Ligand legal chief sells 5,000 shares mid-$280s

Ligand’s Chief Legal Officer and Secretary executed pre-planned open-market sales totaling 5,000 LGND shares on September 3, 2026 under a Rule 10b5-1 trading plan.

Rhea-AI Filing Summary

LIGAND PHARMACEUTICALS INC (LGND) reported that its Chief Legal Officer and Secretary, Andrew Reardon, sold a total of 5,000 shares of common stock on September 3, 2026. The sales were made in multiple open-market transactions at weighted-average prices between about $283.43 and $289.43, pursuant to a written Rule 10b5-1 trading plan adopted on June 4, 2026.

Insider Trade Summary 10b5-1

Net Seller: 5,000 shares

Net Sell 5 txns

Insider Reardon Andrew

Role CLO & Secretary

Sold 5,000 shs ($1.43M)

Type	Security	Shares	Price	Value
Sale	Common Stock F1, F2	300	$283.9854	$85K
Sale	Common Stock F1, F3	1,800	$285.1671	$513K
Sale	Common Stock F1, F4	2,115	$286.3589	$606K
Sale	Common Stock F1, F5	385	$287.5253	$111K
Sale	Common Stock F1, F6	400	$288.9792	$116K

Holdings After Transaction: Common Stock — 36,514 shares (Direct)

Footnotes (6)

1. F1. The transactions reported on this Form 4 were made pursuant to a written trading plan adopted by the Reporting Person on June 04, 2026, in accordance with Rule 10b5-1.
2. F2. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $283.4300 to $284.1550. 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. F3. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $284.7500 to $285.7000. 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. F4. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $285.8000 to $286.7700. 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. F5. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $287.0500 to $287.6600. 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. F6. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $288.5500 to $289.4300. 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.

Key Figures

Total shares sold: 5,000 shares Tranche 1 sale: 300 shares at $283.9854 per share Tranche 2 sale: 1,800 shares at $285.1671 per share +4 more

7 metrics

Total shares sold 5,000 shares Aggregate open-market sales of LGND common stock on September 3, 2026

Tranche 1 sale 300 shares at $283.9854 per share Open-market sale of LGND common stock on September 3, 2026

Tranche 2 sale 1,800 shares at $285.1671 per share Open-market sale of LGND common stock on September 3, 2026

Tranche 3 sale 2,115 shares at $286.3589 per share Open-market sale of LGND common stock on September 3, 2026

Tranche 4 sale 385 shares at $287.5253 per share Open-market sale of LGND common stock on September 3, 2026

Tranche 5 sale 400 shares at $288.9792 per share Open-market sale of LGND common stock on September 3, 2026

Rule 10b5-1 plan adoption date June 4, 2026 Date Andrew Reardon adopted the written trading plan governing these sales

Key Terms

Rule 10b5-1, weighted-average price, trading plan

3 terms

Rule 10b5-1 regulatory

"a written trading plan adopted by the Reporting Person on June 04, 2026, 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."

Weighted-average price is the average of multiple prices where each price is counted according to its size or importance—larger trades carry more weight than smaller ones, like averaging course grades by credit hours. It matters to investors because it gives a more realistic picture of the true price paid or received, helping assess trade execution, compare performance, calculate cost basis, and value positions more accurately than a simple average.

trading plan financial

"The transactions reported on this Form 4 were made pursuant to a written trading plan"

A trading plan is a written set of rules an investor follows about what to buy or sell, when to enter and exit positions, and how much risk to accept—like a travel itinerary that maps the route, stops, and budget before a trip. It matters because it helps remove emotional decisions during market swings, enforces discipline, and makes performance easier to review and improve, reducing the chance of costly impulsive moves.

FAQ

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

What insider transaction did LGND report for Andrew Reardon?

LGND reported that Chief Legal Officer and Secretary Andrew Reardon sold 5,000 shares of Ligand common stock on September 3, 2026 in a series of open-market transactions at weighted-average prices around the mid-$280s per share.

Were Andrew Reardon’s LGND stock sales made under a Rule 10b5-1 plan?

Yes. A footnote states the transactions were made under a written trading plan adopted by Andrew Reardon on June 4, 2026, in accordance with Rule 10b5-1.

How many LGND shares did Andrew Reardon sell in each transaction tranche?

On September 3, 2026, Andrew Reardon sold 300, 1,800, 2,115, 385, and 400 LGND common shares in five separate open-market sale transactions, totaling 5,000 shares.

What prices were received for Andrew Reardon’s LGND stock sales?

The reported weighted-average sale prices per share were $283.9854, $285.1671, $286.3589, $287.5253, and $288.9792, with each tranche sold in multiple trades within stated price ranges between about $283.43 and $289.43.

Does the Form 4 show Andrew Reardon’s LGND holdings after these sales?

No. For each transaction row, the field for shares beneficially owned following the reported transaction is left blank, so the filing does not state his post-transaction LGND share holdings.

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

Form 4 Insider Transactions: What Each Field Means →

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Available on EDGAR 09/08/2026 - 06:34 PM Accepted by SEC EDGAR 09/08/2026 - 06:34 PM 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).

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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2026

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	09/03/2026		S		300(1)	D	$283.9854(2)	41,214	D
Common Stock	09/03/2026		S		1,800(1)	D	$285.1671(3)	39,414	D
Common Stock	09/03/2026		S		2,115(1)	D	$286.3589(4)	37,299	D
Common Stock	09/03/2026		S		385(1)	D	$287.5253(5)	36,914	D
Common Stock	09/03/2026		S		400(1)	D	$288.9792(6)	36,514	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. The transactions reported on this Form 4 were made pursuant to a written trading plan adopted by the Reporting Person on June 04, 2026, 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 $283.4300 to $284.1550. 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 $284.7500 to $285.7000. 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 $285.8000 to $286.7700. 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 $287.0500 to $287.6600. 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 $288.5500 to $289.4300. 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.

	/s/ Andrew Reardon	09/08/2026
	** 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)