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 Operations

(in thousands, except per share amounts)

	Three months ended
	March 31,
	2025	2024
Revenues and other income:
Revenue from intangible royalty assets	$21,587	$18,357
Income from financial royalty assets	5,902	738
Royalties	27,489	19,095
Captisol	13,460	9,212
Contract revenue and other income	4,384	2,671
Total revenues and other income	45,333	30,978
Operating costs and expenses:
Cost of Captisol	4,849	2,882
Amortization of intangibles	8,257	8,186
Research and development	50,085	5,971
General and administrative	18,801	10,951
Fair value adjustments to partner program derivatives	(443)	—
Total operating costs and expenses	81,549	27,990
Operating income (loss)	(36,216)	2,988
Non-operating income and expenses:
Gain (loss) from short-term investments	(12,367)	110,772
Interest income	1,771	2,020
Interest expense	(867)	(141)
Other non-operating expense, net	(2,501)	(2,192)
Total non-operating (expenses) income, net	(13,964)	110,459
(Loss) income before income taxes	(50,180)	113,447
Income tax benefit (expense)	7,729	(27,308)
Net (loss) income	$(42,451)	$86,139
Basic net (loss) income per share	$(2.21)	$4.86
Shares used in basic per share calculation	19,191	17,732
Diluted net (loss) income per share	$(2.21)	$4.75
Shares used in diluted per share calculation	19,191	18,122

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