Ligand (NASDAQ: LGND) director exercises options and sells 2,145 common shares

Rhea-AI Filing Summary

Ligand Pharmaceuticals director Stephen L. Sabba reported an exercise-and-sell stock transaction. He exercised a non-qualified stock option covering 2,145 shares of common stock at an exercise price of $66.13 per share and then sold 2,145 shares in an open-market transaction at $254.00 per share on June 16, 2026.

Following these transactions, Sabba directly holds 33,629 shares of Ligand common stock. The exercised option grant, originally for 2,456 shares and later adjusted to 2,145 shares with a $66.13 exercise price after the OmniAb Inc. separation, has been fully exercised, leaving no remaining derivative position from that grant.

Insider Trade Summary

Net Seller: 2,145 shares ($544,830)

Net Sell 3 txns

Insider Sabba Stephen L

Role null

Sold 2,145 shs ($545K)

Type	Security	Shares	Price	Value
Exercise	Non-Qualified Stock Option (right to buy)	2,145	$0.00	--
Exercise	Common Stock	2,145	$66.13	$142K
Sale	Common Stock	2,145	$254.00	$545K

Holdings After Transaction: Non-Qualified Stock Option (right to buy) — 0 shares (Direct, null); Common Stock — 35,774 shares (Direct, null)

Footnotes (1)

1. These securities, as represented in Column 5, include the grant of 836 restricted shares approved by the Board of Directors of the Company at the 2026 Meeting held 5 June 2026, which shares were previously reported on a Form 4 for this Reporting Person dated 9 June 2026. These securities, as represented in Column 5, were acquired by a grant of 2,456 shares approved by the Board of Directors of the Company at the 2017 Meeting, as previously reported on the Reporting Person's Form 4, dated 30 May 2017. That grant vested in full on the first anniversary of the grant date or immediately (x) upon a change in control or a hostile takeover of the Company or (y) the death or permanent disability of the grantee if still serving at that time. The original grant was adjusted to 2,145 shares and the exercise price adjusted to $66.13 pursuant to the OmniAb Inc. separation from the Company.

Key Figures

Shares sold: 2,145 shares Sale price: $254.00 per share Shares exercised: 2,145 shares +3 more

6 metrics

Shares sold 2,145 shares Open-market sale of common stock on June 16, 2026

Sale price $254.00 per share Price for 2,145 common shares sold

Shares exercised 2,145 shares Non-qualified stock option exercise on June 16, 2026

Exercise price $66.13 per share Exercise price of adjusted option grant

Shares held after 33,629 shares Direct Ligand common stock holdings after transactions

Original option grant size 2,456 shares Grant later adjusted to 2,145 shares post-OmniAb separation

Key Terms

Non-Qualified Stock Option (right to buy), open-market sale, derivative exercise/conversion, restricted shares, +2 more

6 terms

Non-Qualified Stock Option (right to buy) financial

"security_title: "Non-Qualified Stock Option (right to buy)""

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.

derivative exercise/conversion financial

"transaction_action: "derivative exercise/conversion""

restricted shares financial

"include the grant of 836 restricted shares approved by the Board"

Restricted shares are company stock that cannot be sold or transferred immediately because they are subject to legal or contractual limits, such as a required holding period or performance conditions. They matter to investors because these locked-up shares can affect a company’s available stock for trading, future dilution, and insider incentives—imagine a gift that can’t be cashed until certain conditions are met, which changes when and how much supply can suddenly enter the market.

change in control financial

"vested in full on the first anniversary ... or immediately (x) upon a change in control"

A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.

hostile takeover financial

"or a hostile takeover of the Company"

An attempt by an outside party to gain control of a company without the consent of its current leaders, usually by buying a large number of shares from investors or persuading shareholders to replace the board. It matters to investors because it can rapidly change management, strategy and risk profile, often causing sharp swings in the stock price and creating potential for a takeover premium or costly disruptions—like someone trying to take over a club by convincing members to change its leadership.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/18/2026 - 08:38 AM Accepted by SEC EDGAR 06/18/2026 - 08:37 AM 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).

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^*

Sabba Stephen L

(Last) (First) (Middle)

485 UNDERHILL BLVD SUITE 205

(Street)

SYOSSET NEW YORK 11791

(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)
06/16/2026

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(1)	06/16/2026		M		2,145	A	$66.13	35,774	D
Common Stock(1)	06/16/2026		S		2,145	D	$254	33,629	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
Non-Qualified Stock Option (right to buy)(2)	$66.13	06/16/2026		M			2,145	(2)	05/25/2027	Common Stock	2,145	$0	0	D

Explanation of Responses:

1. These securities, as represented in Column 5, include the grant of 836 restricted shares approved by the Board of Directors of the Company at the 2026 Meeting held 5 June 2026, which shares were previously reported on a Form 4 for this Reporting Person dated 9 June 2026.

2. These securities, as represented in Column 5, were acquired by a grant of 2,456 shares approved by the Board of Directors of the Company at the 2017 Meeting, as previously reported on the Reporting Person's Form 4, dated 30 May 2017. That grant vested in full on the first anniversary of the grant date or immediately (x) upon a change in control or a hostile takeover of the Company or (y) the death or permanent disability of the grantee if still serving at that time. The original grant was adjusted to 2,145 shares and the exercise price adjusted to $66.13 pursuant to the OmniAb Inc. separation from the Company.

	/s/ Stephen L. Sabba	06/18/2026
	** 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 transaction did Stephen L. Sabba report at Ligand Pharmaceuticals (LGND)?

Stephen L. Sabba reported exercising options for 2,145 Ligand shares and selling 2,145 shares in an open-market transaction. Both actions occurred on June 16, 2026, and were reported on a Form 4 insider filing.

How many Ligand Pharmaceuticals (LGND) shares did Stephen L. Sabba sell and at what price?

Stephen L. Sabba sold 2,145 Ligand common shares in an open-market transaction at an average price of $254.00 per share. This sale followed the exercise of a non-qualified stock option for the same number of shares.

What option grant did Stephen L. Sabba exercise in this Ligand (LGND) Form 4 filing?

He exercised a non-qualified stock option for 2,145 Ligand common shares at an exercise price of $66.13. This option grant was originally 2,456 shares and was adjusted to 2,145 shares and $66.13 after the OmniAb Inc. separation.

How many Ligand Pharmaceuticals (LGND) shares does Stephen L. Sabba hold after this transaction?

After the reported exercise and sale, Stephen L. Sabba directly holds 33,629 shares of Ligand common stock. The reported option grant associated with this transaction has been fully exercised, leaving no remaining derivative position from that grant.

Was the Ligand (LGND) option grant to Stephen L. Sabba previously disclosed?

Yes. The option grant underlying the 2,145 shares was originally approved at a 2017 Board meeting and previously reported on a Form 4 dated May 30, 2017. Its terms and later adjustments were described in the footnotes.

Did Stephen L. Sabba receive any recent share grants mentioned in this Ligand (LGND) filing?

The filing notes that his reported holdings include a grant of 836 restricted shares approved by Ligand’s Board at the 2026 meeting held June 5, 2026, which was previously reported on a separate Form 4.