LIGAND PHARMACEUTICALS INC

Rule 10b5-1 Trading Arrangements

From time to time, our officers (as defined in Rule 16a-1(f) of the Exchange Act) and directors may enter into Rule 10b5-1 or non-Rule 10b5-1 trading arrangements (as each such term is defined in Item 408 of Regulation S-K).

During the three months ended December 31, 2025, the following officers adopted Rule 10b5-1 trading arrangements as follows:

On November 24, 2025, Andrew Reardon, our Chief Legal Officer, adopted a 10b5-1 trading arrangement that is designed to be in effect until September 2, 2026 with respect to the sale of up to 30,000 shares of the Company’s common stock all of which underlie stock options held by Mr. Reardon. Through the date of this report, Mr. Reardon has not sold any shares under the plan.

On November 19, 2025, Octavio Espinoza, our Chief Financial Officer, adopted a 10b5-1 trading arrangement that is designed to be in effect until July 31, 2026 with respect to the sale of up to 5,130 shares of the Company’s common stock all of which underlie stock options that number of shares of the Company’s common stock issued upon settlement of certain stock awards held by Mr. Espinoza minus any shares sold or withheld to cover the applicable tax payments. Through the date of this report, Mr. Espinoza has not sold any shares under the plan.

Each of the aforementioned trading arrangements is intended to satisfy the affirmative defense of Rule 10b5-1(c).