Davis Todd C 4

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.