HOUGEN ELIZABETH L 4
4 · IONIS PHARMACEUTICALS INC · Filed Mar 18, 2026
Research Summary
AI-generated summary of this filing
Ionis (IONS) CFO Elizabeth Hougen Exercises Options, Sells Shares
What Happened
Elizabeth L. Hougen, EVP, Finance & Chief Financial Officer of Ionis Pharmaceuticals (IONS), exercised option/derivative awards on March 16, 2026 to acquire 174,999 shares across four option lots (60,299 @ $60.89; 61,041 @ $56.78; 33,118 @ $32.60; 20,541 @ $37.58) for a total exercise cost of about $8.99 million. On March 16–17, 2026 she sold a total of 225,220 shares in open-market transactions, generating approximately $16.31 million in proceeds (sales reported as 205,608 @ $72.38 weighted avg; 9,440 @ $72.77 weighted avg; 10,172 @ $73.21 weighted avg). The filing also shows matching derivative “disposed” entries at $0.00 for the exercised lots (see Key Details).
Key Details
- Transaction dates: Exercises and most sales on 2026-03-16; additional sale on 2026-03-17. Form 4 filed 2026-03-18 (timely).
- Option exercise detail (aggregate): 174,999 shares exercised; aggregate cash paid ≈ $8.99M. Lot-level prices: $60.89, $56.78, $32.60, $37.58.
- Open-market sales: 225,220 shares sold for total proceeds ≈ $16.31M. Reported sale prices are weighted averages; per-footnote ranges: $71.70–$72.70, $72.71–$72.88, and $73.11–$73.28.
- Derivative disposals: The Form 4 lists zero-dollar disposals corresponding to the exercised lots (likely shares surrendered to satisfy exercise cost and/or tax withholding).
- 10b5‑1 plan: Footnote confirms the sales were made pursuant to a Rule 10b5‑1 trading plan adopted 2025-12-09.
- Shares owned after transaction: Not supplied in the material you provided—see the filed Form 4 for total post-transaction holdings.
Context and plain-language note: Hougen exercised stock options (a derivative exercise — Form 4 code M) and then sold shares in the open market. The combination of exercise plus zero-dollar derivative disposals suggests some exercised shares were used to cover exercise costs or tax obligations, while the open-market trades under a pre-established 10b5‑1 plan realized cash proceeds. This is typically routine insider liquidity rather than an explicit endorsement or criticism of company prospects.
Insider Transaction Report
- Exercise/Conversion
Common Stock
2026-03-16$60.89/sh+60,299$3,671,606→ 193,180 total - Exercise/Conversion
Common Stock
2026-03-16$56.78/sh+61,041$3,465,908→ 254,221 total - Exercise/Conversion
Common Stock
2026-03-16$32.60/sh+33,118$1,079,647→ 287,339 total - Exercise/Conversion
Common Stock
2026-03-16$37.58/sh+20,541$771,931→ 307,880 total - Sale
Common Stock
[F1][F2]2026-03-16$72.38/sh−205,608$14,882,113→ 102,272 total - Sale
Common Stock
[F1][F3]2026-03-16$72.77/sh−9,440$686,902→ 92,832 total - Sale
Common Stock
[F1][F4]2026-03-17$73.21/sh−10,172$744,662→ 82,660 total - Exercise/Conversion
Non-Qualified Stock Option (right to buy)
2026-03-16−33,118→ 0 totalExercise: $32.60From: 2023-01-03Exp: 2032-01-02→ Common Stock (33,118 underlying) - Exercise/Conversion
Non-Qualified Stock Option (right to buy)
2026-03-16−20,541→ 5,405 totalExercise: $37.58From: 2024-01-03Exp: 2033-01-02→ Common Stock (20,541 underlying) - Exercise/Conversion
Non-Qualified Stock Option (right to buy)
2026-03-16−61,041→ 0 totalExercise: $56.78From: 2022-01-04Exp: 2028-01-03→ Common Stock (61,041 underlying) - Exercise/Conversion
Non-Qualified Stock Option (right to buy)
2026-03-16−60,299→ 0 totalExercise: $60.89From: 2021-01-02Exp: 2027-01-01→ Common Stock (60,299 underlying)
Footnotes (4)
- [F1]Shares sold pursuant to a Rule 10b5-1 Trading Plan adopted by the reporting person on December 9, 2025.
- [F2]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $71.70 to $72.70 inclusive. The reporting person undertakes to provide to Ionis Pharmaceuticals, Inc. any security holder of Ionis Pharmaceuticals, Inc. 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 ranges set forth in footnote (2) on this Form 4.
- [F3]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $72.71 to $72.88 inclusive. The reporting person undertakes to provide to Ionis Pharmaceuticals, Inc. any security holder of Ionis Pharmaceuticals, Inc. 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 ranges set forth in footnote (3) on this Form 4.
- [F4]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $73.11 to $73.28 inclusive. The reporting person undertakes to provide to Ionis Pharmaceuticals, Inc. any security holder of Ionis Pharmaceuticals, Inc. 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 ranges set forth in footnote (4) on this Form 4.