Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 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 that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Aryeh Jason 2. Issuer Name and Ticker or Trading Symbol LIGAND PHARMACEUTICALS INC [LGND] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 7111 FAIRWAY DRIVE, SUITE 302 3. Date of Earliest Transaction (Month/Day/Year) 10/30/2026 (Street) PALM BEACH GARDENS, FL 33418 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 10/30/2026 S 50 D $317.74 110,819(1) D Common Stock 10/30/2026 S 50 D $318.23 110,769 D Common Stock 10/30/2026 S 52 D $320.24 110,717 D Common Stock 10/30/2026 S 1,209 D $320.4172 109,508 D Common Stock 10/30/2026 S 50 D $320.49 109,458 D Common Stock 11/02/2026 S 700 D $320.4261(2) 108,758 D Common Stock 8,000 I See Footnote(3)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Aryeh Jason 7111 FAIRWAY DRIVE SUITE 302 PALM BEACH GARDENS, FL 33418	X

Signatures

By: /s/ Andrew Reardon, Attorney-in-Fact For: Jason Aryeh		11/03/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	Reflects adjustments to the holdings reported on the Reporting Persons Form 4 filed on June 12, 2026: (i) the Reporting Person transferred 5,000 shares held by JALAA Equities, LP to his direct ownership. The transfer effected only a change in the form of the Reporting Persons beneficial ownership and is exempt from Section 16 pursuant to Rule 16a-13. Accordingly, the number of shares reported herein as directly owned has been increased by 5,000 shares and the number of shares reported herein as indirectly owned has been decreased by 5,000 shares; and (ii) the number of shares reported herein as directly owned has been further increased by 3,289 shares, consisting of 1,209 shares issued upon the vesting on June 5, 2026 of restricted stock units granted on June 6, 2025, and 2,080 shares held in the Reporting Persons brokerage account, which were inadvertently omitted from the previously reported total.
(2)	The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $320.39 to $320.49. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(3)	These shares are held by certain funds managed by JALAA Equities, LP, JLV Investments, LP and affiliates (the Funds). Jason Aryeh is the General Partner of JALAA Equities, LP and a partner of JLV Investments, LP. By reason of the provisions of Rule 16a-1 under the Securities Exchange Act of 1934, as amended, JALAA Equities, LP, JLV Investments, LP and affiliates and Mr. Aryeh may be deemed to be the beneficial owners of the securities beneficially owned by the Funds.

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