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Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 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 endedNine months ended
September 30,September 30,
2022202120222021
Royalties
Kyprolis$9,123 $8,821 $20,872 $18,548 
Evomela3,123 2,665 8,218 7,191 
Teriparatide injection 4,071 2,567 12,484 2,831 
Rylaze 2,099 600 6,065 600 
Other1,421 995 3,852 2,206 
$19,837 $15,648 $51,491 $31,376 
Captisol
     Captisol - Core$3,582 $5,374 $13,133 $16,310 
     Captisol - COVID(1)
32,367 29,719 64,483 112,565 
$35,949 $35,093 $77,616 $128,875 
Contract revenue
Service Revenue$4,975 $4,828 $15,574 $17,650 
License Fees460 200 5,154 2,293 
Milestone3,658 7,419 14,022 19,436 
Other1,209 1,647 5,343 5,030 
$10,302 $14,094 $40,093 $44,409 
Total$66,088 $64,835 $169,200 $204,660 
(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 September 30, 2022 and December 31, 2021 (in thousands):
Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
September 30, 2022
     Bank deposits$2,506 $— $(53)$2,453 
     Corporate bonds4,887 — (107)4,780 
     Corporate equity securities5,807 312 (3,615)2,504 
     Mutual fund88,115 — (1,203)86,912 
US government securities2,229 — (84)2,145 
     Warrants— 232 — 232 
$103,544 $544 $(5,062)$99,026 
      Viking common stock18,265 
Total short-term investments$117,291 
December 31, 2021
     Bank deposits$63,389 $13 $(21)$63,381 
     Corporate bonds29,308 17 (38)29,287 
     Commercial paper36,008 2 (12)35,998 
     Corporate equity securities5,807 402 (2,027)4,182 
     Mutual fund152,136 — (249)151,887 
     U.S. government securities5,577 — (23)5,554 
     Warrants— 408 — 408 
$292,225 $842 $(2,370)$290,697 
     Viking common stock30,889 
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):
September 30, 2022
Amortized CostFair Value
Within one year$8,659 $8,458 
After one year through five years982 939 
Total$9,641 $9,397 
Schedule of Goodwill and Other Identifiable Intangible Assets
Goodwill and other identifiable intangible assets consist of the following (in thousands):

September 30,December 31,
20222021
Indefinite-lived intangible assets
     Goodwill$181,206 $181,206 
Definite lived intangible assets
     Complete technology282,057 280,617 
          Less: accumulated amortization(90,611)(78,991)
     Trade name2,642 2,642 
          Less: accumulated amortization(1,544)(1,444)
     Customer relationships40,700 40,700 
          Less: accumulated amortization(20,272)(18,267)
     Contractual relationships362,000 362,000 
          Less: accumulated amortization(57,947)(36,217)
Total goodwill and other identifiable intangible assets, net$698,231 $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 business75,533 
$181,206 
Schedule of Commercial License Rights
Commercial license rights consist of the following (in thousands):
September 30, 2022December 31, 2021
Gross
Adjustments(1)
NetGross
Adjustments(2)
Net
Aziyo and CorMatrix$17,696 $(9,455)$8,241 $17,696 $(9,461)$8,235 
Selexis and Dianomi10,602 (8,650)1,952 10,602 (8,727)1,875 
    Total$28,298 $(18,105)$10,193 $28,298 $(18,188)$10,110 
(1) Amounts represent accumulated amortization to principal of $11.6 million and credit loss adjustments of $6.5 million as of September 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):
September 30,December 31,
20222021
Compensation$6,229 $6,532 
Professional fees2,848 2,046 
Amounts owed to former licensees4,042 630 
Return reserve— 2,420 
Acquisition related liabilities— 1,000 
Subcontractor1,756 1,759 
Other4,463 3,192 
     Total accrued liabilities$19,338 $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 endedNine months ended
September 30, September 30,
2022202120222021
SBC - Research and development expenses$6,104 $4,480 $14,519 $12,975 
SBC - General and administrative expenses6,493 5,274 16,621 15,400 
$12,597 $9,754 $31,140 $28,375 
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 endedNine months ended
September 30, September 30,
2022202120222021
Risk-free interest rate2.8%0.8%2.9%0.5%
Dividend yield————
Expected volatility50%48%50%61%
Expected term (years)4.94.94.85.0
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 endedNine months ended
September 30, September 30,
2022202120222021
Weighted average shares outstanding:16,888 16,688 16,860 16,595 
Dilutive potential common shares:
     Restricted stock65 75 — 85 
     Stock options179 379 — 507 
Shares used to compute diluted income per share17,132 17,142 16,860 17,187 
Potentially dilutive shares excluded from calculation due to anti-dilutive effect6,706 5,574 6,503 4,984