Ligand Pharmaceuticals (LGND) CLO Andrew Reardon Exercises Options, Sells Shares

What Happened

• Andrew Reardon, Chief Legal Officer & Secretary of Ligand Pharmaceuticals (LGND), exercised stock options to acquire 5,000 shares at $52.27 per share (cash paid $261,350) and, on the same day (Aug 3, 2026), sold 5,000 shares in multiple open‑market transactions for aggregate proceeds of approximately $1,444,951. The filing also records a conversion/disposition of 5,000 derivative shares at $0 (non‑cash entry) on the same date.

Key Details

• Transaction date: August 3, 2026; Form 4 filed August 4, 2026 (next day).
• Exercise: 5,000 shares acquired at $52.27 each (total cost $261,350).
• Sales: 5,000 shares sold across multiple trades; weighted‑average prices for different lots reported in footnotes, with sale prices in the ranges cited in the filing (roughly $283.24 to $292.89); total proceeds ≈ $1,444,951.
• Additional derivative entry: 5,000 shares reported as converted/ disposed at $0 (non‑cash transaction) — see filing for specifics.
• Plan/authorization: Trades were made pursuant to a written Rule 10b5‑1 trading plan adopted by Reardon on Nov 24, 2025 (footnote F1).
• Vesting note: The underlying option has a vesting schedule (12.5% on Feb 1, 2023, then 42 monthly installments) per footnote F12.
• Shares owned after the transactions: not specified in the provided excerpt — see the Form 4 for the updated holding amount.
• Filing timeliness: filed the next day; no late‑filing flag indicated.

Context

• The filing shows an option exercise (derivative code M) and same‑day open‑market sales. When exercise and sales occur on the same day, filings often reflect a cashless or immediate sale to cover exercise cost/taxes; the $0 disposal line may reflect a non‑cash settlement or internal conversion — the Form 4 footnotes and registrant can provide full details.
• Trades executed under a 10b5‑1 plan are pre‑arranged and are generally considered routine; purchases are typically more informative than routine sales about insider sentiment.
• This report involves an executive (CLO) — not a 10% beneficial owner designation in the excerpt.