Stephen L. Sabba - 01 Apr 2025 Form 4 Insider Report for LIGAND PHARMACEUTICALS INC (LGND)

Role: Director
Signature: By: /s/ Stephen L. Sabba
Issuer symbol: LGND
Transactions as of: 01 Apr 2025
Net transactions value: +$125,834
Form type: 4
Filing time: 16 Apr 2025, 09:34:19 UTC
Previous filing: 25 Jun 2024
Next filing: 10 Jun 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LGND	Common Stock	Options Exercise	$125,834	+2,406	+8%	$52.30	32,584	01 Apr 2025	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	LGND	Non-Qualified Stock Option (right to buy)	Options Exercise	$0	-2,406	-100%	$0.000000	0	01 Apr 2025	Common Stock	2,406	$52.30	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	These securities, as represented in Column 5, includes the grant of 1,252 restricted shares approved by the Board of Directors of the Company at the Annual Meeting held June 14, 2024, which shares will vest in full on the earlier of (a) the date of the next annual meeting of the Company stockholders following the grant date (such meeting has not yet been held) or (b) on the first anniversary of the grant date, as reported on the Reporting Person's Form 4, dated 25 June 2024, which was filed to reflect the 2024 Meeting grant.
F2	These securities, as represented in Column 5, were acquired by a grant of 2,754 shares approved by the Board of Directors of the Company at the 2015 Meeting, as previously reported on the Reporting Person's Form 4, dated 28 April 2015. 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 2,406 shares and the exercise price adjusted to $52.30 pursuant to the OmniAb Inc. separation from the Company.

Content

These securities, as represented in Column 5, includes the grant of 1,252 restricted shares approved by the Board of Directors of the Company at the Annual Meeting held June 14, 2024, which shares will vest in full on the earlier of (a) the date of the next annual meeting of the Company stockholders following the grant date (such meeting has not yet been held) or (b) on the first anniversary of the grant date, as reported on the Reporting Person's Form 4, dated 25 June 2024, which was filed to reflect the 2024 Meeting grant.

These securities, as represented in Column 5, were acquired by a grant of 2,754 shares approved by the Board of Directors of the Company at the 2015 Meeting, as previously reported on the Reporting Person's Form 4, dated 28 April 2015. 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 2,406 shares and the exercise price adjusted to $52.30 pursuant to the OmniAb Inc. separation from the Company.

Remarks:

The Reporting Person's proposed exercise of the shares reported on this Form 4 was previously disclosed pursuant to the Reporting Person's Form 144, filed 17 March 2025. The delay in filing this Form 4 was due to inadvertent oversight and this filing is being made at the earliest upon awareness of same.