LIGAND PHARMACEUTICALS INC
For the period ended Sep 30, 2026. Filed Oct 30, 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.
Sep 30, 2026 · Filed Oct 30, 2026
LGND$314.16+0.0%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
| Nine months ended | ||
|---|---|---|
| September 30, | ||
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income | $6,678 | $79,669 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Change in estimated fair value of contingent liabilities | 5,775 | 1,475 |
| Depreciation of fixed assets and amortization of intangible assets | 26,754 | 25,561 |
| Accretion of short-term investments | (3,308) | (2,943) |
| Amortization of debt discount and issuance fees | 3,540 | 708 |
| Non-cash income from financial royalty assets | (10,882) | (1,248) |
| CECL adjustment to financial royalty assets | 6,440 | (724) |
| Gain on Pelthos Transaction | — | (53,072) |
| (Gain) loss on derivative instruments | (9,076) | 134 |
| Loss (gain) from change in fair value of equity-method investments and other investments | 49,229 | (75,887) |
| Share-based compensation | 42,430 | 32,579 |
| Deferred income taxes, net | (13,036) | 12,113 |
| (Gain) loss from short-term investments | (11,806) | 3,630 |
| Lease amortization expense | 2,081 | 1,462 |
| Other | (997) | 1,941 |
| Changes in operating assets and liabilities, net of acquisitions: | ||
| Accounts receivable | (23,715) | (19,650) |
| Inventory | (5,382) | 2,214 |
| Accounts payable and accrued liabilities | 1,568 | (1,463) |
| Income tax receivable and payable | (21,299) | 3,622 |
| Deferred revenue | (4) | (578) |
| Other assets and liabilities | 128 | (6,099) |
| Net cash provided by operating activities | 45,118 | 3,444 |
| Cash flows from investing activities: | ||
| Cash paid for XOMA acquisition, net of cash and restricted cash received | (782,852) | — |
| Settlement of XOMA deferred consideration | (53,478) | — |
| Settlement of receivable from RemainCo | 21,662 | — |
| Acquisition of financial royalty assets | (32,504) | (10,212) |
| Acquisition of royalty receivables | (200) | (813) |
| Proceeds from financial royalty assets | 31,393 | 8,766 |
| Purchases of derivatives | (5,742) | (8,679) |
| Proceeds from sale of derivatives | 1,045 | — |
| Purchases of property and equipment | (396) | (443) |
| Purchases of short-term investments | (393,750) | (514,856) |
| Proceeds from sale of short-term investments | 274,689 | 38,599 |
| Proceeds from maturity of short-term investments | 297,515 | 136,505 |
| Purchases of other investments | (8,603) | — |
| Cash outflow on Pelthos Transaction (Note 3) | — | (8,085) |
| Net cash used in investing activities | (651,221) | (359,218) |
|---|---|---|
| Cash flows from financing activities: | ||
| Gross proceeds from issuance of Convertible Senior Notes | 700,000 | 460,000 |
| Debt discount and payment of debt issuance cost | (21,696) | (14,911) |
| Purchase of Convertible Senior Notes hedge | (195,790) | (113,250) |
| Proceeds from issuance of warrants | 114,100 | 67,390 |
| Repurchase of common stock | (60,000) | (15,000) |
| Proceeds from common stock issuance, net of commissions and fees | — | — |
| Payments under finance lease obligations | (20) | (20) |
| Payments to CVR holders | — | (174) |
| Net proceeds from stock option exercises and ESPP | 21,878 | 38,203 |
| Taxes paid related to net share settlement of equity awards | (22,110) | (9,255) |
| Proceeds from Pelthos investors | — | 6,910 |
| Net cash provided by financing activities | 536,362 | 419,893 |
| Effect of exchange rate changes on cash and cash equivalents | (1,795) | 2,950 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (71,536) | 67,069 |
| Cash, cash equivalents and restricted cash at beginning of period | 174,927 | 72,307 |
| Cash, cash equivalents and restricted cash at end of period | $103,391 | $139,376 |
| Supplemental disclosure of cash flow information: | ||
|---|---|---|
| Interest paid | $2,439 | $299 |
| Taxes paid | $5,442 | $5,175 |
| Supplemental schedule of non-cash investing and financing activities: | ||
| Settlement of receivable from RemainCo against vendor invoices | $178 | $— |
| Pelthos shares received in exchange for LNHC, Inc. business | $— | $44,092 |
| Pelthos shares received for a bridge loan cancellation | $— | $12,732 |
| Addition of right-of-use assets and lease liabilities | $— | $2,315 |
| Accrued debt issuance costs | $181 | $634 |
| Accrued fixed asset purchases | $333 | $— |
| Unrealized (loss) gain on available-for-sale investments, net of tax | $(1,575) | $7 |
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