Ligand Pharmaceuticals (LGND) CEO receives new stock options and RSU awards

Rhea-AI Filing Summary

Ligand Pharmaceuticals Chief Executive Officer Todd C. Davis reported equity awards consisting of stock options and restricted stock units. He received options to buy 50,058 shares of common stock at an exercise price of $202.55 per share, expiring on March 2, 2036.

The option grant vests as to 12.5% of the underlying shares six months after the grant date and then in 42 substantially equal monthly installments. Davis also received 10,495 restricted stock units, each representing one share of common stock, which vest in three equal annual installments on February 15, 2027, February 15, 2028, and February 15, 2029, with delivery of shares deferred under a company plan.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Davis Todd C

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Grant/Award	Employee Stock Option (right to buy)	50,058	$0.00	--
Grant/Award	Common Stock	10,495	$0.00	--

Holdings After Transaction: Employee Stock Option (right to buy) — 50,058 shares (Direct); Common Stock — 199,381 shares (Direct)

Footnotes (1)

1. Represents restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs shall vest over three years, in three substantially equal annual installments on February 15, 2027; February 15, 2028; and February 15, 2029, subject to the Reporting Person's continued service to the Issuer through each such vesting date. Pursuant to an election under the Issuer's Nonqualified Deferred Compensation Plan, delivery of shares otherwise issuable upon each vesting date will be deferred. The Stock Option grant vests and is exercisable as to 12.5% of the underlying shares 6 months after the grant date, and in 42 substantially equal monthly installments thereafter.

Form 4 Insider Transactions: What Each Field Means →

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^*

Davis Todd C

(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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/02/2026

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	03/02/2026		A		10,495(1)	A	$0	199,381	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
Employee Stock Option (right to buy)	$202.55	03/02/2026		A		50,058		(2)	03/02/2036	Common Stock	50,058	$0	50,058	D

Explanation of Responses:

1. Represents restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs shall vest over three years, in three substantially equal annual installments on February 15, 2027; February 15, 2028; and February 15, 2029, subject to the Reporting Person's continued service to the Issuer through each such vesting date. Pursuant to an election under the Issuer's Nonqualified Deferred Compensation Plan, delivery of shares otherwise issuable upon each vesting date will be deferred.

2. The Stock Option grant vests and is exercisable as to 12.5% of the underlying shares 6 months after the grant date, and in 42 substantially equal monthly installments thereafter.

	By: /s/ Andrew Reardon, Attorney-in-Fact For: Todd C. Davis	03/27/2026
	** 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 transactions did Ligand Pharmaceuticals (LGND) CEO Todd C. Davis report?

Todd C. Davis reported equity compensation awards, not open-market trades. He received stock options for 50,058 shares at a $202.55 exercise price and 10,495 restricted stock units, all subject to multi-year vesting schedules and continued service conditions.

How many stock options were granted to the Ligand (LGND) CEO and on what terms?

The CEO received options covering 50,058 shares of common stock at an exercise price of $202.55 per share, expiring March 2, 2036. The grant vests 12.5% after six months from grant, then in 42 substantially equal monthly installments thereafter, contingent on continued service.

What restricted stock unit (RSU) award did the Ligand (LGND) CEO receive?

The CEO received 10,495 restricted stock units, each representing one share of common stock. These RSUs vest over three years in substantially equal annual installments on February 15, 2027, February 15, 2028, and February 15, 2029, subject to his continued service to the company.

When will the Ligand (LGND) CEO’s RSUs and options vest?

RSUs vest in three equal annual installments on February 15, 2027, 2028, and 2029. Stock options vest 12.5% six months after the March 2, 2026 grant date, with the remaining portion vesting in 42 substantially equal monthly installments thereafter, conditioned on continued service.

Are the Ligand (LGND) CEO’s new equity awards open-market purchases or sales?

The reported transactions are compensation-related grants, not open-market purchases or sales. Both the stock options and restricted stock units were awarded at a reported price of $0.00 per share as part of his executive compensation, with vesting and service conditions attached.

How many Ligand (LGND) common shares does the CEO hold after this Form 4?

Following the reported grant of 10,495 common shares in the form of restricted stock units, the CEO’s total direct common stock holdings stand at 199,381 shares. This figure reflects his direct ownership position after the compensation-related acquisition reported in the filing.