Planned sales: Ligand Pharmaceuticals (LGND) director trims 467 shares

Filing Impact

(Neutral)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Ligand Pharmaceuticals director John W. Kozarich reported selling a total of 467 shares of common stock on April 1, 2026 in a series of open-market transactions. The reported weighted-average sale prices ranged from about $199.97 to $204.26 per share.

These transactions were executed under a pre-arranged Rule 10b5-1 trading plan adopted on March 7, 2025. After the sales, Kozarich directly holds 42,253 shares of Ligand Pharmaceuticals common stock.

Insider Trade Summary 10b5-1

Net Seller: 467 shares ($94,440)

Net Sell 5 txns

Insider KOZARICH JOHN W

Role Director

Sold 467 shs ($94K)

Type	Security	Shares	Price	Value
Sale	Common Stock	146	$199.9749	$29K
Sale	Common Stock	40	$201.235	$8K
Sale	Common Stock	79	$202.4223	$16K
Sale	Common Stock	43	$202.9122	$9K
Sale	Common Stock	159	$204.2627	$32K

Holdings After Transaction: Common Stock — 42,574 shares (Direct)

Footnotes (1)

The transactions reported on this Form 4 were made pursuant to a written trading plan adopted by the Reporting Person on March 07, 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 $199.6900 to $200.3150. 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 $201.0050 to $201.4650. 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 $202.0750 to $202.6400. 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 $202.8550 to $203.6550. 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 $204.0050 to $204.5400. 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

Shares sold: 467 shares Post-sale holdings: 42,253 shares Reported sale prices: $199.9749–$204.2627 per share +3 more

6 metrics

Shares sold 467 shares Total common shares sold on April 1, 2026

Post-sale holdings 42,253 shares Common shares directly held after transactions

Reported sale prices $199.9749–$204.2627 per share Weighted-average prices for five sale entries

Underlying trade price range $199.6900–$204.5400 per share Price ranges disclosed in footnotes F2–F6

Number of sale transactions 5 transactions Non-derivative open-market sales reported

Trading plan adoption date March 7, 2025 Rule 10b5-1 plan governing the April 1, 2026 sales

Key Terms

Rule 10b5-1, weighted-average price, open-market sale, trading plan

4 terms

Rule 10b5-1 regulatory

"adopted by the Reporting Person on March 07, 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."

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.

trading plan financial

"made pursuant to a written trading plan adopted by the Reporting Person"

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.

Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 07:43 PM

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^*

KOZARICH JOHN W

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/01/2026		S		146⁽¹⁾	D	$199.9749⁽²⁾	42,574	D
Common Stock	04/01/2026		S		40⁽¹⁾	D	$201.235⁽³⁾	42,534	D
Common Stock	04/01/2026		S		79⁽¹⁾	D	$202.4223⁽⁴⁾	42,455	D
Common Stock	04/01/2026		S		43⁽¹⁾	D	$202.9122⁽⁵⁾	42,412	D
Common Stock	04/01/2026		S		159⁽¹⁾	D	$204.2627⁽⁶⁾	42,253	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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 March 07, 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 $199.6900 to $200.3150. 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 $201.0050 to $201.4650. 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 $202.0750 to $202.6400. 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 $202.8550 to $203.6550. 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 $204.0050 to $204.5400. 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.

	By: /s/Andrew Reardon, Attorney-in-Fact For John W. Kozarich	04/02/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did LGND director John W. Kozarich report?

Director John W. Kozarich reported selling 467 shares of Ligand Pharmaceuticals common stock in multiple open-market transactions on April 1, 2026. The sales were executed at weighted-average prices around $200–$204 per share, and were made under a pre-arranged trading plan.

At what prices did LGND shares sell in John W. Kozarich’s Form 4 filing?

The reported weighted-average sale prices ranged from $199.9749 to $204.2627 per share across five transactions. Footnotes state the underlying trades occurred within narrower ranges from $199.6900 up to $204.5400, reflecting multiple executions within each reported price range.

How many LGND shares does John W. Kozarich hold after these sales?

After the reported transactions, John W. Kozarich directly holds 42,253 shares of Ligand Pharmaceuticals common stock. This post-transaction balance is disclosed in the Form 4 for the final sale entry, showing his remaining direct ownership following the 467 shares sold.

Were John W. Kozarich’s LGND stock sales made under a Rule 10b5-1 plan?

Yes. A footnote explains that the transactions were executed pursuant to a written trading plan adopted on March 7, 2025, in accordance with Rule 10b5-1. Such plans pre-schedule trades, indicating the timing of these sales was determined in advance.

How many individual transactions are reported in this LGND Form 4?

The Form 4 reports five separate open-market sale transactions in Ligand Pharmaceuticals common stock on April 1, 2026. Each line item lists a distinct share amount and weighted-average price, together totaling 467 shares sold and reflecting multiple executions within stated price ranges.