LIGAND PHARMACEUTICALS INC
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
LGND$314.16+0.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Three months ended | ||
|---|---|---|
| March 31, | ||
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $86,139 | $41,949 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Change in estimated fair value of contingent liabilities | (33) | (670) |
| Depreciation and amortization of intangible assets | 8,765 | 9,499 |
| Amortization of premium on investments, net | (157) | (282) |
| Amortization of debt discount and issuance fees | 84 | 95 |
| Non-cash income from financial royalty assets | — | (379) |
| CECL adjustment to financial royalty assets | (2,841) | — |
| Gain on derivative instruments | (196) | — |
| Losses from equity method investment in Primrose Bio | 2,352 | — |
| Share-based compensation | 7,334 | 5,931 |
| Deferred income taxes | 19,546 | 8,754 |
| Gain from short-term investments | (110,772) | (39,533) |
| Lease amortization expense | 478 | 447 |
| Other | (210) | 240 |
| Changes in operating assets and liabilities, net of acquisition: | ||
| Accounts receivable | 3,462 | 1,099 |
| Inventory | 2,632 | 2,035 |
| Accounts payable and accrued liabilities | (1,382) | (435) |
| Income tax receivable and payable | 7,533 | 4,614 |
| Deferred revenue | (540) | (98) |
| Other assets and liabilities | (3,462) | 682 |
| Net cash provided by operating activities | 18,732 | 33,948 |
| Cash flows from investing activities: | ||
| Purchase of financial royalty assets | (2,443) | — |
| Proceeds from financial royalty assets | 1,942 | 130 |
| Purchase of short-term investments | (77,634) | (39,864) |
| Proceeds from sale of short-term investments | 60,919 | 44,232 |
| Proceeds from maturity of short-term investments | 14,544 | 8,465 |
| Cash paid for investment in Primrose Bio | (998) | — |
| Purchase of property and equipment | (105) | (2,414) |
| Net cash (used in) provided by investing activities | (3,775) | 10,549 |
| Cash flows from financing activities: | ||
| Payments under finance lease obligations | (5) | (13) |
| Net proceeds from stock option exercises and ESPP | 15,304 | 3,393 |
| Taxes paid related to net share settlement of equity awards | (3,076) | (4,155) |
| Cash paid for debt issuance costs | (41) | — |
| Net cash provided by (used in) financing activities | 12,182 | (775) |
| Net increase in cash and cash equivalents | 27,139 | 43,722 |
| Cash and cash equivalents at beginning of period | 22,954 | 45,006 |
| Cash and cash equivalents at end of period | $50,093 | $88,728 |
| Supplemental disclosure of cash flow information: | ||
|---|---|---|
| Interest paid | $59 | $— |
| Supplemental schedule of non-cash activity: | ||
| Accrued financial royalty asset purchases | $2,129 | $— |
| Accrued fixed asset purchases | $2 | $140 |
| Unrealized gain (loss) on AFS investments, net of tax | $(93) | $49 |
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