BERTHELSEN SPENCER R 4

What Happened
Spencer R. Berthelsen, a director of Ionis Pharmaceuticals (IONS), exercised options to acquire 8,000 shares at $24.42 per share (cost $195,360) on June 1, 2026, and sold 8,000 shares that same day in an open-market transaction at $75.67 per share for gross proceeds of $605,360. The Form 4 also records a derivative disposition of 8,000 units at $0.00 associated with the exercise.

Key Details

• Transaction date: June 1, 2026; Form 4 filed June 3, 2026 (timely filing).
• Exercise (M, acquired): 8,000 shares @ $24.42 = $195,360.
• Sale (S, disposed): 8,000 shares @ $75.67 = $605,360 (open-market sale).
• Additional derivative line: 8,000 (M) disposed @ $0.00 — reported in the filing.
• Footnote F1: Shares sold pursuant to a Rule 10b5-1 trading plan adopted Sept 12, 2025.
• Footnote F2: Reporting person disclaims beneficial ownership of securities held by his daughter.
• Shares owned after transaction: not specified in the provided filing excerpt.

Context
This was an exercise of options followed by an immediate sale of the same number of shares—effectively a cashless exercise. The sale was executed under a pre-established 10b5-1 trading plan, which is a prearranged program that can make sales routine rather than signaling a change in insider view. The filing is factual and does not indicate the insider’s motive.