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Basis of Presentation (Tables) | 6 Months Ended
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Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Summary of computation of basic and diluted net income (loss) per share | The following table sets forth the computation of basic and diluted net income per share for the periods indicated (in thousands, except per share amounts):
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
EPS attributable to Ligand common shareholders: |  |  |  |  |  |  |
Net income from continuing operations | $ | 1,592 |  |  | $ | 3,694 |  |  | 3,688 |  |  | $ | 4,998 |
Net income from discontinued operations | — |  |  | 2,397 |  |  | — |  |  | 2,588 |
Net income | $ | 1,592 |  |  | $ | 6,091 |  |  | $ | 3,688 |  |  | $ | 7,586 |
Shares used to compute basic income per share | 20,738,299 |  |  | 20,258,618 |  |  | 20,668,110 |  |  | 20,223,634 |
Dilutive potential common shares: |  |  |  |  |  |  |
Restricted stock | 29,029 |  |  | 46,391 |  |  | 44,815 |  |  | 35,864 |
Stock options | 1,012,706 |  |  | 122,351 |  |  | 1,063,200 |  |  | 18,265 |
Shares used to compute diluted income per share | 21,780,034 |  |  | 20,427,360 |  |  | 21,776,125 |  |  | 20,277,763 |
Basic per share amounts: |  |  |  |  |  |  |
Income from continuing operations | $ | 0.08 |  |  | $ | 0.18 |  |  | $ | 0.18 |  |  | $ | 0.25 |
Income from discontinued operations | — |  |  | 0.12 |  |  | — |  |  | 0.13 |
Net income | $ | 0.08 |  |  | $ | 0.30 |  |  | $ | 0.18 |  |  | $ | 0.38 |
Diluted per share amounts: |  |  |  |  |  |  |
Income from continuing operations | $ | 0.07 |  |  | $ | 0.18 |  |  | $ | 0.17 |  |  | $ | 0.24 |
Income from discontinued operations | — |  |  | 0.12 |  |  | — |  |  | 0.13 |
Net income | $ | 0.07 |  |  | $ | 0.30 |  |  | $ | 0.17 |  |  | $ | 0.37 |
Summary of investment categories | The following table summarizes the various investment categories at June 30, 2014 and December 31, 2013 (in thousands):
| Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value
June 30, 2014 |  |  |  |  |  |  |
Short-term investments | $ | 2,449 |  |  | $ | 5,079 |  |  | $ | (38 | ) |  | $ | 7,490 |
Certificates of deposit-restricted | 1,261 |  |  | — |  |  | — |  |  | 1,261 |
| $ | 3,710 |  |  | $ | 5,079 |  |  | $ | (38 | ) |  | $ | 8,751 |
December 31, 2013 |  |  |  |  |  |  |
Short-term investments | $ | 1,426 |  |  | $ | 2,914 |  |  | $ | — |  |  | $ | 4,340 |
Certificates of deposit-restricted | 1,341 |  |  | — |  |  | — |  |  | 1,341 |
| $ | 2,767 |  |  | $ | 2,914 |  |  | $ | — |  |  | $ | 5,681 |
Summary of property and equipment | Property and equipment is stated at cost and consists of the following (in thousands):
| June 30, |  | December 31,
| 2014 |  | 2013
Lab and office equipment | $ | 2,509 |  |  | $ | 3,737 |
Leasehold improvements | 273 |  |  | 387 |
Computer equipment and software | 631 |  |  | 616 |
| 3,413 |  |  | 4,740 |
Less accumulated depreciation and amortization | (2,794 | ) |  | (3,873 | )
Total property and equipment, net | $ | 619 |  |  | $ | 867 |
Summary of other current assets | Other current assets consist of the following (in thousands):
| June 30, |  | December 31,
| 2014 |  | 2013
Prepaid expenses | $ | 745 |  |  | $ | 786 |
Other receivables | 378 |  |  | 173 |
Total current assets | $ | 1,123 |  |  | $ | 959 |
Summary of goodwill and other identifiable intangible assets | Goodwill and other identifiable intangible assets consist of the following (in thousands):
| June 30, |  | December 31,
| 2014 |  | 2013
Indefinite lived intangible assets |  |  |
Acquired in-process research and development | $ | 12,556 |  |  | $ | 12,556 |
Goodwill | 12,238 |  |  | 12,238 |
Definite lived intangible assets |  |  |
Complete technology | 15,267 |  |  | 15,267 |
Less: Accumulated amortization | (2,617 | ) |  | (2,235 | )
Trade name | 2,642 |  |  | 2,642 |
Less: Accumulated amortization | (454 | ) |  | (387 | )
Customer relationships | 29,600 |  |  | 29,600 |
Less: Accumulated amortization | (5,083 | ) |  | (4,344 | )
Total goodwill and other identifiable intangible assets, net | $ | 64,149 |  |  | $ | 65,337 |
Summary of accrued liabilities | Accrued liabilities consist of the following (in thousands):
| June 30, |  | December 31,
| 2014 |  | 2013
Compensation | $ | 1,123 |  |  | $ | 1,929 |
Professional fees | 279 |  |  | 697 |
Other | 1,839 |  |  | 2,711 |
Total accrued liabilities | $ | 3,241 |  |  | $ | 5,337 |
Summary of other long-term liabilities | Other long-term liabilities consist of the following (in thousands):
| June 30, |  | December 31,
| 2014 |  | 2013
Deposits | $ | 385 |  |  | $ | 345 |
Deferred rent | 343 |  |  | 350 |
Total other long-term liabilities | $ | 728 |  |  | $ | 695 |
Schedule for accounting for share-based compensation | The following table summarizes stock-based compensation expense recorded as components of research and development expenses and general and administrative expenses for the periods indicated (in thousands):
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Stock-based compensation expense as a component of: |  |  |  |  |  |  |
Research and development expenses | $ | 956 |  |  | $ | 448 |  |  | $ | 1,645 |  |  | $ | 834 |
General and administrative expenses | 2,071 |  |  | 1,044 |  |  | 3,448 |  |  | 1,782 |
| $ | 3,027 |  |  | $ | 1,492 |  |  | $ | 5,093 |  |  | $ | 2,616 |
Summary of fair-value options awarded to employees and directors | The fair-value for options that were awarded to employees and directors was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Risk-free interest rate | 1.9% |  | 1.4% |  | 1.9% |  | 1.3%
Dividend yield | — |  | — |  | — |  | —
Expected volatility | 67% |  | 69% |  | 69% |  | 69%
Expected term | 6.4 |  | 6.3 |  | 6.4 |  | 6.3
Forfeiture rate | 8.6% |  | 8.4% |  | 8.6%-9.7% |  | 8.4%-9.8%

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