Espinoza Octavio 4

What Happened
Octavio Espinoza, Chief Financial Officer of Ligand Pharmaceuticals (LGND), exercised stock options on May 27, 2026 to acquire 1,736 shares of LGND common stock. He acquired 764 shares at an exercise price of $63.62 (total $48,606) and 972 shares at $52.84 (total $51,360), for a combined cash outlay of $99,966. The filing also shows the corresponding derivative positions (the options) were terminated/converted in connection with the exercises.

Key Details

• Transaction date: May 27, 2026 (filed May 28, 2026).
• Exercises: 764 shares @ $63.62 (acquired $48,606); 972 shares @ $52.84 (acquired $51,360).
• Corresponding derivative dispositions: 972 and 764 share option positions reported disposed at $0.00 (reflects option conversion on exercise).
• Shares owned after the transaction: Not specified in the provided filing details.
• Footnotes: F1 and F2 describe vesting schedules for the options—one vests monthly beginning Jan 5, 2025 (approx. 55% then remainder in two monthly installments), the other vests over four years beginning Dec 5, 2022 with an initial 12.5% after six months and the rest monthly.
• Filing timeliness: Reported the day after the transaction (May 28, 2026).

Context
This was an option exercise (code M) rather than an open-market purchase or a sale. The filing does not report an immediate sale of the acquired shares, and the $0.00 "Disposition" lines reflect the options being converted/terminated upon exercise. Exercises are a routine way for insiders to realize vested compensation; they do not by themselves indicate a buy or sell opinion on the stock.