SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	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* Sabba Stephen L (Last) (First) (Middle) DORSET MANAGEMENT CORP 485 UNDERHILL BLVD SUITE 205 (Street) SYOSSET NY 11791 (City) (State) (Zip)	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)
	3. Date of Earliest Transaction (Month/Day/Year) 04/01/2025
	4. If Amendment, Date of 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

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(1)	04/01/2025		M		2,406	A	$52.3	32,584	D

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 Securities Underlying Derivative Security (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: 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
Non-Qualified Stock Option (right to buy)(2)	$52.3	04/01/2025		M			2,406	(2)	04/24/2025	Common Stock	2,406	$0	0	D

Explanation of Responses:

1. These securities, as represented in Column 5, includes the grant of 1,252 restricted shares approved by the Board of Directors of the Company at the Annual Meeting held June 14, 2024, which shares will vest in full on the earlier of (a) the date of the next annual meeting of the Company stockholders following the grant date (such meeting has not yet been held) or (b) on the first anniversary of the grant date, as reported on the Reporting Person's Form 4, dated 25 June 2024, which was filed to reflect the 2024 Meeting grant.

2. These securities, as represented in Column 5, were acquired by a grant of 2,754 shares approved by the Board of Directors of the Company at the 2015 Meeting, as previously reported on the Reporting Person's Form 4, dated 28 April 2015. That grant vested in full on the first anniversary of the grant date or immediately (x) upon a change in control or a hostile takeover of the Company or (y) the death or permanent disability of the grantee if still serving at that time. The original grant was adjusted to 2,406 shares and the exercise price adjusted to $52.30 pursuant to the OmniAb Inc. separation from the Company.

Remarks:

The Reporting Person's proposed exercise of the shares reported on this Form 4 was previously disclosed pursuant to the Reporting Person's Form 144, filed 17 March 2025. The delay in filing this Form 4 was due to inadvertent oversight and this filing is being made at the earliest upon awareness of same.

	By: /s/ Stephen L. Sabba	04/16/2025
	** Signature of Reporting Person	Date
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