry on June 5, 2026 shows 13,000 shares with indirect ownership."

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Form 4 Insider Transactions: What Each Field Means →

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^*

Aryeh Jason

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/05/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/05/2026		A		836(1)	A	$0.0	107,580(2)	D
Common Stock	06/10/2026		S		500	D	$250	107,080	D
Common Stock	06/11/2026		S		4,500	D	$250	102,580	D
Common Stock								13,000	I	Indirect(3)

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)	$237	06/05/2026		A		2,938		(4)	06/05/2036	Common Stock	2,938	$0.0	2,938	D

Explanation of Responses:

1. Represents restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. Acquired by a grant of the Board of Directors of the Company at their annual meeting on June 5, 2026. Fully vests on the earlier of (A) the date of the next annual meeting of the Company stockholders following the grant date or (B) on the first anniversary of the date of grant.

2. The total number of shares owned has been reduced by 7,825 shares to reflect a reallocation of the reporting person's shares in accordance with his account records.

3. All securities disclosed in this Form 4 are owned by certain funds managed by JALAA Equities, LP, JLV Investments, LP and affiliates (the "Funds"). Jason Aryeh is the General Partner of JALAA Equities, LP and a partner of JLV Investments, LP. By reason of the provisions of Rule 16a-1 under the Securities Exchange Act of 1934, as amended, JALAA Equities, LP, JLV Investments, LP and affiliates and Mr. Aryeh may be deemed to be the beneficial owners of the securities beneficially owned by the Funds.

4. Acquired by a grant of the Board of Directors of the Company at their annual meeting on June 5, 2026. Fully vests on the earlier of (A) the date of the next annual meeting of the Company stockholders following the grant date or (B) on the first anniversary of the date of grant.

	By: /s/ Andrew Reardon, Attorney-in-Fact For: Jason Aryeh	06/12/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did funds linked to Jason Aryeh report for Ligand Pharmaceuticals (LGND)?

Funds associated with Jason Aryeh reported open-market sales of 5,000 Ligand common shares at $250 each on June 10–11, 2026, alongside equity awards on June 5, 2026. The filing details both the sales and updated equity holdings.

How many Ligand (LGND) shares do the reporting funds hold after the latest Form 4?

After the reported transactions, the funds hold 102,580 Ligand common shares directly and 13,000 shares indirectly. These figures reflect sales of 5,000 shares and a 7,825-share reduction to reconcile prior records, plus new awards disclosed in the filing.

What price did the funds receive for the Ligand (LGND) shares sold?

The funds executed open-market sales at $250 per share for a total of 5,000 Ligand common shares. Two trades on June 10 and 11, 2026, are reported, each labeled as open-market sales in the Form 4 transaction details.

What restricted stock units (RSUs) related to Ligand (LGND) were granted on June 5, 2026?

The reporting funds received 836 restricted stock units on June 5, 2026, each convertible into one Ligand common share. These RSUs fully vest on the earlier of the next annual stockholder meeting following the grant date or the first anniversary of the grant.

What stock options tied to Ligand (LGND) stock were granted to the reporting funds?

The funds were granted 2,938 non-qualified stock options on June 5, 2026, each exercisable for one Ligand common share at a $237 strike price. These options expire on June 5, 2036, and are reported as directly owned derivative securities.

Who is considered the beneficial owner of the Ligand (LGND) securities in this Form 4?

All securities are owned by funds managed by JALAA Equities, LP, JLV Investments, LP and affiliates. Because Jason Aryeh is a general partner and partner in these entities, he and the entities may be deemed beneficial owners under SEC Rule 16a-1.