Nancy Ryan Gray - Jun 6, 2025 Form 4 Insider Report for LIGAND PHARMACEUTICALS INC (LGND)

Role: Director
Signature: By: /s/ Andrew Reardon, Attorney-in-Fact For: Nancy Ryan Gray
Stock symbol: LGND
Transactions as of: Jun 6, 2025
Transactions value $: $0
Form type: 4
Date filed: 6/10/2025, 07:39 PM
Previous filing: Jun 18, 2024
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Gray Nancy Ryan	Director	555 HERITAGE DRIVE, SUITE 200, JUPITER	By: /s/ Andrew Reardon, Attorney-in-Fact For: Nancy Ryan Gray	2025-06-10	0001714949

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LGND	Common Stock	Award	$0	+1.21K	+17.56%	$0.00	8.09K	Jun 6, 2025	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	LGND	Non-Qualified Stock Option (right to buy)	Award	$0	+5.78K		$0.00	5.78K	Jun 6, 2025	Common Stock	5.78K	$105.99	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. Acquired by a grant of the Board of Directors of the Company at their annual meeting on June 6, 2025. Fully vests on the earlier of (A) the date of the next annual meeting of the Company stockholders following the grant date or (B) on the first anniversary of the date of grant.
F2	Acquired by a grant of the Board of Directors of the Company at their annual meeting on June 6, 2025. Fully vests on the earlier of (A) the date of the next annual meeting of the Company stockholders following the grant date or (B) on the first anniversary of the date of grant.

Content

Represents restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. Acquired by a grant of the Board of Directors of the Company at their annual meeting on June 6, 2025. Fully vests on the earlier of (A) the date of the next annual meeting of the Company stockholders following the grant date or (B) on the first anniversary of the date of grant.

Acquired by a grant of the Board of Directors of the Company at their annual meeting on June 6, 2025. Fully vests on the earlier of (A) the date of the next annual meeting of the Company stockholders following the grant date or (B) on the first anniversary of the date of grant.