LIGAND PHARMACEUTICALS INC

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 27, 2026

LGND$314.15+2.6%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Balance Sheets

(in thousands, except par value)

	December 31,
	2025	2024
ASSETS
Current assets:
Cash and cash equivalents	$174,927	$72,307
Short-term investments	558,594	183,858
Accounts receivable, net	59,601	38,376
Inventory	9,126	14,114
Short-term portion of financial royalty assets	22,792	10,025
Income taxes receivable	1,446	4,073
Other current assets	5,785	8,806
Total current assets	832,271	331,559
Intangible assets, net	225,438	266,648
Goodwill	101,541	105,250
Long-term portion of financial royalty assets, net	196,877	185,024
Noncurrent derivative assets	15,632	10,583
Equity method investments	46,500	—
Other investments	121,451	10,908
Deferred income taxes, net	8,345	72
Other assets	12,582	31,730
Total assets	$1,560,637	$941,774
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$3,238	$5,233
Accrued liabilities	31,453	27,906
Income tax payable	1,239	1,199
Current contingent liabilities	287	206
Current operating lease liabilities	1,095	1,266
Other current liabilities	135	1,302
Total current liabilities	37,447	37,112
Long-term deferred revenue	—	2,246
Long-term contingent liabilities	2,934	3,475
Long-term operating lease liabilities	4,204	5,815
2030 Convertible Senior Notes, net	446,192	—
Deferred income taxes, net	36,019	32,524
Other long-term liabilities	16,629	30,163
Total liabilities	543,425	111,335
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; zero issued and outstanding at December 31, 2025 and 2024	—	—
Common stock, $0.001 par value; 60,000 shares authorized; 19,774 and 19,106 shares issued and outstanding at December 31, 2025 and 2024, respectively	20	20
Additional paid-in capital	400,649	337,377
Accumulated other comprehensive income (loss)	8,455	(5,942)
Retained earnings	608,088	498,984
Total stockholders’ equity	1,017,212	830,439
Total liabilities and stockholders’ equity	$1,560,637	$941,774

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.