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 15, 2026, and sold 8,000 shares in an open-market transaction the same day at $73.49 per share (proceeds $587,920). The transactions together indicate an exercise of derivative awards followed by an immediate sale of the same number of shares; proceeds exceeded the exercise cost by $392,560 before fees and taxes. The sale was executed under a Rule 10b5-1 trading plan.

Key Details

• Transaction date: June 15, 2026; Form 4 filed: June 16, 2026 (timely filing).
• Exercise (code M): 8,000 shares acquired at $24.42 — total cost $195,360.
• Sale (code S): 8,000 shares sold at $73.49 — total proceeds $587,920.
• Filing also lists a derivative conversion line (8,000 shares at $0.00) reflecting the option-to-share conversion.
• Shares owned after the transaction: not specified in the filing.
• Footnotes: (F1) Sale pursuant to a Rule 10b5-1 trading plan adopted Sept 12, 2025; (F2) Reporting person disclaims beneficial ownership of securities held by his daughter.
• Reporting timeliness: Filed the next day; not marked late.

Context

• The pattern (exercise followed by same-day sale) is consistent with a cashless exercise/monetization of options, where the option is converted to shares and an equal number are immediately sold.
• Transaction codes: M = option exercise/conversion; S = sale.
• This is a director (insider) transaction reported on Form 4; the filing does not indicate a 10% owner status.

This summary is factual and does not infer motivation for the transactions.