Davis Todd C 4
4 · LIGAND PHARMACEUTICALS INC · Filed Mar 27, 2026
Research Summary
AI-generated summary of this filing
Ligand (LGND) CEO Todd C. Davis Receives Equity Award
What Happened
Todd C. Davis, CEO of Ligand Pharmaceuticals (LGND), was granted equity awards on March 2, 2026 totaling 60,553 shares: 10,495 shares reported as an award (RSUs) and 50,058 shares reported as a derivative award. Both transactions show $0.00 paid per share (these are compensation grants, not open-market purchases or sales).
Key Details
- Transaction date: 2026-03-02; Form 4 filed: 2026-03-27 (filed 25 days after the transactions; outside the typical two-business-day reporting window).
- Award amounts: 10,495 RSUs (F1) and 50,058 derivative award (F2). Combined total = 60,553 shares. Reported price: $0.00; aggregate cash value reported = $0.
- Shares owned after the transaction: not specified in the provided filing.
- Footnote F1: The 10,495 RSUs represent contingent rights to one share each, vesting in three roughly equal annual installments on Feb 15 of 2027, 2028 and 2029; delivery of shares may be deferred under the issuer’s Nonqualified Deferred Compensation Plan.
- Footnote F2: Describes vesting for a stock option-style grant: 12.5% vests 6 months after grant, then the remainder vests in 42 substantially equal monthly installments thereafter.
- Filing timeliness: The Form 4 was submitted 25 days after the reported transaction date, later than the standard two-business-day deadline for insider reporting.
Context
These entries are compensation grants (RSUs and a derivative award/option-like grant) rather than purchases or sales, so they reflect executive compensation and vesting schedules rather than an immediate bullish or bearish trade signal. The RSU delivery is deferred under a nonqualified plan, and the derivative award is subject to time-based vesting per the footnotes. Late filing of the Form 4 is noted; while late filings do not by themselves indicate misconduct, they reduce the timeliness and transparency of insider disclosure for investors.
Insider Transaction Report
- Award
Common Stock
[F1]2026-03-02+10,495→ 199,381 total - Award
Employee Stock Option (right to buy)
[F2]2026-03-02+50,058→ 50,058 totalExercise: $202.55Exp: 2036-03-02→ Common Stock (50,058 underlying)
Footnotes (2)
- [F1]Represents restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs shall vest over three years, in three substantially equal annual installments on February 15, 2027; February 15, 2028; and February 15, 2029, subject to the Reporting Person's continued service to the Issuer through each such vesting date. Pursuant to an election under the Issuer's Nonqualified Deferred Compensation Plan, delivery of shares otherwise issuable upon each vesting date will be deferred.
- [F2]The Stock Option grant vests and is exercisable as to 12.5% of the underlying shares 6 months after the grant date, and in 42 substantially equal monthly installments thereafter.