LIGAND PHARMACEUTICALS INC

For the period ended Mar 31, 2026. Filed May 8, 2026.

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, 2026 · Filed May 8, 2026

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,
	2026	2025
Cash flows from operating activities:
Net loss	$(13,345)	$(42,451)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Change in estimated fair value of contingent liabilities	624	1,879
Depreciation of fixed assets and amortization of intangible assets	8,216	8,770
Accretion of short-term investments	(1,502)	(839)
Amortization of debt discount and issuance fees	803	136
Non-cash income from financial royalty assets	4,796	(461)
CECL adjustment to financial royalty assets	21	(330)
Loss on derivative instruments	837	174
Loss from change in fair value of equity-method investments and other investments	49,229	—
Share-based compensation	10,596	7,836
Deferred income taxes, net	(13,532)	(8,844)
(Gain) loss from short-term investments	(3,869)	12,367
Lease amortization expense	479	571
Other	(547)	915
Changes in operating assets and liabilities:
Accounts receivable	6,409	(576)
Inventory	(4,140)	(500)
Accounts payable and accrued liabilities	2,714	(2,149)
Income tax receivable and payable	695	335
Deferred revenue	—	(293)
Other assets and liabilities	207	(1,985)
Net cash provided by (used in) operating activities	48,691	(25,445)
Cash flows from investing activities:
Acquisition of financial royalty assets	—	(1,821)
Proceeds from financial royalty assets	6,979	3,149
Purchases of derivatives	—	(7,620)
Proceeds from sale of derivatives	431	—
Purchases of property and equipment	(228)	(214)
Purchases of short-term investments	(222,179)	(59,374)
Proceeds from sale of short-term investments	1,300	38,414
Proceeds from maturity of short-term investments	119,350	32,360
Net cash (used in) provided by investing activities	(94,347)	4,894
Cash flows from financing activities:
Debt discount and payment of debt issuance cost	(50)	(71)
Payments under finance lease obligations	(7)	(7)
Net proceeds from stock option exercises and ESPP	7,654	4,222

Taxes paid related to net share settlement of equity awards	(21,730)	(8,891)
Net cash used in financing activities	(14,133)	(4,747)
Effect of exchange rate changes on cash and cash equivalents	(44)	1,058
Net decrease in cash, cash equivalents and restricted cash, including cash and cash equivalents classified within assets held for sale	(59,833)	(24,240)
Less: net increase in cash and cash equivalents classified within assets held for sale	—	(78)
Net decrease in cash, cash equivalents and restricted cash	(59,833)	(24,318)
Cash, cash equivalents and restricted cash at beginning of period	174,927	72,307
Cash, cash equivalents and restricted cash at end of period	$115,094	$47,989

Supplemental disclosure of cash flow information:
Interest paid	$97	$97
Taxes paid	$774	$280
Restricted cash in other current assets as at end of period	$17	$—
Supplemental schedule of non-cash investing and financing activities:
Addition of right-of-use assets and lease liabilities	$—	$828
Unrealized loss on available-for-sale investments, net of tax	$(732)	$(22)

ContentsView on SEC.gov

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