Company: LGNZZ
Filing Date: 2025-04-22
Form Type: DEF 14A
Source: 0000886163-25-000025
Chunk: 2

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-04-22
Form: DEF 14A
Chunk 2
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 annual meeting portal, your proxy will be revoked automatically and only your vote at the virtual annual meeting will be counted. The prompt return of your proxy will assist us in preparing for the annual meeting.

<div align='center'>Important Notice Regarding Internet Availability of Proxy Materials

for the Stockholder Meeting to be Held on June 6, 2025

This proxy statement and our annual report for the fiscal year ended December 31, 2024 are available electronically at www.envisionreports.com/LGND.</div>

| By Order of the Board of Directors, |
| /s/    ANDREW REARDON               |
| Andrew Reardon                      
 Chief Legal Officer and Secretary   |

Jupiter, Florida

April 22, 2025

### TABLE OF CONTENTS
| Proxy Statement Summary                                                       |     |  1 |
| General Information About the Annual Meeting and Voting                       |     |  6 |
| Proposal No. 1: Election of Directors                                         |     | 12 |
| Proposal No. 2: Ratification of Independent Registered Public Accounting Firm |     | 19 |
| Audit Committee Report                                                        |     | 21 |
| Proposal No. 3: Approval of the Compensation of the Named Executive Officers  |     | 22 |
| Executive Officers                                                            |     | 23 |
| Security Ownership of Certain Beneficial Owners, Directors and Management     |     | 24 |
| Delinquent Section 16(a) Reports                                              |     | 26 |
| Executive Compensation and Other Information                                  |     | 27 |
| Human Capital Management and Compensation Committee Report                    |     | 45 |
| Compensation Tables                                                           |     | 46 |
| Pay Ratio Disclosure                                                          |     | 52 |
| Pay Versus Performance Disclosure                                             |     | 53 |
| Compensation Committee Interlocks and Insider Participation                   |     | 56 |
| Equity Compensation Plans                                                     |     | 56 |
| Certain Relationships and Related Transactions                                |     | 56 |
| Other Information                                                             |     | 57 |
| Appendix A:Reconciliationof Non-GAAPFinancial Measures                        |     | 60 |

Cautionary Statements:

This proxy statement contains forward-looking statements, including those regarding our strategies and financial performance; our development of new products and technologies; sustainability metrics, commitments and goals; and other statements that are not historical fact, and actual results could differ materially. Risks that could cause actual results to differ are set forth in the “Risk Factors” section of, and elsewhere in,