Espinoza Octavio 4

What Happened

• Octavio Espinoza, Chief Financial Officer of Ligand Pharmaceuticals (LGND), exercised stock options on March 11, 2026 to acquire 2,405 shares at $92.65 per share (total cost about $222,823). On the same day he sold 3,057 shares in an open-market transaction at $225.00 per share for proceeds of about $687,825. The Form 4 also reports a derivative disposition of 2,405 option units at $0.00, reflecting conversion of the option into common stock.

Key Details

• Transaction dates: March 11, 2026 (reported on Form 4 filed March 13, 2026)
• Exercise: 2,405 shares acquired at $92.65 = $222,823
• Open-market sale: 3,057 shares sold at $225.00 = $687,825
• Derivative entry: 2,405 option units reported disposed at $0.00 (standard reporting when options convert to shares)
• Footnotes: Transactions made under a written Rule 10b5-1 trading plan adopted Nov 19, 2025 (F1). The option exercised was fully vested and exercisable (F2).
• Shares owned after the transactions: not specified in the excerpt of the filing.
• Timeliness: Form 4 was filed two days after the transactions and appears timely.

Context

• M = option exercise/reporting of conversion of a derivative into common stock; the separate $0.00 derivative disposition is the reporting convention for converting the option. The filing does not specify whether the sold shares were the newly exercised shares or pre-existing holdings. The trades were executed under a 10b5‑1 plan, which typically sets prearranged rules for insider trading.