LIGAND PHARMACEUTICALS INC

For the period ended Mar 31, 2025. Filed May 9, 2025.

About this filing

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, 2025 · Filed May 9, 2025

LGND$314.16+0.0%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Cash Flows

	Three months ended
	March 31,
	2025	2024
Cash flows from operating activities:
Net (loss) income	$(42,451)	$86,139
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Change in estimated fair value of contingent liabilities	1,879	(33)
Depreciation of fixed assets and amortization of intangible assets	8,770	8,765
Amortization/accretion of premium (discount) on investments, net	(839)	(157)
Amortization of debt discount and issuance fees	136	84
Non-cash income from financial royalty assets	(461)	—
CECL adjustment to financial royalty assets	(330)	(2,841)
Loss (gain) on derivative instruments	174	(196)
Losses from equity method investment in Primrose Bio	—	2,352
Share-based compensation	7,836	7,334
Deferred income taxes, net	(8,844)	19,546
Gain from short-term investments	12,367	(110,772)
Lease amortization expense	571	478
Other	915	(210)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(576)	3,462
Inventory	(500)	2,632
Accounts payable and accrued liabilities	(2,149)	(1,382)
Income tax receivable and payable	335	7,533
Deferred revenue	(293)	(540)
Other assets and liabilities	(1,985)	(3,462)
Net cash (used in) provided by operating activities	(25,445)	18,732
Cash flows from investing activities:
Acquisition of financial royalty assets	(1,821)	(2,443)
Proceeds from financial royalty assets	3,149	1,942
Purchases of property and equipment	(214)	(105)
Purchases of short-term investments	(59,374)	(77,634)
Proceeds from sale of short-term investments	38,414	60,919
Proceeds from maturity of short-term investments	32,360	14,544
Cash paid for investment in Primrose Bio	—	(998)
Purchases of derivatives	(7,620)	—
Net cash provided by (used in) investing activities	4,894	(3,775)
Cash flows from financing activities:
Payments under finance lease obligations	(7)	(5)
Net proceeds from stock option exercises and ESPP	4,222	15,304
Taxes paid related to net share settlement of equity awards	(8,891)	(3,076)
Cash paid for debt issuance costs	(71)	(41)
Net cash (used in) provided by financing activities	(4,747)	12,182
Effect of exchange rate changes on cash and cash equivalents	1,058	—
Net (decrease) increase in cash and cash equivalents, including cash and cash equivalents classified within assets held for sale	(24,240)	27,139
Less: net increase in cash and cash equivalents classified within assets held for sale	(78)	—
Net (decrease) increase in cash and cash equivalents	(24,318)	27,139
Cash and cash equivalents at beginning of period	72,307	22,954
Cash and cash equivalents at end of period	$47,989	$50,093

Supplemental disclosure of cash flow information:
Interest paid	$97	$59
Taxes paid	$280	$—
Supplemental schedule of non-cash investing and financing activities:
Addition of right-of-use assets and lease liabilities	$828	$—
Accrued purchases of financial royalty assets	$—	$2,129
Accrued fixed asset purchases	$—	$2
Unrealized gain (loss) on available-for-sale investments, net of tax	$(22)	$(93)

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