LIGAND PHARMACEUTICALS INC
For the period ended Sep 30, 2024. Filed Nov 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.
Sep 30, 2024 · Filed Nov 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
| Nine months ended | ||
|---|---|---|
| September 30, | ||
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $27,056 | $33,966 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Change in estimated fair value of contingent liabilities | 993 | 132 |
| Depreciation and amortization of intangible assets | 26,612 | 27,605 |
| Amortization of premium on investments, net | (725) | (938) |
| Amortization of debt discount and issuance fees | 314 | 159 |
| Non-cash income from financial royalty assets | (4,687) | (883) |
| CECL adjustment to financial royalty assets | (3,463) | 3,190 |
| Impairment loss of financial royalty assets | 26,491 | 924 |
| Loss on derivative assets | 14,655 | — |
| Gain on sale of Pelican | — | (2,121) |
| Losses from equity method investment in Primrose Bio | 11,576 | — |
| Fair value adjustment to Primrose Bio securities investments | 25,788 | — |
| Share-based compensation | 33,565 | 20,022 |
| Deferred income taxes | (3,108) | 6,761 |
| Gain from short-term investments | (98,923) | (30,340) |
| Lease amortization expense | 1,555 | 1,231 |
| Other | 3,123 | 215 |
| Changes in operating assets and liabilities, net of acquisitions: | ||
| Accounts receivable | (794) | (5,436) |
| Inventory | 7,053 | (11,577) |
| Accounts payable and accrued liabilities | 2,617 | (7,461) |
| Income tax receivable and payable | (607) | 5,818 |
| Deferred revenue | (1,172) | 226 |
| Other assets and liabilities | 657 | 19 |
| Net cash provided by operating activities | 68,576 | 41,512 |
| Cash flows from investing activities: | ||
| Acquisition of financial royalty assets | (17,819) | — |
| Proceeds from financial royalty assets | 4,892 | 349 |
| Purchase of short-term investments | (133,629) | (107,262) |
| Proceeds from sale of short-term investments | 189,563 | 96,318 |
| Proceeds from maturity of short-term investments | 27,751 | 37,941 |
| Cash paid for investment in Primrose Bio | (998) | (15,235) |
| Cash paid for Palvella notes receivable | (2,500) | — |
| Cash paid for Novan acquisition, net of restricted cash received | — | (10,405) |
| Cash paid for the Agenus transaction | (75,000) | — |
| Cash paid for Apeiron acquisition, net of cash received | (91,996) | — |
| Cash paid for InvIOs investment | (4,196) | — |
| Purchase of property and equipment | (1,109) | (3,104) |
| Net cash (used in) provided by investing activities | (105,041) | (1,398) |
| Cash flows from financing activities: | ||
| Proceeds from ATM sales, net of commissions and fees | 34,030 | — |
| Repayment at maturity/repurchase of 2023 Notes | — | (76,854) |
| Payments under finance lease obligations | (19) | (40) |
| Net proceeds from stock option exercises and ESPP | 46,251 | 15,922 |
| Taxes paid related to net share settlement of equity awards | (3,201) | (4,290) |
| Cash paid for debt issuance costs | (308) | — |
| Net cash provided by (used in) financing activities | 76,753 | (65,262) |
| Effect of exchange rate changes on cash and cash equivalents | 377 | — |
| Net increase in cash and cash equivalents | 40,665 | (25,148) |
| Cash and cash equivalents at beginning of period | 22,954 | 45,006 |
| Cash and cash equivalents at end of period | $63,619 | $19,858 |
| Supplemental disclosure of cash flow information: | ||
|---|---|---|
| Interest paid | $262 | $288 |
| Taxes paid | $17,346 | $10 |
| Restricted cash in other assets | $— | $583 |
| Acquisitions: | ||
| Fair value of tangible assets acquired, net of cash and restricted cash received | $8,965 | $17,887 |
| Goodwill | — | 3,709 |
| Financial royalty assets | 106,156 | — |
| Intangible assets | — | 10,700 |
| Liabilities assumed | (23,125) | (21,891) |
| Net cash paid for acquisitions | $91,996 | $10,405 |
| Supplemental schedule of non-cash activity: | ||
| Accrued Primrose transaction costs | $— | $1,013 |
| Addition of right-of-use assets and lease liabilities | $1,769 | $— |
| Accrued fixed asset purchases | $289 | $409 |
| Accrued debt issuance costs | $8 | $— |
| Unrealized gain on AFS investments, net of tax | $3 | $40 |
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