XML 28 R18.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Significant Accounting Policies (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Summary of computation of basic and diluted net income (loss) per share | The following table presents the computation of basic and diluted net income (loss) per share for the periods indicated (in thousands, except per share amounts):
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Net (loss) income from continuing operations | $ | (5,763 | ) |  | $ | 23,564 |  |  | $ | 114 |  |  | $ | 24,318 |
Net income from discontinued operations | — |  |  | — |  |  | 731 |  |  | — |
Net (loss) income | $ | (5,763 | ) |  | $ | 23,564 |  |  | $ | 845 |  |  | $ | 24,318 |
Shares used to compute basic income per share | 20,831,809 |  |  | 19,725,410 |  |  | 20,765,053 |  |  | 19,668,183 |
Dilutive potential common shares: |  |  |  |  |  |  |
Restricted stock | — |  |  | 42,836 |  |  | 86,419 |  |  | 52,187 |
Stock options | — |  |  | 1,044,926 |  |  | 785,921 |  |  | 1,001,147 |
2019 convertible senior notes | — |  |  | 463,232 |  |  | 977,339 |  |  | 231,617 |
Shares used to compute diluted income per share | 20,831,809 |  |  | 21,276,404 |  |  | 22,614,732 |  |  | 20,953,134 |
Basic per share amounts: |  |  |  |  |  |  |
(Loss) income from continuing operations | $ | (0.28 | ) |  | $ | 1.19 |  |  | $ | 0.01 |  |  | $ | 1.24 |
Income from discontinued operations | — |  |  | — |  |  | 0.03 |  |  | — |
Basic net (loss) income per share | $ | (0.28 | ) |  | $ | 1.19 |  |  | $ | 0.04 |  |  | $ | 1.24 |
Diluted per share amounts: |  |  |  |  |  |  |
(Loss) income from continuing operations | $ | (0.28 | ) |  | $ | 1.11 |  |  | $ | 0.01 |  |  | $ | 1.16 |
Income from discontinued operations | — |  |  | — |  |  | 0.03 |  |  | — |
Diluted net (loss) income per share | $ | (0.28 | ) |  | $ | 1.11 |  |  | $ | 0.04 |  |  | $ | 1.16 |
Summary of investment categories | The following table summarizes the various investment categories at June 30, 2016 and December 31, 2015 (in thousands):
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value
June 30, 2016 |  |  |  |  |  |  |
Short-term investments |  |  |  |  |  |  |  |
Bank deposits | $ | 10,000 |  |  | $ | 28 |  |  | $ | — |  |  | $ | 10,028 |
Corporate bonds | 23,210 |  |  | 174 |  |  | (1 | ) |  | 23,383 |
Commercial paper | 6,665 |  |  | 3 |  |  | — |  |  | 6,668 |
Asset backed securities | 695 |  |  | — |  |  | — |  |  | 695 |
Corporate equity securities | 1,700 |  |  | 3,129 |  |  | — |  |  | 4,829 |
| $ | 42,270 |  |  | $ | 3,334 |  |  | $ | (1 | ) |  | $ | 45,603 |
December 31, 2015 |  |  |  |  |  |  |
Short-term investments |  |  |  |  |  |  |
Bank deposits | $ | 43,043 |  |  | $ | — |  |  | $ | (4 | ) |  | $ | 43,039 |
Corporate bonds | 41,238 |  |  | — |  |  | (35 | ) |  | 41,203 |
Commercial paper | 1,747 |  |  | — |  |  | — |  |  | 1,747 |
Asset backed securities | 10,020 |  |  | — |  |  | (5 | ) |  | 10,015 |
Corporate equity securities | 1,843 |  |  | 4,944 |  |  | — |  |  | 6,787 |
| $ | 97,891 |  |  | $ | 4,944 |  |  | $ | (44 | ) |  | $ | 102,791 |
Summary of goodwill and other identifiable intangible assets | Goodwill and other identifiable intangible assets consist of the following (in thousands):
| June 30, |  | December 31,
| 2016 |  | 2015
Indefinite lived intangible assets |  |  |
Acquired IPR&D | $ | 12,556 |  |  | $ | 12,556 |
Goodwill | 72,360 |  |  | 12,238 |
Definite lived intangible assets |  |  |
Complete technology | 182,267 |  |  | 15,267 |
Less: Accumulated amortization | (8,161 | ) |  | (3,762 | )
Trade name | 2,642 |  |  | 2,642 |
Less: Accumulated amortization | (718 | ) |  | (652 | )
Customer relationships | 29,600 |  |  | 29,600 |
Less: Accumulated amortization | (8,044 | ) |  | (7,304 | )
Total goodwill and other identifiable intangible assets, net | $ | 282,502 |  |  | $ | 60,585 |
Schedule of commercial license rights | Commercial License Rights consist of the following (in thousands):
| June 30, |  | December 31,
| 2016 |  | 2015
CorMatrix | $ | 17,692 |  |  | $ | — |
Selexis | 8,602 |  |  | 8,602 |
| 26,294 |  |  | 8,602 |
Less: accumulated amortization | (153 | ) |  | (48 | )
Total commercial rights, net | $ | 26,141 |  |  | $ | 8,554 |
Summary of property and equipment | Property and equipment is stated at cost and consists of the following (in thousands):
| June 30, |  | December 31,
| 2016 |  | 2015
Lab and office equipment | $ | 1,063 |  |  | $ | 2,248 |
Leasehold improvements | 929 |  |  | 273 |
Computer equipment and software | 692 |  |  | 632 |
| 2,684 |  |  | 3,153 |
Less accumulated depreciation and amortization | (1,503 | ) |  | (2,781 | )
Total property and equipment, net | $ | 1,181 |  |  | $ | 372 |
Summary of other current assets | Other current assets consist of the following (in thousands):
| June 30, |  | December 31,
| 2016 |  | 2015
Prepaid expenses | $ | 2,122 |  |  | $ | 1,177 |
Other receivables | 480 |  |  | 731 |
Total other current assets | $ | 2,602 |  |  | $ | 1,908 |
Summary of accrued liabilities | Accrued liabilities consist of the following (in thousands):
| June 30, |  | December 31,
| 2016 |  | 2015
Compensation | $ | 1,463 |  |  | $ | 1,711 |
Professional fees | 828 |  |  | 726 |
Amounts owed to former licensees | 852 |  |  | 915 |
Royalties owed to third parties | 1,037 |  |  | 823 |
Other | 771 |  |  | 1,222 |
Total accrued liabilities | $ | 4,951 |  |  | $ | 5,397 |
Summary of other long-term liabilities | Other long-term liabilities consist of the following (in thousands):
| June 30, |  | December 31,
| 2016 |  | 2015
Deposits | $ | 42 |  |  | $ | 268 |
Deferred rent | 326 |  |  | — |
Other | 30 |  |  | 29 |
Total other long-term liabilities | $ | 398 |  |  | $ | 297 |
Schedule for accounting for share-based compensation | The following table summarizes stock-based compensation expense recorded as components of research and development expenses and general and administrative expenses for the periods indicated (in thousands):
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Stock-based compensation expense as a component of: |  |  |  |  |  |  |
Research and development expenses | $ | 1,682 |  |  | $ | 1,253 |  |  | $ | 3,267 |  |  | $ | 2,174 |
General and administrative expenses | 2,558 |  |  | 2,507 |  |  | 5,092 |  |  | 4,501 |
| $ | 4,240 |  |  | $ | 3,760 |  |  | $ | 8,359 |  |  | $ | 6,675 |
Summary of fair-value options awarded to employees and directors | The fair-value for options that were awarded to employees and directors was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Risk-free interest rate | 1.7% |  | 1.7% |  | 1.5% |  | 1.8%
Dividend yield | — |  | — |  | — |  | —
Expected volatility | 49% |  | 58% |  | 50% |  | 58%
Expected term | 6.7 |  | 6.6 |  | 6.6 |  | 6.6
Forfeiture rate | 5.0% |  | 8.5% |  | 5.0% |  | 8.5%

X
- Definition Schedule for share based compensation expense for awards to employees and directors. + References No definition available. + Details
Name: | lgnd_ScheduleForShareBasedCompensationExpenseForAwardsToEmployeesAndDirectorsTableTextBlock
Namespace Prefix: | lgnd_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of other long term liabilities. + References No definition available. + Details
Name: | lgnd_ScheduleOfOtherLongTermLiabilitiesTableTextBlock
Namespace Prefix: | lgnd_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Commercial License Rights [Table Text Block] + References No definition available. + Details
Name: | lgnd_ScheduleofCommercialLicenseRightsTableTextBlock
Namespace Prefix: | lgnd_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27337-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27198-111563 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27161-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27357-111563 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27290-111563 + Details
Name: | us-gaap_AvailableForSaleSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(13)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_PropertyPlantAndEquipmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accrued liabilities. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill and intangible assets, which may be broken down by segment or major class. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 + Details
Name: | us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amounts of other current assets. + References No definition available. + Details
Name: | us-gaap_ScheduleOfOtherCurrentAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardEmployeeStockPurchasePlanValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration