Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-10-06

Ligand Pharmaceuticals (LGND)

CEO Todd Davis was paid $11,472,095 in fiscal year 2025, ↓ down 11.2% from fiscal year 2024, the 78th percentile of its disclosed peer group (SEC filing 0000886163-26-000021 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$11,472,095 ↓
Todd Davis total, FY2025
78th
CEO pay percentile vs peers
28:1
CEO-to-median pay ratio
94.17%
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LGND's next annual pay disclosure, estimated April 20, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Todd Davis$724,500$0$5,520,493$4,441,120$764,400$0$21,582$11,472,095
Chief Executive Officer
Tavo Espinoza522,82501,932,2191,554,411357,750014,9434,382,148
Chief Financial Officer
Andrew Reardon476,67501,656,1711,332,345268,800013,2913,747,282
Chief Legal Officer and Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Todd Davis$11,472,095$12,914,980$6,216,518↓ −1,442,885
Tavo Espinoza4,382,1483,298,5562,450,631↑ +1,083,592
Andrew Reardon3,747,2823,270,9562,337,081↑ +476,326

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against LGND
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01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Jason HaasIndependent Director$458,069
Jason M. AryehIndependent Director$450,569
John L. LaMattinaIndependent Director$440,569
John W. KozarichIndependent Director$473,069
Martine ZimmermannIndependent Director$444,185
Nancy R. GrayIndependent Director$448,069
Stephen L. SabbaIndependent Director$453,069
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Andrew ReardonCLO & Secretary2026-05-01D1,420$233$330,749CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-05-01D780232180,991CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-05-01D37023185,422CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-05-01D9823022,511CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-05-01D600227136,470CommonForm 4 ↗
John W. KozarichDirector2026-05-01D11623427,154CommonForm 4 ↗
John W. KozarichDirector2026-05-01D10523324,420CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-05-01D932229213,198CommonForm 4 ↗
John W. KozarichDirector2026-05-01D8022718,189CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-05-01D5,00000Derivative, Class A CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-05-01D800234187,214CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-05-01A5,00052261,350CommonForm 4 ↗
John W. KozarichDirector2026-05-01D16523238,258CommonForm 4 ↗
John W. KozarichDirector2026-05-01D1230230CommonForm 4 ↗
Dividend-equivalent accruals2026-05-12—459——1 insider, 1 accrual row
John W. KozarichDirector2026-05-12D459224102,816CommonForm 4 ↗
John W. KozarichDirector2026-05-12A4597031,905CommonForm 4 ↗
John W. KozarichDirector2026-05-13A1,57570109,478CommonForm 4 ↗
Dividend-equivalent accruals2026-05-13—1,575——1 insider, 1 accrual row
John W. KozarichDirector2026-05-13D1,575224352,013CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-05-27A7646448,606CommonForm 4 ↗
Dividend-equivalent accruals2026-05-27—1,736——1 insider, 2 accrual rows
Tavo EspinozaChief Financial Officer2026-05-27A9725351,360CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-01D584229133,487CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-01A5,00052261,350CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-01D40022790,712CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-01D5,00000Derivative, Class A CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-01D20023046,082CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-01D1,216229279,033CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-01D1,432226323,585CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-01D491224109,958CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-01D677225152,459CommonForm 4 ↗
Jason HaasDirector2026-06-05A2,93800Derivative, Class A CommonForm 4 ↗
Jason HaasDirector2026-06-05A83600CommonForm 4 ↗
John W. KozarichDirector2026-06-05A2,93800Derivative, Class A CommonForm 4 ↗
John W. KozarichDirector2026-06-05A83600CommonForm 4 ↗
John L. LaMattinaDirector2026-06-05A2,93800Derivative, Class A CommonForm 4 ↗
Stephen L. SabbaDirector2026-06-05A83600CommonForm 4 ↗
Martine ZimmermannDirector2026-06-05A83600CommonForm 4 ↗
Martine ZimmermannDirector2026-06-05A2,93800Derivative, Class A CommonForm 4 ↗
Jason M. AryehDirector2026-06-05A2,93800Derivative, Class A CommonForm 4 ↗
Nancy R. GrayDirector2026-06-05A2,93800Derivative, Class A CommonForm 4 ↗
Nancy R. GrayDirector2026-06-05A83600CommonForm 4 ↗
John L. LaMattinaDirector2026-06-05A83600CommonForm 4 ↗
Martine ZimmermannDirector2026-06-05D18223743,134CommonForm 4 ↗
Jason M. AryehDirector2026-06-05A83600CommonForm 4 ↗
Stephen L. SabbaDirector2026-06-05A2,93800Derivative, Class A CommonForm 4 ↗
John L. LaMattinaDirector2026-06-10D23224857,562CommonForm 4 ↗
John L. LaMattinaDirector2026-06-10D3,405252856,752CommonForm 4 ↗
John L. LaMattinaDirector2026-06-10D25724763,536CommonForm 4 ↗
John L. LaMattinaDirector2026-06-10D697250173,924CommonForm 4 ↗
Jason M. AryehDirector2026-06-10D500250125,000CommonForm 4 ↗
Jason M. AryehDirector2026-06-11D4,5002501,125,000CommonForm 4 ↗
Dividend-equivalent accruals2026-06-12—1,000——1 insider, 1 accrual row
Jason HaasDirector2026-06-12D3,00000Derivative, Class A CommonForm 4 ↗
Jason HaasDirector2026-06-12A1,0005251,560CommonForm 4 ↗
Jason HaasDirector2026-06-12D3,461256886,286CommonForm 4 ↗
Jason HaasDirector2026-06-12D3,000255765,034CommonForm 4 ↗
Jason HaasDirector2026-06-12A3,00052154,680CommonForm 4 ↗
Stephen L. SabbaDirector2026-06-16D2,145254544,830CommonForm 4 ↗
Stephen L. SabbaDirector2026-06-16D2,14500Derivative, Class A CommonForm 4 ↗
Stephen L. SabbaDirector2026-06-16A2,14566141,849CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-06-30A171612,732CommonForm 4 ↗
Todd C. DavisDirector2026-06-30A13216121,214CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-30A13216121,214CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01D1,119312348,815CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01A5,00052261,350CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01D396309122,359CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01D5,00000Derivative, Class A CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01D10031531,458CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01D1,081312337,573CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01D10431032,261CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01D900316284,200CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01D600317190,291CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01D700313219,420CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D991292289,086CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D503290145,771CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D356289102,795CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D1,032287295,974CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D332859,390CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D10528429,834CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03A5,00052261,350CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D409293119,763CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D15728644,861CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D5,00000Derivative, Class A CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D1,214288349,357CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D20029158,120CommonForm 4 ↗
Jason HaasDirector2026-08-12A6,13852316,475CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12D2,07400Derivative, Class A CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12D3,34800Derivative, Class A CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12D16,17900Derivative, Class A CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12A2,86956159,947CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12A16,17953854,898CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12D7,17100Derivative, Class A CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12A3,34869230,142CommonForm 4 ↗
Jason HaasDirector2026-08-12D6,13800Derivative, Class A CommonForm 4 ↗
Jason HaasDirector2026-08-12D7,1382932,090,062CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12D31,6412929,241,229CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12A7,17157410,325CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12A2,07470145,263CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12D2,86900Derivative, Class A CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-09-03D30028485,196CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-09-03D2,115286605,649CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-09-03D400289115,592CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-09-03D1,800285513,301CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-09-03D385288110,697CommonForm 4 ↗
Martine ZimmermannDirector2026-09-10D1,200285342,000CommonForm 4 ↗
Martine ZimmermannDirector2026-09-22D11529934,328CommonForm 4 ↗
Dividend-equivalent accruals2026-10-02—340——1 insider, 1 accrual row
Andrew ReardonCLO & Secretary2026-10-02D173085,232CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-10-02D23530772,190CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-10-02D404306123,698CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-10-02D1,535305467,431CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-10-02D1,976304599,804CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-10-02D833303251,991CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-10-02A3405217,772CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 117 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Andrew ReardonCLO & Secretary2026-05-01D1,420$233$330,749CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-05-01D780232180,991CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-05-01D37023185,422CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-05-01D9823022,511CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-05-01D600227136,470CommonForm 4 ↗
John W. KozarichDirector2026-05-01D11623427,154CommonForm 4 ↗
John W. KozarichDirector2026-05-01D10523324,420CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-05-01D932229213,198CommonForm 4 ↗
John W. KozarichDirector2026-05-01D8022718,189CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-05-01D5,00000Derivative, Class A CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-05-01D800234187,214CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-05-01A5,00052261,350CommonForm 4 ↗
John W. KozarichDirector2026-05-01D16523238,258CommonForm 4 ↗
John W. KozarichDirector2026-05-01D1230230CommonForm 4 ↗
John W. KozarichDirector2026-05-12D45900Derivative, Class A CommonForm 4 ↗
John W. KozarichDirector2026-05-12D459224102,816CommonForm 4 ↗
John W. KozarichDirector2026-05-12A4597031,905CommonForm 4 ↗
John W. KozarichDirector2026-05-13A1,57570109,478CommonForm 4 ↗
John W. KozarichDirector2026-05-13D1,57500Derivative, Class A CommonForm 4 ↗
John W. KozarichDirector2026-05-13D1,575224352,013CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-05-27A7646448,606CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-05-27D76400Derivative, Class A CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-05-27A9725351,360CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-05-27D97200Derivative, Class A CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-01D584229133,487CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-01A5,00052261,350CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-01D40022790,712CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-01D5,00000Derivative, Class A CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-01D20023046,082CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-01D1,216229279,033CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-01D1,432226323,585CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-01D491224109,958CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-01D677225152,459CommonForm 4 ↗
Jason HaasDirector2026-06-05A2,93800Derivative, Class A CommonForm 4 ↗
Jason HaasDirector2026-06-05A83600CommonForm 4 ↗
John W. KozarichDirector2026-06-05A2,93800Derivative, Class A CommonForm 4 ↗
John W. KozarichDirector2026-06-05A83600CommonForm 4 ↗
John L. LaMattinaDirector2026-06-05A2,93800Derivative, Class A CommonForm 4 ↗
Stephen L. SabbaDirector2026-06-05A83600CommonForm 4 ↗
Martine ZimmermannDirector2026-06-05A83600CommonForm 4 ↗
Martine ZimmermannDirector2026-06-05A2,93800Derivative, Class A CommonForm 4 ↗
Jason M. AryehDirector2026-06-05A2,93800Derivative, Class A CommonForm 4 ↗
Nancy R. GrayDirector2026-06-05A2,93800Derivative, Class A CommonForm 4 ↗
Nancy R. GrayDirector2026-06-05A83600CommonForm 4 ↗
John L. LaMattinaDirector2026-06-05A83600CommonForm 4 ↗
Martine ZimmermannDirector2026-06-05D18223743,134CommonForm 4 ↗
Jason M. AryehDirector2026-06-05A83600CommonForm 4 ↗
Stephen L. SabbaDirector2026-06-05A2,93800Derivative, Class A CommonForm 4 ↗
John L. LaMattinaDirector2026-06-10D23224857,562CommonForm 4 ↗
John L. LaMattinaDirector2026-06-10D3,405252856,752CommonForm 4 ↗
John L. LaMattinaDirector2026-06-10D25724763,536CommonForm 4 ↗
John L. LaMattinaDirector2026-06-10D697250173,924CommonForm 4 ↗
Jason M. AryehDirector2026-06-10D500250125,000CommonForm 4 ↗
Jason M. AryehDirector2026-06-11D4,5002501,125,000CommonForm 4 ↗
Jason HaasDirector2026-06-12D1,00000Derivative, Class A CommonForm 4 ↗
Jason HaasDirector2026-06-12D3,00000Derivative, Class A CommonForm 4 ↗
Jason HaasDirector2026-06-12A1,0005251,560CommonForm 4 ↗
Jason HaasDirector2026-06-12D3,461256886,286CommonForm 4 ↗
Jason HaasDirector2026-06-12D3,000255765,034CommonForm 4 ↗
Jason HaasDirector2026-06-12A3,00052154,680CommonForm 4 ↗
Stephen L. SabbaDirector2026-06-16D2,145254544,830CommonForm 4 ↗
Stephen L. SabbaDirector2026-06-16D2,14500Derivative, Class A CommonForm 4 ↗
Stephen L. SabbaDirector2026-06-16A2,14566141,849CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-06-30A171612,732CommonForm 4 ↗
Todd C. DavisDirector2026-06-30A13216121,214CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-06-30A13216121,214CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01D1,119312348,815CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01A5,00052261,350CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01D396309122,359CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01D5,00000Derivative, Class A CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01D10031531,458CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01D1,081312337,573CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01D10431032,261CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01D900316284,200CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01D600317190,291CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-07-01D700313219,420CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D991292289,086CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D503290145,771CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D356289102,795CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D1,032287295,974CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D332859,390CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D10528429,834CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03A5,00052261,350CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D409293119,763CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D15728644,861CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D5,00000Derivative, Class A CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D1,214288349,357CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-08-03D20029158,120CommonForm 4 ↗
Jason HaasDirector2026-08-12A6,13852316,475CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12D2,07400Derivative, Class A CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12D3,34800Derivative, Class A CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12D16,17900Derivative, Class A CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12A2,86956159,947CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12A16,17953854,898CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12D7,17100Derivative, Class A CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12A3,34869230,142CommonForm 4 ↗
Jason HaasDirector2026-08-12D6,13800Derivative, Class A CommonForm 4 ↗
Jason HaasDirector2026-08-12D7,1382932,090,062CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12D31,6412929,241,229CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12A7,17157410,325CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12A2,07470145,263CommonForm 4 ↗
Tavo EspinozaChief Financial Officer2026-08-12D2,86900Derivative, Class A CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-09-03D30028485,196CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-09-03D2,115286605,649CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-09-03D400289115,592CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-09-03D1,800285513,301CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-09-03D385288110,697CommonForm 4 ↗
Martine ZimmermannDirector2026-09-10D1,200285342,000CommonForm 4 ↗
Martine ZimmermannDirector2026-09-22D11529934,328CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-10-02D34000Derivative, Class A CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-10-02D173085,232CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-10-02D23530772,190CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-10-02D404306123,698CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-10-02D1,535305467,431CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-10-02D1,976304599,804CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-10-02D833303251,991CommonForm 4 ↗
Andrew ReardonCLO & Secretary2026-10-02A3405217,772CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Tavo EspinozaPSU2025-03-04—9,280—18,560$1,069,613
Andrew ReardonRSU2025-03-04——6,415—739,393
Andrew ReardonPSU2025-03-04—7,954—15,908916,778
Todd DavisRSU2025-03-04——21,382—2,464,489
Tavo EspinozaRSU2025-03-04——7,484—862,606
Todd DavisOPTION2025-03-04——93,476—4,441,120
Tavo EspinozaOPTION2025-03-04——32,717—1,554,411
Andrew ReardonOPTION2025-03-04——28,043—1,332,345
Todd DavisPSU2025-03-04—26,514—53,0283,056,004
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Tavo Espinoza$862,606$1,069,613$1,554,41130.7%
Andrew Reardon739,393916,7781,332,34530.7%
Todd Davis2,464,4893,056,0044,441,12030.7%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Tavo EspinozaRSU9,280—$1,754,570
Tavo EspinozaOption15,85689.2—
Todd DavisRSU10,391—1,964,626
Todd DavisRSU39,644—7,495,491
Todd DavisRSU48,674—9,202,793
Andrew ReardonRSU13,109—2,478,519
Todd DavisOption75,949115.26—
Todd DavisRSU26,514—5,013,002
Tavo EspinozaRSU14,304—2,704,457
Tavo EspinozaRSU8,810—1,665,707
Andrew ReardonRSU8,810—1,665,707
Andrew ReardonRSU7,954—1,503,863
Andrew ReardonOption12,15152.27—
Tavo EspinozaRSU3,695—698,614
Andrew ReardonRSU3,464—654,938
Todd DavisOption33,00069.7—
Todd DavisOption52067.03—
Todd DavisOption13,46875.09—
Todd DavisOption71,35089.2—
Tavo EspinozaOption97252.84—
Tavo EspinozaOption5,00063.62—
Tavo EspinozaOption1,65567.03—
Tavo EspinozaOption4,78975.09—
Tavo EspinozaOption26,582115.26—
Andrew ReardonOption4,48975.09—
Andrew ReardonOption15,85689.2—
Andrew ReardonOption22,784115.26—
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is designed to attract, retain and motivate individuals with superior ability, experience and leadership capability to deliver on our annual and long-term business objectives necessary to create stockholder value.

CEO STI target (% of salary)70%
CEO LTI target (% of salary)—
Independent consultantAon
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-0516,497,7121,021,94814,09994.17%Passed
20252025-06-0615,576,2001,183,84359,97392.94%Passed
20242024-06-1414,264,2051,253,0858,34691.92%Passed
20232023-06-0912,379,7621,698,52821,29087.94%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-0594.17%a
20252025-06-0692.94%b
20242024-06-1491.92%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)28 : 1
CEO total compensation$11,472,095
Median employee compensation$403,453
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
John W. KozarichIndependent · Nominating/Governance · Science & Technology Operations$82,039$128,142$262,888—$0$473,069
Jason HaasIndependent · Audit · Human Capital (Chair) · Strategic Transaction · Human Capital Management and Compensation (Chair)67,039128,142262,888—0458,069
Stephen L. SabbaIndependent · Audit (Chair) · Strategic Transaction62,039128,142262,888—0453,069
Jason M. AryehIndependent · Nominating/Governance (Chair) · Human Capital · Strategic Transaction · Human Capital Management and Compensation59,539128,142262,888—0450,569
Nancy R. GrayIndependent · Audit · Nominating/Governance · Science & Technology Operations57,039128,142262,888—0448,069
Martine ZimmermannIndependent · Audit53,155128,142262,888—0444,185
John L. LaMattinaIndependent · Human Capital · Science & Technology Operations · Human Capital Management and Compensation49,539128,142262,888—0440,569
Todd C. DavisEmployee director000—00
09

Board fee structure and ownership guideline

Annual cash retainer$42,000
Annual equity retainer$375,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 10,000
Stock ownership guideline5x annual retainer
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$430,389
Equity awards (grant-date value)$896,994
All other compensation$0
Total cost of the board$1,327,383

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Ligand Pharmaceuticals names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Ligand Pharmaceuticals.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Soleno Therapeutics2024Anish Bhatnagar$640,000$46,883,000$3,231,230$403,200$51,160,430
2Halozyme Therapeutics2025Helen Torley1,000,00019,350,1451,650,0141,147,50023,166,223
3Protagonist Therapeutics2025Dinesh Patel715,5005,839,2045,618,010686,88012,871,506
4CG Oncology2025Arthur Kuan690,0003,451,8847,350,515414,00011,928,401
5Ligand Pharmaceuticals2025Todd Davis724,5005,520,4934,441,120764,40011,472,095
6Akero Therapeutics2024Andrew Cheng686,0002,879,1556,489,100411,60010,465,855
7Geron2025Harout Semerjian321,53809,695,400203,00010,221,755
8ARS Pharmaceuticals2025Richard Lowenthal700,000—6,176,110315,0009,656,400
9IDEAYA Biosciences2025Yujiro Hata700,00008,418,840378,0009,512,640
10Structure Therapeutics2025Raymond Stevens672,0942,387,9964,846,926508,8718,429,887
11Ardelyx2025Michael Raab797,0002,953,7243,413,948627,6387,796,171
12Catalyst Pharmaceuticals2024Richard Daly750,0001,267,6015,070,83007,774,160
13Liquidia2025Roger Jeffs824,0005,590,99201,254,4007,712,736
1489bio2024Rohan Palekar646,0001,996,0004,623,592337,5357,619,426
15Vera Therapeutics2025Marshall Fordyce660,0002,356,2853,415,725554,4006,986,410
16Day One Biopharmaceuticals2024Jeremy Bender680,0002,700,2802,664,697501,8006,560,577
17Innoviva2025Pavel Raifeld600,0002,649,9821,748,88205,400,197
18MoonLake Immunotherapeutics2025Jorge Santos da Silva762,3864,000,021004,943,209
19SIGA Technologies2025Diem Nguyen927,0001,853,992003,244,492

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Ligand Pharmaceuticals150%not disclosedNoAon
89bio95%not disclosedNoAon
Akero Therapeutics100%not disclosednot disclosedPearl Meyer & Partners, LLC
Ardelyx105%Options 50 · RSU 50not disclosedPearl Meyer
ARS Pharmaceuticalsnot disclosedOption 100not disclosedAon
Catalyst Pharmaceuticalsnot disclosednot disclosednot disclosedMercer LLC
CG Oncology100%Options 72 · PSU 28NoPay Governance
Day One Biopharmaceuticals123%%Stock Options 50 · RSUs 50not disclosedCompensia Inc.
Geron90%Options 75 · RSU 25not disclosedAon
Halozyme Therapeutics127.5%PSU 50 · RSU 35 · Option 15NoF.W. Cook & Co., Inc.
IDEAYA Biosciences90%Options 100not disclosedAon (Aon plc, Talent Solutions practice)
Innoviva105%not disclosednot disclosedMeridian
Liquidianot disclosedRSU 50 · PSU 50not disclosedFW Cook
MoonLake Immunotherapeuticsnot disclosednot disclosednot disclosedDeloitte
Protagonist Therapeutics160%Options 50 · RSU 50not disclosedAon Human Capital Solutions
SIGA Technologiesnot disclosedRSU 50 · PSU 50not disclosedPay Governance LLC
Soleno Therapeuticsnot disclosednot disclosednot disclosedAon plc
Structure Therapeutics125%Options 67 · RSU 33NoAon
Vera Therapeuticsnot disclosedRSU 50 · Options 50not disclosedAlpine Rewards

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Ligand Pharmaceuticals in fiscal 2025?
As disclosed, Todd Davis (Chief Executive Officer) was the highest-paid executive at Ligand Pharmaceuticals in fiscal 2025, with total compensation of $11,472,095.
How does Ligand Pharmaceuticals's chief executive pay compare to its disclosed peer group?
As disclosed, Todd Davis's total compensation ranked at the 78th percentile of Ligand Pharmaceuticals's disclosed peer group.
What is Ligand Pharmaceuticals's CEO-to-median employee pay ratio?
As disclosed, Ligand Pharmaceuticals's CEO-to-median employee pay ratio was 28:1.
How did shareholders vote on Ligand Pharmaceuticals's executive compensation?
As disclosed, 94.17% of shareholders supported Ligand Pharmaceuticals's executive compensation in the latest say-on-pay vote.
How much does Ligand Pharmaceuticals spend in total on board compensation for fiscal 2025?
As disclosed, Ligand Pharmaceuticals reported total board compensation of $1,327,383 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Todd DavisDEF 14A2026-04-210000886163-26-000021Section “SUMMARY COMPENSATION TABLE”. As printed: 11,472,095. Filing ↗machine: span 722741–722751
2Section 01, Tavo EspinozaDEF 14A2026-04-210000886163-26-000021Section “SUMMARY COMPENSATION TABLE”. As printed: 4,382,148. Filing ↗machine: r8 · c42 · span 731613–731622
3Section 01, Andrew ReardonDEF 14A2026-04-210000886163-26-000021Section “SUMMARY COMPENSATION TABLE”. As printed: 3,747,282. Filing ↗machine: r13 · c42 · span 740482–740491
4Section 03, Tavo Espinoza PSUDEF 14A1900-01-010000886163-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 793263–793272
5Section 03, Andrew Reardon RSUDEF 14A1900-01-010000886163-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 814749–814756
6Section 03, Andrew Reardon PSUDEF 14A1900-01-010000886163-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 810940–810947
7Section 03, Todd Davis RSUDEF 14A1900-01-010000886163-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 779412–779421
8Section 03, Tavo Espinoza RSUDEF 14A1900-01-010000886163-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 797074–797081
9Section 03, Todd Davis OPTIONDEF 14A1900-01-010000886163-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 783378–783387
10Section 03, Tavo Espinoza OPTIONDEF 14A1900-01-010000886163-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 801038–801047
11Section 03, Andrew Reardon OPTIONDEF 14A1900-01-010000886163-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 819380–819389
12Section 03, Todd Davis PSUDEF 14A1900-01-010000886163-26-000021Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 775399–775408
13Section 07, pay ratioDEF 14A2026-04-210000886163-26-000021Section “CEO Pay Ratio”. As printed: 28 : 1. Filing ↗
14Section 08, John W. KozarichDEF 14A2026-04-210000886163-26-000021Section “Director Compensation”. As printed: 473,069. Filing ↗machine: span 249251–249561
15Section 08, Jason HaasDEF 14A2026-04-210000886163-26-000021Section “Director Compensation”. As printed: 458,069. Filing ↗machine: span 247390–247700
16Section 08, Stephen L. SabbaDEF 14A2026-04-210000886163-26-000021Section “Director Compensation”. As printed: 453,069. Filing ↗machine: span 252973–253283
17Section 08, Jason M. AryehDEF 14A2026-04-210000886163-26-000021Section “Director Compensation”. As printed: 450,569. Filing ↗machine: span 243863–243994
18Section 08, Nancy R. GrayDEF 14A2026-04-210000886163-26-000021Section “Director Compensation”. As printed: 448,069. Filing ↗machine: span 245542–245852
19Section 08, Martine ZimmermannDEF 14A2026-04-210000886163-26-000021Section “Director Compensation”. As printed: 444,185. Filing ↗
20Section 08, John L. LaMattinaDEF 14A2026-04-210000886163-26-000021Section “Director Compensation”. As printed: 440,569. Filing ↗machine: span 251113–251423
21Section 08, Todd C. DavisDEF 14A2026-04-210000886163-26-000021Section “Director Compensation”. As printed: 0. Filing ↗
22Section 02, Andrew Reardon 2026-05-01Form 42026-05-040002001011-26-000046Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Andrew Reardon 2026-05-01Form 42026-05-040002001011-26-000046Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Andrew Reardon 2026-05-01Form 42026-05-040002001011-26-000046Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Andrew Reardon 2026-05-01Form 42026-05-040002001011-26-000046Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Andrew Reardon 2026-05-01Form 42026-05-040002001011-26-000046Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, John W. Kozarich 2026-05-01Form 42026-05-140002001011-26-000049Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, John W. Kozarich 2026-05-01Form 42026-05-140002001011-26-000049Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Andrew Reardon 2026-05-01Form 42026-05-040002001011-26-000046Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, John W. Kozarich 2026-05-01Form 42026-05-140002001011-26-000049Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Andrew Reardon 2026-05-01Form 42026-05-040002001011-26-000046Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Andrew Reardon 2026-05-01Form 42026-05-040002001011-26-000046Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Andrew Reardon 2026-05-01Form 42026-05-040002001011-26-000046Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, John W. Kozarich 2026-05-01Form 42026-05-140002001011-26-000049Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, John W. Kozarich 2026-05-01Form 42026-05-140002001011-26-000049Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, John W. Kozarich 2026-05-12Form 42026-05-140002001011-26-000049Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, John W. Kozarich 2026-05-12Form 42026-05-140002001011-26-000049Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, John W. Kozarich 2026-05-12Form 42026-05-140002001011-26-000049Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, John W. Kozarich 2026-05-13Form 42026-05-140002001011-26-000049Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, John W. Kozarich 2026-05-13Form 42026-05-140002001011-26-000049Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, John W. Kozarich 2026-05-13Form 42026-05-140002001011-26-000049Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Tavo Espinoza 2026-05-27Form 42026-05-280002001011-26-000071Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Tavo Espinoza 2026-05-27Form 42026-05-280002001011-26-000071Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Tavo Espinoza 2026-05-27Form 42026-05-280002001011-26-000071Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Tavo Espinoza 2026-05-27Form 42026-05-280002001011-26-000071Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Andrew Reardon 2026-06-01Form 42026-06-020002001011-26-000083Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Andrew Reardon 2026-06-01Form 42026-06-020002001011-26-000083Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Andrew Reardon 2026-06-01Form 42026-06-020002001011-26-000083Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Andrew Reardon 2026-06-01Form 42026-06-020002001011-26-000083Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Andrew Reardon 2026-06-01Form 42026-06-020002001011-26-000083Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Andrew Reardon 2026-06-01Form 42026-06-020002001011-26-000083Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Andrew Reardon 2026-06-01Form 42026-06-020002001011-26-000083Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Andrew Reardon 2026-06-01Form 42026-06-020002001011-26-000083Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Andrew Reardon 2026-06-01Form 42026-06-020002001011-26-000083Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Jason Haas 2026-06-05Form 42026-06-090002001011-26-000097Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Jason Haas 2026-06-05Form 42026-06-090002001011-26-000097Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, John W. Kozarich 2026-06-05Form 42026-06-090002001011-26-000098Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, John W. Kozarich 2026-06-05Form 42026-06-090002001011-26-000098Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, John L. LaMattina 2026-06-05Form 42026-06-090002001011-26-000099Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Stephen L. Sabba 2026-06-05Form 42026-06-090002001011-26-000100Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Martine Zimmermann 2026-06-05Form 42026-06-090002001011-26-000101Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Martine Zimmermann 2026-06-05Form 42026-06-090002001011-26-000101Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, Jason M. Aryeh 2026-06-05Form 42026-06-120002001011-26-000103Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Nancy R. Gray 2026-06-05Form 42026-06-090002001011-26-000096Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, Nancy R. Gray 2026-06-05Form 42026-06-090002001011-26-000096Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, John L. LaMattina 2026-06-05Form 42026-06-090002001011-26-000099Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, Martine Zimmermann 2026-06-05Form 42026-06-090002001011-26-000101Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, Jason M. Aryeh 2026-06-05Form 42026-06-120002001011-26-000103Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, Stephen L. Sabba 2026-06-05Form 42026-06-090002001011-26-000100Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, John L. LaMattina 2026-06-10Form 42026-06-120002001011-26-000102Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, John L. LaMattina 2026-06-10Form 42026-06-120002001011-26-000102Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, John L. LaMattina 2026-06-10Form 42026-06-120002001011-26-000102Insider equity transaction reported since the proxy statement. Filing ↗
73Section 02, John L. LaMattina 2026-06-10Form 42026-06-120002001011-26-000102Insider equity transaction reported since the proxy statement. Filing ↗
74Section 02, Jason M. Aryeh 2026-06-10Form 42026-06-120002001011-26-000103Insider equity transaction reported since the proxy statement. Filing ↗
75Section 02, Jason M. Aryeh 2026-06-11Form 42026-06-120002001011-26-000103Insider equity transaction reported since the proxy statement. Filing ↗
76Section 02, Jason Haas 2026-06-12Form 42026-06-150002001011-26-000104Insider equity transaction reported since the proxy statement. Filing ↗
77Section 02, Jason Haas 2026-06-12Form 42026-06-150002001011-26-000104Insider equity transaction reported since the proxy statement. Filing ↗
78Section 02, Jason Haas 2026-06-12Form 42026-06-150002001011-26-000104Insider equity transaction reported since the proxy statement. Filing ↗
79Section 02, Jason Haas 2026-06-12Form 42026-06-150002001011-26-000104Insider equity transaction reported since the proxy statement. Filing ↗
80Section 02, Jason Haas 2026-06-12Form 42026-06-150002001011-26-000104Insider equity transaction reported since the proxy statement. Filing ↗
81Section 02, Jason Haas 2026-06-12Form 42026-06-150002001011-26-000104Insider equity transaction reported since the proxy statement. Filing ↗
82Section 02, Stephen L. Sabba 2026-06-16Form 42026-06-180001104659-26-075456Insider equity transaction reported since the proxy statement. Filing ↗
83Section 02, Stephen L. Sabba 2026-06-16Form 42026-06-180001104659-26-075456Insider equity transaction reported since the proxy statement. Filing ↗
84Section 02, Stephen L. Sabba 2026-06-16Form 42026-06-180001104659-26-075456Insider equity transaction reported since the proxy statement. Filing ↗
85Section 02, Tavo Espinoza 2026-06-30Form 42026-07-060002001011-26-000107Insider equity transaction reported since the proxy statement. Filing ↗
86Section 02, Todd C. Davis 2026-06-30Form 42026-07-060002001011-26-000106Insider equity transaction reported since the proxy statement. Filing ↗
87Section 02, Andrew Reardon 2026-06-30Form 42026-07-060002001011-26-000108Insider equity transaction reported since the proxy statement. Filing ↗
88Section 02, Andrew Reardon 2026-07-01Form 42026-07-060002001011-26-000108Insider equity transaction reported since the proxy statement. Filing ↗
89Section 02, Andrew Reardon 2026-07-01Form 42026-07-060002001011-26-000108Insider equity transaction reported since the proxy statement. Filing ↗
90Section 02, Andrew Reardon 2026-07-01Form 42026-07-060002001011-26-000108Insider equity transaction reported since the proxy statement. Filing ↗
91Section 02, Andrew Reardon 2026-07-01Form 42026-07-060002001011-26-000108Insider equity transaction reported since the proxy statement. Filing ↗
92Section 02, Andrew Reardon 2026-07-01Form 42026-07-060002001011-26-000108Insider equity transaction reported since the proxy statement. Filing ↗
93Section 02, Andrew Reardon 2026-07-01Form 42026-07-060002001011-26-000108Insider equity transaction reported since the proxy statement. Filing ↗
94Section 02, Andrew Reardon 2026-07-01Form 42026-07-060002001011-26-000108Insider equity transaction reported since the proxy statement. Filing ↗
95Section 02, Andrew Reardon 2026-07-01Form 42026-07-060002001011-26-000108Insider equity transaction reported since the proxy statement. Filing ↗
96Section 02, Andrew Reardon 2026-07-01Form 42026-07-060002001011-26-000108Insider equity transaction reported since the proxy statement. Filing ↗
97Section 02, Andrew Reardon 2026-07-01Form 42026-07-060002001011-26-000108Insider equity transaction reported since the proxy statement. Filing ↗
98Section 02, Andrew Reardon 2026-08-03Form 42026-08-040002001011-26-000111Insider equity transaction reported since the proxy statement. Filing ↗
99Section 02, Andrew Reardon 2026-08-03Form 42026-08-040002001011-26-000111Insider equity transaction reported since the proxy statement. Filing ↗
100Section 02, Andrew Reardon 2026-08-03Form 42026-08-040002001011-26-000111Insider equity transaction reported since the proxy statement. Filing ↗
101Section 02, Andrew Reardon 2026-08-03Form 42026-08-040002001011-26-000111Insider equity transaction reported since the proxy statement. Filing ↗
102Section 02, Andrew Reardon 2026-08-03Form 42026-08-040002001011-26-000111Insider equity transaction reported since the proxy statement. Filing ↗
103Section 02, Andrew Reardon 2026-08-03Form 42026-08-040002001011-26-000111Insider equity transaction reported since the proxy statement. Filing ↗
104Section 02, Andrew Reardon 2026-08-03Form 42026-08-040002001011-26-000111Insider equity transaction reported since the proxy statement. Filing ↗
105Section 02, Andrew Reardon 2026-08-03Form 42026-08-040002001011-26-000111Insider equity transaction reported since the proxy statement. Filing ↗
106Section 02, Andrew Reardon 2026-08-03Form 42026-08-040002001011-26-000111Insider equity transaction reported since the proxy statement. Filing ↗
107Section 02, Andrew Reardon 2026-08-03Form 42026-08-040002001011-26-000111Insider equity transaction reported since the proxy statement. Filing ↗
108Section 02, Andrew Reardon 2026-08-03Form 42026-08-040002001011-26-000111Insider equity transaction reported since the proxy statement. Filing ↗
109Section 02, Andrew Reardon 2026-08-03Form 42026-08-040002001011-26-000111Insider equity transaction reported since the proxy statement. Filing ↗
110Section 02, Jason Haas 2026-08-12Form 42026-08-140002001011-26-000114Insider equity transaction reported since the proxy statement. Filing ↗
111Section 02, Tavo Espinoza 2026-08-12Form 42026-08-140002001011-26-000115Insider equity transaction reported since the proxy statement. Filing ↗
112Section 02, Tavo Espinoza 2026-08-12Form 42026-08-140002001011-26-000115Insider equity transaction reported since the proxy statement. Filing ↗
113Section 02, Tavo Espinoza 2026-08-12Form 42026-08-140002001011-26-000115Insider equity transaction reported since the proxy statement. Filing ↗
114Section 02, Tavo Espinoza 2026-08-12Form 42026-08-140002001011-26-000115Insider equity transaction reported since the proxy statement. Filing ↗
115Section 02, Tavo Espinoza 2026-08-12Form 42026-08-140002001011-26-000115Insider equity transaction reported since the proxy statement. Filing ↗
116Section 02, Tavo Espinoza 2026-08-12Form 42026-08-140002001011-26-000115Insider equity transaction reported since the proxy statement. Filing ↗
117Section 02, Tavo Espinoza 2026-08-12Form 42026-08-140002001011-26-000115Insider equity transaction reported since the proxy statement. Filing ↗
118Section 02, Jason Haas 2026-08-12Form 42026-08-140002001011-26-000114Insider equity transaction reported since the proxy statement. Filing ↗
119Section 02, Jason Haas 2026-08-12Form 42026-08-140002001011-26-000114Insider equity transaction reported since the proxy statement. Filing ↗
120Section 02, Tavo Espinoza 2026-08-12Form 42026-08-140002001011-26-000115Insider equity transaction reported since the proxy statement. Filing ↗
121Section 02, Tavo Espinoza 2026-08-12Form 42026-08-140002001011-26-000115Insider equity transaction reported since the proxy statement. Filing ↗
122Section 02, Tavo Espinoza 2026-08-12Form 42026-08-140002001011-26-000115Insider equity transaction reported since the proxy statement. Filing ↗
123Section 02, Tavo Espinoza 2026-08-12Form 42026-08-140002001011-26-000115Insider equity transaction reported since the proxy statement. Filing ↗
124Section 02, Andrew Reardon 2026-09-03Form 42026-09-080002001011-26-000137Insider equity transaction reported since the proxy statement. Filing ↗
125Section 02, Andrew Reardon 2026-09-03Form 42026-09-080002001011-26-000137Insider equity transaction reported since the proxy statement. Filing ↗
126Section 02, Andrew Reardon 2026-09-03Form 42026-09-080002001011-26-000137Insider equity transaction reported since the proxy statement. Filing ↗
127Section 02, Andrew Reardon 2026-09-03Form 42026-09-080002001011-26-000137Insider equity transaction reported since the proxy statement. Filing ↗
128Section 02, Andrew Reardon 2026-09-03Form 42026-09-080002001011-26-000137Insider equity transaction reported since the proxy statement. Filing ↗
129Section 02, Martine Zimmermann 2026-09-10Form 42026-09-140002001011-26-000140Insider equity transaction reported since the proxy statement. Filing ↗
130Section 02, Martine Zimmermann 2026-09-22Form 42026-09-240002001011-26-000142Insider equity transaction reported since the proxy statement. Filing ↗
131Section 02, Andrew Reardon 2026-10-02Form 42026-10-060001950232-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
132Section 02, Andrew Reardon 2026-10-02Form 42026-10-060001950232-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
133Section 02, Andrew Reardon 2026-10-02Form 42026-10-060001950232-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
134Section 02, Andrew Reardon 2026-10-02Form 42026-10-060001950232-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
135Section 02, Andrew Reardon 2026-10-02Form 42026-10-060001950232-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
136Section 02, Andrew Reardon 2026-10-02Form 42026-10-060001950232-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
137Section 02, Andrew Reardon 2026-10-02Form 42026-10-060001950232-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
138Section 02, Andrew Reardon 2026-10-02Form 42026-10-060001950232-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
139Section 06, 2026 voteForm 8-K2026-06-090000886163-26-000038Item 5.07 · say-on-pay result. As reported: 94.17% (votes for as printed: 16,497,712). Filing ↗
140Section 06, 2025 voteForm 8-K2025-06-090000886163-25-000040Item 5.07 · say-on-pay result. As reported: 92.94% (votes for as printed: 15,576,200). Filing ↗
141Section 06, 2024 voteForm 8-K2024-06-170000886163-24-000045Item 5.07 · say-on-pay result. As reported: 91.92% (votes for as printed: 14,264,205). Filing ↗
142Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
143Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
144Section 09b board cost (computed)Computed——Cash 430,389 + equity 896,994 + all other 0 = 1,327,383, summed across the director compensation table rows.machine: formula: Σ = 1,327,383
145Soleno Therapeutics, Section 10b CEO totalDEF 14A2025-04-220001193125-25-089274CEO total compensation as printed in Soleno Therapeutics's own proxy. As printed: 51,160,430. Filing ↗machine: r2 · c27 · span 288252–288262
146Halozyme Therapeutics, Section 10b CEO totalDEF 14A2026-03-230001159036-26-000041CEO total compensation as printed in Halozyme Therapeutics's own proxy. As printed: 23,166,223. Filing ↗machine: r3 · c48 · span 478282–478292
147Protagonist Therapeutics, Section 10b CEO totalDEF 14A2026-04-280001104659-26-050429CEO total compensation as printed in Protagonist Therapeutics's own proxy. As printed: 12,871,506. Filing ↗machine: r1 · c47 · span 613195–613205
148CG Oncology, Section 10b CEO totalDEF 14A2026-04-240001193125-26-177395CEO total compensation as printed in CG Oncology's own proxy. As printed: 11,928,401. Filing ↗machine: r2 · c8 · span 509631–509641
149Ligand Pharmaceuticals (subject), Section 10b CEO totalDEF 14A2026-04-210000886163-26-000021CEO total compensation as printed in Ligand Pharmaceuticals's own proxy. As printed: 11,472,095. Filing ↗machine: span 722741–722751
150Akero Therapeutics, Section 10b CEO totalDEF 14A2025-04-280000950170-25-058964CEO total compensation as printed in Akero Therapeutics's own proxy. As printed: 10,465,855. Filing ↗machine: t13 · r2 · c14 · span 492349–492359
151Geron, Section 10b CEO totalDEF 14A2026-04-070000886744-26-000024CEO total compensation as printed in Geron's own proxy. As printed: 10,221,755. Filing ↗machine: t118 · r6 · c23 · span 1062574–1062584
152ARS Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-290001193125-26-191433CEO total compensation as printed in ARS Pharmaceuticals's own proxy. As printed: 9,656,400. Filing ↗
153IDEAYA Biosciences, Section 10b CEO totalDEF 14A2026-04-290001193125-26-191501CEO total compensation as printed in IDEAYA Biosciences's own proxy. As printed: 9,512,640. Filing ↗machine: r2 · c14 · span 627310–627319
154Structure Therapeutics, Section 10b CEO totalDEF 14A2026-04-230001104659-26-047740CEO total compensation as printed in Structure Therapeutics's own proxy. As printed: 8,429,887. Filing ↗machine: r1 · c47 · span 552927–552936
155Ardelyx, Section 10b CEO totalDEF 14A2026-04-290001140361-26-017800CEO total compensation as printed in Ardelyx's own proxy. As printed: 7,796,171. Filing ↗machine: r2 · c25 · span 677112–677121
156Catalyst Pharmaceuticals, Section 10b CEO totalDEF 14A2025-04-110001193125-25-079097CEO total compensation as printed in Catalyst Pharmaceuticals's own proxy. As printed: 7,774,160. Filing ↗
157Liquidia, Section 10b CEO totalDEF 14A2026-04-240001104659-26-048597CEO total compensation as printed in Liquidia's own proxy. As printed: 7,712,736. Filing ↗machine: r1 · c47 · span 548456–548465
15889bio, Section 10b CEO totalDEF 14A2025-04-150001193125-25-081504CEO total compensation as printed in 89bio's own proxy. As printed: 7,619,426. Filing ↗machine: span 382144–382153
159Vera Therapeutics, Section 10b CEO totalDEF 14A2026-04-090001140361-26-014002CEO total compensation as printed in Vera Therapeutics's own proxy. As printed: 6,986,410. Filing ↗machine: r2 · c24 · span 581040–581049
160Day One Biopharmaceuticals, Section 10b CEO totalDEF 14A2025-04-110001140361-25-013462CEO total compensation as printed in Day One Biopharmaceuticals's own proxy. As printed: 6,560,577. Filing ↗machine: r2 · c21 · span 526324–526333
161Innoviva, Section 10b CEO totalDEF 14A2026-03-240001140361-26-010912CEO total compensation as printed in Innoviva's own proxy. As printed: 5,400,197. Filing ↗machine: t108 · r1 · c25 · span 555478–555487
162MoonLake Immunotherapeutics, Section 10b CEO totalDEF 14A2026-04-210001140361-26-015916CEO total compensation as printed in MoonLake Immunotherapeutics's own proxy. As printed: 4,943,209. Filing ↗machine: t83 · r2 · c24 · span 431198–431207
163SIGA Technologies, Section 10b CEO totalDEF 14A2026-04-280001140361-26-017421CEO total compensation as printed in SIGA Technologies's own proxy. As printed: 3,244,492. Filing ↗machine: r2 · c24 · span 426609–426618
164Section 10a, Akero Therapeutics reciprocityDEF 14A—0000950170-25-058964Akero Therapeutics's most recent proxy was read; its disclosed peer group does not include Ligand Pharmaceuticals. Filing ↗
165Section 10a, SIGA Technologies reciprocityDEF 14A—0001140361-26-017421SIGA Technologies names Ligand Pharmaceuticals in its own disclosed peer group (read from its most recent proxy). Filing ↗
166Section 10a, Ardelyx reciprocityDEF 14A—0001140361-26-017800Ardelyx's most recent proxy was read; its disclosed peer group does not include Ligand Pharmaceuticals. Filing ↗
167Section 10a, Halozyme Therapeutics reciprocityDEF 14A—0001159036-26-000041Halozyme Therapeutics's most recent proxy was read; its disclosed peer group does not include Ligand Pharmaceuticals. Filing ↗
168Section 10a, Soleno Therapeutics reciprocityDEF 14A—0001193125-25-089274Soleno Therapeutics's most recent proxy was read; its disclosed peer group does not include Ligand Pharmaceuticals. Filing ↗
169Section 10a, IDEAYA Biosciences reciprocityDEF 14A—0001193125-26-191501IDEAYA Biosciences's most recent proxy was read; its disclosed peer group does not include Ligand Pharmaceuticals. Filing ↗
170Section 10a, Structure Therapeutics reciprocityDEF 14A—0001104659-26-047740Structure Therapeutics's most recent proxy was read; its disclosed peer group does not include Ligand Pharmaceuticals. Filing ↗
171Section 10a, Vera Therapeutics reciprocityDEF 14A—0001140361-26-014002Vera Therapeutics's most recent proxy was read; its disclosed peer group does not include Ligand Pharmaceuticals. Filing ↗
172Section 10a, CG Oncology reciprocityDEF 14A—0001193125-26-177395CG Oncology's most recent proxy was read; its disclosed peer group does not include Ligand Pharmaceuticals. Filing ↗
173Section 10a, MoonLake Immunotherapeutics reciprocityDEF 14A—0001140361-26-015916MoonLake Immunotherapeutics's most recent proxy was read; its disclosed peer group does not include Ligand Pharmaceuticals. Filing ↗
174Section 10a, ARS Pharmaceuticals reciprocityDEF 14A—0001193125-26-191433ARS Pharmaceuticals's most recent proxy was read; its disclosed peer group does not include Ligand Pharmaceuticals. Filing ↗
175Section 10a, Catalyst Pharmaceuticals reciprocityDEF 14A—0001193125-25-079097Catalyst Pharmaceuticals's most recent proxy was read; its disclosed peer group does not include Ligand Pharmaceuticals. Filing ↗
176Section 10a, 89bio reciprocityDEF 14A—0001193125-25-08150489bio's most recent proxy was read; its disclosed peer group does not include Ligand Pharmaceuticals. Filing ↗
177Section 10a, Protagonist Therapeutics reciprocityDEF 14A—0001104659-26-050429Protagonist Therapeutics's most recent proxy was read; its disclosed peer group does not include Ligand Pharmaceuticals. Filing ↗
178Section 10a, Day One Biopharmaceuticals reciprocityDEF 14A—0001140361-25-013462Day One Biopharmaceuticals's most recent proxy was read; its disclosed peer group does not include Ligand Pharmaceuticals. Filing ↗
179Section 10a, Geron reciprocityDEF 14A—0000886744-26-000024Geron's most recent proxy was read; its disclosed peer group does not include Ligand Pharmaceuticals. Filing ↗
180Section 10a, Innoviva reciprocityDEF 14A—0001140361-26-010912Innoviva names Ligand Pharmaceuticals in its own disclosed peer group (read from its most recent proxy). Filing ↗
181Section 10a, Liquidia reciprocityDEF 14A—0001104659-26-048597Liquidia's most recent proxy was read; its disclosed peer group does not include Ligand Pharmaceuticals. Filing ↗

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