Ligand's Legal Chief Maintains Strong Stake Despite Recent Stock Sale

Rhea-AI Filing Summary

Form 4 Filing Details: Andrew Reardon, Chief Legal Officer and Secretary of Ligand Pharmaceuticals (LGND), reported a sale of 500 shares of common stock on June 23, 2025, at an average price of $114.0843 per share.

Following the transaction, Reardon continues to hold 31,903 shares directly. The sale represents approximately 1.5% of his direct holdings. The transaction was reported within the required two-business-day filing deadline, with the Form 4 being filed on June 24, 2025.

This insider sale occurs at a time when LGND executives must comply with SEC regulations regarding insider trading. The filing indicates this was a direct ownership transaction, and no derivative securities were involved in this report.

Insider Trade Summary

Net Seller: 500 shares ($57,042)

Net Sell 1 txn

Insider Reardon Andrew

Role CLO & Secretary

Sold 500 shs ($57K)

Type	Security	Shares	Price	Value
Sale	Common Stock	500	$114.0843	$57K

Holdings After Transaction: Common Stock — 31,903 shares (Direct)

Footnotes (1)

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^*

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)
06/23/2025

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	06/23/2025		S		500	D	$114.0843	31,903	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:

	/s/ Andrew Reardon	06/24/2025
	** 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 CLO Andrew Reardon sell on June 23, 2025?

According to the Form 4 filing, CLO and Secretary Andrew Reardon sold 500 shares of LGND common stock on June 23, 2025, at an average price of $114.0843 per share.

What is Andrew Reardon's remaining LGND stock position after the June 2025 transaction?

Following the reported transaction, Andrew Reardon directly owns 31,903 shares of Ligand Pharmaceuticals (LGND) common stock.

What position does Andrew Reardon hold at LGND?

Andrew Reardon serves as the Chief Legal Officer (CLO) & Secretary of Ligand Pharmaceuticals Inc., as indicated in the Form 4 filing.

Was the LGND insider transaction made under a 10b5-1 trading plan?

The Form 4 filing does not indicate that this transaction was made pursuant to a 10b5-1 trading plan, as the corresponding checkbox was not marked on the form.

What was the total value of LGND shares sold by Andrew Reardon in June 2025?

Based on the reported sale of 500 shares at $114.0843 per share, the total value of the transaction was approximately $57,042.15.