LIGAND PHARMACEUTICALS INC
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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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.
Jun 30, 2026 · Filed Aug 7, 2026
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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Condensed Consolidated Statements of Cash Flows
| Six months ended | ||
|---|---|---|
| June 30, | ||
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $35,163 | $(37,604) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Change in estimated fair value of contingent liabilities | (492) | 1,931 |
| Depreciation of fixed assets and amortization of intangible assets | 16,431 | 17,292 |
| Accretion of short-term investments | (2,701) | (1,605) |
| Amortization of debt discount and issuance fees | 1,626 | 261 |
| Non-cash income from financial royalty assets | 2,728 | (888) |
| CECL adjustment to financial royalty assets | (201) | (750) |
| (Gain) loss on derivative instruments | (532) | 245 |
| Loss from change in fair value of equity-method investments and other investments | 13,502 | — |
| Share-based compensation | 24,249 | 17,833 |
| Deferred income taxes, net | (549) | (9,169) |
| (Gain) loss from short-term investments | (15,623) | 11,428 |
| Lease amortization expense | 959 | 983 |
| Other | (735) | 1,736 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (7,441) | (3,341) |
| Inventory | (1,137) | (1,375) |
| Accounts payable and accrued liabilities | 5,960 | (2,556) |
| Income tax receivable and payable | 522 | 2,758 |
| Deferred revenue | — | (578) |
| Other assets and liabilities | 980 | (6,247) |
| Net cash provided by (used in) operating activities | 72,709 | (9,646) |
| Cash flows from investing activities: | ||
| Acquisition of financial royalty assets | (2,640) | (1,821) |
| Proceeds from financial royalty assets | 9,500 | 5,179 |
| Purchases of derivatives | (2,672) | (7,620) |
| Proceeds from sale of derivatives | 1,045 | — |
| Purchases of property and equipment | (254) | (428) |
| Purchases of short-term investments | (259,327) | (122,717) |
| Proceeds from sale of short-term investments | 242,563 | 38,414 |
| Proceeds from maturity of short-term investments | 239,805 | 83,220 |
| Purchases of other investments | (1,250) | — |
| Net cash provided by (used in) investing activities | 226,770 | (5,773) |
| Cash flows from financing activities: | ||
| Gross proceeds from issuance of Convertible Senior Notes | 700,000 | — |
| Debt discount and payment of debt issuance cost | (20,175) | (73) |
| Purchase of Convertible Senior Notes hedge | (195,790) | — |
|---|---|---|
| Proceeds from issuance of warrants | 114,100 | — |
| Repurchase of common stock | (60,000) | — |
| Payments under finance lease obligations | (14) | (14) |
| Net proceeds from stock option exercises and ESPP | 16,255 | 12,461 |
| Taxes paid related to net share settlement of equity awards | (22,075) | (9,036) |
| Proceeds from Pelthos investors | — | 6,910 |
| Net cash provided by financing activities | 532,301 | 10,248 |
| Effect of exchange rate changes on cash and cash equivalents | (5) | 3,350 |
| Net increase (decrease) in cash, cash equivalents and restricted cash, including cash and cash equivalents classified within assets held for sale | 831,775 | (1,821) |
| Less: net increase in cash and cash equivalents classified within assets held for sale | — | (2,817) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 831,775 | (4,638) |
| Cash, cash equivalents and restricted cash at beginning of period | 174,927 | 72,307 |
| Cash, cash equivalents and restricted cash at end of period | $1,006,702 | $67,669 |
| Supplemental disclosure of cash flow information: | ||
|---|---|---|
| Interest paid | $2,369 | $201 |
| Taxes paid | $3,313 | $4,554 |
| Supplemental schedule of non-cash investing and financing activities: | ||
| Addition of right-of-use assets and lease liabilities | $— | $2,315 |
| Accrued debt issuance costs | $906 | $— |
| Accrued fixed asset purchases | $44 | $9 |
| Unrealized loss on available-for-sale investments, net of tax | $(754) | $(71) |
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