<SEC-DOCUMENT>0000886163-15-000083.txt : 20150818
<SEC-HEADER>0000886163-15-000083.hdr.sgml : 20150818
<ACCEPTANCE-DATETIME>20150804160602
ACCESSION NUMBER:		0000886163-15-000083
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20150804
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20150804
DATE AS OF CHANGE:		20150804

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIGAND PHARMACEUTICALS INC
		CENTRAL INDEX KEY:			0000886163
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				770160744
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33093
		FILM NUMBER:		151025531

	BUSINESS ADDRESS:	
		STREET 1:		11119 NORTH TORREY PINES ROAD
		STREET 2:		SUITE 200
		CITY:			LA JOLLA
		STATE:			CA
		ZIP:			92037
		BUSINESS PHONE:		858-550-7500

	MAIL ADDRESS:	
		STREET 1:		11119 NORTH TORREY PINES ROAD
		STREET 2:		SUITE 200
		CITY:			LA JOLLA
		STATE:			CA
		ZIP:			92037
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ligand-8xkq22015earningsre.htm
<DESCRIPTION>8-K
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2015 Workiva -->
		<title>Ligand-8-K Q2 2015 earnings release  </title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<a name="sC49092C4BE4D5D9D8582E3614C6374D8"></a><div style="line-height:120%;"><hr></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">WASHINGTON, D.C. 20549</font></div><div style="line-height:120%;text-align:center;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;">______________</font></div><div style="line-height:120%;padding-top:21px;text-align:center;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">FORM 8&#8209;K</font></div><div style="line-height:120%;text-align:center;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;">______________</font></div><div style="line-height:120%;padding-top:21px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CURRENT REPORT</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Pursuant to Section 13 or 15(d) of the </font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Securities Exchange Act of 1934</font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Date of Report (Date of earliest event reported): August 4, 2015</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">LIGAND PHARMACEUTICALS INCORPORATED</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:8pt;">(Exact Name of Registrant as Specified in Its Charter)</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;">______________</font></div><div style="line-height:120%;padding-top:21px;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:624px;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="312px"></td><td width="312px"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Delaware</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">77-0160744</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(State or other jurisdiction of</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">incorporation or organization)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(I.R.S. Employer</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Identification No.)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">11119 North Torrey Pines Road, Suite 200</font></div><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">La Jolla, CA</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">92037</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(Zip Code)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Address of principal executive offices)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(858)&#160;550-7500</font></div><div style="line-height:120%;"><hr></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Registrant&#8217;s Telephone Number, Including Area Code)</font></div><div style="line-height:120%;padding-bottom:4px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">N/A</font></div><div style="line-height:120%;"><hr></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Former Name or Former Address, if Changed Since Last Report)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#32;Written communications pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425) </font></div><div style="line-height:180%;text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#32;Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12) </font></div><div style="line-height:180%;text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#32;Pre-commencement communications pursuant to Rule&#160;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </font></div><div style="line-height:180%;text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#32;Pre-commencement communications pursuant to Rule&#160;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </font></div><div style="line-height:120%;"><hr></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 2.02  Results of Operations and Financial Condition. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On August 4, 2015 Ligand Pharmaceuticals Incorporated (the &#8220;Company&#8221;) issued a press release announcing its financial results for the three and six months ended June 30, 2015.  A copy of this press release is furnished herewith as Exhibit 99.1. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with General Instruction B.2. of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), or the Exchange Act, except as expressly set forth by specific reference in such a filing.</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#32;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 9.01  Financial Statements and Exhibits.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(d)&#160;&#160;&#160;&#160;Exhibits.</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="14%"></td><td width="86%"></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit No.</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">99.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Press release dated August 4, 2015</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><hr style="page-break-after:always"><a name="sC49092C4BE4D5D9D8582E3614C6374D8"></a><br><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SIGNATURES</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:26px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="line-height:120%;padding-bottom:48px;text-align:left;padding-left:240px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-left:25px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:95.94017094017094%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="31%"></td><td width="69%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">LIGAND PHARMACEUTICALS INCORPORATED</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Date: August 4, 2015</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:   </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">/s/ Melanie J. Herman</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;<br>Name:   Melanie J. Herman <br>Title:   Chief Accounting Officer and Interim Chief Financial Officer</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><br><hr style="page-break-after:always"><a name="sC49092C4BE4D5D9D8582E3614C6374D8"></a><br><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EXHIBIT INDEX</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="14%"></td><td width="86%"></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit No.</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">99.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Press release dated August 4, 2015</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><br>	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>q22015earningsrelease.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2015 Workiva -->
		<title>Q2 2015 Earnings Release  </title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<a name="sD5B54C9FFF9355FDA7A6EE50CC7892D7"></a><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;"><img src="ligandlogoa03a01a01a02.jpg" style="height:69px;width:196px;"></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:588px;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="360px"></td><td width="228px"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Contacts:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Ligand Pharmaceuticals Incorporated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">LHA</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Todd Pettingill</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Bruce Voss</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">investors@ligand.com</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">bvoss@lhai.com</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(858) 550-7500</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(310) 691-7100</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Ligand Reports Second Quarter 2015 Financial Results</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Conference Call Begins at 4:30 p.m. Eastern Time Today</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SAN DIEGO (August 4, 2015) - Ligand Pharmaceuticals Incorporated (NASDAQ: LGND)</font><font style="font-family:inherit;font-size:11pt;">&#32;today reported financial results for the three and six months ended June 30, 2015, and provided an operating forecast and program updates.  </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Financial highlights for the second quarter of 2015 include: </font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Total revenues were </font><font style="font-family:inherit;font-size:11pt;">$18.4 million</font><font style="font-family:inherit;font-size:11pt;">&#32;and royalty revenues were </font><font style="font-family:inherit;font-size:11pt;">$6.6 million</font><font style="font-family:inherit;font-size:11pt;">, an increase of </font><font style="font-family:inherit;font-size:11pt;">74%</font><font style="font-family:inherit;font-size:10pt;">&#32;and </font><font style="font-family:inherit;font-size:11pt;">26%</font><font style="font-family:inherit;font-size:11pt;">, respectively, compared with the second quarter of 2014.  </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Adjusted EPS was </font><font style="font-family:inherit;font-size:11pt;">$1.81</font><font style="font-family:inherit;font-size:11pt;">&#32;and GAAP EPS was </font><font style="font-family:inherit;font-size:11pt;">$1.11</font><font style="font-family:inherit;font-size:11pt;">.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The company generated operating cash of </font><font style="font-family:inherit;font-size:11pt;">$17.6 million</font><font style="font-family:inherit;font-size:11pt;">, a significant increase over </font><font style="font-family:inherit;font-size:11pt;">$6.6 million</font><font style="font-family:inherit;font-size:11pt;">&#32;of operating cash generated in the second quarter of 2014.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A description of adjusted calculations and reconciliation to comparable GAAP financial measures is provided in the accompanying table titled &#8220;Adjusted Financial Measures.&#8221;</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8220;We posted strong second quarter financial results featuring growth in royalty revenues from both of our lead commercial assets, Promacta&#174; and Kyprolis&#174;, and continued strong operating cash flow.  Our second quarter royalty revenue reflects product sales by partners during the first quarter and the resetting of tiered royalty rates that occurs annually on January 1st,&#8221; said John Higgins, Chief Executive Officer of Ligand. &#8220;Progress reported by our partners during the second quarter and subsequent weeks has been tremendous, and includes approval of a pediatric indication for Promacta in the U.S., the start of a new global Phase 3 study with Kyprolis and FDA clearance of Kyprolis for expanded uses.  With our recent transaction with Selexis, we now have more than 120 fully-funded programs and more than 70 partners.&#8221; </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:6px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Second Quarter 2015 Financial Results</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Total revenues for the second quarter of 2015 were </font><font style="font-family:inherit;font-size:11pt;">$18.4 million</font><font style="font-family:inherit;font-size:11pt;">, compared with </font><font style="font-family:inherit;font-size:11pt;">$10.6 million</font><font style="font-family:inherit;font-size:11pt;">&#32;for the same period in 2014.  Royalty revenues increased </font><font style="font-family:inherit;font-size:11pt;">26%</font><font style="font-family:inherit;font-size:11pt;">&#32;to </font><font style="font-family:inherit;font-size:11pt;">$6.6 million</font><font style="font-family:inherit;font-size:11pt;">&#32;from </font><font style="font-family:inherit;font-size:11pt;">$5.2 million</font><font style="font-family:inherit;font-size:11pt;">&#32;for the same period in 2014 primarily due to higher royalties from Promacta and Kyprolis.  Material sales were </font><font style="font-family:inherit;font-size:11pt;">$10.7 million</font><font style="font-family:inherit;font-size:11pt;">&#32;compared with </font><font style="font-family:inherit;font-size:11pt;">$3.5 million</font><font style="font-family:inherit;font-size:11pt;">&#32;for the same period in 2014 due to an increase in Captisol purchases for use in clinical trials and commercial products.  Collaborative and other revenues were </font><font style="font-family:inherit;font-size:11pt;">$1.1 million</font><font style="font-family:inherit;font-size:11pt;">&#32;compared with </font><font style="font-family:inherit;font-size:11pt;">$1.9 million</font><font style="font-family:inherit;font-size:11pt;">&#32;for the same period in 2014 due primarily to the timing of milestones and upfront fees earned in the second quarter of 2014.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Cost of goods sold was </font><font style="font-family:inherit;font-size:11pt;">$2.6 million</font><font style="font-family:inherit;font-size:11pt;">&#32;for the second quarter of 2015 compared with </font><font style="font-family:inherit;font-size:11pt;">$1.2 million</font><font style="font-family:inherit;font-size:11pt;">&#32;for the same period in 2014, as a result of higher Captisol sales in the second quarter of 2015.  Research and development expenses were </font><font style="font-family:inherit;font-size:11pt;">$4.0 million</font><font style="font-family:inherit;font-size:11pt;">&#32;compared with </font><font style="font-family:inherit;font-size:11pt;">$2.7 million</font><font style="font-family:inherit;font-size:11pt;">&#32;for the same period of 2014.  The increase was primarily due to costs associated </font></div><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1</font></div></div><hr style="page-break-after:always"><a name="sD5B54C9FFF9355FDA7A6EE50CC7892D7"></a><br><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">with funding internal development programs.  General and administrative expenses for the second quarter of 2015 were </font><font style="font-family:inherit;font-size:11pt;">$7.2 million</font><font style="font-family:inherit;font-size:11pt;">, compared with </font><font style="font-family:inherit;font-size:11pt;">$5.2 million</font><font style="font-family:inherit;font-size:11pt;">&#32;for the same period in 2014, with the increase primarily due to costs associated with business development activities and non-cash stock-based compensation expense.  During the second quarter of 2015, the Company recognized a </font><font style="font-family:inherit;font-size:11pt;">$28.2 million</font><font style="font-family:inherit;font-size:11pt;">&#32;gain on deconsolidation of Viking Therapeutics primarily related to the equity milestone received upon the close of Viking's IPO.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Net income for the second quarter of 2015 was </font><font style="font-family:inherit;font-size:11pt;">$23.6 million</font><font style="font-family:inherit;font-size:11pt;">, or </font><font style="font-family:inherit;font-size:11pt;">$1.11</font><font style="font-family:inherit;font-size:11pt;">&#32;per diluted share, compared with net income for the second quarter of 2014 of </font><font style="font-family:inherit;font-size:11pt;">$1.6 million</font><font style="font-family:inherit;font-size:11pt;">, or </font><font style="font-family:inherit;font-size:11pt;">$0.07</font><font style="font-family:inherit;font-size:11pt;">&#32;per diluted share.  Adjusted net income for the second quarter of 2015 was </font><font style="font-family:inherit;font-size:11pt;">$38.5 million</font><font style="font-family:inherit;font-size:11pt;">, or </font><font style="font-family:inherit;font-size:11pt;">$1.81</font><font style="font-family:inherit;font-size:11pt;">&#32;per diluted share, compared with adjusted net income for the second quarter of 2014 of </font><font style="font-family:inherit;font-size:11pt;">$5.2 million</font><font style="font-family:inherit;font-size:11pt;">, or </font><font style="font-family:inherit;font-size:11pt;">$0.24</font><font style="font-family:inherit;font-size:11pt;">&#32;per diluted share. </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As of June 30, 2015, Ligand had cash, cash equivalents and short-term and restricted investments of $182.2 million. </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Year-to-Date Financial Results</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Total revenues for the six months ended&#160;June 30, 2015&#160;increased </font><font style="font-family:inherit;font-size:11pt;">24%</font><font style="font-family:inherit;font-size:11pt;">&#32;to&#160;</font><font style="font-family:inherit;font-size:11pt;">$33.0 million</font><font style="font-family:inherit;font-size:11pt;">, compared with&#160;</font><font style="font-family:inherit;font-size:11pt;">$26.6 million</font><font style="font-family:inherit;font-size:11pt;">&#160;for the same period in 2014. Royalty revenues increased </font><font style="font-family:inherit;font-size:11pt;">29%</font><font style="font-family:inherit;font-size:11pt;">&#32;to&#160;</font><font style="font-family:inherit;font-size:11pt;">$16.9 million</font><font style="font-family:inherit;font-size:11pt;">&#160;from&#160;</font><font style="font-family:inherit;font-size:11pt;">$13.1 million</font><font style="font-family:inherit;font-size:11pt;">&#160;for the same period in 2014 primarily due to higher royalties from Promacta and Kyprolis. Material sales increased to&#160;</font><font style="font-family:inherit;font-size:11pt;">$14.4 million</font><font style="font-family:inherit;font-size:11pt;">&#160;from&#160;</font><font style="font-family:inherit;font-size:11pt;">$9.2 million</font><font style="font-family:inherit;font-size:11pt;">&#160;for the same period of 2014 due to an increase in customer purchases of Captisol for use in clinical trials and commercial products. Collaborative research and development and other revenues were&#160;</font><font style="font-family:inherit;font-size:11pt;">$1.7 million</font><font style="font-family:inherit;font-size:11pt;">&#160;compared with </font><font style="font-family:inherit;font-size:11pt;">$4.3 million</font><font style="font-family:inherit;font-size:11pt;">&#160;for the same period in 2014 primarily due to timing of upfront fees and milestones earned.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Cost of goods sold was&#160;</font><font style="font-family:inherit;font-size:11pt;">$3.7 million</font><font style="font-family:inherit;font-size:11pt;">&#160;for the first six months of 2015, compared with&#160;</font><font style="font-family:inherit;font-size:11pt;">$3.6 million</font><font style="font-family:inherit;font-size:11pt;">&#160;for the same period in 2014.  While material sales were higher in the first six months of 2015 versus last year, related cost of goods sold were flat due to the mix of Captisol sales and slightly lower cost of goods sold overall.  Research and development expenses for the first six months of 2015 were&#160;</font><font style="font-family:inherit;font-size:11pt;">$8.0 million</font><font style="font-family:inherit;font-size:11pt;">, compared with&#160;</font><font style="font-family:inherit;font-size:11pt;">$5.8 million</font><font style="font-family:inherit;font-size:11pt;">&#160;for the same period in 2014.  The increase was primarily due to costs associated with funding internal development programs and non-cash stock-based compensation expense.  General and administrative expenses for the first six months of 2015 were </font><font style="font-family:inherit;font-size:11pt;">$13.2 million</font><font style="font-family:inherit;font-size:11pt;">&#32;compared with </font><font style="font-family:inherit;font-size:11pt;">$10.3 million</font><font style="font-family:inherit;font-size:11pt;">&#32;for the same period of 2014.  The increase is primarily due to costs associated with business development activities and non-cash stock-based compensation expense.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Net income for the first six months of 2015 was&#160;</font><font style="font-family:inherit;font-size:11pt;">$24.3 million</font><font style="font-family:inherit;font-size:11pt;">, or&#160;</font><font style="font-family:inherit;font-size:11pt;">$1.16</font><font style="font-family:inherit;font-size:11pt;">&#160;per diluted share, compared with net income of&#160;</font><font style="font-family:inherit;font-size:11pt;">$3.7 million</font><font style="font-family:inherit;font-size:11pt;">, or&#160;</font><font style="font-family:inherit;font-size:11pt;">$0.17</font><font style="font-family:inherit;font-size:11pt;">&#160;per diluted share, for the same period in 2014. Adjusted net income for the first six months of 2015 was&#160;</font><font style="font-family:inherit;font-size:11pt;">$45.4 million</font><font style="font-family:inherit;font-size:11pt;">, or&#160;</font><font style="font-family:inherit;font-size:11pt;">$2.16</font><font style="font-family:inherit;font-size:11pt;">&#160;per diluted share, compared with adjusted net income of&#160;</font><font style="font-family:inherit;font-size:11pt;">$12.5 million</font><font style="font-family:inherit;font-size:11pt;">, or&#160;</font><font style="font-family:inherit;font-size:11pt;">$0.57</font><font style="font-family:inherit;font-size:11pt;">&#160;per diluted share, in the same period of 2014.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Full-Year and Third Quarter 2015 Financial Forecast </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company affirms expectations for full-year 2015 total revenues to be between $81.0 million and $83.0 million, and adjusted earnings per diluted share to be between $3.45 and $3.50. </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For the second half of 2015, Ligand expects total revenues to be between $48.0 million and $50.0 million, and adjusted earnings per diluted share to be between $1.29 and $1.34. Approximately one-third of this second half revenue and earnings outlook is projected for the third quarter. Adjusted earnings per diluted share guidance excludes changes in contingent liabilities, mark-to-market adjustment for amounts owed to licensors, non-cash stock-based compensation expense, non-cash debt-related costs and pro-rata non-cash net losses of Viking Therapeutics.</font></div><div style="line-height:120%;padding-bottom:6px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></div><hr style="page-break-after:always"><a name="sD5B54C9FFF9355FDA7A6EE50CC7892D7"></a><br><div style="line-height:120%;padding-bottom:6px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Second Quarter and Recent Business Highlights</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Partnered Program Progress</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Promacta/Revolade</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Novartis announced FDA approval of Promacta&#174; (eltrombopag) for the treatment of children six years and older with chronic immune thrombocytopenia (cITP) who have had an insufficient response to corticosteroids, immunoglobulins or splenectomy. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Novartis announced that Promacta is now approved in more than 100 countries worldwide for the treatment of adults with cITP.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Novartis announced that the CHMP adopted a positive opinion for Revolade&#174; (eltrombopag), for the treatment of adults with acquired severe aplastic anemia (SAA) who were either refractory to prior immunosuppressive therapy or heavily pretreated and are unsuitable for hematopoietic stem cell transplantation. The European Commission will review the CHMP recommendation and is expected to deliver its final decision within three months.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Kyprolis</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Amgen announced FDA approval of the sNDA for Kyprolis&#174; for injection in combination with Revlimid&#174; and dexamethasone for the treatment of patients with multiple myeloma who have received one to three prior lines of therapy. The FDA approved the expanded indication for Kyprolis based on data from the ASPIRE study which showed that patients treated in the Kyprolis arm lived 50% longer (8.7 months longer) without their disease worsening compared with patients treated with Revlimid and low-dose dexamethasone alone.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Amgen announced initiation of the ARROW trial, a global Phase 3 study evaluating the benefit of Kyprolis administered once-weekly with dexamethasone versus the current FDA approved twice-weekly administration schedule in patients with relapsed and refractory multiple myeloma who have received prior treatment with bortezomib and an immunomodulatory agent.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Amgen announced the submission of the sNDA for Kyprolis in patients with relapsed multiple myeloma who have received at least one prior therapy. The filing was based on data from the Phase 3 head-to-head ENDEAVOR study showing relapsed multiple myeloma patients treated with Kyprolis lived twice as long as those treated with Velcade&#174; (18.7 vs. 9.4 months) without the disease worsening. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Amgen announced completion of enrollment in the Phase 3 CLARION study of Kyprolis versus Velcade in newly diagnosed multiple myeloma patients.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Additional Pipeline and Partner Developments</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">SAGE Therapeutics announced initiation of a Phase 3 open-label expanded access protocol (study 302), designed to evaluate the safety of SAGE-547 in patients with super-refractory status epilepticus (SRSE).   In conjunction with this event, Ligand earned a $500,000 milestone payment.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">SAGE Therapeutics announced that SAGE-547 demonstrated robust activity, with a 77% response rate in evaluable patients with SRSE, in a successfully completed Phase 1/2 clinical trial.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Spectrum Pharmaceuticals presented data at the 2015 meeting of the American Pharmacists Association showing superior solution stability of EVOMELA over Alkeran (melphalan containing propylene glycol as a co-solvent). EVOMELA was shown to be stable for four hours at room temperature and for up to 48 hours in refrigerated conditions after preparation of infusion solution.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">TG Therapeutics announced the first presentation of preclinical data demonstrating single-agent and combination activity with two of Ligand&#8217;s IRAK4 inhibitor compounds under development. The data demonstrated that:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Both IRAK4 inhibitor compounds not only inhibited cell proliferation but also induced apoptosis as single agents in various B-cell lymphoma cell lines, potentially elucidating the mechanism of action of and clinical rationale for IRAK4 inhibition.</font></div></td></tr></table><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></div><hr style="page-break-after:always"><a name="sD5B54C9FFF9355FDA7A6EE50CC7892D7"></a><br><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Both compounds demonstrated marked synergy when combined with the novel targeted kinase inhibitors TGR-1202, TG's proprietary PI3K delta inhibitor, and with the BTK inhibitor ibrutinib.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Merrimack Pharmaceuticals announced final clinical results for the Phase 1 study of MM-302 in HER2-positive metastatic breast cancer. Results from the trial showed that the group of patients treated with 30 mg/m</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">2</sup></font><font style="font-family:inherit;font-size:11pt;">&#32;or more of MM-302 alone, in combination with trastuzumab or with trastuzumab and cyclophosphamide, had a median progression free survival (mPFS) of 7.6 months (95% CI: 3.6-10.9 months) and an overall response rate (ORR) of 11%. Of note, 25 patients who had not been previously treated with anthracyclines had an mPFS of 11 months (95% CI: 1.8-13.1 months) and an ORR of 24%.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Viking Therapeutics closed its IPO in May 2015. Ligand is partnered with Viking on five therapeutic programs including SARM (VK5211) and TR-beta (VK2809). </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Viking announced the submission of an IND for development of VK5211 in patients with acute hip fracture. Initial studies will evaluate the safety profile of VK5211 in healthy elderly subjects. The trial will enroll approximately 120 subjects and will evaluate the effects of VK5211 on lean body mass after 12 weeks of treatment.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Viking announced plans to conduct a Phase 2 trial of VK2809 in patients with hypercholesterolemia and fatty liver disease in the fourth quarter of 2015. The trial will evaluate the efficacy, safety and tolerability of VK2809 in approximately 100 patients with elevated LDL cholesterol and fatty liver disease. </font></div></td></tr></table><div style="line-height:174%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">New Licensing Deals</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ligand entered into a worldwide agreement with Sanofi for the development and commercialization of  SAR-125844, a Captisol-enabled&#8482; program. Ligand will receive undisclosed milestones, tiered royalties and revenue from Captisol material sales. Sanofi is responsible for all development costs relating to the program.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ligand entered into a new clinical-stage agreement with AiCuris GmbH &amp; Co for an undisclosed anti-infective Captisol-enabled&#8482; program.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Recent Acquisition</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ligand acquired financial rights to potential future milestones and royalties for more than 15 development programs from Selexis SA for $4 million in cash. The acquired programs include a mix of novel biologics and biosimilars. The programs are in various stages of development ranging from preclinical through Phase 3. Each acquired program is fully funded by a development partner. The acquisition expands Ligand's portfolio to more than 120 fully-funded assets and increases the number of partners to more than 70. Ligand previously acquired a portfolio of biologic development programs from Selexis in April 2013. </font></div></td></tr></table><div style="line-height:174%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Internal GRA Program Progress</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ligand announced results from a Phase 1b clinical trial with LGD-6972 that demonstrated favorable safety, tolerability and pharmacokinetics in normal healthy volunteers and in subjects with type 2 diabetes mellitus. The trial results also demonstrated a robust, dose-dependent reduction of fasting plasma glucose.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The molecule is believed to be best-in-class in the GRA (glucagon receptor antagonist) field of diabetes research. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Recent Intellectual Property Expansion</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ligand added to the Captisol patent portfolio with another patent grant in Europe.  Ligand also had patents recently allowed or granted in the U.S. and China for Captisol-enabled clopidogrel and in Mexico for Captisol-enabled budesonide.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ligand also had recent allowances in the U.S. for its GRA, SARM and EPO receptor agonist portfolios.</font></div></td></tr></table><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div></div><hr style="page-break-after:always"><a name="sD5B54C9FFF9355FDA7A6EE50CC7892D7"></a><br><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Adjusted Financial Measures</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The adjusted financial measures discussed above and in the tables below for the three and six months ended June 30, 2015 and 2014 exclude changes in contingent liabilities, mark-to-market adjustment for amounts owed to licensors, non-cash stock-based compensation expense, non-cash debt-related costs and pro-rata non-cash net losses of Viking Therapeutics.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Management has presented net income, net income per share, income from continuing operations and income from continuing operations per share in accordance with GAAP and on an adjusted basis.  Ligand believes that the presentation of adjusted financial measures provides useful supplementary information to investors and reflects amounts that are more closely aligned with the cash profits for the period as the items that are excluded from adjusted net income are all non-cash items.  Ligand uses these adjusted financial measures in connection with its own budgeting and financial planning.  These adjusted financial measures are in addition to, and not a substitute for, or superior to, measures of financial performance prepared in conformity with GAAP.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Conference Call</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ligand management will host a conference call today beginning at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss this announcement and answer questions.&#160; To participate via telephone, please dial (877) 407-4019 from the U.S. or (201) 689-8337 from outside the U.S., using the passcode &#8220;Ligand.&#8221; A replay of the call will be available until November 4, 2015 at 4:30 p.m. Eastern time by dialing (877) 660-6853 from the U.S. or (201) 612-7415 from outside the U.S., using passcode 13614901. Individual investors can access the webcast at www.ligand.com.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">About Ligand Pharmaceuticals </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ligand is a biopharmaceutical company with a business model focused on developing or acquiring royalty generating assets and coupling them with a lean corporate cost structure. Ligand&#8217;s goal is to produce a bottom line that supports a sustainably profitable business. By diversifying the portfolio of assets across numerous technology types, therapeutic areas, drug targets and industry partners, we offer investors an opportunity to invest in the increasingly complicated and unpredictable pharmaceutical industry. In comparison to its peers, we believe Ligand has assembled one of the largest and most diversified asset portfolios in the industry with the potential to generate revenue in the future. These therapies seek to address the unmet medical needs of patients for a broad spectrum of diseases including  thrombocytopenia, multiple myeloma, hepatitis, ventricular fibrillation, muscle wasting, Alzheimer&#8217;s disease, dyslipidemia, diabetes, anemia, asthma, focal segmental glomerulosclerosis ("FSGS), menopausal symptoms and osteoporosis.  Ligand&#8217;s Captisol&#174; platform technology is a patent-protected, chemically modified cyclodextrin with a structure designed to optimize the solubility and stability of drugs.  Ligand has established multiple alliances with the world's leading pharmaceutical companies including Novartis, Amgen, Merck, Pfizer, Baxter International and Eli Lilly.</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Follow Ligand on Twitter @Ligand_LGND.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Forward-Looking Statements</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></div><hr style="page-break-after:always"><a name="sD5B54C9FFF9355FDA7A6EE50CC7892D7"></a><br><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This news release contains forward-looking statements by Ligand that involve risks and uncertainties and reflect Ligand's judgment as of the date of this release.  Words such as &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; and &#8220;will,&#8221; and similar expressions, are intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements regarding: Ligand&#8217;s future growth, Ligand's outlook for Captisol orders, expected value creation for shareholders and guidance regarding third-quarter, second-half, and full-year 2015 financial results.  Actual events or results may differ from Ligand's expectations. For example, Ligand may not receive expected revenue from material sales of Captisol, expected royalties on partnered products and research and development milestone payments.  Ligand and its partners may not be able to timely or successfully advance any product(s) in its internal or partnered pipeline.  In addition, there can be no assurance that Ligand will achieve its guidance for 2015 or any portion thereof or beyond, that Ligand's 2015 revenues will be at the levels or be broken down as currently anticipated, that Ligand will be able to create future revenues and cash flows by developing innovative therapeutics, that results of any clinical study will be timely, favorable or confirmed by later studies, that products under development by Ligand or its partners will receive regulatory approval, that there will be a market for the product(s) if successfully developed and approved, or that Ligand's partners will not terminate any of its agreements or development or commercialization of any of its products.  Further, Ligand may not generate expected revenues under its existing license agreements and may experience significant costs as the result of potential delays under its supply agreements.  Also, Ligand and its partners may experience delays in the commencement, enrollment, completion or analysis of clinical testing for its product candidates, or significant issues regarding the adequacy of its clinical trial designs or the execution of its clinical trials, which could result in increased costs and delays, or limit Ligand's ability to obtain regulatory approval.  Further, unexpected adverse side effects or inadequate therapeutic efficacy of Ligand's product(s) could delay or prevent regulatory approval or commercialization.  In addition, Ligand may not be able to successfully implement its strategic growth plan and continue the development of its proprietary programs.  The failure to meet expectations with respect to any of the foregoing matters may reduce Ligand's stock price.  Additional information concerning these and other risk factors affecting Ligand can be found in prior press releases available at  www.ligand.com as well as in Ligand's public periodic filings with the Securities and Exchange Commission available at www.sec.gov.  Ligand disclaims any intent or obligation to update these forward-looking statements beyond the date of this release.  This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. </font></div><div style="line-height:174%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[Tables Follow]</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6</font></div></div><hr style="page-break-after:always"><a name="sD5B54C9FFF9355FDA7A6EE50CC7892D7"></a><br><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">LIGAND PHARMACEUTICALS, INCORPORATED</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(Unaudited, in thousands, except per-share data)</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="16"></td></tr><tr><td width="42%"></td><td width="1%"></td><td width="11%"></td><td width="1%"></td><td width="2%"></td><td width="1%"></td><td width="11%"></td><td width="1%"></td><td width="2%"></td><td width="1%"></td><td width="11%"></td><td width="1%"></td><td width="2%"></td><td width="1%"></td><td width="11%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #333333;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three Months Ended June 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #333333;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Six Months Ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #333333;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #333333;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #333333;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #333333;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Revenues:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Royalties</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,606</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,241</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">16,893</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">13,091</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Material sales</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">10,681</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,476</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">14,410</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">9,191</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Collaborative R&amp;D and other revenues</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #333333;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,131</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #333333;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #333333;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,891</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #333333;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,717</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,284</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;Total revenues</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">18,418</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">10,608</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">33,020</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">26,566</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Operating costs and expenses:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Cost of goods sold</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,600</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,186</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,673</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,637</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Research and development</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,010</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,689</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">7,972</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,821</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">General and administrative</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">7,225</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,239</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">13,219</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">10,310</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Non-continuing expenses</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">218</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">136</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">441</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">340</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;Total operating costs and expenses</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">14,053</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">9,250</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">25,305</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">20,108</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Gain from operations</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #333333;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,365</font></div></td><td style="vertical-align:bottom;border-top:1px solid #333333;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #333333;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,358</font></div></td><td style="vertical-align:bottom;border-top:1px solid #333333;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #333333;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">7,715</font></div></td><td style="vertical-align:bottom;border-top:1px solid #333333;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #333333;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,458</font></div></td><td style="vertical-align:bottom;border-top:1px solid #333333;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Other expense, net</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(2,119</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,195</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(5,541</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">192</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Increase in contingent liabilities</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(7,274</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1,312</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(7,277</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(3,260</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Gain on deconsolidation of Viking Therapeutics, Inc.</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">28,190</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">28,190</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Pro-rata non-cash net losses of Viking Therapeutics, Inc.</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(870</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(870</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Income tax expense</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(265</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">47</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(279</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(6</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Net income including noncontrolling interests</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">22,027</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,288</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">21,938</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,384</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Net loss attributable to noncontrolling interests</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1,537</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(304</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(2,380</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(304</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Net income </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">23,564</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,592</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">24,318</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,688</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Basic per-share net income:</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1.19</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.08</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1.24</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.18</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Diluted per-share net income :</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1.11</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.07</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1.16</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.17</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Weighted average number of common shares-basic</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">19,725,410</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">20,738,299</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">19,668,183</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">20,668,110</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Weighted average number of common shares-diluted</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">21,276,404</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">21,780,034</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">20,953,134</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">21,776,125</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7</font></div></div><hr style="page-break-after:always"><a name="sD5B54C9FFF9355FDA7A6EE50CC7892D7"></a><br><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">LIGAND PHARMACEUTICALS, INCORPORATED</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CONDENSED CONSOLIDATED BALANCE SHEETS</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(Unaudited, in thousands)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td width="49%"></td><td width="1%"></td><td width="20%"></td><td width="1%"></td><td width="7%"></td><td width="1%"></td><td width="20%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:2px solid #333333;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">June 30, 2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:2px solid #333333;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">December 31, 2014</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Assets</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Current assets:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Cash, cash equivalents and short-term investments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">181,609</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">167,336</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Accounts receivable</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,532</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,634</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Inventory</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">802</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">269</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Other current assets</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,635</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,919</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Restricted investments</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">600</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,261</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Viking note receivable</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,547</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total current assets</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">196,725</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">186,419</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Property and equipment, net</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">405</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">486</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Investment in Viking Therapeutics</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,996</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Goodwill and other identifiable intangible assets</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">61,773</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62,961</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Commercial license rights</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,598</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,568</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Other assets</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,265</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,595</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total assets</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #333333;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #333333;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #333333;padding-top:2px;padding-bottom:2px;border-top:2px solid #333333;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">304,762</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #333333;border-top:2px solid #333333;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #333333;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #333333;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #333333;padding-top:2px;padding-bottom:2px;border-top:2px solid #333333;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">258,029</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #333333;border-top:2px solid #333333;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Liabilities and Stockholders' Equity</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Accounts payable and accrued liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">17,949</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22,779</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total current liabilities</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">17,949</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22,779</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Long-term portion of deferred revenue</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,083</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,085</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Long-term debt, net</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">200,567</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">195,908</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Other long-term liabilities</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,110</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,849</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total liabilities</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">235,709</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">233,621</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Total Ligand Pharmaceuticals Inc. stockholders' equity </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69,053</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,318</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Noncontrolling interests</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,910</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total liabilities and stockholders' equity</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #333333;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #333333;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #333333;padding-top:2px;padding-bottom:2px;border-top:2px solid #333333;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">304,762</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #333333;border-top:2px solid #333333;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #333333;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #333333;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #333333;padding-top:2px;padding-bottom:2px;border-top:2px solid #333333;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">258,029</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #333333;border-top:2px solid #333333;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8</font></div></div><hr style="page-break-after:always"><a name="sD5B54C9FFF9355FDA7A6EE50CC7892D7"></a><br><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">LIGAND PHARMACEUTICALS INCORPORATED</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ADJUSTED FINANCIAL MEASURES</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(Unaudited, in thousands, except share data)</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:95.1171875%;border-collapse:collapse;text-align:left;"><tr><td colspan="16"></td></tr><tr><td width="45%"></td><td width="1%"></td><td width="11%"></td><td width="1%"></td><td width="1%"></td><td width="1%"></td><td width="11%"></td><td width="1%"></td><td width="1%"></td><td width="1%"></td><td width="11%"></td><td width="1%"></td><td width="1%"></td><td width="1%"></td><td width="11%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #333333;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended June 30,</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #333333;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #333333;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six months ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #333333;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #333333;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #333333;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #333333;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Net income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">23,564</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,592</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">24,318</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,688</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Increase in contingent liabilities</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">7,274</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,312</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">7,277</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,260</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Mark-to-market adjustment for investments owed to licensors</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">465</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(763</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,164</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">470</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Non-cash stock-based compensation expense</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,760</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,027</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,675</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,093</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Non-cash debt related costs</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,548</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,058</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Equity in net losses of Viking Therapeutics, Inc.</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">870</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">870</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Adjusted net income</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">38,481</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,168</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">45,362</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12,511</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Diluted per-share net income:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Net income </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1.11</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.07</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1.16</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.17</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Increase in contingent liabilities</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.34</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.07</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.35</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.15</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Mark-to-market adjustment for investments owed to licensors</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.02</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(0.04</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.06</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.02</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Non-cash stock-based compensation expense</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.18</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.14</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.32</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.23</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Non-cash debt related costs</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.12</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.24</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Pro-rata non-cash net losses of Viking Therapeutics, Inc.</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.04</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.04</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Adjusted net income </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1.81</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.24</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2.16</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">0.57</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Weighted average number of common shares-diluted</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">21,276,404</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">21,780,034</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">20,953,134</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">21,776,125</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">###</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9</font></div></div>	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>ligandlogoa03a01a01a02.jpg
<TEXT>
begin 644 ligandlogoa03a01a01a02.jpg
M_]C_X  02D9)1@ ! 0$!+ $L  #_X0!817AI9@  34T *@    @ ! $Q  (
M   1    /E$0  $    ! 0   %$1  0    !   N(U$2  0    !   N(P
M  !!9&]B92!);6%G95)E861Y  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" (+!<8# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M%;-AXZ\/W_EK]M^SROGY+A2FW&>K?='3U_7B@#HZ*** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !7SC7T=7SC0 4444P"BBB@ KVOP%_P B7I__ &T_]&-7BE>U^ O^
M1+T__MI_Z,:@#HZ***0!1110 4444 %%%% !1110 4444 %%%% 'SC1113 *
M*** "BBB@#T?X4_\Q?\ [8_^SUZ/7G'PI_YB_P#VQ_\ 9Z]'I %%%% !1110
M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !
M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%
M%% !1110 4444 %%%% !6=KM^=-T.\NU+!TCPA4 X8\*<'W(K1KE_'TTD7AU
M41L++.J.,=1@MC\U'Y5AB9N%&4EV-\-!5*T8OJSS&BBBOD#[,**** "BBB@
MKVO2[S^T-*M;LE"TL2LVP\!L<C\#D?A7BE>L^#?^13LO^VG_ *&U>ME$FJLH
M^7]?F>/G,4Z49=G^?_#&[1117T!\Z%%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 5\XU]'5\XT %%%%, HHHH *]K\!?\B7I_P#V
MT_\ 1C5XI7M?@+_D2]/_ .VG_HQJ .CHHHI %%%% !1110 4444 %%%% !11
M10 4444 ?.-%%%, HHHH **** /1_A3_ ,Q?_MC_ .SUZ/7G'PI_YB__ &Q_
M]GKT>D 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH *^<:^CJ^<: "BBBF 4444 %>U^ O^
M1+T__MI_Z,:O%*]K\!?\B7I__;3_ -&-0!T=%%%( HHHH **** "BBB@ HHH
MH **** "BBB@#YQHHHI@%%%% !1110!Z/\*?^8O_ -L?_9Z]'KSCX4_\Q?\
M[8_^SUZ/2 **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBLW_A(=%_Z#&G_^!*?XT :5%8%QXV\.6T[0R:I&67&3&C2+TSPR
M@@_G4?\ PGOAK_H)?^0)/_B: .CHKGH_'/AN65(UU-0SL%!:)U&3ZDK@#W-7
M_P#A(=%_Z#&G_P#@2G^- &E13(9HKB)989$DC;HZ,"#^(I] !1110 4444 %
M4M7L!J>DW5F0I,L9";B0 W52<>A -7:*4HJ2<7LRHR<9*2W1X6Z/%(T<BLCJ
M2K*PP01U!%-KT;Q/X-_M"5KW30B7#9,L1.!(?4>C'\CUXYSP5YIUYI\FR\MI
M8220-ZD!L=<'H?PKY/$86I0DU):=SZ[#8NG7BG%Z]BM1117,=0445=L-(U#4
MV L[264$E=X&%! S@L>!^=.,7)VBKLF4HQ5Y.R*T$,ES<1P1+NED<(BYQDDX
M YKVVUMTL[."VC+%(8UC4MU( P,_E7/^&?"D>BYN;HI->G(#+RL8_P!G/<]S
M^'KGI:^CR["2HQ<I[L^:S+%QKR48;+\0HHHKTCS HHHH **** "BBB@ HHHH
M **J76JZ=8RB*[O[6WD*[@LLRH2/7!/3@U4N/%&A6T#32:M9E5QD1RB1NN.%
M7)/Y4 :U%<Y_PGOAK_H)?^0)/_B:/^$]\-?]!+_R!)_\30!T=%85KXR\/7DI
MCBU2%6"[LRAHACZL ,\]*M_\)#HO_08T_P#\"4_QH TJ*;'(DT22Q.KQNH96
M4Y# ]"#W%.H **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M:))8G5XW4,K*<A@>A![BG5SG@+_D2]/_ .VG_HQJZ.D 4444 %%%% !1110
M4444 %%%9NLZ[I^@VPFOYMF_(CC49:0@9P!_4X'(R1F@#2K-U37]*T;:-0O8
MX6;&$Y9B#GG:,G'!YQBO+]:^(.KZIF.U;[!;G^&%OG/3J_!Z@],<'!S7)T >
MCW_Q3_UB:=IOIY<MP_TSE%_$?>]_:N7OO&OB"_W!]1DA0OO"VX$>WKQD?,1S
MW)K HI@27%Q/=SM-<3232MC=)(Q9C@8Y)]JCHHH **** "BBB@ K;M/%_B"R
MW^5JMPV_&?.(EZ>F_..O:L2B@#T73?BDX8+JFGJ5+',EJ<$#' VL>3GON'7V
MY[/2?$ND:RD?V2\C\U^/(D.V0'&2-IZX'<9'!YKP>B@#Z.HKQW1?B#J^EXCN
MF^WVX_AF;YQUZ/R>I'7/ P,5Z=H_B'3-=B#6-RK2!<M"WRR+TSE?09 R,C/>
MD!J4444 %%%% %)]'TR61I)-.M'=B69F@4DD]23BF_V)I/\ T"[+_P !T_PJ
M_14>SAV1?M9_S,J0Z5I]M*LL%A:Q2KT=(54CMU JW115**CHD3*3EJV%%%%,
M04444 %%%9NJ:_I6C;1J%['"S8PG+,0<\[1DXX/.,4 :5%>8ZM\3[B1FCTFU
M6*,J1YMP-SY('(4' (.>N[/'TKC]2US4]78F_O9IE+!MA;" @8R%' ./0=S0
M!Z[J7C?0--4YO5N9-H81VO[PD$XZCY0>^"1_*N9O_BG_ *Q-.TWT\N6X?Z9R
MB_B/O>_M7G%%,#IKSQ]XANVEVWBV\<B[?+AC4!1C'!.6![YS]*PKO4;V_P!G
MVR\N+C9G9YTK/MSUQD\=!5:B@ HHHH **** "BBB@ K6M_%&NVTZS1ZM>%ES
M@22F1>F.5;(/Y5DT4 =K8?$S5[?RUO(+>[1<[VQY;MUQR/E&./X>@_&NMTSX
MAZ)?;4N'DLI3M&)ERI8]<,.P/=L?SQX[10!]%6]Q!=P+-;S1S1-G;)&P93@X
MX(]ZDKY^TW5]0T><S:?=R0,?O!3E6X(Y4\'J>HXKT70?B3;WDL=MJT*VTKMM
M$\9_=9.?O \J.@SD^IP*0'>44V.1)HDEB=7C=0RLIR&!Z$'N*=0 4444 %%%
M% !1110 4444 <AX@^(%AHUV]G;P->W$;8DVN%1#SD;L'+#CC'?KD8KE?^%G
MZW_SZZ?_ -^W_P#BZXZXN);NYEN)FW2RN7=L 98G).![U'3 Z3_A/?$O_02_
M\@1__$U);_$'Q'#.LDEW'.HSF.2%0IX[[0#^M<O10!W5O\4=46=3<6-G)%SN
M6/<C'CL23CGVKM_#GBJP\1Q,(-T-S&H,D$A&0..5/=<\9_,#(KPZNH^'UQ+#
MXQM8XVPLR2)(,#E=I;'YJ#^% 'LU%%%( HHHH *;)(D,3RRNJ1HI9F8X"@=2
M3V%<=X@^(=AIK/;Z<JWUQM_UBN/*4D'N/O$<<#UZ@BO.-8\0ZGKLI:^N6:,-
ME85^6->N,+ZC)&3DX[T >DZM\1](L'DBM$DOI5XS'\L><X(W'VYR 0>.:XJ^
M^('B"]W!+B.U1DV%;>,#UYR<L#SV(Z5R]%,">ZO+J^E$MW<S7$@7:&ED+D#T
MR>W)J"BB@ HHHH **** -:Q\3ZWIVT6VIW 54V*CMYBJO& %;('3L*ZC3/B?
M=Q;8]3LXYU^4&6$[&Q_$Q!R">^!M'].!HH ]ZT?Q#IFNQ!K&Y5I N6A;Y9%Z
M9ROH,@9&1GO6I7SG'(\,J2Q.R2(P964X*D="#V-=MX?^(U[9,D&K!KNV"X$B
M@>:O QSD!AQWYYSD]*0'JU%06=Y;W]I%=6LJRP2KN1UZ$?T/MVJ>@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH ***Y/Q%X\T_1_.M;4_:K],KM ^2-N
M/O'OU/ SR"#B@#JI)$AB>65U2-%+,S' 4#J2>PKE]6^(&BZ8S10R->S!3@6^
M"@. 0"_3!SU&<8->7ZQXAU/792U]<LT8;*PK\L:]<87U&2,G)QWK+H [/4OB
M5K%TQ%DD-E'N!!"^8^,<@EN",\_=';\>9OM8U+4]PO;ZXG4OOV/(2H;GD+T'
M4]!5*BF 4444 %%%% !4]K>75C*9;2YFMY"NTM%(4)'ID=N!4%% '6:9\0];
ML=J7#QWL0VC$RX8*.N&'<CNV?YY[;1?B#I&J8CNF^P7!_AF;Y#UZ/P.@'7')
MP,UX[10!]'45X9HOBO5]"PEK<;[<?\N\WS)WZ#JO))X(R>N:]4\/^+M-\0($
MC?R+L8!MY6&XG&3M_O#@^_'(%(#?HHHH *^<:^CJ^<: "BBBF 4444 %>U^
MO^1+T_\ [:?^C&KQ2O:_ 7_(EZ?_ -M/_1C4 ='1112 **** "BBB@ HHHH
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MX\GU3S]/TT^58-\K2X(>4=_HI].I YZD5Q5%%, HHHH **** "BBB@ HHHH
M**** "BBB@ IT<CPRI+$[)(C!E93@J1T(/8TVB@#T?PI\0?]1IVLM_LK>LWY
M!_U^;/IGN:]%CD2:))8G5XW4,K*<A@>A![BOG.NO\&^,GT.5;*]9GTUVX/4P
M$]QZKZC\1SD% >OU\XU]#V=Y;W]I%=6LJRP2KN1UZ$?T/MVKYXH ****8!11
M10 5[7X"_P"1+T__ +:?^C&KQ2O:_ 7_ ")>G_\ ;3_T8U '1T444@"BBB@
MHHHH **** "BBB@ HHHH **** /G&BBBF 4444 %%%% 'H_PI_YB_P#VQ_\
M9Z]'KSCX4_\ ,7_[8_\ L]>CT@"BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH ^<:***8!1110 4444 >U^ O^1+T_P#[:?\
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M110 4444 >U^ O\ D2]/_P"VG_HQJZ.N<\!?\B7I_P#VT_\ 1C5T=( HHHH
M**** ,?Q7?OIOA?4+J+=Y@CV*5;:5+$*&!]1NS^%>$UZS\3KCR_#L$*S;6EN
M5S&&P74*Q/'< [?QQ7DU, HHHH **** '1QO-*D42,\CL%55&2Q/0 =S7O\
MI&FQ:/I-MI\)RL*8+<_,W5FP2<9))QVS7DWP_L?MOBV!RL;);(TS!QGH-HQ[
MAF4_A7LU( HHHH **** "BBB@ HHHH **** "J&N::-7T2\L"%+31D)N) #C
ME2<<X# &K]% 'SC16[XRM4L_%^I11EBK2"4[CSEU#G\,L:PJ8!1110 4444
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MKF? $B/X,LE1U9D:17 .2IWL<'T."#^(KIJ0!1110 4444 ?.-%%%, HHHH
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MBBB@ HHHH \#\0_\C+JO_7Y-_P"AFLVM+Q#_ ,C+JO\ U^3?^AFLVF 4444
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MTP"BBB@ HHHH ]9^&'_(M7/_ %^-_P"@)7:UQ7PP_P"1:N?^OQO_ $!*[6D
M4444 %%%% 'SC1113 **** "BBB@#VOP%_R)>G_]M/\ T8U='7.> O\ D2]/
M_P"VG_HQJZ.D 4444 %%%% !1110 4444 %%%% !1110 4444 <G\1K3[3X2
MDEW[?LTR2XQG=D[,>WW\_A7CM>U^/?\ D2]0_P"V?_HQ:\4I@%%%% !1110
M5]'5\XU]'4@"BBB@ HHHH XCXH2(/#]K$742-=!E7/) 1LD#T&1^8KRBO1_B
MM_S"/^VW_LE><4P"BBB@ HHHH *]_P!"C>'P_IL4J,DB6L2LK#!4A!D$=C7@
M%?1U( HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "OG&OHZOG&@
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MZI-?7#-EV.Q"V1&F>%'3@?3GD]34WB#Q!=^(M0-Q<'9&N1#"#E8U_J3W/?Z
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M&P#A@<@X/O7T57SC7T+I]W]OTRUO-FS[1"DNS.=NX XSWZT@+-%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 5\XU]'5\XT %%%%, HHHH *]K\!?
M\B7I_P#VT_\ 1C5XI7M?@+_D2]/_ .VG_HQJ .CHHHI %%%% !1110 4444
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M#\'W]:\DKVCP!(C^#+)4=69&D5P#DJ=['!]#@@_B* .FHHHI %%%% !1110
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M\XT444P"BBB@ HHHH ]'^%/_ #%_^V/_ +/7H]><?"G_ )B__;'_ -GKT>D
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M-P99E8XE8?PCU4'G/<@8Z9(!R6LW$5WKFH7$#;HI;F1T;!&5+$@X/M5*BBF
M4444 %%%% 'K/PP_Y%JY_P"OQO\ T!*[6N*^&'_(M7/_ %^-_P"@)7:T@"BB
MB@ HHHH ^<:***8!1110 4444 >U^ O^1+T__MI_Z,:NCKG/ 7_(EZ?_ -M/
M_1C5T=( HHHH **** "BBB@ HHHH **** "BBB@ HHHH YSQ[_R)>H?]L_\
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MBUXI7M?CW_D2]0_[9_\ HQ:\4I@%%%% !1110 5]'5\XU]'4@"BBB@ HHHH
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M%% !1110 4444 %%%% !7M?@+_D2]/\ ^VG_ *,:O%*]K\!?\B7I_P#VT_\
M1C4 ='1112 **** "BBB@ HHHH **** "BBB@ HHHH ^<:***8!1110 4444
M :6DZ]J>A^=_9USY/G;?,_=JV<9Q]X'U-:7_  GOB7_H)?\ D"/_ .)KFZ*
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M7!FF(RL:_P!2>P[_ $!([;QUI-IHO@JSLK*/9$MXI)/+.VQ\LQ[D_P#UN@H
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M -_'_P#B*ANOAOK]O$'B%K<L6QLBEP0/7Y@HQ^/>@#D**Z3_ (0+Q+_T#?\
MR/'_ /%4?\(%XE_Z!O\ Y'C_ /BJ .;HK6N/"^NVT[0R:3>%EQDQQ&1>F>&7
M(/YUDT %%%% !1110 4444 %:WA_Q!=^'=0%Q;G?&V!-"3A9%_H1V/;Z$@Y-
M% 'T'IFI6^KZ;!?VI8PS+E=PP00<$'W!!%6Z\B^'WB!M,U8:=,<VMZX49)^2
M3HI 'J< _@<\5Z[2 **** .%^(/A?[=;'5[-(UN+="UP.AD0#KGIE0#[D=^
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M $!]0_\  9_\* ,VBM+_ (1[6_\ H#ZA_P" S_X4?\(]K?\ T!]0_P# 9_\
M"@#-HK2_X1[6_P#H#ZA_X#/_ (4?\(]K?_0'U#_P&?\ PH S:*TO^$>UO_H#
MZA_X#/\ X4?\(]K?_0'U#_P&?_"@#-HK2_X1[6_^@/J'_@,_^%'_  CVM_\
M0'U#_P !G_PH S:*TO\ A'M;_P"@/J'_ (#/_A1_PCVM_P#0'U#_ ,!G_P *
M ,VBM+_A'M;_ .@/J'_@,_\ A1_PCVM_] ?4/_ 9_P#"@#-HK2_X1[6_^@/J
M'_@,_P#A1_PCVM_] ?4/_ 9_\* ,VBM+_A'M;_Z ^H?^ S_X4?\ "/:W_P!
M?4/_  &?_"@#-HK2_P"$>UO_ * ^H?\ @,_^%'_"/:W_ - ?4/\ P&?_  H
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MZQ (=0M(YU'W2PPR\@\,.1T'0\T ?/U%>@:M\,+B-FDTFZ66,*3Y5P=KY '
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MNCK-T#2_[&T*TT\MN:)/G.<@L26;' XR3CVK2I %%%% !1110 4444 %%%%
M!1110 4444 %%%% '.>/?^1+U#_MG_Z,6O%*]Z\1Z4^M:!=Z?%(L<DJC:S#(
MR&# 'V.,9_G7BNI:'J>D,1?V,T*A@N\KE"2,X##@G'H>QI@9]%%% !1110 5
M]'5X[X3\'ZAJ6H6MY<6WE:>CK(S3IQ*!@[0IZA@>O3&>O2O8J0!1110 4444
M %%%% !1110 4444 >?^)?AREPSW>B%8Y68L]LYPAXZ)QP<]CQSU &*\UN+>
M>TG:&XADAE7&Z.12K#(SR#[5]%5FZSH6GZ];""_AW[,F.13AHR1C(/\ 0Y'
MR#B@#P.BNZU;X9ZA;O))ID\=U%U6.0[).O3^Z<#'.1GGBN,NK.ZL91%=VTUO
M(5W!98RA(]<'MP:8$%%%% !1110 4444 %%%% !16IIOAS6-64/9:?-)&5+"
M0C8A .#AFP"<]L^OI7>:+\,[:#$NL3_:7_YXPDJ@Z]6X8]CQC!'>@#S_ $G1
M;_6[M;>Q@9SN >0@[(P<\L>PX/UQQDUZIX:\#V&B*EQ<A;J_V@EW *1L#GY
M1P>G)YXXQDBNFM[>"T@6&WACAB7.V.-0JC)SP![U)2 **** "N*^)_\ R+5M
M_P!?B_\ H#UVM8_B?0QX@T26R#*DP820NV<*X]<=B"1WQG.#B@#PFBK=_I=_
MI<OEWUI-;L6*J9$(#$==IZ$=.1ZU4I@%%%% !7M?@+_D2]/_ .VG_HQJ\ATW
M2-0UB<PZ?:23L/O%1A5X)Y8\#H>IYKV_0-+_ +&T*TT\MN:)/G.<@L26;' X
MR3CVH TJ***0!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !5:[T^RO]GVRSM[C9G9YT2OMSUQD<=!5FB@#-_X1[1?^@/I__@,G^%'_
M  CVB_\ 0'T__P !D_PK2HH I6^C:7:3K-;Z;9PRKG;)' JL,C'! ]*NT44
M%%%% !1110 5XAXSU9=7\37,T4F^WBQ#">,;5ZD$=06+$'T->K^*[]]-\+ZA
M=1;O,$>Q2K;2I8A0P/J-V?PKPF@ HHHI@%%%% !7H?PX\-Q7&[6KR'<(WVVH
M8'&X=7QCG!P <\$'N!7!V=J]]?6]I$5$D\BQ*6/ +' S[<U[]I]C!IFGP65N
MN(H4"+P,GW..Y/)]S0!9HHHI %%%% !1110 4444 %%%% !1110 4444 %%%
M% #9(TFB>*5%>-U*LK#(8'J".XKPOQ3I(T7Q%=6<:L(-P>'*D#8W( SG('*Y
M_P!DU[M7FGQ4MXEN=,N O[V1)(V;)Y52I Q]6;\Z //****8!1110 5U'P^N
M)8?&-K'&V%F21)!@<KM+8_-0?PKEZZ3P%_R.FG_]M/\ T6U 'M5%%%( HHHH
M **** "BBB@#"NO!OAZ\E$DNEPJP7;B(M$,?12!GGK6!=?"W3GB M-0NHI-W
M+2A9!CTP O/3G-=Y10!YI<?"N=8&-OJT<DO&U9("BGGN03CCVJC_ ,*PUO\
MY^M/_P"_C_\ Q%>LT4 >3?\ "L-;_P"?K3_^_C__ !%2V_PNU1IU%Q?6<<7.
MYH]SL..P(&>?>O5** //;?X5P+.IN-6DDBYW+' $8\=B2<<^U;5C\/\ P_9;
M2]O)=.K[PUQ(3Z<8&%(X[@]:ZBB@".WMX+2!8;>&.&)<[8XU"J,G/ 'O4E%%
M !1110 4444 %%%% %"30M(FE>672K%Y'8LS-;H2Q/4DXY-,_P"$>T7_ * ^
MG_\ @,G^%:5% &;_ ,(]HO\ T!]/_P# 9/\ "M".-(8DBB14C10JJHP% Z #
ML*=10 4444 %%%% !1110 56N]/LK_9]LL[>XV9V>=$K[<]<9''059HH S?^
M$>T7_H#Z?_X#)_A1_P (]HO_ $!]/_\  9/\*TJ* *$>A:1#*DL6E6*2(P96
M6W0%2.A!QP:OT44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 4)-"TB:5Y9=*L7D=BS,UNA+$]23CDTS_ (1[1?\ H#Z?_P" R?X5I44
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M*L4D1@RLMN@*D="#C@U?HH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** .#^*5TB:
M18VA#>9+.95..,*I!S[_ #C]:\MKT#XIW2/?:=: -YD4;RL<<88@#'O\A_2O
M/Z8!1110 4444 =9\.;3[3XMCEW[?LT+RXQG=D;,>WW\_A7L5>6_"V!&U>^G
M,RB1( BQ=V#,"6'/0;0/^!#\?4J0!1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %><?%;_F$?]MO_9*]'KROXGWWG:S:62M&RV\)<[3E@SGD'\%4
M_C[T <+1113 **** "ND\!?\CII__;3_ -%M7-UU7P[M7N/%\$J%0MO')*^3
MR05V<>^7'ZT >R4444@"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@#R;XG_\ (RVW_7FO_H;UQ5>C_%;_ )A'_;;_ -DKSBF 4444 %%%% '8
M_#2XBA\4O'(V&FMG2,8/+95L?DI/X5Z[7SUI]]/IFH07MNV)87#KR<'V..Q'
M!]C7OFGWT&IZ?!>V[9BF0.O(R/8X[@\'W%("S1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 -DD2&)Y975(T4LS,<!0.I)["O ]<U(ZOK=Y?DL5FD
M)3< "$'"@XXR% %=S\0/%B>4^BZ?,WF;L74B'@#O'GN?7'ICG) \VI@%%%%
M!1110 5Z/\++#_D(:B\7]V".3=_P)QC/^YSCZ=Z\XKW/PEIG]D^&;*W9-LK)
MYLN8]C;FYPP]0"%Y_N_A0!MT444@"BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 5YU\
M2O#Y=4URW1<(HCNN0#C("MTY/.#S_=XP#7HM-DC2:)XI45XW4JRL,A@>H([B
M@#YSHKK_ !EX-?0Y6O;)6?37;D=3 3V/JOH?P/.">0I@%%%% !1110 4444
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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MH5548"@= !V%.HHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
>HHHH **** "BBB@ HHHH **** "BBB@ HHHH __9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
