Jason Aryeh - 08 Dec 2025 Form 4 Insider Report for LIGAND PHARMACEUTICALS INC (LGND)

Role: Director
Signature: By: /s/ Andrew Reardon, Attorney-in-Fact For: Jason Aryeh
Issuer symbol: LGND
Transactions as of: 08 Dec 2025
Transactions value $: $141,383
Form type: 4
Filing time: 08 Dec 2025, 19:38:24 UTC
Previous filing: 24 Sep 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Aryeh Jason	Director	555 HERITAGE DRIVE, SUITE 200, JUPITER	By: /s/ Andrew Reardon, Attorney-in-Fact For: Jason Aryeh	08 Dec 2025	0001376960

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LGND	Common Stock	Options Exercise	$141K	+2.03K	+2.94%	$69.51	71.3K	08 Dec 2025	Direct
holding	LGND	Common Stock						51.6K	08 Dec 2025	Indirect	F1
holding	LGND	Common Stock						5.03K	08 Dec 2025	by Trust

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	-2.03K	-100%	$0.00	0	08 Dec 2025	Common Stock	2.03K	$69.51	Direct	F2

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

Explanation of Responses:

Id	Content
F1	All securities disclosed in this Form 4 are owned 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.
F2	This Option was previously reported as a Grant of 2,329 shares, which vested in full on May 23, 2016, at an exercise price of $119.3000 per share but was adjusted pursuant to the OmniAb Inc. separation from the issuer.

Content

All securities disclosed in this Form 4 are owned 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.

This Option was previously reported as a Grant of 2,329 shares, which vested in full on May 23, 2016, at an exercise price of $119.3000 per share but was adjusted pursuant to the OmniAb Inc. separation from the issuer.