LIGAND PHARMACEUTICALS INC
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $(4,032) | $52,154 | $(33,361) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Gain on sale of Pelican | — | (2,121) | — |
| Change in estimated fair value of contingent liabilities | 683 | (265) | (748) |
| Depreciation of fixed assets and amortization of intangible assets | 35,239 | 36,521 | 51,534 |
| Gain from short-term investments | (67,901) | (46,365) | (28,540) |
| Amortization/accretion of premium (discount) on investments, net | (1,331) | (1,318) | 16 |
| Amortization of debt discount and issuance fees | 486 | 240 | 734 |
| Loss (gain) on derivative instruments | 20,010 | (250) | — |
| Gain on debt extinguishment | — | — | (4,192) |
| Non-cash income from financial royalty assets | (5,467) | (878) | (164) |
| CECL adjustment to financial royalty assets | (4,315) | 3,595 | — |
| Impairment loss of financial royalty assets | 30,572 | 924 | — |
| Lease amortization expense | 2,126 | 1,735 | 5,521 |
| Share-based compensation | 41,089 | 25,743 | 60,285 |
| Losses from equity method investment in Primrose Bio | 12,821 | 1,829 | — |
| Fair value adjustment to Primrose Bio securities investments | 25,788 | — | — |
| Deferred income taxes, net | (15,800) | 11,696 | 20,723 |
| Other | 7,723 | 739 | 365 |
| Changes in operating assets and liabilities, net of acquisitions and dispositions: | |||
| Accounts receivable, net | (6,459) | (2,601) | 55,319 |
| Inventory | 9,619 | (10,870) | 12,058 |
| Other economic rights | — | (5,000) | — |
| Accounts payable and accrued liabilities | 13,903 | (4,704) | (3,340) |
| Income taxes receivable and payable | 2,310 | (1,781) | 1,579 |
| Deferred revenue | (1,308) | 419 | (6,281) |
| Other assets and liabilities | 1,291 | (9,865) | 6,342 |
| Net cash provided by operating activities | 97,047 | 49,577 | 137,850 |
| Cash flows from investing activities: | |||
| Acquisition of financial royalty assets | (17,819) | (50,328) | — |
| Proceeds from financial royalty assets | 7,429 | 418 | 92 |
| Purchases of property and equipment | (1,821) | (3,521) | (17,923) |
| Purchases of short-term investments | (226,384) | (126,764) | (51,226) |
| Proceeds from sale of short-term investments | 229,367 | 148,765 | 209,561 |
| Proceeds from maturity of short-term investments | 33,131 | 45,402 | 24,830 |
| Cash paid for equity method investment - Nucorion | — | — | (750) |
| Cash paid for investment in Primrose Bio | (998) | (15,249) | — |
| 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) | — | — |
| Net proceeds from Viking Share Collar and Viking Share Put | 7,123 | — | — |
| Other | — | — | (960) |
| Net cash used in (provided by) investing activities | (143,664) | (11,682) | 163,624 |
| Cash flows from financing activities: | |||
|---|---|---|---|
| Proceeds from common stock issuance, net of commissions and fees | 37,140 | — | — |
| Net cash transferred to OmniAb at OmniAb Separation | — | — | (1,840) |
| Repayment at maturity/repurchase of 2023 Notes | — | (76,854) | (260,949) |
| Payments under finance lease obligations | (25) | (45) | (54) |
| Cash paid for transaction costs related to OmniAb Transactions | — | — | (6,800) |
| Cash paid for debt issuance costs | (426) | (949) | — |
| Proceeds from bond hedge settlement | — | — | 202 |
| Net proceeds from stock option exercises and ESPP | 65,588 | 22,448 | 3,232 |
| Taxes paid related to net share settlement of equity awards | (5,136) | (4,547) | (8,236) |
| Payments to CVR Holders | — | — | (1,545) |
| Net cash provided by (used) in financing activities | 97,141 | (59,947) | (275,990) |
| Effect of exchange rate changes on cash and cash equivalents | (1,171) | — | — |
| Net increase (decrease) in cash and cash equivalents | 49,353 | (22,052) | 25,484 |
| Cash and cash equivalents at beginning of year | 22,954 | 45,006 | 19,522 |
| Cash and cash equivalents at end of year | $72,307 | $22,954 | $45,006 |
| Supplemental disclosure of cash flow information | |||
| Interest paid | $263 | $288 | $1,428 |
| Taxes paid | $19,206 | $8,770 | $11,642 |
| Acquisitions: | |||
| Fair value of tangible assets acquired, net of cash and restricted cash received | $8,965 | $17,887 | $— |
| Goodwill | — | 3,709 | — |
| Intangible assets | — | 10,700 | — |
| Financial royalty assets | 106,156 | — | — |
| Liabilities assumed | (23,125) | (21,891) | — |
| Net cash paid for acquisitions | $91,996 | $10,405 | $— |
| Supplemental schedule of non-cash investing and financing activities: | |||
| Accrued Primrose transaction costs | $— | $998 | $— |
| Addition of right-of-use assets and lease liabilities | $1,769 | $— | $— |
| Accrued royalty from financial royalty assets | $— | $52 | $— |
| Accrued purchases of financial royalty assets | $— | $347 | $— |
| Accrued debt issuance costs | $42 | $41 | $— |
| Accrued fixed asset purchases | $71 | $— | $2,333 |
| Unrealized gain (loss) on available-for-sale investments, net of tax | $45 | $167 | $(67) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.