Davis Todd C 4

What Happened
Todd C. Davis, CEO of Ligand Pharmaceuticals, acquired 132 shares of LGND on 2026-06-30 at $160.71 per share, a transaction valued at approximately $21,214. The acquisition was made through the company’s Employee Stock Purchase Plan (ESPP), a purchase rather than a sale.

Key Details

• Transaction date and price: 2026-06-30, 132 shares at $160.71 per share.
• Total value: ~$21,214.
• Shares owned after transaction: Not specified in this filing.
• Footnote: These shares were acquired under the Ligand Employee Stock Purchase Plan and were exempt under Rule 16b-3(d) and Rule 16b-3(c) (see footnote F1).
• Filing timing: Form 4 was filed on 2026-07-06 for the 2026-06-30 transaction; this appears to be after the usual two-business-day Form 4 deadline.

Context
Purchases through an ESPP are common for employees and executives and typically reflect participation in a company benefit (payroll-deduction purchases or discounted ESPP buys) rather than an immediate market-driven endorsement. The Rule 16b-3 exemptions noted simply indicate the transaction met SEC conditions for compensatory-plan purchases and is treated differently than open-market trades.