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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Revenue by Source | The following table represents disaggregation of royalties, Captisol and contract revenue and other income (in thousands):
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Royalties |  |  |  |  |  |  |
Kyprolis | $ | 8,998 |  |  | $ | 8,097 |  |  | $ | 15,630 |  |  | $ | 14,325 |
Evomela | 2,733 |  |  | 2,357 |  |  | 4,130 |  |  | 4,907 |
Teriparatide injection | 2,103 |  |  | 3,613 |  |  | 4,144 |  |  | 7,113 |
Rylaze | 3,232 |  |  | 3,028 |  |  | 6,184 |  |  | 5,637 |
Filspari | 2,424 |  |  | 315 |  |  | 4,196 |  |  | 585 |
Vaxneuvance | 1,109 |  |  | 1,039 |  |  | 2,496 |  |  | 1,677 |
Other | 2,004 |  |  | 1,981 |  |  | 4,180 |  |  | 3,340 |
Revenue from intangible royalty assets | 22,603 |  |  | 20,430 |  |  | 40,960 |  |  | 37,584 |
Income from financial royalty assets | 559 |  | 508 |  | 1,297 |  |  | 1,001 |
| 23,162 |  |  | 20,938 |  |  | 42,257 |  |  | 38,585 |
Captisol | 7,500 |  |  | 5,220 |  |  | 16,712 |  |  | 15,842 |
Contract revenue and other income |  |  |  |  |  |  |
Milestone and other | 10,869 |  |  | 208 |  |  | 11,596 |  |  | 15,918 |
Other income | — |  |  | — |  |  | 1,944 |  |  | — |
Contract revenue and other income | 10,869 |  |  | 208 |  |  | 13,540 |  |  | 15,918 |
Total | $ | 41,531 |  |  | $ | 26,366 |  |  | $ | 72,509 |  |  | $ | 70,345 |
Schedule of Short-Term Investments | Our short-term investments consist of the following at June 30, 2024 and December 31, 2023 (in thousands):
June 30, 2024 | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Estimated fair value
Bond fund | $ | 93,939 |  |  |  | $ | — |  |  |  | $ | (474) |  |  |  | $ | 93,465 |
Bank deposits | 20,427 |  |  |  | 4 |  |  |  | (22) |  |  |  | 20,409 |
Corporate bonds | 19,160 |  |  |  | 8 |  |  |  | (53) |  |  |  | 19,115 |
Commercial paper | 12,702 |  |  |  | 1 |  |  |  | (16) |  |  |  | 12,687 |
U.S. government securities | 9,314 |  |  |  | — |  |  |  | (55) |  |  |  | 9,259 |
Corporate equity securities | 6,551 |  |  |  | — |  |  |  | (5,703) |  |  |  | 848 |
| $ | 162,093 |  |  |  | $ | 13 |  |  |  | $ | (6,323) |  |  |  | 155,783 |
Viking common stock |  |  |  |  |  |  |  |  |  | 53,010 |
Total short-term investments |  |  |  |  |  |  |  |  |  | $ | 208,793 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |
Bond fund | $ | 63,763 |  |  |  | $ | — |  |  |  | $ | (537) |  |  |  | $ | 63,226 |
Bank deposits | 17,165 |  |  |  | 12 |  |  |  | (1) |  |  |  | 17,176 |
Corporate bonds | 14,850 |  |  |  | 40 |  |  |  | (2) |  |  |  | 14,888 |
Commercial paper | 11,578 |  |  |  | 9 |  |  |  | (1) |  |  |  | 11,586 |
U.S. government securities | 6,736 |  |  |  | 18 |  |  |  | (3) |  |  |  | 6,751 |
Municipal bonds | 1,007 |  |  |  | — |  |  |  | (4) |  |  |  | 1,003 |
Corporate equity securities | 5,775 |  |  |  | — |  |  |  | (5,235) |  |  |  | 540 |
| $ | 120,874 |  |  |  | $ | 79 |  |  |  | $ | (5,783) |  |  |  | 115,170 |
Viking common stock |  |  |  |  |  |  |  |  |  | 32,185 |
Total short-term investments |  |  |  |  |  |  |  |  |  | $ | 147,355 |
Schedule of Available-for-Sale Debt Securities | The following table summarizes our available-for-sale debt securities by contractual maturity (in thousands):
| June 30, 2024
| Amortized Cost |  | Fair Value
Within one year | $ | 62,952 |  |  | $ | 62,904 |
After one year through five years | 14,057 |  |  | 14,018 |
Total | $ | 77,009 |  |  | $ | 76,922 |
Schedule of Goodwill and Other Identifiable Intangible Assets | Goodwill and other identifiable intangible assets consist of the following (in thousands):
| June 30, |  | December 31,
| 2024 |  | 2023
Indefinite-lived intangible assets |  |  |
Goodwill | $ | 105,250 |  |  | $ | 103,370 |
Definite lived intangible assets |  |  |
Complete technology | 39,249 |  |  | 42,911 |
Less: accumulated amortization | (18,435) |  |  | (20,894) |
Trade name | 2,642 |  |  | 2,642 |
Less: accumulated amortization | (1,777) |  |  | (1,710) |
Customer relationships | 29,600 |  |  | 29,600 |
Less: accumulated amortization | (19,907) |  |  | (19,161) |
Contractual relationships | 360,000 |  |  | 360,000 |
Less: accumulated amortization | (108,210) |  |  | (93,782) |
Total goodwill and other identifiable intangible assets, net | $ | 388,412 |  |  | $ | 402,976 |
Schedule of Derivative Assets | Derivative assets consist of the following (in thousands):
| June 30, |  | December 31,
| 2024 |  | 2023
Agenus Upsize Option (expires on 6/30/25) | $ | 4,908 |  |  | $ | — |
Viking shares collar | 15,233 |  |  | — |
Total current derivative assets | $ | 20,141 |  |  | $ | — |
Primrose mRNA | $ | 3,937 |  |  | $ | 3,531 |
Agenus Partner Programs | 21,438 |  |  | — |
Agenus Warrant (5 years contractual term) | 9,130 |  |  | — |
Total noncurrent derivative assets | $ | 34,505 |  |  | $ | 3,531 |
Schedule of Other Investment | Other investments consist of the following (in thousands):
| June 30, |  | December 31,
| 2024 |  | 2023
Equity securities in Primrose Bio | $ | 6,741 |  |  | $ | 32,726 |
Neuritek warrants | 3,000 |  |  | 3,000 |
Palvella Series C preferred stock | 1,000 |  |  | 1,000 |
Total other investments | $ | 10,741 |  |  | $ | 36,726 |
Schedule of Inventory in Other Assets | inventory (raw materials and work in process related to the manufacturing of finished goods, including initial project validation batches) related to the preparation of commercial supplies of ZELSUVMI™ by Pelthos Therapeutics, a wholly owned subsidiary of Ligand. For additional information on ZELSUVMI, see Note 4, Acquisition. Below is a summary of the inventory included in other current assets (in thousands):
| June 30, |  | December 31,
| 2024 |  | 2023
Raw materials | $ | 1,488 |  |  | $ | 420 |
Work in process | 548 |  |  | 195 |
Total Pelthos inventory in other current assets | $ | 2,036 |  |  | $ | 615 |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands):
| June 30, |  | December 31,
| 2024 |  | 2023
Compensation | $ | 2,686 |  |  | $ | 4,682 |
Subcontractor | 1,756 |  |  | 1,756 |
Professional fees | 3,425 |  |  | 2,394 |
Customer deposit | 621 |  |  | 621 |
Supplier | 276 |  |  | 303 |
Royalties owed to third parties | 1,707 |  |  | 900 |
Amounts owed to former licensees | — |  |  | 45 |
Other | 1,700 |  |  | 1,766 |
Total accrued liabilities | $ | 12,171 |  |  | $ | 12,467 |
Schedule of Other Long Term Liabilities | Other long-term liabilities consist of the following (in thousands):
| June 30, |  | December 31,
| 2024 |  | 2023
Unrecognized tax benefits | $ | 14,482 |  |  | $ | 14,039 |
Novan (Pelthos) contract liability | 14,810 |  |  | 13,700 |
Other long-term liabilities | 59 |  |  | 19 |
| $ | 29,351 |  |  | $ | 27,758 |
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
SBC - Research and development expenses | $ | 928 |  |  | $ | 2,016 |  |  | $ | 1,606 |  |  | $ | 3,723 |
SBC - General and administrative expenses | 10,132 |  |  | 5,191 |  |  | 16,788 |  |  | 9,415 |
| $ | 11,060 |  |  | $ | 7,207 |  |  | $ | 18,394 |  |  | $ | 13,138 |
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Risk-free interest rate | 4.3% |  | 3.9% |  | 4.3% |  | 4.1%
Dividend yield | — |  | — |  | — |  | —
Expected volatility | 45.5% |  | 49.4% |  | 44.7% |  | 52.6%
Expected term (years) | 4.7 |  | 4.8 |  | 4.7 |  | 5.3
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Weighted average shares outstanding: | 18,028 |  |  | 17,276 |  |  | 17,880 |  |  | 17,170 |
Dilutive potential common shares: |  |  |  |  |  |  |
Restricted stock | — |  |  | 83 |  |  | 124 |  |  | 85 |
Stock options | — |  |  | 371 |  |  | 278 |  |  | 356 |
2023 convertible senior notes | — |  |  | — |  |  | — |  |  | 240 |
Shares used to compute diluted income (loss) per share | 18,028 |  |  | 17,730 |  |  | 18,282 |  |  | 17,851 |
Potentially dilutive shares excluded from calculation due to anti-dilutive effect | 2,347 |  |  | 4,862 |  |  | 2,177 |  |  | 4,612 |

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