# EDGAR Filing Document

**Accession Number:** 0001905248
**File Stem:** 0002001011-25-000127
**Filing Date:** 2025-12
**Character Count:** 7688
**Document Hash:** 0c5f3c2042a3ce25e95100c644df3696
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002001011-25-000127.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0002001011-25-000127

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251216

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251218

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Espinoza Octavio
- **CENTRAL INDEX KEY:** 0001905248

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33093
- **FILM NUMBER:** 251583336

**MAIL ADDRESS:**
- **STREET 1:** C/O LIGAND PHARMACEUTICALS INC
- **STREET 2:** 3911 SORRENTO VALLEY BOULEVARD, STE 110
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LIGAND PHARMACEUTICALS INC
- **CENTRAL INDEX KEY:** 0000886163
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 770160744
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 3911 SORRENTO VALLEY BLVD
- **STREET 2:** SUITE 110
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121
- **BUSINESS PHONE:** 858-550-7500

**MAIL ADDRESS:**
- **STREET 1:** 3911 SORRENTO VALLEY BLVD
- **STREET 2:** SUITE 110
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Espinoza Octavio<br><sub>(Last) (First) (Middle)</sub><br>555 HERITAGE DRIVE<br>SUITE 200<br><sub>(Street)</sub><br>JUPITER, FL 33458<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-16 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Chief Financial Officer_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>LIGAND PHARMACEUTICALS INC [ LGND ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2025-12-16 |  | M |  | 1194 | A | $52.84 | 27380 | D |  |
| Common Stock | 2025-12-16 |  | M |  | 69 | A | $57.22 | 27449 | D |  |
| Common Stock | 2025-12-16 |  | M |  | 285 | A | $63.62 | 27734 | D |  |
| Common Stock | 2025-12-16 |  | M |  | 652 | A | $92.65 | 28386 | D |  |
| Common Stock | 2025-12-16 |  | M |  | 181 | A | $103.42 | 28567 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Employee Stock Option (right to buy) | $52.84 | 2025-12-16 |  | M |  |  | 1194 | <sup>(1)</sup> | 2032-05-05 | Common Stock | 1194 | $0.0 | 972 | D |  |
| Employee Stock Option (right to buy) | $57.22 | 2025-12-16 |  | M |  |  | 69 | <sup>(2)</sup> | 2030-10-01 | Common Stock | 69 | $0.0 | 7171 | D |  |
| Employee Stock Option (right to buy) | $63.62 | 2025-12-16 |  | M |  |  | 285 | <sup>(3)</sup> | 2032-12-13 | Common Stock | 285 | $0.0 | 18171 | D |  |
| Employee Stock Option (right to buy) | $92.65 | 2025-12-16 |  | M |  |  | 652 | <sup>(4)</sup> | 2028-03-02 | Common Stock | 652 | $0.0 | 2405 | D |  |
| Employee Stock Option (right to buy) | $103.42 | 2025-12-16 |  | M |  |  | 181 | <sup>(5)</sup> | 2031-02-03 | Common Stock | 181 | $0.0 | 4186 | D |  |

---

### Footnotes:

(1) The stock option vests as to approximately 55% of the underlying shares in 12 substantially equal monthly installments beginning on January 5, 2025, and approximately 45% of the underlying shares in two substantially equal monthly installments thereafter.

(2) As per the separation of OmniAb Inc. from the issuer, 4,096 stock options were vested and exercisable as of November 1, 2022, whereas 3,766 options vest in 23 substantially equal monthly installments beginning on December 1, 2022.

(3) Grant to reporting person of stock options that will vest and become exercisable over a 4-year period measured from December 5, 2022, with 12-1/2% of the shares subject to the stock options vesting on the date that is six months after December 5, 2022 and the remaining stock options vesting in 42 equal monthly installments thereafter.

(4) The stock option is fully vested and exercisable.

(5) The stock option vests as to 50% of the underlying shares on January 3, 2025 and as to the remaining on February 3, 2025.

**Signature:** By: /s/ Andrew Reardon, Attorney-in-Fact For: Octavio Espinoza  
**Date:** 2025-12-18

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**