Diaz Allene M. 4

What Happened
Allene M. Diaz, a director of Ionis Pharmaceuticals (IONS), exercised options to acquire 10,111 shares on July 7, 2026 and sold those 10,111 shares the same day in an open-market transaction. The exercise price was $47.11 per share (total cost $476,329); the shares were sold at a weighted-average price of $85.42 per share for total proceeds of $863,637. That results in a rough pre-tax gain of about $387,308 (sale proceeds minus exercise cost). A separate Form 4 line shows the derivative conversion associated with the exercise (reported at $0).

Key Details

• Transaction date: 2026-07-07; Form filed: 2026-07-09 (timely)
• Exercise: 10,111 shares at $47.11 → $476,329 total (Code M)
• Sale: 10,111 shares at weighted avg $85.42 → $863,637 total (Code S)
• Weighted sale price ranged from $85.040 to $85.730 (footnote F2)
• Sale executed pursuant to a Rule 10b5-1 trading plan adopted Nov 25, 2025 (footnote F1)
• Derivative conversion line recorded as a $0 disposition (routine reporting detail)
• Shares owned after the transaction: not specified in the filing

Context
This was an option exercise followed by an immediate sale of the acquired shares — common when insiders exercise and sell to cover exercise cost, taxes, or diversify. The sale was made under a pre-established 10b5-1 plan, which generally indicates the trades were planned in advance and may limit inferences about the director’s current view of the company. All amounts shown are pre-tax and based on filing disclosures.