Ligand (NASDAQ: LGND) CLO awarded RSUs and stock options

Rhea-AI Filing Summary

Ligand Pharmaceuticals’ CLO & Secretary Andrew Reardon reported equity compensation awards. He received 4,513 shares of common stock as a grant, bringing his direct common stock holdings to 41,382 shares.

He was also granted an option for 21,525 shares at an exercise price of 202.55 per share. The option vests 12.5% six months after the March 2, 2026 grant date and then in 42 equal monthly installments. The 4,513-share grant represents restricted stock units that vest in three equal annual installments on February 15, 2027, February 15, 2028, and February 15, 2029, with delivery of shares deferred under a company plan.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Reardon Andrew

Role CLO & Secretary

Type	Security	Shares	Price	Value
Grant/Award	Employee Stock Option (right to buy)	21,525	$0.00	--
Grant/Award	Common Stock	4,513	$0.00	--

Holdings After Transaction: Employee Stock Option (right to buy) — 21,525 shares (Direct); Common Stock — 41,382 shares (Direct)

Footnotes (1)

1. Represents restricted stock units (RSUs). Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs shall vest over three years, in three substantially equal annual installments on February 15, 2027, February 15, 2028 and February 15, 2029, subject to the Reporting Person's continued service to the Issuer through each such vesting date. Pursuant to an election under the Issuer's Nonqualified Deferred Compensation Plan, delivery of shares otherwise issuable upon each vesting date will be deferred. The Stock Option grant vests and is exercisable as to 12.5% of the underlying shares 6 months after the grant date, and in 42 substantially equal monthly installments thereafter.

Form 4 Insider Transactions: What Each Field Means →

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^*

Reardon Andrew

(Last) (First) (Middle)

1555 HERITAGE DRIVE

SUITE 200

(Street)

JUPITER FLORIDA 33458

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
LIGAND PHARMACEUTICALS INC [ LGND ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CLO & Secretary

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/02/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/02/2026		A		4,513(1)	A	$0	41,382	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	$202.55	03/02/2026		A		21,525		(2)	03/02/2036	Common Stock	21,525	$0	21,525	D

Explanation of Responses:

1. Represents restricted stock units (RSUs). Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs shall vest over three years, in three substantially equal annual installments on February 15, 2027, February 15, 2028 and February 15, 2029, subject to the Reporting Person's continued service to the Issuer through each such vesting date. Pursuant to an election under the Issuer's Nonqualified Deferred Compensation Plan, delivery of shares otherwise issuable upon each vesting date will be deferred.

2. The Stock Option grant vests and is exercisable as to 12.5% of the underlying shares 6 months after the grant date, and in 42 substantially equal monthly installments thereafter.

	/s/Andrew Reardon	03/27/2026
	** 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)

FAQ

What insider transactions did Andrew Reardon report for LGND?

Andrew Reardon reported equity compensation awards, not market trades. He received 4,513 restricted stock units of Ligand common stock and an option covering 21,525 shares, both granted on March 2, 2026 as part of his role as CLO & Secretary.

How many Ligand (LGND) shares does Andrew Reardon hold after these grants?

After the March 2, 2026 equity awards, Andrew Reardon directly owns 41,382 shares of Ligand common stock. This total includes the 4,513-share restricted stock unit grant reported in this filing, which will vest over three years, with share delivery deferred under a company compensation plan.

What are the terms of Andrew Reardon’s new stock option in LGND?

Reardon received an employee stock option for 21,525 Ligand shares at an exercise price of 202.55 per share. The option vests 12.5% six months after the March 2, 2026 grant date, then in 42 substantially equal monthly installments until fully vested and exercisable.

How do Andrew Reardon’s restricted stock units in LGND vest?

The 4,513 restricted stock units vest over three years in three substantially equal annual installments. Vesting dates are February 15, 2027, February 15, 2028, and February 15, 2029, conditioned on his continued service, with delivery of the underlying shares deferred under a nonqualified deferred compensation plan.

Were Andrew Reardon’s LGND awards open-market purchases or compensation grants?

The reported transactions are compensation-related grants, not open-market purchases. Both the 4,513 restricted stock units and the 21,525-share stock option were awarded at a stated price of zero for the grant, reflecting equity-based compensation rather than shares bought on the open market.