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  4. [Form 4] LIGAND PHARMACEUTICALS INC Insider Trading Activity

Ligand (NASDAQ: LGND) CLO sells 5,000 shares, exercises options

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Ligand Pharmaceuticals’ CLO and Secretary Andrew Reardon reported a set of planned insider trades in company common stock. On June 1, 2026, he exercised employee stock options for 5,000 shares at an exercise price of $52.27 per share, converting them into common stock.

On the same date, he executed open‑market sales totaling 5,000 shares of common stock in multiple transactions, at reported weighted‑average prices that include $230.41, $229.47, $228.57 and $223.95 per share. After these transactions, he directly holds 46,382 shares of Ligand common stock. The filing notes that these trades were carried out under a pre‑arranged Rule 10b5‑1 trading plan adopted on November 24, 2025.

Positive

  • None.

Negative

  • None.
Insider Reardon Andrew
Role CLO & Secretary
Sold 5,000 shs ($1.14M)
Type Security Shares Price Value
Exercise Employee Stock Option (right to buy) 5,000 $0.00 --
Exercise Common Stock 5,000 $52.27 $261K
Sale Common Stock 491 $223.9467 $110K
Sale Common Stock 677 $225.1983 $152K
Sale Common Stock 1,432 $225.9672 $324K
Sale Common Stock 400 $226.7794 $91K
Sale Common Stock 584 $228.5738 $133K
Sale Common Stock 1,216 $229.4676 $279K
Sale Common Stock 200 $230.41 $46K
Holdings After Transaction: Employee Stock Option (right to buy) — 39,444 shares (Direct, null); Common Stock — 46,382 shares (Direct, null)
Footnotes (1)
  1. The transactions reported on this Form 4 were made pursuant to a written trading plan adopted by the Reporting Person on November 24, 2025, in accordance with Rule 10b5-1. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $223.4250 to $224.3800. 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. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $224.5100 to $225.4600. 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. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $225.5200 to $226.3700. 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. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $226.5250 to $227.0100. 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. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $228.0500 to $228.9650. 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. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $229.0900 to $230.0000. 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. The stock option vests and is exercisable as to 12.5% of the underlying shares on February 1, 2023, and in 42 substantially equal monthly installments thereafter.
Shares sold 5,000 shares Total Ligand common stock sold on June 1, 2026
Sale price example $230.41 per share Weighted-average price for one reported sale block
Options exercised 5,000 shares Employee stock options converted into common stock
Option exercise price $52.27 per share Exercise price of employee stock option
Post-transaction holdings 46,382 shares Common stock directly owned after June 1, 2026 trades
Option expiration August 1, 2032 Expiration date of the employee stock option
Price range footnote low $223.4250 per share Lowest sale price range noted in weighted-average footnotes
Price range footnote high $230.0000 per share Highest sale price range noted in weighted-average footnotes
Rule 10b5-1 regulatory
"made pursuant to a written trading plan adopted by the Reporting Person on November 24, 2025, in accordance with Rule 10b5-1"
Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.
weighted-average price financial
"The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions"
Employee Stock Option (right to buy) financial
"security_title: "Employee Stock Option (right to buy)""
derivative exercise/conversion financial
"transaction_action: "derivative exercise/conversion""
open-market sale financial
"transaction_action: "open-market sale""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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).
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*
Reardon Andrew
(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)
Director10% Owner
XOfficer (give title below)Other (specify below)
CLO & Secretary
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/01/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock06/01/2026M5,000(1)A$52.2746,382D
Common Stock06/01/2026S491(1)D$223.9467(2)45,891D
Common Stock06/01/2026S677(1)D$225.1983(3)45,214D
Common Stock06/01/2026S1,432(1)D$225.9672(4)43,782D
Common Stock06/01/2026S400(1)D$226.7794(5)43,382D
Common Stock06/01/2026S584(1)D$228.5738(6)42,798D
Common Stock06/01/2026S1,216(1)D$229.4676(7)41,582D
Common Stock06/01/2026S200(1)D$230.4141,382D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Employee Stock Option (right to buy)$52.2706/01/2026M5,000(1) (8)08/01/2032Common Stock5,000$0.039,444D
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 November 24, 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 $223.4250 to $224.3800. 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 $224.5100 to $225.4600. 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 $225.5200 to $226.3700. 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.
5. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $226.5250 to $227.0100. 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.
6. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $228.0500 to $228.9650. 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.
7. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $229.0900 to $230.0000. 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.
8. The stock option vests and is exercisable as to 12.5% of the underlying shares on February 1, 2023, and in 42 substantially equal monthly installments thereafter.
/s/Andrew Reardon06/02/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Ligand (LGND) CLO Andrew Reardon report?

Andrew Reardon reported exercising stock options for 5,000 Ligand shares and selling 5,000 shares in open‑market transactions. All trades occurred on June 1, 2026, and were executed under a pre‑arranged Rule 10b5‑1 trading plan.

How many Ligand (LGND) shares did Andrew Reardon sell and at what prices?

He sold a total of 5,000 Ligand common shares in multiple open‑market trades. Reported weighted‑average sale prices include $230.41, $229.47, $228.57 and $223.95 per share, with additional transactions within detailed price ranges in the filing footnotes.

Did Andrew Reardon acquire any Ligand (LGND) shares in this Form 4 filing?

Yes. He exercised employee stock options covering 5,000 Ligand common shares at an exercise price of $52.27 per share. This derivative exercise converted options into common stock as part of his compensation‑related equity holdings.

How many Ligand (LGND) shares does Andrew Reardon hold after these trades?

Following the reported June 1, 2026 transactions, Andrew Reardon directly owns 46,382 shares of Ligand common stock. This figure reflects his position after exercising 5,000 options and selling 5,000 shares in multiple open‑market sales.

Were Andrew Reardon’s Ligand (LGND) stock sales discretionary or pre‑planned?

The filing states the transactions were made under a written trading plan adopted on November 24, 2025, in accordance with Rule 10b5‑1. Such pre‑planned arrangements typically automate trades according to preset instructions rather than ad‑hoc market timing decisions.

What are the key option terms in Andrew Reardon’s Ligand (LGND) Form 4?

The exercised employee stock option covered 5,000 underlying common shares at a $52.27 exercise price, with an expiration date of August 1, 2032. Footnotes explain the option’s vesting schedule, including an initial 12.5% vesting and subsequent monthly installments.