Aryeh Jason 4

What Happened
Jason Aryeh, a director (and general partner of funds that hold the stock), sold a total of 5,000 Ligand Pharmaceuticals (LGND) shares in two open-market transactions: 500 shares on 2026-06-10 at $250.00 each ($125,000) and 4,500 shares on 2026-06-11 at $250.00 each ($1,125,000), for total proceeds of $1,250,000. Separately, on 2026-06-05 he was awarded RSUs: 836 RSUs (footnote F1) and 2,938 RSUs treated as derivative awards (footnote F4), for a total of 3,774 RSUs. The RSUs were granted by the Board (June 5, 2026) and vest on the earlier of the next annual stockholder meeting or the first anniversary of the grant.

Key Details

• Transaction dates & prices:
  • 2026-06-10: sale of 500 shares at $250.00 ($125,000)
  • 2026-06-11: sale of 4,500 shares at $250.00 ($1,125,000)
  • 2026-06-05: grants of 836 RSUs and 2,938 RSU-derivatives (acquired at $0 as awards)
• Total sale proceeds: $1,250,000.
• RSU vesting: grants fully vest on earlier of next annual meeting or one-year anniversary (see F1, F4).
• Shares owned after transaction: not explicitly listed in the filing; footnote F2 says the reporting person’s total shares were reduced by 7,825 due to a reallocation in account records.
• Beneficial ownership: securities disclosed are owned by funds managed by JALAA Equities, LP, JLV Investments, LP and affiliates; Mr. Aryeh is the GP/partner and may be deemed a beneficial owner of the funds’ holdings (footnote F3).
• Timeliness: Filing date is 2026-06-12 covering transactions through 2026-06-11. The sales on June 10–11 appear reported promptly; the June 5 grants were included in this filing dated June 12 (the filing lists the grant date as June 5).

Context

• The June 5 entries are RSU awards (not purchases) and will convert to shares only upon vesting — they do not represent immediate cash outlay or an exercised option.
• The June 10–11 sales were open-market disposals of existing shares (likely from the Funds’ holdings). Sales are often routine portfolio activity and do not by themselves indicate management’s view of the company’s prospects.
• Because the holdings are in funds managed by JALAA and affiliates, this filing reflects institutional/fund-related transactions rather than a personal cash purchase by an individual executive.