LAMATTINA JOHN L 4

What Happened
John L. Lamattina, a director of Ligand Pharmaceuticals (LGND), exercised stock options to acquire 2,161 shares on 2026-03-06 at an exercise price of $114.15 per share (cost ~$246,678) and then sold those 2,161 shares in an open-market sale the same day at $200.76 per share, generating proceeds of ~$433,842. This sequence is effectively a cashless exercise followed by an immediate sale; net proceeds before taxes and fees are roughly $187,164.

Key Details

• Transaction date: March 6, 2026 (Form 4 filed March 31, 2026 — late filing).
• Option exercise: 2,161 shares acquired at $114.15/share; aggregate cost $246,678. (Transaction code M)
• Sale: 2,161 shares sold at $200.76/share; gross proceeds $433,842. (Transaction code S)
• Additional derivative line: the filing shows a related derivative disposition of 2,161 shares at $0.00 — reflecting the conversion/exercise reporting.
• Shares owned after transaction: Not disclosed in this filing.
• Footnote: The option was originally granted as 2,474 shares (vested June 6, 2019, exercise price $195.91) and was adjusted due to the OmniAb Inc. separation from the issuer.

Context
Because the exercised shares were sold the same day, this is a routine cashless exercise and sale rather than a purchase intended to increase a long-term stake. The director status (not a 10% owner) and the late filing are noted; late filings can delay investor visibility into insider activity.