LIGAND PHARMACEUTICALS INC

Listed Company

LGNDCIK 0000886163NasdaqLarge AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$268.09M

Net Income

$124.45M

Total Assets

$1.56B

Equity

$1.02B

Shares Out

20.04M

Op. Cash Flow

$49.36M

LGND$303.66+120.60% · past yearDBEQ Basic

Daily closing prices

Business

Ligand Pharmaceuticals is a biopharmaceutical royalty company that acquires and licenses royalty interests in development and commercial-stage drug products. The company generates revenue from royalties on partner-commercialized medicines, sales of its Captisol® excipient platform, and license fees and milestone payments. Ligand maintains a diversified portfolio spanning oncology, infectious disease, respiratory disease, and rare genetic disorders, partnering with biopharmaceutical companies for development and commercialization while retaining royalty rights.

Summary from 10-K filed 2026-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue and income	268	167	131	196	242
Cost of Captisol	15	11	11	53	62
Amortization of intangibles	33	33	34	34	34
Research and development	81	21	25	36	32
General and administrative	92	79	53	70	47
Financial royalty assets impairment	6	31	0	0	—
Fair value adjustments to partner program derivatives	0	15	0	0	—
Total operating costs and expenses	227	190	121	193	138
Gain on sale of Pelican	0	0	−2	0	0
Operating income (loss) from continuing operations	41	−23	12	3	104
Gain from short-term investments	18	75	46	29	−5
Gain (loss) from change in fair value of equity method investments and other investments	91	−35	0	—	—
Interest income	14	8	8	2	886,000
Interest expense	−5	−3	−656,000	−2	—
Other non-operating expense, net	−89,000	−20	−2	4	−8
Total non-operating income, net	118	25	52	33	−32
Income before income tax from continuing operations	159	3	64	36	72
Income tax expense	−35	−7	−10	−41	4
Net income (loss) from continuing operations	124	−4	54	−5	76
Net loss from discontinued operations	—	—	−2	−28	−19
Net income (loss):	124	−4	52	−33	57
Basic net income (loss) from continuing operations (in USD per share)	6.44	−0.22	3.11	−0.31	4.59
Basic net loss from discontinued operations (in USD per share)	0	0	−0.1	−1.67	−1.16
Basic net income (loss) per share (in USD per share)	6.44	−0.22	3.02	−1.98	3.44
Shares used in basic per share calculation (in shares)	19	18	17	17	17
Diluted net income (loss) from continuing operations (in USD per share)	6.13	−0.22	3.03	−0.31	4.43
Diluted net loss from discontinued operations (in USD per share)	0	0	−0.09	−1.67	−1.11
Diluted net income (loss) per share (in USD per share)	6.13	−0.22	2.94	−1.98	3.31
Shares used in diluted per share calculation (in shares)	20	18	18	17	17

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-09-30	FY 2023 2023-12-31	FY 2023 2023-09-30
Cash and cash equivalents	175	72	—	23	—
Short-term investments	559	184	—	147	—
Accounts receivable, net	60	38	—	33	—
Inventory	9	14	—	24	—
Short-term portion of financial royalty assets	23	10	—	—	—
Income taxes receivable	1	4	—	6	—
Other current assets	6	9	—	3	—
Total current assets	832	332	—	237	—
Intangible assets, net	225	267	—	300	—
Goodwill	102	105	—	103	—
Long-term portion of financial royalty assets, net	197	185	—	62	—
Noncurrent derivative assets	16	11	—	4	3
Equity method investments	47	0	—	13	—
Other investments	121	11	11	37	—
Deferred income taxes, net	8	72,000	—	214,000	—
Other assets	13	32	—	6	—
Total assets	1,561	942	—	787	—
Accounts payable	3	5	—	2	—
Accrued liabilities	31	28	—	12	—
Income tax payable	1	1	—	—	—
Current contingent liabilities	287,000	206,000	—	256,000	—
Current operating lease liabilities	1	1	—	403,000	—
Other current liabilities	135,000	1	—	—	—
Total current liabilities	37	37	—	17	—
Long-term deferred revenue	0	2	—	1	—
Long-term contingent liabilities	3	3	—	3	—
Long-term operating lease liabilities	4	6	—	6	—
2030 Convertible Senior Notes, net	446	0	—	—	—
Deferred income taxes, net	36	33	—	32	—
Other long-term liabilities	17	30	—	28	—
Total liabilities	543	111	—	86	—
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.001 par value; 5,000 shares authorized; zero issued and outstanding at December 31, 2025 and 2024	0	0	—	0	—
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	20,000	20,000	—	18,000	—
Additional paid-in capital	401	337	—	199	—
Accumulated other comprehensive income (loss)	8	−6	—	−817,000	—
Retained earnings	608	499	—	503	—
Total stockholders equity	1,017	830	—	701	—
Total liabilities and stockholders equity	1,561	942	—	787	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Change in estimated fair value of contingent liabilities	860,000	683,000	−265,000	−748,000	−37
Depreciation of fixed assets and amortization of intangible assets	34	35	37	52	51
Gain from short-term investments	−18	−68	−46	−29	4
(Gain) loss from change in fair value of equity method investments and other investments	−91	35	0	0	—
Loss from equity method investment in Primrose Bio	0	7	2	0	0
Gain on Pelthos Transaction	−53	0	0	—	0
Accretion of premium on short-term investments, net	−5	−1	−1	16,000	111,000
Amortization of debt discount and issuance fees	1	486,000	240,000	734,000	17
Loss (gain) on derivative instruments	−1	20	−250,000	0	—
Non-cash income from financial royalty assets	−9	−5	−878,000	−164,000	—
CECL adjustment to financial royalty assets	−922,000	−4	4	0	—
Impairment loss of financial royalty assets	6	31	924,000	0	—
Lease amortization expense	2	2	2	6	5
Share-based compensation	47	41	26	60	39
Deferred income taxes, net	23	−16	12	21	−9
Other	2	5	739,000	365,000	2
Accounts receivable, net	−22	−6	−3	55	−29
Inventory	5	10	−11	12	−427,000
Other economic rights	0	0	−5	0	0
Accounts payable and accrued liabilities	6	14	−5	−3	3
Income taxes receivable and payable	3	2	−2	2	−4
Deferred revenue	−578,000	−1	419,000	−6	−18
Other assets and liabilities	−4	1	−10	6	−9
Net cash provided by operating activities	49	97	50	138	79
Acquisition of financial royalty assets	−11	−18	−50	0	—
Acquisition of royalty receivables	−813,000	0	0	—	—
Proceeds from financial royalty assets	10	7	418,000	92,000	—
Purchases of derivatives	−14	0	0	0	—
Purchases of property and equipment	−452,000	−2	−4	−18	−9
Purchases of short-term investments	−727	−226	−127	−51	−181
Proceeds from sale of short-term investments	160	229	149	210	154
Proceeds from maturity of short-term investments	218	33	45	25	67
Cash outflow on deconsolidation of LNHC, Inc.	−8	0	0	—	—
Cash paid for investment in Primrose Bio	0	−998,000	−15	−750,000	0
Cash paid for other investments	−4	−3	0	—	—
Cash paid for Novan acquisition, net of restricted cash received	0	0	−10	0	0
Cash paid for the Agenus Transaction	0	−75	0	—	—
Cash paid for Apeiron Acquisition, net of cash received	0	−92	0	0	—
Cash paid for InvIOs investment	−303,000	−4	0	0	—
Net proceeds from Viking Share Collar and Viking Share Put	0	7	0	0	—
Net cash used in investing activities	−377	−144	−12	164	31
Gross proceeds from issuance of 2030 Convertible Senior Notes	460	0	0	—	—
Debt discount and payment of debt issuance cost	−16	−426,000	−949,000	0	0
Purchase of 2030 Convertible Senior Notes hedge	−113	0	0	—	—
Proceeds from issuance of warrants	67	0	0	—	—
Repurchase of common stock	−15	0	0	0	0
Proceeds from common stock issuance, net of commissions and fees	0	37	0	0	—
Repayment of 2023 Notes at maturity	0	0	−77	−261	−156
Payments under finance lease obligations	−27,000	−25,000	−45,000	−54,000	−9
Payments to CVR holders	−174,000	0	0	−2	−1
Net proceeds from stock option exercises and ESPP	48	66	22	3	34
Taxes paid related to net share settlement of equity awards	−10	−5	−5	−8	−6
Proceeds from Pelthos investors bridge loans	7	0	0	—	—
Net cash provided by (used) in financing activities	428	97	−60	−276	−138
Effect of exchange rate changes on cash and cash equivalents	2	−1	0	0	0
Net increase (decrease) in cash and cash equivalents	103	49	−22	25	—
Interest paid	321,000	263,000	288,000	1	3
Taxes paid	8	19	9	12	4
Pelthos shares received in exchange for LNHC, Inc. business	44	0	0	—	—
Pelthos shares received for Ligand bridge loan cancellation	13	0	0	—	—
Accrued Primrose transaction costs	0	0	998,000	0	0
Addition of right-of-use assets and lease liabilities	2	2	0	0	—
Accrued royalty from financial royalty assets	0	0	52,000	0	0
Accrued purchases of financial royalty assets	0	0	347,000	0	0
Accrued debt issuance costs	0	42,000	41,000	0	0
Accrued fixed asset purchases	215,000	71,000	0	2	2
Unrealized gain (loss) on available-for-sale investments, net of tax	181,000	45,000	167,000	−67,000	−221,000

Filings

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Frequently asked questions

What is LIGAND PHARMACEUTICALS INC's CIK number?

LIGAND PHARMACEUTICALS INC's SEC CIK number is 0000886163 (886163). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find LIGAND PHARMACEUTICALS INC's SEC filings?

All of LIGAND PHARMACEUTICALS INC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did LIGAND PHARMACEUTICALS INC last report earnings?

LIGAND PHARMACEUTICALS INC (LGND) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0000886163-26-000030). This is LIGAND PHARMACEUTICALS INC's most recent earnings filing of record — not a forecast of its next earnings date.

What is LIGAND PHARMACEUTICALS INC's most recent earnings 8-K?

LIGAND PHARMACEUTICALS INC's latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0000886163-26-000030. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

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