Ionis Pharmaceuticals Inc. (IONS) reported an insider equity award to Peter N. Reikes on July 15, 2026, in a Form 4 filed July 17. The filing describes a grant of restricted stock units under the Ionis Pharmaceuticals, Inc. Amended and Restated 2002 Non-Employee Directors’ Stock Option Plan. Each restricted stock unit represents a contingent right to receive one share of Ionis common stock, or the equivalent cash value. The award is scheduled to vest in three equal annual installments, with the first installment vesting on July 15, 2027. The RSUs are expected to be fully vested on July 15, 2029. As of the grant date, July 15, 2026, none of the RSUs had vested. The filing notes that, upon vesting, the RSUs may be settled in whole shares of Ionis common stock or in cash, at the company’s discretion. The excerpt provided does not show the number of RSUs granted, the transaction code, a grant-date value, or the amount of derivative securities beneficially owned after the transaction, so those figures cannot be determined from the supplied text. The action matters because it reflects director compensation in the form of equity-linked awards, aligning the recipient’s compensation with Ionis’s stock performance over a multi-year vesting period.