Reardon Andrew 4

What Happened

• Andrew Reardon, Chief Legal Officer & Secretary of Ligand Pharmaceuticals (LGND), exercised 5,000 option-based shares at $52.27 per share (total cost $261,350) on June 1, 2026, and sold 5,000 shares in multiple open-market transactions that generated approximately $1,135,316 in gross proceeds. The filing also shows a derivative-related line reporting 5,000 shares disposed at $0 (reported as a derivative transaction).

Key Details

• Transaction date: June 1, 2026.
• Exercise: 5,000 shares exercised at $52.27 each — $261,350 total.
• Open-market sales: seven grouped trades totaling 5,000 shares and ~$1,135,316 in proceeds. Weighted-average sale prices by trade were reported (see ranges below).
• Reported sale price ranges (per footnotes): sales occurred across price ranges of roughly $223.4250 to $230.00 per share (different trades use weighted-average prices; footnotes F2–F7 provide exact price ranges for each grouped sale).
• Additional derivative entry: 5,000 shares shown as disposed at $0 (reported with code M); filing includes option vesting schedule (footnote F8).
• Plan/authorization: Transactions were executed per a written 10b5-1 trading plan adopted Nov 24, 2025 (footnote F1).
• Shares owned after the reported transactions: not disclosed in the provided portion of the filing.
• Filing timeliness: filing date 2026-06-02 for transactions on 2026-06-01 — not indicated as late.

Context

• Code M indicates exercise/conversion of derivative securities (options). Here Reardon exercised options (paid $52.27 per share) and sold an equal number of shares in the open market the same day; the filing does not state whether the sales were part of a cashless exercise or separate transactions beyond the 10b5-1 plan disclosure.
• The 10b5-1 plan note means the sales were made under a prearranged trading plan, which is common for insiders to avoid trading-window timing issues; it does not imply management views.
• Retail investors often watch insider purchases as a stronger signal than sales; these transactions show an option exercise (acquisition) followed by market sales that generated roughly $1.14M in proceeds.