LGND on Nasdaq
LIGAND PHARMACEUTICALS INC
In its 2026 annual report the company says: “We are a biopharmaceutical royalty company focused on deploying capital and licensing technologies to acquire and create diversified royalty streams from high-value medicines. Our primary business is investing in and structuring royalty interests in mid- to late-stage development and commercial biopharmaceutical products, allowing us to generate long-duration, non-dilutive cash flows supported by a lean corporate cost structure.”4 It is headquartered in San Diego, California.1 Its shares trade on Nasdaq under the symbol LGND.1
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Last updated Oct 21, 2026.
Overview
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- TickerLGND on Nasdaq1
- IndustryPharmaceutical Preparations1
- HeadquartersSan Diego, California1
- Incorporated inDE2
- Business address3911 Sorrento Valley Blvd, Suite 110, San Diego, Ca 921212
- Filer categoryLarge accelerated filer2
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We are a biopharmaceutical royalty company focused on deploying capital and licensing technologies to acquire and create diversified royalty streams from high-value medicines. Our primary business is investing in and structuring royalty interests in mid- to late-stage development and commercial biopharmaceutical products, allowing us to generate long-duration, non-dilutive cash flows supported by a lean corporate cost structure. Capital deployment and technology licensing are the primary drivers of our long-term growth.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
15.3%Operating margin5
46.4%Net margin5
60.4%Revenue growth, 20255
12.2%Return on equity5
$48.9MFree cash flow5
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Material Sales, Captisol, Core brought in 18% of the revenue LIGAND PHARMACEUTICALS INC broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Material Sales, Captisol, Core | $28.4M | $30.9M | $40.2M |
| Royalty, Kyprolis | $35.6M | $38.4M | $35.5M |
| Filspari | $2.7M | $12.2M | $32.0M |
| Financial Royalty Assets | $1.0M | $13.4M | $28.5M |
| Qarziba | $0 | $11.1M | $23.7M |
| Royalty, Rylaze | $13.5M | $13.7M | $13.3M |
| Royalty, Other | $6.8M | $7.5M | $10.4M |
| Capvaxive | $0 | $626.0K | $10.1M |
| Ohtuvayre | $0 | $833.0K | $9.8M |
| Royalty, Teriparatide Injection | $11.1M | $8.2M | $8.1M |
| Vaxneuvance | $4.1M | $5.2M | $7.4M |
| License Fees | $0 | $1.9M | $7.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Research and development30¢$81.2M
- Other costs10¢$27.9M
- Income tax13¢$34.5M
- Profit46¢$124.5M
Out of $268.1M in revenue.5
Where each dollar of operating cash went, fiscal 2025
- Capital spending1¢$452.0K
- Share buybacks30¢$15.0M
- Kept or used elsewhere69¢$33.9M
Out of $49.4M of cash from operations.5
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenue and income | $268.1M | $167.1M | $131.3M |
| Cost of Captisol | $14.5M | $11.1M | $10.5M |
| Amortization of intangibles | $32.7M | $33.0M | $33.7M |
| Research and development | $81.2M | $21.4M | $24.5M |
| General and administrative | $92.4M | $78.7M | $52.8M |
| Financial royalty assets impairment | $6.2M | $30.6M | $0 |
| Fair value adjustments to partner program derivatives | $0 | $15.1M | $0 |
| Total operating costs and expenses | $227.1M | $189.7M | $121.5M |
| Gain on sale of Pelican | $0 | $0 | -$2.1M |
| Operating income (loss) from continuing operations | $41.0M | -$22.6M | $11.9M |
| Gain from short-term investments | $18.4M | $75.0M | $46.4M |
| Gain (loss) from change in fair value of equity method investments and other investments | $90.7M | -$34.6M | $0 |
| Interest income | $13.7M | $8.1M | $7.7M |
| Interest expense | -$4.7M | -$3.0M | -$656.0K |
| Other non-operating expense, net | -$89.0K | -$20.3M | -$1.7M |
| Total non-operating income, net | $118.0M | $25.1M | $51.7M |
| Income before income tax from continuing operations | $159.0M | $2.5M | $63.7M |
| Income tax expense | -$34.5M | -$6.5M | -$9.8M |
| Net income (loss) from continuing operations | $124.5M | -$4.0M | $53.8M |
| Net loss from discontinued operations | -$1.7M | ||
| Net income (loss): | $124.5M | -$4.0M | $52.2M |
| Basic net income (loss) from continuing operations (in USD per share) | $6 | -$0 | $3 |
| Basic net loss from discontinued operations (in USD per share) | $0 | $0 | -$0 |
| Basic net income (loss) per share (in USD per share) | $6.44 | -$0.22 | $3.02 |
| Shares used in basic per share calculation (in shares) | 19.3M shares | 18.3M shares | 17.3M shares |
| Diluted net income (loss) from continuing operations (in USD per share) | $6 | -$0 | $3 |
| Diluted net loss from discontinued operations (in USD per share) | $0 | $0 | -$0 |
| Diluted net income (loss) per share (in USD per share) | $6.13 | -$0.22 | $2.94 |
| Shares used in diluted per share calculation (in shares) | 20.3M shares | 18.3M shares | 17.8M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-09-30 | 2022-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $174.9M | $72.3M | |||
| Short-term investments | $558.6M | $183.9M | |||
| Accounts receivable, net | $59.6M | $38.4M | |||
| Inventory | $9.1M | $14.1M | |||
| Short-term portion of financial royalty assets | $22.8M | $10.0M | |||
| Income taxes receivable | $1.4M | $4.1M | |||
| Other current assets | $5.8M | $8.8M | |||
| Total current assets | $832.3M | $331.6M | |||
| Intangible assets, net | $225.4M | $266.6M | |||
| Goodwill | $101.5M | $105.2M | |||
| Long-term portion of financial royalty assets, net | $196.9M | $185.0M | |||
| Noncurrent derivative assets | $15.6M | $10.6M | $3.2M | ||
| Equity method investments | $46.5M | $0 | |||
| Other investments | $121.5M | $10.9M | |||
| Deferred income taxes, net | $8.3M | $72.0K | |||
| Other assets | $12.6M | $31.7M | |||
| Total assets | $1.6B | $941.8M | |||
| Accounts payable | $3.2M | $5.2M | |||
| Accrued liabilities | $31.5M | $27.9M | |||
| Income tax payable | $1.2M | $1.2M | |||
| Current contingent liabilities | $287.0K | $206.0K | |||
| Current operating lease liabilities | $1.1M | $1.3M | |||
| Other current liabilities | $135.0K | $1.3M | |||
| Total current liabilities | $37.4M | $37.1M | |||
| Long-term deferred revenue | $0 | $2.2M | |||
| Long-term contingent liabilities | $2.9M | $3.5M | |||
| Long-term operating lease liabilities | $4.2M | $5.8M | |||
| 2030 Convertible Senior Notes, net | $446.2M | $0 | |||
| Deferred income taxes, net | $36.0M | $32.5M | |||
| Other long-term liabilities | $16.6M | $30.2M | |||
| Total liabilities | $543.4M | $111.3M | |||
| Preferred stock, $0.001 par value; 5,000 shares authorized; zero issued and outstanding at December 31, 2025 and 2024 | $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 | $20.0K | $20.0K | |||
| Additional paid-in capital | $400.6M | $337.4M | |||
| Accumulated other comprehensive income (loss) | $8.5M | -$5.9M | |||
| Retained earnings | $608.1M | $499.0M | |||
| Total stockholders equity | $1.0B | $830.4M | $700.9M | $597.5M | |
| Total liabilities and stockholders equity | $1.6B | $941.8M | |||
| Preferred stock, par value (in USD per share) | $0.00 | $0.00 | |||
| Preferred stock authorized (in shares) | 5.0M shares | 5.0M shares | |||
| Preferred stock issued (in shares) | 0 shares | 0 shares | |||
| Preferred stock outstanding (in shares) | 0 shares | 0 shares | |||
| Common stock, par value (in USD per share) | $0.00 | $0.00 | |||
| Common stock authorized (in shares) | 60.0M shares | 60.0M shares | |||
| Common stock issued (in shares) | 19.8M shares | 19.1M shares | |||
| Common stock outstanding (in shares) | 19.8M shares | 19.1M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-09-30 | 2022-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $174.9M | $72.3M | |||
| Short-term investments | $558.6M | $183.9M | |||
| Accounts receivable, net | $59.6M | $38.4M | |||
| Inventory | $9.1M | $14.1M | |||
| Short-term portion of financial royalty assets | $22.8M | $10.0M | |||
| Income taxes receivable | $1.4M | $4.1M | |||
| Other current assets | $5.8M | $8.8M | |||
| Total current assets | $832.3M | $331.6M | |||
| Intangible assets, net | $225.4M | $266.6M | |||
| Goodwill | $101.5M | $105.2M | |||
| Long-term portion of financial royalty assets, net | $196.9M | $185.0M | |||
| Noncurrent derivative assets | $15.6M | $10.6M | $3.2M | ||
| Equity method investments | $46.5M | $0 | |||
| Other investments | $121.5M | $10.9M | |||
| Deferred income taxes, net | $8.3M | $72.0K | |||
| Other assets | $12.6M | $31.7M | |||
| Total assets | $1.6B | $941.8M | |||
| Accounts payable | $3.2M | $5.2M | |||
| Accrued liabilities | $31.5M | $27.9M | |||
| Income tax payable | $1.2M | $1.2M | |||
| Current contingent liabilities | $287.0K | $206.0K | |||
| Current operating lease liabilities | $1.1M | $1.3M | |||
| Other current liabilities | $135.0K | $1.3M | |||
| Total current liabilities | $37.4M | $37.1M | |||
| Long-term deferred revenue | $0 | $2.2M | |||
| Long-term contingent liabilities | $2.9M | $3.5M | |||
| Long-term operating lease liabilities | $4.2M | $5.8M | |||
| 2030 Convertible Senior Notes, net | $446.2M | $0 | |||
| Deferred income taxes, net | $36.0M | $32.5M | |||
| Other long-term liabilities | $16.6M | $30.2M | |||
| Total liabilities | $543.4M | $111.3M | |||
| Preferred stock, $0.001 par value; 5,000 shares authorized; zero issued and outstanding at December 31, 2025 and 2024 | $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 | $20.0K | $20.0K | |||
| Additional paid-in capital | $400.6M | $337.4M | |||
| Accumulated other comprehensive income (loss) | $8.5M | -$5.9M | |||
| Retained earnings | $608.1M | $499.0M | |||
| Total stockholders equity | $1.0B | $830.4M | $700.9M | $597.5M | |
| Total liabilities and stockholders equity | $1.6B | $941.8M | |||
| Preferred stock, par value (in USD per share) | $0.00 | $0.00 | |||
| Preferred stock authorized (in shares) | 5.0M shares | 5.0M shares | |||
| Preferred stock issued (in shares) | 0 shares | 0 shares | |||
| Preferred stock outstanding (in shares) | 0 shares | 0 shares | |||
| Common stock, par value (in USD per share) | $0.00 | $0.00 | |||
| Common stock authorized (in shares) | 60.0M shares | 60.0M shares | |||
| Common stock issued (in shares) | 19.8M shares | 19.1M shares | |||
| Common stock outstanding (in shares) | 19.8M shares | 19.1M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $124.5M | -$4.0M | $52.2M |
| Gain on sale of Pelican | $0 | $0 | -$2.1M |
| Change in estimated fair value of contingent liabilities | $860.0K | $683.0K | -$265.0K |
| Depreciation of fixed assets and amortization of intangible assets | $33.8M | $35.2M | $36.5M |
| Gain from short-term investments | -$18.4M | -$67.9M | -$46.4M |
| (Gain) loss from change in fair value of equity method investments and other investments | -$90.7M | $34.6M | $0 |
| Loss from equity method investment in Primrose Bio | $0 | $7.0M | $1.8M |
| Gain on Pelthos Transaction | -$53.1M | $0 | $0 |
| Accretion of premium on short-term investments, net | -$5.0M | -$1.3M | -$1.3M |
| Amortization of debt discount and issuance fees | $1.3M | $486.0K | $240.0K |
| Loss (gain) on derivative instruments | -$1.0M | $20.0M | -$250.0K |
| Non-cash income from financial royalty assets | -$8.6M | -$5.5M | -$878.0K |
| CECL adjustment to financial royalty assets | -$922.0K | -$4.3M | $3.6M |
| Impairment loss of financial royalty assets | $6.2M | $30.6M | $924.0K |
| Lease amortization expense | $1.9M | $2.1M | $1.7M |
| Share-based compensation | $46.8M | $41.1M | $25.7M |
| Deferred income taxes, net | $22.7M | -$15.8M | $11.7M |
| Other | $1.7M | $4.7M | $739.0K |
| Accounts receivable, net | -$21.7M | -$6.5M | -$2.6M |
| Inventory | $5.0M | $9.6M | -$10.9M |
| Other economic rights | $0 | $0 | -$5.0M |
| Accounts payable and accrued liabilities | $5.9M | $13.9M | -$4.7M |
| Income taxes receivable and payable | $2.7M | $2.3M | -$1.8M |
| Deferred revenue | -$578.0K | -$1.3M | $419.0K |
| Other assets and liabilities | -$3.9M | $1.3M | -$9.9M |
| Net cash provided by operating activities | $49.4M | $97.0M | $49.6M |
| Acquisition of financial royalty assets | -$10.9M | -$17.8M | -$50.3M |
| Acquisition of royalty receivables | -$813.0K | $0 | $0 |
| Proceeds from financial royalty assets | $10.3M | $7.4M | $418.0K |
| Purchases of derivatives | -$13.8M | $0 | $0 |
| Purchases of property and equipment | -$452.0K | -$1.8M | -$3.5M |
| Purchases of short-term investments | -$726.7M | -$226.4M | -$126.8M |
| Proceeds from sale of short-term investments | $159.6M | $229.4M | $148.8M |
| Proceeds from maturity of short-term investments | $217.7M | $33.1M | $45.4M |
| Cash outflow on deconsolidation of LNHC, Inc. | -$8.1M | $0 | $0 |
| Cash paid for investment in Primrose Bio | $0 | -$998.0K | -$15.2M |
| Cash paid for other investments | -$3.8M | -$2.5M | $0 |
| Cash paid for Novan acquisition, net of restricted cash received | $0 | $0 | -$10.4M |
| Cash paid for the Agenus Transaction | $0 | -$75.0M | $0 |
| Cash paid for Apeiron Acquisition, net of cash received | $0 | -$92.0M | $0 |
| Cash paid for InvIOs investment | -$303.0K | -$4.2M | $0 |
| Net proceeds from Viking Share Collar and Viking Share Put | $0 | $7.1M | $0 |
| Net cash used in investing activities | -$377.3M | -$143.7M | -$11.7M |
| Gross proceeds from issuance of 2030 Convertible Senior Notes | $460.0M | $0 | $0 |
| Debt discount and payment of debt issuance cost | -$15.5M | -$426.0K | -$949.0K |
| Purchase of 2030 Convertible Senior Notes hedge | -$113.2M | $0 | $0 |
| Proceeds from issuance of warrants | $67.4M | $0 | $0 |
| Repurchase of common stock | -$15.0M | $0 | $0 |
| Proceeds from common stock issuance, net of commissions and fees | $0 | $37.1M | $0 |
| Repayment of 2023 Notes at maturity | $0 | $0 | -$76.9M |
| Payments under finance lease obligations | -$27.0K | -$25.0K | -$45.0K |
| Payments to CVR holders | -$174.0K | $0 | $0 |
| Net proceeds from stock option exercises and ESPP | $47.5M | $65.6M | $22.4M |
| Taxes paid related to net share settlement of equity awards | -$9.6M | -$5.1M | -$4.5M |
| Proceeds from Pelthos investors bridge loans | $6.9M | $0 | $0 |
| Net cash provided by (used) in financing activities | $428.2M | $97.1M | -$59.9M |
| Effect of exchange rate changes on cash and cash equivalents | $2.4M | -$1.2M | $0 |
| Net increase (decrease) in cash and cash equivalents | $102.6M | $49.4M | -$22.1M |
| Interest paid | $321.0K | $263.0K | $288.0K |
| Taxes paid | $7.8M | $19.2M | $8.8M |
| Pelthos shares received in exchange for LNHC, Inc. business | $44.1M | $0 | $0 |
| Pelthos shares received for Ligand bridge loan cancellation | $12.7M | $0 | $0 |
| Accrued Primrose transaction costs | $0 | $0 | $998.0K |
| Addition of right-of-use assets and lease liabilities | $2.3M | $1.8M | $0 |
| Accrued royalty from financial royalty assets | $0 | $0 | $52.0K |
| Accrued purchases of financial royalty assets | $0 | $0 | $347.0K |
| Accrued debt issuance costs | $0 | $42.0K | $41.0K |
| Accrued fixed asset purchases | $215.0K | $71.0K | $0 |
| Unrealized gain (loss) on available-for-sale investments, net of tax | $181.0K | $45.0K | $167.0K |
No quarter-by-quarter statement was filed.
Corporate structure
LIGAND PHARMACEUTICALS INC sits at the top of its group. 15 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of LIGAND PHARMACEUTICALS INC
- Invesco Filed SCHEDULE 13G on LIGAND PHARMACEUTICALS INC, latest Aug 13, 2026
- VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on LIGAND PHARMACEUTICALS INC, latest May 1, 2026
- VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G on LIGAND PHARMACEUTICALS INC, latest May 1, 2026
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on LIGAND PHARMACEUTICALS INC, latest Mar 27, 2026 (5 filings since Oct 12, 2021)
- Janus Henderson Group Ltd. Filed SCHEDULE 13G/A on LIGAND PHARMACEUTICALS INC, latest Nov 14, 2025 (8 filings since Feb 10, 2022)
- BlackRock Filed SCHEDULE 13G/A on LIGAND PHARMACEUTICALS INC, latest Oct 17, 2025 (7 filings since Jan 25, 2022)
- Goldman Sachs Filed SC 13G/A on LIGAND PHARMACEUTICALS INC, latest Nov 8, 2024 (2 filings since Feb 12, 2024)
- Macquarie Group Filed SC 13G/A on LIGAND PHARMACEUTICALS INC, latest Nov 1, 2024 (3 filings since Feb 14, 2022)
- WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Filed SC 13G/A on LIGAND PHARMACEUTICALS INC, latest Feb 9, 2023 (2 filings since Feb 10, 2022)
- State Street Corporation Filed SC 13G/A on LIGAND PHARMACEUTICALS INC, latest Feb 6, 2023 (2 filings since Feb 11, 2022)
- CARDINAL CAPITAL MANAGEMENT LLC /CT Filed SC 13G/A on LIGAND PHARMACEUTICALS INC, latest Feb 14, 2022
- WASATCH ADVISORS LP Filed SC 13G/A on LIGAND PHARMACEUTICALS INC, latest Feb 11, 2022
- LIGAND PHARMACEUTICALS INC San Diego, California
- Pelthos Therapeutics Inc. Stake · Durham, North Carolina
- Viking Therapeutics Stake · San Diego, California, United States
- XOMA Royalty Corp Stake · Emeryville, California
- Apeiron Biologics GmbH Subsidiary · Austria
- CyDex Pharmaceuticals, Inc. Subsidiary · Delaware, United States
- Ligand Holdings UK Ltd. Subsidiary · United Kingdom
- Ligand UK Development Limited Subsidiary · United Kingdom
- Ligand UK Limited Subsidiary · United Kingdom
- Metabasis Therapeutics, Inc. Subsidiary · Delaware, United States
- Neurogen Corporation Subsidiary · Delaware, United States
- Pfenex Inc. Subsidiary · Delaware, United States
- Pharmacopeia, LLC Subsidiary · Delaware, United States
- Seragen, Inc. Subsidiary · Delaware, United States
- Vernalis Therapeutics, Inc. Subsidiary · Delaware, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (3 companies). Each entity in the chart links to its source.
What it owns
What LIGAND PHARMACEUTICALS INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $10.1M5 Dec 31, 2025 | $23.4M5 Dec 31, 2024 | −56.6% |
| Accumulated depreciation | $6.6M5 Dec 31, 2025 | $8.3M5 Dec 31, 2024 | −20.4% |
| Property and equipment, net | $3.6M5 Dec 31, 2025 | $15.1M5 Dec 31, 2024 | −76.4% |
| Finance-lease assets | $2.1M5 Dec 31, 2025 | $2.8M5 Dec 31, 2024 | −25.1% |
| Operating-lease assets (leased space) | $5.2M5 Dec 31, 2025 | $6.9M5 Dec 31, 2024 | −25.4% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $174.9M5 Dec 31, 2025 | $72.3M5 Dec 31, 2024 | +141.9% |
| Marketable securities, current | $558.6M5 Dec 31, 2025 | $183.9M5 Dec 31, 2024 | +203.8% |
| Debt securities available for sale | $558.6M5 Dec 31, 2025 | $183.9M5 Dec 31, 2024 | +203.8% |
| Equity securities at fair value | $35.2M5 Dec 31, 2025 | $40.2M5 Dec 31, 2024 | −12.4% |
| Stakes in other companies (equity method) | $46.5M5 Dec 31, 2025 | $05 Dec 31, 2024 |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $101.5M5 Dec 31, 2025 | $105.2M5 Dec 31, 2024 | −3.5% |
| Intangible assets, net (excluding goodwill) | $225.4M5 Dec 31, 2025 | $266.6M5 Dec 31, 2024 | −15.5% |
| Finite-lived intangibles, net | $225.4M5 Dec 31, 2025 | $266.6M5 Dec 31, 2024 | −15.5% |
Inventory
Properties, in its own words
The following table summarizes our principal facilities leased as of December 31, 2025, including the location and size of each facility, and their designated use. We believe our facilities are adequate for our current and near-term needs, and we will be able to locate additional facilities, as needed.
Location · Approximate Square Feet · Operation · Lease Expiration Date
The rest of Item 2
Jupiter, FL · 1,650 · Corporate headquarters · October 2026
San Diego, CA · 6,850 · Office · March 2029
Boston, MA · 9,200 · Office · May 2032
Las Vegas, NV · 4,100 · Office · April 2028
Lawrence, KS · 3,700 · Office and laboratory · August 2032
Item 2 of the 10-K filed Feb 27, 2026.4
Leadership
Who has led LIGAND PHARMACEUTICALS INC, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
2010201520202025
- Chief executive officerDavid E. Robinson Mar 14, 2006 to Mar 14, 200613
- Chief executive officerHenry F. Blissenbach Sep 21, 2006 to Sep 28, 200614
- ChairDavid E. Robinson Mar 14, 2006 to Mar 14, 200613
- ChairHenry F. Blissenbach Sep 21, 2006 to Sep 28, 200614
- PresidentMatthew E. Korenberg Nov 3, 2022 to Sep 24, 202415
- PresidentMatthew W. Foehr Jun 24, 2015 to Jun 14, 202216
- PresidentHenry F. Blissenbach Sep 21, 2006 to Sep 28, 200614
- Chief financial officerOctavio Espinoza Nov 7, 2022 to now17
- Chief financial officerNishan M. Desilva May 14, 2015 to May 14, 201518
- Chief financial officerMelanie J. Herman Jun 11, 2015 to Jul 1, 201519
- Chief financial officerMatthew E. Korenberg Aug 6, 2015 to Jul 6, 202220
- Chief financial officerJohn P. Sharp May 2, 2007 to Feb 14, 201421
- Chief financial officerPaul Maier V. Mar 14, 2006 to Nov 22, 200622
- Chief operating officerMatthew E. Korenberg Nov 3, 2022 to Sep 24, 202415
- Chief operating officerMatthew W. Foehr Apr 20, 2011 to Jun 14, 202223
Board members and other officers (37)
- Director of AccountingMelanie J. Herman Apr 11, 2014 to Jul 5, 201624
- VP, Corporate DevelopmentNishan M. Desilva Feb 13, 2012 to Feb 11, 201525
- DirectorDavid M. Knott Aug 19, 2011 to Aug 19, 201126
- Asso. Gen. Counsel, SecretaryCharles S. Berkman Mar 9, 2007 to Jun 14, 202227
- Vice President, AdministrationTerry A. Dembitz Mar 9, 2007 to Mar 9, 200728
- VP, Clinical ResearchZofia E. Dziewanowska Mar 9, 2007 to Feb 27, 200929
- VP, Bus. Dev. & Strategic PlanSyed Kazmi Jul 10, 2007 to Feb 13, 201230
- Exe V-P, R & D, CSOAndres Negro-Vilar Mar 14, 2006 to Dec 14, 200631
- V-P, Project ManagementEric S. Groves Mar 14, 2006 to Dec 19, 200632
- Sr. V-P, Reg Affairs & Comp.James J. Litalien Mar 14, 2006 to Mar 14, 200633
- V-P, Discovery ResearchMartin Meglasson Mar 14, 2006 to May 11, 201034
- Sr. V-P, Ops & Pres. Int'lTaylor Crouch Mar 14, 2006 to Dec 6, 200635
- V-P, Controller & TreasurerTod Mertes Mar 14, 2006 to Mar 14, 200636
- V-P, Gen. Counsel & Secy.Warner R. Broaddus Mar 14, 2006 to Nov 21, 200637
- Sr. V-P, HR and AdministrationWilliam A. Petttit Mar 14, 2006 to Dec 19, 200638
- Board memberMartine Zimmermann Sep 25, 2023 to now39
- Board memberJason Haas Jun 29, 2022 to now40
- Board memberJennifer R. Cochran Jul 14, 2021 to Jun 13, 202241
- Board memberSarah Boyce Oct 15, 2019 to Jun 13, 202242
- Board memberNancy Ryan Gray Aug 22, 2017 to now43
- Board memberJohn L. Lamattina Feb 10, 2011 to now44
- Board memberSunil Patel Oct 8, 2010 to Jun 13, 202245
- Board memberStephen L. Sabba Aug 7, 2008 to now46
- Board memberBruce Peacock Dec 24, 2008 to Dec 24, 200847
- Board memberSteven J. Burakoff Dec 24, 2008 to Feb 19, 201048
- Board memberElizabeth M. Greetham Mar 5, 2007 to Jun 2, 200849
- Board memberDavid M. Knott Mar 8, 2007 to Aug 19, 201550
- Board memberBrigette Roberts Jan 6, 2006 to Jan 5, 200751
- Board memberCarl C. Peck Jan 6, 2006 to Sep 28, 200652
- Board memberJeffrey R. Perry Jan 6, 2006 to Jun 2, 200853
- Board memberJohn W. Kozarich Jan 6, 2006 to now54
- Board memberMichael A. Rocca Jan 6, 2006 to Sep 28, 200655
- Board memberAlexander D. Cross Feb 1, 2006 to Jan 5, 200756
- Board memberHenry F. Blissenbach Feb 1, 2006 to Apr 4, 200757
- Board memberIrving S. Johnson Feb 1, 2006 to Jan 5, 200758
- Board memberJohn Groom Feb 1, 2006 to Sep 28, 200659
- Board memberJason Aryeh Sep 29, 2006 to now60
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- Apeiron Biologics GmbH Austria3
- CyDex Pharmaceuticals, Inc. Delaware3
- Ligand Holdings UK Ltd. England and Wales3
- Ligand UK Development Limited England and Wales3
- Ligand UK Limited England and Wales3
- Metabasis Therapeutics, Inc. Delaware3
- Neurogen Corporation Delaware3
- Pfenex Inc. Delaware3
- Pharmacopeia, LLC Delaware3
- Seragen, Inc. Delaware3
- Vernalis Therapeutics, Inc. Delaware3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
- LIGAND PHARMACEUTICALSSep 13, 1994 to Sep 13, 19942
Timeline
- Sep 24, 20268-K Regulation FD disclosure; Other events61
- Sep 22, 20268-K Regulation FD disclosure62
- Sep 2, 20268-K Financial statements and exhibits63
- Aug 6, 20268-K Results of operations64
- Jul 14, 20268-K Entered a material agreement; Completed an acquisition or sale; New debt or obligation65
- Jun 25, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares66
- Jun 22, 20268-K Entered a material agreement; Other events67
- Jun 9, 20268-K Executive or director change; Shareholder vote68
- May 18, 20268-K Entered a material agreement69
- May 7, 20268-K Results of operations70
- Apr 30, 20268-K Ended a material agreement71
- Apr 27, 20268-K Entered a material agreement; Other events72
- Sep 21, 2006New chief executive Henry F. Blissenbach becomes CEO14
- Mar 14, 2006New chief executive David E. Robinson becomes CEO13
Calendar
Coming up
- Oct 29, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $5.68 a share, on Nov 6, 2025.73
When it reported results
- Aug 6, 2026Reported quarterly or annual results64
- May 7, 2026Reported quarterly or annual results70
- Feb 26, 2026Reported quarterly or annual results74
- Nov 6, 2025Reported quarterly or annual results75
- Aug 7, 2025Reported quarterly or annual results76
- May 8, 2025Reported quarterly or annual results77
- Feb 27, 2025Reported quarterly or annual results78
- Nov 7, 2024Reported quarterly or annual results79
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
441 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 70 major events, 222 insider forms, 34 large holders, 95 other. The latest 20:
- Oct 6, 20264 EDGAR
- Sep 24, 20264 PRIMARY DOCUMENT EDGAR
- Sep 24, 20268-K EDGAR
- Sep 22, 20268-K EDGAR
- Sep 14, 20264 PRIMARY DOCUMENT EDGAR
- Sep 10, 2026144 EDGAR
- Sep 8, 20264 PRIMARY DOCUMENT EDGAR
- Sep 3, 2026144 EDGAR
- Sep 2, 20268-K/A EDGAR
- Aug 14, 20264 PRIMARY DOCUMENT EDGAR
- Aug 14, 20264 PRIMARY DOCUMENT EDGAR
- Aug 13, 2026SCHEDULE 13G EDGAR
- Aug 12, 2026144 EDGAR
- Aug 12, 2026144 EDGAR
- Aug 7, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Aug 4, 20264 PRIMARY DOCUMENT EDGAR
- Jul 22, 2026S-8 EDGAR
- Jul 14, 20268-K EDGAR
- Jul 6, 20264 PRIMARY DOCUMENT EDGAR
The 441 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
80 open-market trades by officers, directors and large owners since October 2021: 5 buys and 75 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Zimmermann MartineDirector | Sale | 1,200 | $285.00 | $342.0K | Form 4 |
| Sep 3, 2026 | Reardon AndrewCLO & Secretary | Sale | 5,000 | $286.09 | $1.4M | Form 4 |
| Aug 12, 2026 | Espinoza OctavioChief Financial Officer | Sale | 31,641 | $292.07 | $9.2M | Form 4 |
| Aug 12, 2026 | Haas JasonDirector | Sale | 7,138 | $292.81 | $2.1M | Form 4 |
| Aug 3, 2026 | Reardon AndrewCLO & Secretary | Sale | 5,000 | $288.99 | $1.4M | Form 4 |
| Jul 1, 2026 | Reardon AndrewCLO & Secretary | Sale | 5,000 | $313.28 | $1.6M | Form 4 |
| Jun 16, 2026 | Sabba Stephen LDirector | Sale | 2,145 | $254.00 | $544.8K | Form 4 |
| Jun 12, 2026 | Haas JasonDirector | Sale | 6,461 | $255.58 | $1.7M | Form 4 |
| Jun 11, 2026 | Aryeh JasonDirector | Sale | 4,500 | $250.00 | $1.1M | Form 4 |
| Jun 10, 2026 | Aryeh JasonDirector | Sale | 500 | $250.00 | $125.0K | Form 4 |
| Jun 10, 2026 | LAMATTINA JOHN LDirector | Sale | 4,591 | $250.88 | $1.2M | Form 4 |
| Jun 1, 2026 | Reardon AndrewCLO & Secretary | Sale | 5,000 | $227.06 | $1.1M | Form 4 |
| May 13, 2026 | KOZARICH JOHN WDirector | Sale | 1,575 | $223.50 | $352.0K | Form 4 |
| May 12, 2026 | KOZARICH JOHN WDirector | Sale | 459 | $224.00 | $102.8K | Form 4 |
| May 1, 2026 | KOZARICH JOHN WDirector | Sale | 467 | $231.80 | $108.3K | Form 4 |
| May 1, 2026 | Reardon AndrewCLO & Secretary | Sale | 5,000 | $231.31 | $1.2M | Form 4 |
| Apr 1, 2026 | KOZARICH JOHN WDirector | Sale | 467 | $202.22 | $94.4K | Form 4 |
| Apr 1, 2026 | Reardon AndrewCLO & Secretary | Sale | 5,000 | $201.24 | $1.0M | Form 4 |
| Mar 23, 2026 | Sabba Stephen LDirector | Sale | 1,000 | $207.87 | $207.9K | Form 4 |
| Mar 11, 2026 | Espinoza OctavioChief Financial Officer | Sale | 3,057 | $225.00 | $687.8K | Form 4 |
All 80 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- InvescoSCHEDULE 13G, 1 filing Aug 13, 202680
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing May 1, 202681
- VANGUARD PORTFOLIO MANAGEMENT LLCSCHEDULE 13G, 1 filing May 1, 202682
- VANGUARD GROUP INCSCHEDULE 13G/A, 5 filings Oct 12, 2021 to Mar 27, 202683
- Janus Henderson Group Ltd.SCHEDULE 13G/A, 8 filings Feb 10, 2022 to Nov 14, 202584
- BlackRockSCHEDULE 13G/A, 7 filings Jan 25, 2022 to Oct 17, 202585
- Goldman SachsSC 13G/A, 2 filings Feb 12, 2024 to Nov 8, 202486
- Macquarie GroupSC 13G/A, 3 filings Feb 14, 2022 to Nov 1, 202487
- WILLIAM BLAIR INVESTMENT MANAGEMENT, LLCSC 13G/A, 2 filings Feb 10, 2022 to Feb 9, 202388
- State Street CorporationSC 13G/A, 2 filings Feb 11, 2022 to Feb 6, 202389
- CARDINAL CAPITAL MANAGEMENT LLC /CTSC 13G/A, 1 filing Feb 14, 202290
- WASATCH ADVISORS LPSC 13G/A, 1 filing Feb 11, 202291
Stakes it holds
LIGAND PHARMACEUTICALS INC has told the SEC it owns more than 5% of 3 companies, latest first (Schedules 13D and 13G).
- XOMA Royalty CorpSCHEDULE 13D May 1, 202692
- Pelthos Therapeutics Inc.SCHEDULE 13D/A Jul 3, 2025 to Nov 10, 202593
- Viking TherapeuticsSC 13D/A Feb 9, 2023 to Mar 30, 202394
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Todd C. Davis | 65 | $724.5K | $11.5M95 |
| 2025 | Tavo Espinoza | $522.8K | $4.4M95 | |
| 2025 | Andrew Reardon | $476.7K | $3.7M95 | |
| 2024 | Chief Executive Officer | $695.8K | $12.9M95 | |
| 2024 | Chief Financial Officer | $469.6K | $3.3M95 | |
| 2024 | Chief Legal Officer and Secretary | $451.9K | $3.3M95 | |
| 2023 | Chief Executive Officer | $650.0K | $6.2M95 | |
| 2023 | Chief Financial Officer | $433.0K | $2.5M95 | |
| 2023 | Chief Legal Officer and Secretary | $434.3K | $2.3M95 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
4 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| May 29, 2026 | Gilbert Ray Cisneros, Jr.Democratic, House | Buy | $1,001 - $15,000 | +26.7% | Report |
| Mar 3, 2026 | Gilbert Ray Cisneros, Jr.Democratic, House | Buy | $1,001 - $15,000 | +32.7% | Report |
| Jan 15, 2026 | Gilbert Ray Cisneros, Jr.Democratic, House | Buy | $1,001 - $15,000 | +40.7% | Report |
| Jan 5, 2026 | Gilbert Ray Cisneros, Jr.Democratic, House | Buy | $1,001 - $15,000 | +43.2% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How LIGAND PHARMACEUTICALS INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARLIGAND PHARMACEUTICALS INC1
- CIK0000886163
- Employer ID (EIN)77-01607444
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Industry code (SIC)2834 Pharmaceutical Preparations1
- SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
- Business address3911 Sorrento Valley Blvd, Suite 110, San Diego, CA 921211
- Phone858-550-75001
- Shares outstanding19,935,609 as of Aug 4, 202611
- Public float$1.6B as of Jun 30, 20254
- AuditorErnst & Young LLP, San Diego, California PCAOB ID 42; it also attests to the company’s internal control over financial reporting4
- On EDGAR sinceSep 13, 19941
- Filings2,284 in all: 4 (912), 8-K (453), SC 13G/A (136), 10-Q (92), 144 (64), SC 13G (64), 425 (47), CT ORDER (44)1
All 63 form types
3 (41), SC 13D/A (39), 4/A (36), 424B3 (33), DEF 14A (31), 10-K (30), CORRESP (29), UPLOAD (29), DEFA14A (23), S-8 (19), 8-K/A (18), 10-Q/A (12), SC 13D (12), S-3 (8), NT 10-Q (7), S-3/A (7), SCHEDULE 13G/A (7), 10-K/A (6), ARS (6), POS AM (6), EFFECT (5), 3/A (4), PRE 14A (4), S-1/A (4), S-3ASR (4), S-4 (4), 8-A12G/A (3), PRER14A (3), S-4/A (3), SC TO-T/A (3), SCHEDULE 13G (3), 144/A (2), 424B5 (2), 5 (2), DEFN14A (2), NT 10-K (2), S-1 (2), S-8 POS (2), SC TO-C (2), SCHEDULE 13D (2), 15-12G (1), 424B1 (1), 8-A12B (1), 8-A12G (1), D (1), DEFM14A (1), DFAN14A (1), PREM14A (1), PREN14A (1), SC 13E3 (1), SC 13E3/A (1), SC 13E4 (1), SC 13E4/A (1), SC TO-T (1), SCHEDULE 13D/A (1)
- Latest filingsAnnual report (10-K) Feb 27, 2026
Quarterly report (10-Q) Aug 7, 2026
Proxy statement (DEF 14A) Apr 21, 2026
Latest 8-K (8-K) Sep 24, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.001 per share | LGND | The Nasdaq Global Market |
From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks LIGAND PHARMACEUTICALS INC names in Item 1A of its 10-K filed Feb 27, 2026: 64 risks under these headings, as written.4
- Future revenue based on Kyprolis, Qarziba, Filspari, Evomela, Teriparatide, Vaxneuvance, Ohtuvayre, Capvaxive and Rylaze, as well as royalties from our other partnered products, may be lower than expected.
- Biopharmaceutical products are subject to sales risks.
- The royalty market may not grow at the same rate as it has in the past, or at all, and we may not be able to acquire sufficient royalties to sustain the growth of our business.
- Future revenue from sales of Captisol material to our license partners may be lower than expected.
- A supply chain interruption may impact our ability to obtain Captisol material.
- The manufacture and distribution of a biopharmaceutical product may be interrupted by regulatory agencies or supplier deficiencies.
- Future revenue from royalties on Captisol partnered products may be lower than expected.
- We rely heavily on collaboration relationships to generate milestone and royalty payments and our collaboration partners have significant discretion when deciding whether to pursue any development program, and any failure by our partners to successfully develop a product candidate or a termination or breach of any of the related agreements could reduce our milestone and license fee revenue, and potentially reduce future royalties.
- Our collaboration partners may change their strategy or the focus of their development and commercialization efforts with respect to our partnered programs, and the success of our partnered programs could be adversely affected.
- We may undertake strategic acquisitions of operating biopharmaceutical companies or acquire securities of biopharmaceutical companies. Our failure to realize the expected benefits of such acquisitions could adversely affect our business, financial condition or results of operations.
- Our product candidates, and the product candidates of our partners, face significant development and regulatory hurdles prior to partnering and/or marketing which could delay or prevent licensing, sales-based royalties and/or milestone revenue.
- New products and technologies of other companies may render some or all of our or our potential milestone and royalty providers’ product candidates noncompetitive or obsolete.
The other 52 risks
- We face competition in acquiring existing “passive” royalties and locating suitable passive royalties to acquire.
- Information available to us about the biopharmaceutical products underlying the royalties we purchase and invest in may be limited and, therefore, our ability to analyze each product and its potential future cash flow may be similarly limited.
- A significant portion of our future income is dependent upon numerous royalty-specific assumptions and, if these assumptions prove not to be accurate, we may not achieve our expected rates of returns.
- The insolvency of any of our partners or third-parties who are developing or commercializing products to which we have economic rights could adversely affect our receipt of cash flows on the related milestones or royalties that we own.
- The commercial success of our product candidates will depend upon the degree of market acceptance by physicians, patients, third-party payers and others in the medical community.
- The success of our business depends on key members of our team.
- Third-party intellectual property may prevent us or our partners from developing our potential products; our and our partners’ intellectual property may not prevent competition; and any intellectual property issues may be expensive and time consuming to resolve.
- If we are unable to obtain and maintain sufficient intellectual property protection for our products, platform and technology, or if the scope of the intellectual property protection obtained is not sufficiently broad, our competitors could develop and commercialize technologies or a platform similar or identical to ours, and our ability to successfully sell our platform and services may be impaired.
- Issued patents directed to our platform and technology could be found invalid or unenforceable if challenged in court or before administrative bodies in the United States or abroad.
- The validity, scope and enforceability of any patents that cover our partners’ biologic product candidate can be challenged by third parties.
- We are typically not involved in maintaining, enforcing and defending patent rights on products that generate our royalties.
- Changes in patent law in the United States and other jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our products, platform and technology.
- We rely on in-licenses from third parties. If we lose these rights, our business may be materially and adversely affected, our ability to develop improvements to our technology platform may be negatively and substantially impacted, and if disputes arise, we may be subjected to future litigation, as well as the potential loss of or limitations on our ability to incorporate the technology covered by these license agreements.
- We may be subject to claims challenging the inventorship of our patents and other intellectual property.
- If we are unable to protect the confidentiality of our information and our trade secrets, the value of our technology could be materially and adversely affected and our business could be harmed.
- Market acceptance and sales of any approved product will depend significantly on the availability and adequacy of coverage and reimbursement from third-party payors and may be affected by existing and future healthcare reform measures.
- If we or our commercialization partners market products in a manner that violates healthcare laws, we may be subject to civil or criminal penalties.
- Changes in and actual or perceived failures to comply with applicable data privacy, security and protection laws, regulations, standards and contractual obligations may adversely affect our business, operations and financial performance.
- The use of Artificial Intelligence (“AI”) present unique risks and challenges that could adversely impact our business.
- The regulatory approval processes of the FDA and comparable foreign authorities are lengthy, time consuming and inherently unpredictable, and if we or our partners are ultimately unable to obtain regulatory approval for product candidates, our business will be substantially harmed.
- Pharmaceutical products are subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense.
- We or our collaboration partners may rely on orphan drug status to develop and commercialize certain of our product candidates, but orphan drug designations may not confer marketing exclusivity or other expected commercial benefits and we or our collaboration partners may not be able to obtain orphan drug designations for our other product candidates.
- Changes in funding for the FDA and other government agencies could hinder their ability to hire and retain key leadership and other personnel, or otherwise prevent new products and services from being developed or commercialized in a timely manner, which could negatively impact our business or the business of our partners.
- If plaintiffs bring product liability lawsuits against us or our partners, we or our partners may incur substantial liabilities and may be required to limit commercialization of our approved products and product candidates.
- We face risks related to handling of hazardous materials and other regulations governing environmental safety.
- We may also be subject to other laws and regulations not specifically targeting the healthcare industry.
- Any difficulties from strategic acquisitions and other M&A transactions could adversely affect our stock price, operating results and results of operations.
- We continue to have exposure to risks related to Pelthos due to our ongoing equity ownership and other investments in Pelthos, which could adversely affect our financial condition and results of operations.
- Our operating results may fluctuate significantly, which makes our future operating results difficult to predict and could cause our operating results to fall below expectations or any guidance we may provide.
- Changes or modifications in financial accounting standards, including those related to revenue recognition, may harm our results of operations.
- Changes in tax laws or regulations that are applied adversely to us may have a material adverse effect on our business, cash flow, financial condition, or results of operations.
- Our ability to use our net operating loss carryforwards and certain other tax attributes to offset future taxable income may be subject to certain limitations.
- If the OmniAb Distribution, together with certain related transactions (including the OmniAb Separation), failed to qualify as a reorganization under Sections 355 and 368(a)(1)(D) of the Code, or the OmniAb Merger failed to qualify as a reorganization under Section 368(a) of the Code, we could incur significant tax liabilities.
- The OmniAb Separation and OmniAb Distribution may expose Ligand to potential liabilities arising out of state and federal fraudulent conveyance laws and legal dividend requirements.
- The occurrence of a catastrophic disaster could disrupt our business, damage our facilities beyond insurance limits, increase our costs and expenses, or we could lose key data which could cause us to curtail or cease operations.
- We rely on information technology system and any failure, inadequacy, interruption or security lapse of our information technology systems, including any cyber security incidents, could harm our ability to operate our business effectively.
- The terms of our Credit Agreement may limit our flexibility in operating our business and adversely affect our financial health and competitive position, and all of our obligations under our Credit Agreement are secured by certain of our collateral and the collateral of certain of our subsidiaries, as Guarantors. If we default on these obligations, our lenders could foreclose on such assets.
- We use or draw down on our Credit Agreement or use other debt in connection with our capital deployment, which magnifies the potential for loss if the royalties acquired do not generate sufficient income to us.
- Our ability to satisfy debt obligations depends on our future performance.
- The Credit Agreement limits our ability to pay any cash amount upon the conversion or repurchase of the 2030 Notes.
- We may still incur substantially more debt or take other actions which would intensify the risks discussed above.
- Impairment charges pertaining to goodwill, identifiable intangible assets or other long-lived assets from our mergers and acquisitions could have an adverse impact on our results of operations and the market value of our common stock.
- Our investments are subject to market and credit risks that could diminish their value and these risks could be greater during periods of extreme volatility or disruption in the financial and credit markets, which could adversely impact our business, financial condition, results of operations, liquidity and cash flows.
- If we were determined to be an investment company under the U.S. Investment Company Act of 1940, applicable restrictions could make it impractical for us to continue our business as contemplated and could adversely affect our business, financial condition or results of operations.
- Our charter documents and concentration of ownership may hinder or prevent change of control transactions.
- Our amended and restated bylaws provide that the Court of Chancery of the State of Delaware will be the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
- Our stock price has been volatile and could experience a sudden decline in value.
- Unfavorable global economic and political conditions could adversely affect our business, financial condition or results of operations.
- If securities or industry analysts do not publish research reports about our business or if they make adverse recommendations regarding an investment in our stock, our stock price and trading volume may decline.
- Cyber-attacks or other failures in telecommunications or information technology systems could result in information theft, data corruption and significant disruption of our business operations.
- The biopharmaceutical industry may be negatively affected by federal government deficit reduction policies, which could reduce the value of the royalties that we hold.
- Legal claims and proceedings could adversely affect our business.
Legal proceedings
We record an estimate of a loss when the loss is considered probable and estimable. Where a liability is probable and there is a range of estimated loss and no amount in the range is more likely than any other number in the range, we record the minimum estimated liability related to the claim in accordance with ASC 450, Contingencies. As additional information becomes available, we assess the potential liability related to our pending litigation and revise our estimates. Revisions in our estimates of potential liability could materially impact our results of operations.
On October 31, 2019, we received three civil complaints filed in the U.S. District Court for the Northern District of Ohio on behalf of several Indian tribes. The Northern District of Ohio is the Court that the Judicial Panel on Multi-District Litigation
(“JPML”) has assigned more than one thousand civil cases which have been designated as a Multi-District Litigation (“MDL”) and captioned In Re: National Prescription Opiate Litigation. The allegations in these complaints focus on the activities of defendants other than the Company and no individualized factual allegations have been advanced against us in any of the three complaints. We reject all claims raised in the complaints and intend to vigorously defend these matters.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 15SEC EDGARMatthew E. Korenberg, President
- 16SEC EDGARMatthew W. Foehr, President
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- 26SEC EDGARDavid M. Knott, Director
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- 39SEC EDGARMartine Zimmermann, Board member
- 40SEC EDGARJason Haas, Board member
- 41SEC EDGARJennifer R. Cochran, Board member
- 42SEC EDGARSarah Boyce, Board member
- 43SEC EDGARNancy Ryan Gray, Board member
- 44SEC EDGARJohn L. Lamattina, Board member
- 45SEC EDGARSunil Patel, Board member
- 46SEC EDGARStephen L. Sabba, Board member
- 47SEC EDGARBruce Peacock, Board member
- 48SEC EDGARSteven J. Burakoff, Board member
- 49SEC EDGARElizabeth M. Greetham, Board member
- 50SEC EDGARDavid M. Knott, Board member
- 51SEC EDGARBrigette Roberts, Board member
- 52SEC EDGARCarl C. Peck, Board member
- 53SEC EDGARJeffrey R. Perry, Board member
- 54SEC EDGARJohn W. Kozarich, Board member
- 55SEC EDGARMichael A. Rocca, Board member
- 56SEC EDGARAlexander D. Cross, Board member
- 57SEC EDGARHenry F. Blissenbach, Board member
- 58SEC EDGARIrving S. Johnson, Board member
- 59SEC EDGARJohn Groom, Board member
- 60SEC EDGARJason Aryeh, Board member
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- 62SEC EDGARRegulation FD disclosure
- 63SEC EDGARFinancial statements and exhibits
- 64SEC EDGARResults of operations
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- 69SEC EDGAREntered a material agreement
- 70SEC EDGARResults of operations
- 71SEC EDGAREnded a material agreement
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- 73NasdaqNasdaq calendar
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