XML 31 R17.htm IDEA: XBRL DOCUMENT
v3.22.2

Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Revenue by Source | The following table represents disaggregation of royalties, Captisol and contract revenue (in thousands):
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Royalties |  |  |  |  |  |  |
Kyprolis | $ | 7,127 |  |  | $ | 5,440 |  |  | $ | 11,749 |  |  | $ | 9,727 |
Evomela | 2,394 |  |  | 2,193 |  |  | 5,095 |  |  | 4,526 |
Teriparatide injection | 5,502 |  |  | 264 |  |  | 8,413 |  |  | 264 |
Rylaze | 2,317 |  |  | — |  |  | 3,966 |  |  | — |
Other | 619 |  |  | 719 |  |  | 2,431 |  |  | 1,211 |
| $ | 17,959 |  |  | $ | 8,616 |  |  | $ | 31,654 |  |  | $ | 15,728 |
Captisol |  |  |  |  |  |  |
Captisol - Core | $ | 3,325 |  |  | $ | 9,682 |  |  | $ | 9,551 |  |  | $ | 10,935 |
Captisol - COVID(1) | 26,220 |  |  | 52,827 |  |  | 32,116 |  |  | 82,846 |
| $ | 29,545 |  |  | $ | 62,509 |  |  | $ | 41,667 |  |  | $ | 93,781 |
Contract revenue |  |  |  |  |  |  |
Service Revenue | $ | 5,453 |  |  | $ | 7,360 |  |  | $ | 10,599 |  |  | $ | 12,822 |
License Fees | 1,608 |  |  | 1,050 |  |  | 4,694 |  |  | 2,093 |
Milestone | 1,275 |  |  | 3,600 |  |  | 10,364 |  |  | 12,017 |
Other | 1,579 |  |  | 1,540 |  |  | 4,134 |  |  | 3,384 |
| $ | 9,915 |  |  | $ | 13,550 |  |  | $ | 29,791 |  |  | $ | 30,316 |
Total | $ | 57,419 |  |  | $ | 84,675 |  |  | $ | 103,112 |  |  | $ | 139,825 |
(1) Captisol - COVID represents revenue on Captisol supplied for use in formulation with remdesivir, an antiviral treatment for COVID-19.
Schedule of Short-Term Investments | Our short-term investments consist of the following at June 30, 2022 and December 31, 2021 (in thousands):
| Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Estimated fair value |
June 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Bank deposits | $ | 2,504 |  |  |  | $ | — |  |  |  | $ | (61) |  |  |  | $ | 2,443 |  |
Corporate bonds | 4,904 |  |  |  | — |  |  |  | (121) |  |  |  | 4,783 |  |
Corporate equity securities | 5,807 |  |  |  | 307 |  |  |  | (3,703) |  |  |  | 2,411 |  |
Mutual fund | 112,535 |  |  |  | — |  |  |  | (1,228) |  |  |  | 111,307 |  |
US government securities | 2,246 |  |  |  | — |  |  |  | (71) |  |  |  | 2,175 |  |
Warrants | — |  |  |  | 129 |  |  |  | — |  |  |  | 129 |  |
| $ | 127,996 |  |  |  | $ | 436 |  |  |  | $ | (5,184) |  |  |  | $ | 123,248 |  |
Viking common stock |  |  |  |  |  |  |  |  |  | 19,407 |  |
Total short-term investments |  |  |  |  |  |  |  |  |  | $ | 142,655 |  |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Bank deposits | $ | 63,389 |  |  |  | $ | 13 |  |  |  | $ | (21) |  |  |  | $ | 63,381 |  |
Corporate bonds | 29,308 |  |  |  | 17 |  |  |  | (38) |  |  |  | 29,287 |  |
Commercial paper | 36,008 |  |  |  | 2 |  |  |  | (12) |  |  |  | 35,998 |  |
Corporate equity securities | 5,807 |  |  |  | 402 |  |  |  | (2,027) |  |  |  | 4,182 |  |
Mutual fund | 152,136 |  |  |  | — |  |  |  | (249) |  |  |  | 151,887 |  |
US government securities | 5,577 |  |  |  | — |  |  |  | (23) |  |  |  | 5,554 |  |
Warrants | — |  |  |  | 408 |  |  |  | — |  |  |  | 408 |  |
| $ | 292,225 |  |  |  | $ | 842 |  |  |  | $ | (2,370) |  |  |  | $ | 290,697 |  |
Viking common stock |  |  |  |  |  |  |  |  |  | 30,889 |  |
Total short-term investments |  |  |  |  |  |  |  |  |  | $ | 321,586 |  |
Schedule of Available-for-Sale Debt Securities | The following table summarizes our available-for-sale debt securities by contractual maturity (in thousands):
| June 30, 2022
| Amortized Cost |  | Fair Value
Within one year | $ | 6,423 |  |  | $ | 6,274 |
After one year through five years | 3,230 |  |  | 3,127 |
Total | $ | 9,653 |  |  | $ | 9,401 |
Schedule of Goodwill and Other Identifiable Intangible Assets | Goodwill and other identifiable intangible assets consist of the following (in thousands):
| June 30, |  | December 31,
| 2022 |  | 2021
Indefinite-lived intangible assets |  |  |
Goodwill | $ | 181,206 |  |  | $ | 181,206 |
Definite lived intangible assets |  |  |
Complete technology | 281,578 |  |  | 280,617 |
Less: accumulated amortization | (86,740) |  |  | (78,991) |
Trade name | 2,642 |  |  | 2,642 |
Less: accumulated amortization | (1,510) |  |  | (1,444) |
Customer relationships | 40,700 |  |  | 40,700 |
Less: accumulated amortization | (19,602) |  |  | (18,267) |
Contractual relationships | 362,000 |  |  | 362,000 |
Less: accumulated amortization | (50,704) |  |  | (36,217) |
Total goodwill and other identifiable intangible assets, net | $ | 709,570 |  |  | $ | 732,246 |
Schedule Of Goodwill Balance by Segment On Relative Fair Value Basis | The following table presents our allocation of goodwill balance by segment (in thousands):
| Fair Value
Goodwill |
Ligand core business | $ | 105,673 |
OmniAb business | 75,533 |
| $ | 181,206 |
Schedule of Commercial License Rights | Commercial license rights consist of the following (in thousands):
|  | June 30, 2022 |  | December 31, 2021
|  | Gross |  | Adjustments(1) |  | Net |  | Gross |  | Adjustments(2) |  | Net
Aziyo and CorMatrix |  | $ | 17,696 |  |  | $ | (9,425) |  |  | $ | 8,271 |  |  | $ | 17,696 |  |  | $ | (9,461) |  |  | $ | 8,235 |
Selexis and Dianomi |  | 10,602 |  |  | (8,606) |  |  | 1,996 |  |  | 10,602 |  |  | (8,727) |  |  | 1,875 |
Total |  | $ | 28,298 |  |  | $ | (18,031) |  |  | $ | 10,267 |  |  | $ | 28,298 |  |  | $ | (18,188) |  |  | $ | 10,110 |
(1) Amounts represent accumulated amortization to principal of $11.5 million and credit loss adjustments of $6.5 million as of June 30, 2022. (2) Amounts represent accumulated amortization to principal of $11.7 million and credit loss adjustments of $6.5 million as of December 31, 2021.
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands):
| June 30, |  | December 31,
| 2022 |  | 2021
Compensation | $ | 4,669 |  |  | $ | 6,532 |
Professional fees | 1,828 |  |  | 2,046 |
Amounts owed to former licensees | 2,674 |  |  | 630 |
Royalties owed to third parties | — |  |  | 149 |
Return reserve | — |  |  | 2,420 |
Acquisition related liabilities | — |  |  | 1,000 |
Subcontractor | 1,756 |  |  | 1,759 |
Supplier | 1,995 |  |  | 848 |
Accrued interest | — |  |  | 291 |
Other | 1,629 |  |  | 1,904 |
Total accrued liabilities | $ | 14,551 |  |  | $ | 17,579 |
Schedule of Accounting for Share-Based Compensation | The following table summarizes share-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, |  |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |  |
SBC - Research and development expenses | $ | 4,501 |  |  | $ | 4,556 |  |  | $ | 8,415 |  |  | $ | 8,495 |  |  |  |  |
SBC - General and administrative expenses | 4,998 |  |  | 5,660 |  |  | 10,128 |  |  | 10,126 |  |  |  |  |
| $ | 9,499 |  |  | $ | 10,216 |  |  | $ | 18,543 |  |  | $ | 18,621 |  |  |  |  |
Schedule 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, |  |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |  |
Risk-free interest rate | 3.0% |  | 0.9% |  | 3.0% |  | 0.5% |  |  |  |
Dividend yield | — |  | — |  | — |  | — |  |  |  |
Expected volatility | 50% |  | 54% |  | 50% |  | 62% |  |  |  |
Expected term (years) | 4.8 |  | 5.5 |  | 4.8 |  | 5.0 |  |  |  |
Schedule of Computation of Basic and Diluted Earnings per Share | The following table presents the calculation of weighted average shares used to calculate basic and diluted earnings per share (in thousands):
| Three months ended |  | Six months ended |  |
| June 30, |  | June 30, |  |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |  |
Weighted average shares outstanding: | 16,868 |  |  | 16,659 |  |  | 16,846 |  |  | 16,548 |  |  |  |  |
Dilutive potential common shares: |  |  |  |  |  |  |  |  |  |  |
Restricted stock | — |  |  | 69 |  |  | — |  |  | 90 |  |  |  |  |
Stock options | — |  |  | 444 |  |  | — |  |  | 572 |  |  |  |  |
Shares used to compute diluted income per share | 16,868 |  |  | 17,172 |  |  | 16,846 |  |  | 17,210 |  |  |  |  |
Potentially dilutive shares excluded from calculation due to anti-dilutive effect | 6,794 |  |  | 5,087 |  |  | 6,400 |  |  | 4,684 |  |  |  |  |

X
- References No definition available. + Details
Name: | lgnd_ScheduleForShareBasedCompensationExpenseForAwardsToEmployeesAndDirectorsTableTextBlockTableTextBlock
Namespace Prefix: | lgnd_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Commercial License Rights + References No definition available. + Details
Name: | lgnd_ScheduleOfCommercialLicenseRightsTableTextBlock
Namespace Prefix: | lgnd_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Short-Term investments + References No definition available. + Details
Name: | lgnd_ScheduleOfShortTermInvestmentsTableTextBlock
Namespace Prefix: | lgnd_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 the components of accrued liabilities. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 55 -Paragraph 24 -URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 + Details
Name: | us-gaap_ScheduleOfGoodwillTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 + Details
Name: | us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardEmployeeStockPurchasePlanValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration