Nancy Ryan Gray - 06 Jun 2025 Form 4 Insider Report for LIGAND PHARMACEUTICALS INC (LGND)

Role: Director
Signature: By: /s/ Andrew Reardon, Attorney-in-Fact For: Nancy Ryan Gray
Issuer symbol: LGND
Transactions as of: 06 Jun 2025
Net transactions value: $0
Form type: 4
Filing time: 10 Jun 2025, 19:39:41 UTC
Previous filing: 18 Jun 2024
Next filing: 12 Nov 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Gray Nancy Ryan	Director	555 HERITAGE DRIVE, SUITE 200, JUPITER	By: /s/ Andrew Reardon, Attorney-in-Fact For: Nancy Ryan Gray	10 Jun 2025	0001714949

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LGND	Common Stock	Award	$0	+1,209	+18%	$0.000000	8,094	06 Jun 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)	Award	$0	+5,783		$0.000000	5,783	06 Jun 2025	Common Stock	5,783	$105.99	Direct	F2

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

Explanation of Responses:

Id	Content
F1	Represents restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. Acquired by a grant of the Board of Directors of the Company at their annual meeting on June 6, 2025. Fully vests on the earlier of (A) the date of the next annual meeting of the Company stockholders following the grant date or (B) on the first anniversary of the date of grant.
F2	Acquired by a grant of the Board of Directors of the Company at their annual meeting on June 6, 2025. Fully vests on the earlier of (A) the date of the next annual meeting of the Company stockholders following the grant date or (B) on the first anniversary of the date of grant.

Content

Represents restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. Acquired by a grant of the Board of Directors of the Company at their annual meeting on June 6, 2025. Fully vests on the earlier of (A) the date of the next annual meeting of the Company stockholders following the grant date or (B) on the first anniversary of the date of grant.

Acquired by a grant of the Board of Directors of the Company at their annual meeting on June 6, 2025. Fully vests on the earlier of (A) the date of the next annual meeting of the Company stockholders following the grant date or (B) on the first anniversary of the date of grant.