Ligand director Jason Aryeh sells 2,111 shares

The director’s direct sales are reported separately from 8,000 shares held indirectly by funds managed by JALAA Equities, LP, JLV Investments, LP and affiliates.

Available on EDGAR 11/03/2026 - 07:39 PM EST Accepted by SEC EDGAR 11/03/2026 - 07:39 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Ligand Pharmaceuticals Inc. (LGND) director Jason Aryeh reported six direct sales of 2,111 common shares: five transactions on October 30, 2026, at $317.7400, $318.2300, $320.2400, $320.4172 and $320.4900 per share, and 700 shares on November 2 at a weighted-average $320.4261 per share. The November 2 shares were sold in multiple transactions at prices ranging from $320.39 to $320.49. The report also lists 8,000 shares held indirectly by funds managed by JALAA Equities, LP, JLV Investments, LP and affiliates; Aryeh is identified as general partner of JALAA Equities and a partner of JLV Investments.

Insider Trade Summary

Net Seller: 2,111 shares

Net Sell 6 txns

Insider Aryeh Jason

Role Director

Sold 2,111 shs ($676K)

Share of Position Sold 1.9%

Type	Security	Shares	Price	Value
Sale	Common Stock F2	700	$320.4261	$224K
Sale	Common Stock F1	50	$317.74	$16K
Sale	Common Stock	50	$318.23	$16K
Sale	Common Stock	52	$320.24	$17K
Sale	Common Stock	1,209	$320.4172	$387K
Sale	Common Stock	50	$320.49	$16K
Holding	Common Stock F3	--	--	--

Holdings After Transaction: Common Stock — 108,758 shares (Direct); Common Stock — 8,000 shares (Indirect, See Footnote)

Holdings Before and After: Common Stock, 110,869 to 108,758 shares (Direct)

Other Insiders: 1 other insider reported open-market sales of this stock in the 30 days up to this filing.

Footnotes (3)

1. F1. Reflects adjustments to the holdings reported on the Reporting Persons Form 4 filed on June 12, 2026: (i) the Reporting Person transferred 5,000 shares held by JALAA Equities, LP to his direct ownership. The transfer effected only a change in the form of the Reporting Persons beneficial ownership and is exempt from Section 16 pursuant to Rule 16a-13. Accordingly, the number of shares reported herein as directly owned has been increased by 5,000 shares and the number of shares reported herein as indirectly owned has been decreased by 5,000 shares; and (ii) the number of shares reported herein as directly owned has been further increased by 3,289 shares, consisting of 1,209 shares issued upon the vesting on June 5, 2026 of restricted stock units granted on June 6, 2025, and 2,080 shares held in the Reporting Persons brokerage account, which were inadvertently omitted from the previously reported total.
2. F2. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $320.39 to $320.49. 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. These shares are held by certain funds managed by JALAA Equities, LP, JLV Investments, LP and affiliates (the Funds). Jason Aryeh is the General Partner of JALAA Equities, LP and a partner of JLV Investments, LP. By reason of the provisions of Rule 16a-1 under the Securities Exchange Act of 1934, as amended, JALAA Equities, LP, JLV Investments, LP and affiliates and Mr. Aryeh may be deemed to be the beneficial owners of the securities beneficially owned by the Funds.

Key Figures

Shares sold: 2,111 shares Shares sold November 2: 700 shares Weighted-average sale price: $320.4261 per share +1 more

4 metrics

Shares sold 2,111 shares Six direct sales reported

Shares sold November 2 700 shares November 2, 2026

Weighted-average sale price $320.4261 per share 700 shares sold November 2, 2026

Indirect shares held 8,000 shares Held by certain funds as of October 30, 2026

Key Terms

weighted-average price, Rule 16a-13, Rule 16a-1, restricted stock units

4 terms

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.

Rule 16a-13 regulatory

"exempt from Section 16 pursuant to Rule 16a-13"

Rule 16a-1 regulatory

"By reason of the provisions of Rule 16a-1"

restricted stock units financial

"shares issued upon the vesting ... of restricted stock units"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

FAQ

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

How many LGND shares did Jason Aryeh sell, and at what prices?

Jason Aryeh reported six direct sales totaling 2,111 common shares: five on October 30, 2026, at $317.7400, $318.2300, $320.2400, $320.4172 and $320.4900 per share, and 700 on November 2 at a weighted-average $320.4261 per share. The November 2 sales were at prices ranging from $320.39 to $320.49.

What LGND shares did Jason Aryeh report holding indirectly?

The report lists 8,000 common shares held by certain funds managed by JALAA Equities, LP, JLV Investments, LP and affiliates as of October 30, 2026. Aryeh is identified as general partner of JALAA Equities, LP and a partner of JLV Investments, LP; the footnote says he and those entities may be deemed beneficial owners under Rule 16a-1.

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

Form 4 Insider Transactions: What Each Field Means →

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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^*

Aryeh Jason

(Last) (First) (Middle)

7111 FAIRWAY DRIVE

SUITE 302

(Street)

PALM BEACH GARDENS FLORIDA 33418

(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)
10/30/2026

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	10/30/2026		S		50	D	$317.74	110,819(1)	D
Common Stock	10/30/2026		S		50	D	$318.23	110,769	D
Common Stock	10/30/2026		S		52	D	$320.24	110,717	D
Common Stock	10/30/2026		S		1,209	D	$320.4172	109,508	D
Common Stock	10/30/2026		S		50	D	$320.49	109,458	D
Common Stock	11/02/2026		S		700	D	$320.4261(2)	108,758	D
Common Stock								8,000	I	See Footnote(3)

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. Reflects adjustments to the holdings reported on the Reporting Persons Form 4 filed on June 12, 2026: (i) the Reporting Person transferred 5,000 shares held by JALAA Equities, LP to his direct ownership. The transfer effected only a change in the form of the Reporting Persons beneficial ownership and is exempt from Section 16 pursuant to Rule 16a-13. Accordingly, the number of shares reported herein as directly owned has been increased by 5,000 shares and the number of shares reported herein as indirectly owned has been decreased by 5,000 shares; and (ii) the number of shares reported herein as directly owned has been further increased by 3,289 shares, consisting of 1,209 shares issued upon the vesting on June 5, 2026 of restricted stock units granted on June 6, 2025, and 2,080 shares held in the Reporting Persons brokerage account, which were inadvertently omitted from the previously reported total.

2. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $320.39 to $320.49. 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. These shares are held by certain funds managed by JALAA Equities, LP, JLV Investments, LP and affiliates (the Funds). Jason Aryeh is the General Partner of JALAA Equities, LP and a partner of JLV Investments, LP. By reason of the provisions of Rule 16a-1 under the Securities Exchange Act of 1934, as amended, JALAA Equities, LP, JLV Investments, LP and affiliates and Mr. Aryeh may be deemed to be the beneficial owners of the securities beneficially owned by the Funds.

Remarks:

	By: /s/ Andrew Reardon, Attorney-in-Fact For: Jason Aryeh	11/03/2026
	** 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)