Andrew Reardon - 04 Mar 2026 Form 4 Insider Report for LIGAND PHARMACEUTICALS INC (LGND)

Signature
/s/ Andrew Reardon
Issuer symbol
LGND
Transactions as of
04 Mar 2026
Net transactions value
-$1,031,770
Form type
4
Filing time
06 Mar 2026, 18:51:02 UTC
Previous filing
18 Feb 2026

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Reardon Andrew CLO & Secretary 555 HERITAGE DRIVE, SUITE 200, JUPITER /s/ Andrew Reardon 06 Mar 2026 0001950232

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LGND Common Stock Options Exercise +5,000 +14% $52.27* 41,869 04 Mar 2026 Direct F1
transaction LGND Common Stock Sale $19,770 -100 -0.24% $197.70 41,769 04 Mar 2026 Direct F1, F2
transaction LGND Common Stock Sale $19,900 -100 -0.24% $199.00 41,669 04 Mar 2026 Direct F1
transaction LGND Common Stock Sale $41,391 -207 -0.5% $199.96 41,462 04 Mar 2026 Direct F1, F3
transaction LGND Common Stock Sale $18,658 -93 -0.22% $200.62 41,369 04 Mar 2026 Direct F1, F4
transaction LGND Common Stock Sale $60,510 -300 -0.73% $201.70 41,069 04 Mar 2026 Direct F1
transaction LGND Common Stock Sale $40,834 -200 -0.49% $204.17 40,869 04 Mar 2026 Direct F1, F5
transaction LGND Common Stock Sale $94,382 -460 -1.1% $205.18 40,409 04 Mar 2026 Direct F1, F6
transaction LGND Common Stock Sale $70,165 -340 -0.84% $206.37 40,069 04 Mar 2026 Direct F1, F7
transaction LGND Common Stock Sale $126,689 -612 -1.5% $207.01 39,457 04 Mar 2026 Direct F1, F8
transaction LGND Common Stock Sale $300,939 -1,446 -3.7% $208.12 38,011 04 Mar 2026 Direct F1, F9
transaction LGND Common Stock Sale $238,532 -1,142 -3% $208.87 36,869 04 Mar 2026 Direct F1, F10

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 Employee Stock Option (right to buy) Options Exercise -5,000 -8.4% $0.000000* 54,444 04 Mar 2026 Common Stock 5,000 $52.27 Direct F1, F11
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

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).

Explanation of Responses:

Id Content
F1 The transactions reported on this Form 4 were made pursuant to a written trading plan adopted by the Reporting Person on November 24, 2025, in accordance with Rule 10b5-1.
F2 The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $197.5800 to $198.3800. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F3 The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $199.8800 to $200.5500. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F4 The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $200.5800 to $200.8700. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F5 The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $203.8600 to $204.4800. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F6 The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $204.8400 to $205.5700. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F7 The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $205.6000 to $206.5400. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F8 The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $206.6800 to $207.5100. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F9 The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $207.6700 to $208.5500. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F10 The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $208.6000 to $208.9700. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F11 The stock option vests and is exercisable as to 12.5% of the underlying shares on February 1, 2023, and in 42 substantially equal monthly installments thereafter.