Stephen L. Sabba - 03 Mar 2026 Form 4 Insider Report for LIGAND PHARMACEUTICALS INC (LGND)

Role: Director
Signature: /s/ Stephen L. Sabba
Issuer symbol: LGND
Transactions as of: 03 Mar 2026
Net transactions value: -$409,851
Form type: 4
Filing time: 05 Mar 2026, 11:05:17 UTC
Previous filing: 10 Jun 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Sabba Stephen L	Director	485 UNDERHILL BLVD SUITE 205, SYOSSET	/s/ Stephen L. Sabba	05 Mar 2026	0001442372

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LGND	Common Stock	Options Exercise		+2,034	+6%	$69.51^*	35,827	03 Mar 2026	Direct	F1
transaction	LGND	Common Stock	Sale	$409,851	-2,034	-5.7%	$201.50	33,793	03 Mar 2026	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		-2,034	-100%	$0.000000^*	0	03 Mar 2026	Common Stock	2,034	$69.51	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 1,209 restricted shares approved by the Board of Directors of the Company at the Annual Meeting held June 6, 2025, 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 10 June 2025, which was filed to reflect the 2025 Meeting grant.
F2	These securities, as represented in Column 5, were acquired by a grant of 2,329 shares approved by the Board of Directors of the Company at the 2016 Meeting, as previously reported on the Reporting Person's Form 4, dated 25 May 2016. 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 2,034 shares and the exercise price adjusted to $69.51 pursuant to the OmniAb Inc. separation from the Company.

Content

These securities, as represented in Column 5, includes the grant of 1,209 restricted shares approved by the Board of Directors of the Company at the Annual Meeting held June 6, 2025, 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 10 June 2025, which was filed to reflect the 2025 Meeting grant.

These securities, as represented in Column 5, were acquired by a grant of 2,329 shares approved by the Board of Directors of the Company at the 2016 Meeting, as previously reported on the Reporting Person's Form 4, dated 25 May 2016. 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 2,034 shares and the exercise price adjusted to $69.51 pursuant to the OmniAb Inc. separation from the Company.