Diaz Allene M. 4

What Happened
Allene M. Diaz, a director of Ionis Pharmaceuticals (IONS), received two derivative awards on July 1, 2026: a stock option covering 5,369 shares and a Restricted Stock Unit (RSU) award for 2,301 shares. Both awards are reported at $0 in the Form 4 (they are derivative grants, not open‑market purchases or sales). The company notes these grants were adjusted so the director’s total 2026 annual equity compensation does not exceed $400,000 (grant‑date fair value per ASC 718). Neither award was vested or exercisable for shares on the grant date.

Key Details

• Transaction date: July 1, 2026. Form filed July 6, 2026 (reporting period 2026-07-01).
• Awards: Option for 5,369 shares (derivative), RSU award for 2,301 shares (derivative). Reported price/value: $0 on the Form 4.
• Vesting: Both awards vest 100% on either the first anniversary of the grant or the next regularly scheduled annual meeting, whichever occurs earlier. Both were vested as to 0 shares on the grant date.
• Exercise/delivery: The option is not exercisable for any shares on July 1, 2026. Each RSU is a contingent right to one share (or cash equivalent); the reporting person elected to defer delivery of vested RSU shares until the earlier of the fifth anniversary of vesting, 30 days after separation, or a change in control.
• Shares owned after transaction: Not specified in the provided filing.
• Notable footnotes: F1 (compensation cap of $400k aggregate grant‑date fair value), F2 (option plan and vesting schedule), F3 (definition of RSU), F4 (RSU deferral election). No 10b5‑1 plan, tax‑withholding sale, or late‑filing flag indicated in the provided details.

Context
These are routine non‑employee director equity grants under Ionis’s director compensation plan. They do not represent a purchase (which is often viewed as a stronger bullish signal) nor an immediate sale; economic exposure changes only once options are exercised or RSUs are delivered/settled per the vesting and deferral rules.