FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
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, Section 17(a) of the Public Utility Holding Company Act of 1935 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 *
Espinoza Octavio
  2. Issuer Name and Ticker or Trading Symbol
LIGAND PHARMACEUTICALS INC [LGND] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chief Financial Officer
(Last)
(First)
(Middle)
555 HERITAGE DRIVE, SUITE 200		 3. Date of Earliest Transaction (Month/Day/Year)
05/15/2024
(Street)

JUPITER, FL 33458		 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 05/15/2024   S   5,873 D $ 86.012 (1) 23,882 D  
Common Stock 05/16/2024   S   2,264 D $ 86.0034 (2) 21,618 D  
Common Stock 05/17/2024   M   206 A $ 57.22 21,824 D  
Common Stock 05/17/2024   M   1,544 A $ 63.62 23,368 D  
Common Stock 05/17/2024   M   145 A $ 68.74 23,513 D  
Common Stock 05/17/2024   M   5,022 A $ 52.84 28,535 D  
Common Stock 05/17/2024   S   5,022 D $ 86.6652 (3) 23,513 D  
Common Stock 05/17/2024   S   134 D $ 86.6497 23,379 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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
Employee Stock Option (right to buy) $ 57.22 05/17/2024   M     206   (4) 10/01/2030 Common Stock 206 $ 0 7,516 D  
Employee Stock Option (right to buy) $ 63.62 05/17/2024   M     1,544   (5) 12/13/2032 Common Stock 1,544 $ 0 18,456 D  
Incentive Stock Option (right to buy) $ 68.74 05/17/2024   M     145   (6) 02/11/2029 Common Stock 145 $ 0 0 D  
Non-Qualified Stock Option (right to buy) $ 52.84 05/17/2024   M     5,022   (7) 05/05/2032 Common Stock 5,022 $ 0 16,179 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Espinoza Octavio
555 HERITAGE DRIVE
SUITE 200
JUPITER, FL 33458		       Chief Financial Officer  

Signatures

 By: /s/ Andrew Reardon, Attorney-in-Fact For: Octavio Espinoza   05/17/2024
**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) The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $86.0000 to $86.1500. 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.
(2) The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $86.0000 to $86.0350. 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) The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $86.0300 to $86.8200. 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.
(4) As per the separation of OmniAb Inc. from the issuer, 4,096 stock options were vested and exercisable as of November 1, 2022, whereas 3,766 options vest in 23 substantially equal monthly installments beginning on December 1, 2022.
(5) Grant to reporting person of stock options that will vest and become exercisable over a 4-year period measured from December 5, 2022, with 12-1/2% of the shares subject to the stock options vesting on the date that is six months after December 5, 2022 and the remaining stock options vesting in 42 equal monthly installments thereafter.
(6) The stock option vests as to 50% of the underlying shares on January 11, 2023 and as to the remaining on February 11, 2023.
(7) The stock option vests and is exercisable as to approximately 14% of the underlying shares on August 5, 2022, approximately 64% of the underlying shares in 28 substantially equal monthly installments beginning on September 5, 2022, and approximately 22% of the underlying shares in 12 substantially equal monthly installments thereafter.

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