Ionis Pharmaceuticals (NASDAQ: IONS) CFO sells 225,220 shares after option exercises

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Ionis Pharmaceuticals EVP, Finance & CFO Elizabeth L. Hougen reported a series of stock option exercises followed by open-market sales of common stock. On March 16, 2026, she exercised options to acquire a total of 174,999 shares of common stock at exercise prices of $32.6000, $37.5800, $56.7800 and $60.8900 per share. That same day, she sold 215,048 shares of common stock in open-market transactions at weighted average prices of $72.3810 and $72.7650 per share. On March 17, 2026, she sold an additional 10,172 shares at a weighted average price of $73.2070 per share, bringing total reported sales to 225,220 shares. The filing states these sales were made pursuant to a Rule 10b5-1 trading plan adopted on December 9, 2025. Following the transactions, Hougen directly owns 82,660 shares of Ionis common stock.

Insider Trade Summary 10b5-1

Net Seller: 225,220 shares ($16,313,676)

Net Sell 11 txns

Insider HOUGEN ELIZABETH L

Role EVP, Finance & CFO

Sold 225,220 shs ($16.31M)

Type	Security	Shares	Price	Value
Sale	Common Stock	10,172	$73.207	$745K
Exercise	Non-Qualified Stock Option (right to buy)	33,118	$0.00	--
Exercise	Non-Qualified Stock Option (right to buy)	20,541	$0.00	--
Exercise	Non-Qualified Stock Option (right to buy)	61,041	$0.00	--
Exercise	Non-Qualified Stock Option (right to buy)	60,299	$0.00	--
Exercise	Common Stock	60,299	$60.89	$3.67M
Exercise	Common Stock	61,041	$56.78	$3.47M
Exercise	Common Stock	33,118	$32.60	$1.08M
Exercise	Common Stock	20,541	$37.58	$772K
Sale	Common Stock	205,608	$72.381	$14.88M
Sale	Common Stock	9,440	$72.765	$687K

Holdings After Transaction: Common Stock — 82,660 shares (Direct); Non-Qualified Stock Option (right to buy) — 0 shares (Direct)

Footnotes (1)

Shares sold pursuant to a Rule 10b5-1 Trading Plan adopted by the reporting person on December 9, 2025. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $71.70 to $72.70 inclusive. The reporting person undertakes to provide to Ionis Pharmaceuticals, Inc. any security holder of Ionis Pharmaceuticals, Inc. 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 ranges set forth in footnote (2) on this Form 4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $72.71 to $72.88 inclusive. The reporting person undertakes to provide to Ionis Pharmaceuticals, Inc. any security holder of Ionis Pharmaceuticals, Inc. 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 ranges set forth in footnote (3) on this Form 4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $73.11 to $73.28 inclusive. The reporting person undertakes to provide to Ionis Pharmaceuticals, Inc. any security holder of Ionis Pharmaceuticals, Inc. 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 ranges set forth in footnote (4) on this Form 4.

Form 4 Insider Transactions: What Each Field Means →

03/18/2026 - 05:19 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a 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). See Instruction 10.

1. Name and Address of Reporting Person^*

HOUGEN ELIZABETH L

(Last)

(First)

(Middle)

2855 GAZELLE COURT

(Street)

CARLSBAD

CALIFORNIA

92010

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
IONIS PHARMACEUTICALS INC [ IONS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP, Finance & CFO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/16/2026		M		60,299	A	$60.89	193,180	D
Common Stock	03/16/2026		M		61,041	A	$56.78	254,221	D
Common Stock	03/16/2026		M		33,118	A	$32.6	287,339	D
Common Stock	03/16/2026		M		20,541	A	$37.58	307,880	D
Common Stock	03/16/2026		S		205,608⁽¹⁾	D	$72.381⁽²⁾	102,272	D
Common Stock	03/16/2026		S		9,440⁽¹⁾	D	$72.765⁽³⁾	92,832	D
Common Stock	03/17/2026		S		10,172⁽¹⁾	D	$73.207⁽⁴⁾	82,660	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Non-Qualified Stock Option (right to buy)	$32.6	03/16/2026		M			33,118	01/03/2023	01/02/2032	Common Stock	33,118	$0.0	0	D
Non-Qualified Stock Option (right to buy)	$37.58	03/16/2026		M			20,541	01/03/2024	01/02/2033	Common Stock	20,541	$0.0	5,405	D
Non-Qualified Stock Option (right to buy)	$56.78	03/16/2026		M			61,041	01/04/2022	01/03/2028	Common Stock	61,041	$0.0	0	D
Non-Qualified Stock Option (right to buy)	$60.89	03/16/2026		M			60,299	01/02/2021	01/01/2027	Common Stock	60,299	$0.0	0	D

Explanation of Responses:

1. Shares sold pursuant to a Rule 10b5-1 Trading Plan adopted by the reporting person on December 9, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $71.70 to $72.70 inclusive. The reporting person undertakes to provide to Ionis Pharmaceuticals, Inc. any security holder of Ionis Pharmaceuticals, Inc. 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 ranges set forth in footnote (2) on this Form 4.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $72.71 to $72.88 inclusive. The reporting person undertakes to provide to Ionis Pharmaceuticals, Inc. any security holder of Ionis Pharmaceuticals, Inc. 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 ranges set forth in footnote (3) on this Form 4.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $73.11 to $73.28 inclusive. The reporting person undertakes to provide to Ionis Pharmaceuticals, Inc. any security holder of Ionis Pharmaceuticals, Inc. 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 ranges set forth in footnote (4) on this Form 4.

	By: Patrick R. O'Neil, attorney-in-fact For: Elizabeth L. Hougen	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Ionis Pharmaceuticals (IONS) CFO Elizabeth Hougen report in this Form 4?

Elizabeth Hougen reported exercising stock options and selling Ionis common stock. She exercised options for 174,999 shares, then sold 225,220 shares in open-market transactions, and now directly holds 82,660 shares of Ionis Pharmaceuticals common stock.

How many Ionis Pharmaceuticals (IONS) shares did the CFO sell and at what prices?

The CFO sold a total of 225,220 Ionis shares. Sales occurred at weighted average prices of $72.3810, $72.7650 and $73.2070 per share, with individual trades executed within stated price ranges around each weighted average level.

How many Ionis Pharmaceuticals (IONS) shares did the CFO acquire through option exercises?

She acquired 174,999 Ionis shares by exercising non-qualified stock options. The options converted into common stock at exercise prices of $32.6000, $37.5800, $56.7800 and $60.8900 per share, reflecting previously granted equity awards becoming shares.

How many Ionis Pharmaceuticals (IONS) shares does the CFO own after these transactions?

After the reported transactions, the CFO directly owns 82,660 Ionis common shares. This figure comes from the post-transaction holding reported in the Form 4, reflecting her remaining direct equity position in Ionis Pharmaceuticals.

Were the Ionis Pharmaceuticals (IONS) CFO’s stock sales under a Rule 10b5-1 plan?

Yes. The filing states the shares were sold under a Rule 10b5-1 trading plan. The plan was adopted by the reporting person on December 9, 2025, indicating the sales followed a pre-arranged trading schedule rather than ad hoc market timing.

What is the overall trading pattern shown in this Ionis Pharmaceuticals (IONS) Form 4?

The Form 4 shows an exercise-and-sell pattern. The CFO exercised stock options to acquire 174,999 shares, then sold 225,220 shares in open-market trades, all executed pursuant to a pre-established Rule 10b5-1 trading plan.