KLEIN JOSEPH III 4

What Happened

• Joseph Klein III, a director of Ionis Pharmaceuticals (IONS), exercised 10,111 options on May 1, 2026 at $47.11 per share (total cost $476,329) and sold the resulting 10,111 shares the same day in two open‑market transactions. The sales generated total proceeds of $743,238 (8,680 shares at a weighted avg $73.35 for $636,704; 1,431 shares at a weighted avg $74.45 for $106,534). Net proceeds before taxes and fees were roughly $266,909. The filing also lists a derivative conversion/disposition at $0.00 reflecting the option conversion to underlying shares.

Key Details

• Transaction date: 2026-05-01 (filed 2026-05-05 — timely under the two business day rule)
• Exercise: 10,111 shares @ $47.11, cost = $476,329
• Sales: 8,680 shares @ weighted avg $73.35 (range $72.95–$73.64) = $636,704; 1,431 shares @ weighted avg $74.45 (range $74.07–$74.92) = $106,534; total sales = $743,238
• Net proceeds before taxes/fees: approx. $266,909
• Shares owned after the reported transactions: not stated in the information provided
• Footnotes of note:
  • Sales were made under a Rule 10b5‑1 trading plan adopted Nov 25, 2025 (F1)
  • Reported sale prices are weighted averages; price ranges provided for the individual blocks (F2, F3)
  • Reporting person disclaims beneficial ownership of securities held by his son (F4)

Context

• This is effectively a cashless exercise: options were exercised and the resulting shares were sold the same day. Such transactions commonly reflect option exercise and liquidity needs and are not by themselves an indicator of the director’s view on the company’s longer‑term prospects.
• The 10b5‑1 plan note indicates the sales were pre‑arranged, which can be used to avoid questions about contemporaneous trading intent.