LIGAND PHARMACEUTICALS INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 29, 2024
LGND$314.16+0.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating activities | |||
| Net income (loss) | $52,154 | $(33,361) | $57,138 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Gain on sale of Pelican | (2,121) | — | — |
| Change in estimated fair value of contingent liabilities | (265) | (748) | (36,962) |
| Depreciation of fixed assets and amortization of intangible assets | 36,521 | 51,534 | 51,071 |
| Loss (gain) short-term investments | (46,365) | (28,540) | 3,997 |
| Amortization/accretion of premium (discount) on investments, net | (1,318) | 16 | 111 |
| Amortization of debt discount and issuance fees | 240 | 734 | 16,692 |
| Gain on derivative instruments | (250) | — | — |
| Loss (gain) on debt extinguishment | — | (4,192) | 7,303 |
| Amortization of commercial license and other economic rights | (878) | (164) | (125) |
| Adjustment to credit loss reserves of commercial license rights | 3,595 | — | — |
| Impairment loss of commercial license rights | 924 | — | — |
| Lease amortization expense | 1,735 | 5,521 | 4,840 |
| Share-based compensation | 25,743 | 60,285 | 38,783 |
| Losses from equity method investment in Primrose Bio | 1,829 | — | — |
| Deferred income taxes, net | 11,696 | 20,723 | (8,618) |
| Other | 739 | 365 | 1,572 |
| Changes in operating assets and liabilities, net of acquisitions and dispositions: | |||
| Accounts receivable, net | (2,601) | 55,319 | (28,616) |
| Inventory | (10,870) | 12,058 | (427) |
| Other economic rights | (5,000) | — | — |
| Accounts payable and accrued liabilities | (4,704) | (3,340) | 2,810 |
| Income taxes receivable and payable | (1,781) | 1,579 | (3,976) |
| Deferred revenue | 419 | (6,281) | (17,870) |
| Other assets and liabilities | (9,865) | 6,342 | (8,925) |
| Net cash provided by operating activities | 49,577 | 137,850 | 78,798 |
| Investing activities | |||
| Purchase of commercial license rights | (50,328) | — | — |
| Purchases of property and equipment | (3,521) | (17,923) | (8,761) |
| Purchases of short-term investments | (126,764) | (51,226) | (181,325) |
| Proceeds from commercial license rights | 418 | 92 | 494 |
| Proceeds from sale of short-term investments | 148,765 | 209,561 | 154,230 |
| Proceeds from maturity of short-term investments | 45,402 | 24,830 | 67,105 |
| Cash paid for equity method investment - Nucorion | — | (750) | — |
| Cash paid for investment in Primrose Bio | (15,249) | — | — |
| Cash paid for Novan acquisition, net of restricted cash received | (10,405) | — | — |
| Other, net | — | (960) | (1,220) |
| Net cash (used) provided in investing activities | (11,682) | 163,624 | 30,523 |
| Financing activities | |||
| Net cash transferred to OmniAb at separation | — | (1,840) | — |
| Repayment at maturity/repurchase of 2023 Notes | (76,854) | (260,949) | (155,760) |
| Payments under finance lease obligations | (45) | (54) | (9,188) |
| Cash paid for OmniAb transaction costs | — | (6,800) | — |
| Cash paid for debt issuance costs | (949) | — | — |
| Proceeds from bond hedge settlement | — | 202 | 18,938 |
| Net proceeds from stock option exercises and ESPP | 22,448 | 3,232 | 33,763 |
| Taxes paid related to net share settlement of equity awards | (4,547) | (8,236) | (6,018) |
| Repurchase of warrants | — | — | (18,446) |
|---|---|---|---|
| Payments to CVR Holders | — | (1,545) | (1,050) |
| Net cash used in financing activities | (59,947) | (275,990) | (137,761) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (22,052) | 25,484 | (28,440) |
| Cash and cash equivalents at beginning of year | 45,006 | 19,522 | 47,962 |
| Cash and cash equivalents at end of year | $22,954 | $45,006 | $19,522 |
| Cash paid during the year: | |||
| Interest paid | $288 | $1,428 | $3,028 |
| Taxes paid | $8,770 | $11,642 | $3,722 |
| Acquisition: | |||
| Fair value of tangible assets acquired, net of cash and restricted cash received | $17,101 | — | — |
| Deferred tax asset | 500 | — | — |
| Goodwill | 1,829 | — | — |
| Intangible assets | 10,700 | — | — |
| Liabilities assumed | (19,725) | — | — |
| Net cash paid for Novan | $10,405 | — | — |
| Supplemental schedule of non-cash investing and financing activities: | |||
| Accrued Primrose transaction costs | $998 | $— | $— |
| Accrued royalty from commercial license rights | $52 | $— | $— |
| Accrued commercial license rights purchases | $347 | $— | $— |
| Accrued debt issuance costs | $41 | $— | $— |
| Accrued fixed asset purchases | $— | $2,333 | $1,567 |
| Accrued inventory purchases | $— | $— | $1,974 |
| Unrealized gain (loss) on available-for-sale investments | $212 | $(85) | $(221) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.