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Ligand Pharmaceuticals CLO & Secretary Andrew Reardon reported an exercise-and-sell transaction in company stock. On July 1, 2026, he exercised 5,000 stock options at $52.27 per share and sold 5,000 shares of common stock in multiple open-market trades at prices generally around the low-to-mid $300s. The filing notes these transactions were made under a pre-arranged Rule 10b5-1 trading plan. On June 30, 2026, he also acquired 132 shares through the Ligand Employee Stock Purchase Plan in an exempt transaction, and he continues to hold a substantial direct equity stake after these trades.
Ligand Pharmaceuticals’ Chief Financial Officer Octavio Espinoza reported a small, routine share acquisition under an employee plan. On the transaction date, he acquired 17 shares of common stock at a price of $160.7095 per share through the Ligand Employee Stock Purchase Plan, in a transaction exempt under Rule 16b-3(d) and Rule 16b-3(c). Following this, he directly holds 27,696 shares of common stock, indicating the move is a minor adjustment within his overall equity position rather than a significant market transaction.
LIGAND PHARMACEUTICALS INC Chief Executive Officer Todd C. Davis recorded a small employee stock purchase transaction. On this Form 4, he acquired 132 shares of common stock at $160.7095 per share under the Ligand Employee Stock Purchase Plan in a transaction exempt under Rule 16b-3. Following this routine plan purchase, he directly holds 199,513 common shares.
LGND notice: Morgan Stanley Smith Barney LLC submitted a Section 144 filing covering 10,000 shares of Common Stock tied to an exercise of stock options dated 07/01/2026. The filing also records prior 10b5-1 sales by Andrew Reardon of 5,000 shares on 06/01/2026 and 5,000 shares on 05/01/2026, with proceeds shown for each sale.
Ligand Pharmaceuticals completed a private offering of $700.0 million of 0.00% convertible senior notes due 2031. The notes are senior unsecured, mature on September 15, 2031, and are convertible based on stock price and trading conditions, with an initial conversion rate of 2.9916 shares per $1,000 principal amount, equivalent to a conversion price of about $334.27 per share, a 27.5% premium to the last reported price on June 22, 2026.
Ligand received net proceeds of approximately $678.2 million, using about $72.9 million to purchase convertible note hedges and about $60.0 million to repurchase 228,859 shares at $262.17 per share. It plans to use the remaining funds for general corporate purposes, including its previously announced acquisition of XOMA Royalty Corporation. Ligand also issued warrants with an initial strike price of $524.34 per share, which could be dilutive if its stock trades above that level.
Ligand Pharmaceuticals plans a private offering of $550 million in convertible senior notes due 2031 to qualified institutional buyers, with an option for an additional $82.5 million of notes. The notes will be senior unsecured, pay semiannual interest starting in March 2027, and may be settled in cash, stock or a combination upon conversion.
Ligand expects to use part of the proceeds for convertible note hedge and warrant transactions and up to $75 million to repurchase common stock from certain note purchasers, with the balance for general corporate purposes, including its agreement to acquire Xoma Royalty Corporation. Concurrently, a Fourth Amendment to its Credit Agreement permits the notes and sets minimum Consolidated EBITDA at $100,000,000 for four-quarter periods ending through March 31, 2027 and $150,000,000 for periods ending thereafter.
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.
Stephen L. Sabba submitted a Form 144 notice to sell 1,000 shares previously sold on 03/23/2026 for $207,872.70 and listed a planned sale tied to a stock option exercise on 06/16/2026. The filing names Morgan Stanley Smith Barney LLC Executive Financial Services as the broker-dealer involved.
Ligand Pharmaceuticals director Jason Haas reported a combination of option exercises and share sales in the company’s stock. On June 12, 2026, he sold a total of 6,461 shares of common stock in open-market transactions, with weighted-average prices around $255.01 and $256.08. According to footnotes, these sales occurred in multiple trades within price ranges of $255.00–$255.29 and $256.00–$256.51.
On the same date, Haas exercised non-qualified stock options covering 4,000 shares of common stock at an exercise price of $51.56 per share, converting derivative awards into directly held shares. The filing shows both the sales and the option exercises as direct ownership transactions.
Funds managed by entities associated with director Jason Aryeh reported open-market sales totaling 5,000 shares of Ligand Pharmaceuticals common stock at $250 per share on June 10–11, 2026, leaving 102,580 shares held directly and 13,000 shares held indirectly.
On June 5, 2026, the funds also received 836 restricted stock units (RSUs), each representing one common share, which fully vest on the earlier of the next annual stockholder meeting or the first anniversary of grant. In addition, they were granted 2,938 non-qualified stock options exercisable for common stock at $237 per share, expiring on June 5, 2036.
The filing notes the total number of shares previously reported was reduced by 7,825 shares to align with the reporting person's account records and clarifies that all securities are owned by funds managed by JALAA Equities, LP, JLV Investments, LP and affiliates, for which Aryeh may be deemed a beneficial owner.