[Form 4] Ligand Pharmaceuticals Inc. Insider Trading Activity

Rhea-AI Filing Summary

Ligand Pharmaceuticals (LGND) – Form 4 filing: Chief Financial Officer Octavio Espinoza acquired 224 common shares on 30 June 2025 through the company’s Employee Stock Purchase Plan (ESPP), a transaction coded “J,” which is exempt under Rules 16b-3(c) and 16b-3(d).

The shares were purchased at an average price of $91.08 per share, increasing Espinoza’s direct beneficial ownership to 29,852 shares. No derivative securities were reported in Table II. The filing was signed on 2 July 2025 by an attorney-in-fact on behalf of the executive.

Because the purchase occurred under an automatic ESPP rather than an open-market discretionary trade, the signal for insider sentiment is modest; however, it still marginally aligns executive and shareholder interests.

Positive

• CFO increased personal stake, suggesting continued commitment to the company.
• Purchase price of $91.08 implies insider willingness to hold near current market levels.

Negative

• Transaction size is small (~$20K), limiting its signaling power.
• Acquisition was via automatic ESPP, offering weaker insight than discretionary open-market buys.

Insights

Securities Analyst

TL;DR: Small ESPP purchase by LGND’s CFO modestly raises alignment; limited market impact.

The Form 4 shows CFO Octavio Espinoza buying 224 shares at $91.08 through an ESPP. The acquisition increases his stake by roughly 0.8% (224/29,628 previously), bringing total holdings to 29,852 shares. Because the ESPP is a pre-planned, discounted purchase mechanism, it carries less informational value than an open-market buy. Nonetheless, continued participation signals ongoing confidence and may be viewed positively for governance. The trade value (~$20,400) is immaterial relative to Ligand’s market cap, so impact on share price should be negligible. Overall, this is a routine filing with neutral investment significance.

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^*

Espinoza Octavio

(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)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

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	06/30/2025		J(1)		224	A	$91.0775	29,852	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. These shares were acquired under the Ligand Employee Stock Purchase Plan in transactions that were exempt under both Rule 16b-3(d) and Rule 16b-3(c).

	By: /s/ Andrew Reardon, Attorney-in-Fact For: Octavio Espinoza	07/02/2025
	** 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

How many LGND shares did the CFO purchase?

Octavio Espinoza bought 224 common shares.

What was the purchase price per share?

The shares were acquired at $91.08 each under the ESPP.

How many LGND shares does the CFO now own?

Following the transaction, Espinoza directly owns 29,852 shares.

Was this an open-market purchase?

No. The shares were bought through the Employee Stock Purchase Plan, coded “J” for exempt transactions.

When was the Form 4 filed?

The filing was electronically signed on 2 July 2025.