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LIGAND PHARMACEUTICALS INC·4

Feb 18, 4:24 PM ET

Reardon Andrew 4

Research Summary

AI-generated summary

Updated

Ligand (LGND) CLO Andrew Reardon Receives PSUs; Shares Withheld

What Happened

  • Andrew Reardon, Chief Legal Officer & Secretary of Ligand Pharmaceuticals (LGND), had performance/restricted stock units settle in mid-February. On Feb 14, 2026 he was issued a total of 15,738 shares (two awards of 6,928 and 8,810 shares at $0.00 per share). To cover tax liabilities related to the settlement, the issuer withheld/disposed 9,680 shares across Feb 14–15 at $183.83 per share, with withholding value totaling approximately $1,779,474. Net result: Reardon received 15,738 shares and, after withholding, retained a net 6,058 shares from the settlement.

Key Details

  • Transaction dates/prices:
    • Feb 14, 2026: Award/issuance of 6,928 shares and 8,810 shares at $0.00 (PSU/RSU settlement).
    • Feb 14, 2026: Shares withheld/disposed — 3,211 shares ($183.83/share; $590,278) and 4,083 shares ($183.83/share; $750,578).
    • Feb 15, 2026: Shares withheld/disposed — 593 shares ($183.83/share; $109,011), 801 shares ($183.83/share; $147,248), and 992 shares ($183.83/share; $182,359).
  • Total issued: 15,738 shares; total withheld/disposed: 9,680 shares; net retained from settlement: 6,058 shares.
  • Total value of shares withheld (tax payment basis): about $1.78 million (at $183.83/share).
  • Footnotes from filing:
    • F1: shares issued upon vesting/certification of PSUs.
    • F2: shares withheld to pay tax liability from PSU settlement.
    • F3: shares withheld to pay tax liability from RSU settlement.
  • Filing: Form 4 filed Feb 18, 2026 for transactions dated Feb 14–15, 2026. The filing shows the settlements and withholding; no late-filing flag was provided in the supplied data.

Context

  • This was not an open-market sale by the insider — the “disposals” are issuer withholding of shares to satisfy tax obligations upon settlement of PSUs/RSUs (a routine, cashless settlement method). Such withholding is a common administrative step and does not necessarily indicate a deliberate market-sale decision by the insider.
  • Codes: A = award/grant/acquisition (PSU/RSU issuance); F = payment of exercise price or tax liability (shares withheld to cover taxes).