XML 34 R22.htm IDEA: XBRL DOCUMENT
v3.25.1

Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The information on significant segment expenses that are regularly provided to the CODM, and other segment items included within the reported segment profit or loss measure, is presented in a table below:
| Three months ended
| March 31,
| 2025 |  | 2024
Total revenues and other income | $ | 45,333 |  |  | $ | 30,978 |
Share-based compensation | (7,836) |  |  | (7,334) |
Other segment items: |  |  |
Amortization of intangibles | (8,257) |  |  | (8,186) |
Depreciation of property and equipment | (513) |  |  | (579) |
Interest income | 1,771 |  |  | 2,020 |
Interest expense | (867) |  |  | (141) |
Other * | (72,082) |  |  | 69,381 |
Net income (loss) | $ | (42,451) |  |  | $ | 86,139 |
* Other items for the three months ended March 31, 2025 and 2024 include the amount of other general, administrative, research and development expenses of $60.5 million (including a $44.3 million one-time research and development expense in connection with Castle Creek Transaction. See detail in Note 3, Castle Creek and Agenus Transactions) and $9.0 million (net of share-based compensation and depreciation expenses), respectively, and additional income and expense items that are presented in unaudited condensed statements of operations such as financial royalty assets impairment, fair value adjustments to partner program derivatives, cost of Captisol and other non-operating income and expenses.
Schedule of Revenue by Source | The following table represents disaggregation of royalties, Captisol and contract revenue and other income (in thousands):
| Three months ended |  |
| March 31, |  |
| 2025 |  | 2024 |  |  |  |
Royalties |  |  |  |  |  |  |
Kyprolis | $ | 4,723 |  |  | $ | 6,632 |  |  |  |  |
Evomela | 1,981 |  |  | 1,397 |  |  |  |  |
Teriparatide injection | 1,191 |  |  | 2,041 |  |  |  |  |
Rylaze | 3,119 |  |  | 2,952 |  |  |  |  |
Filspari | 5,301 |  |  | 1,772 |  |  |  |  |
Vaxneuvance | 1,285 |  |  | 1,387 |  |  |  |  |
Other | 3,987 |  |  | 2,176 |  |  |  |  |
Revenue from intangible royalty assets | 21,587 |  |  | 18,357 |  |  |  |  |
Qarziba | 5,442 |  |  | — |  |  |  |  |
Other | 460 |  |  | 738 |  |  |  |  |
Income from financial royalty assets | 5,902 |  |  | 738 |  |  |  |  |
Total royalties | 27,489 |  |  | 19,095 |  |  |  |  |
Captisol | 13,460 |  |  | 9,212 |  |  |  |  |
Contract revenue and other income |  |  |  |  |  |  |
Milestone and other | 4,384 |  |  | 727 |  |  |  |  |
Other income | — |  |  | 1,944 |  |  |  |  |
Contract revenue and other income | 4,384 |  |  | 2,671 |  |  |  |  |
Total | $ | 45,333 |  |  | $ | 30,978 |  |  |  |  |
Schedule of Short-Term Investments | Our short-term investments consist of the following at March 31, 2025 and December 31, 2024 (in thousands):
March 31, 2025 | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Estimated fair value
U.S. Treasuries | $ | 64,970 |  |  |  | $ | 5 |  |  |  | $ | (7) |  |  |  | $ | 64,968 |
Commercial paper | 29,311 |  |  |  | 5 |  |  |  | (7) |  |  |  | 29,309 |
Corporate notes/bonds | 18,278 |  |  |  | 17 |  |  |  | (10) |  |  |  | 18,285 |
Certificates of Deposit | 17,093 |  |  |  | 6 |  |  |  | (1) |  |  |  | 17,098 |
Corporate equity securities | 5,529 |  |  |  | 3,402 |  |  |  | (1,829) |  |  |  | 7,102 |
| $ | 135,181 |  |  |  | $ | 3,435 |  |  |  | $ | (1,854) |  |  |  | 136,762 |
Viking common stock |  |  |  |  |  |  |  |  |  | 24,150 |
Total short-term investments |  |  |  |  |  |  |  |  |  | $ | 160,912 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |
U.S. Treasuries | $ | 78,442 |  |  |  | $ | 19 |  |  |  | $ | (13) |  |  |  | $ | 78,448 |
Commercial paper | 23,483 |  |  |  | 5 |  |  |  | (6) |  |  |  | 23,482 |
Certificates of Deposit | 22,812 |  |  |  | 12 |  |  |  | (4) |  |  |  | 22,820 |
Corporate notes/bonds | 15,496 |  |  |  | 21 |  |  |  | (8) |  |  |  | 15,509 |
Corporate equity securities | 9,954 |  |  |  | — |  |  |  | (6,595) |  |  |  | 3,359 |
| $ | 150,187 |  |  |  | $ | 57 |  |  |  | $ | (6,626) |  |  |  | 143,618 |
Viking common stock |  |  |  |  |  |  |  |  |  | 40,240 |
Total short-term investments |  |  |  |  |  |  |  |  |  | $ | 183,858 |
Schedule of Available-for-Sale Debt Securities | The following table summarizes our available-for-sale debt securities by contractual maturity (in thousands):
| March 31, 2025
| Amortized Cost |  | Fair Value
Within one year | $ | 124,947 |  |  | $ | 124,952 |
After one year through five years | 4,705 |  |  | 4,708 |
Total | $ | 129,652 |  |  | $ | 129,660 |
Schedule of Goodwill and Other Identifiable Intangible Assets | Goodwill and other identifiable intangible assets consist of the following (in thousands):
| March 31, |  | December 31,
| 2025 |  | 2024
Indefinite-lived intangible assets |  |  |
Goodwill | $ | 101,541 |  |  | $ | 105,250 |
Definite lived intangible assets |  |  |
Complete technology | 39,249 |  |  | 39,249 |
Less: accumulated amortization | (20,347) |  |  | (19,710) |
Trade name | 2,642 |  |  | 2,642 |
Less: accumulated amortization | (1,877) |  |  | (1,843) |
Customer relationships | 29,600 |  |  | 29,600 |
Less: accumulated amortization | (21,025) |  |  | (20,652) |
Contractual relationships | 360,000 |  |  | 360,000 |
Less: accumulated amortization | (129,851) |  |  | (122,638) |
Total definite lived intangible assets | 258,391 |  |  | 266,648 |
Total goodwill and other identifiable intangible assets, net | $ | 359,932 |  |  | $ | 371,898 |
Schedule of Derivative Assets | Derivative assets consist of the following (in thousands):
| March 31, |  | December 31,
| 2025 |  | 2024
Castle Creek Warrant | $ | 5,693 |  |  | $ | — |
Castle Creek Milestone | 1,833 |  |  | — |
Primrose mRNA | 3,548 |  |  | 3,451 |
Agenus Partner Programs | 6,673 |  |  | 6,326 |
Agenus Warrant | 282 |  |  | 806 |
Total noncurrent derivative assets | $ | 18,029 |  |  | $ | 10,583 |
Schedule of Other Investment | Other investments consist of the following (in thousands):
| March 31, |  | December 31,
| 2025 |  | 2024
Equity securities in Primrose Bio | $ | 6,712 |  |  | $ | 6,712 |
InvIOs investment | 4,196 |  |  | 4,196 |
Total other investments | $ | 10,908 |  |  | $ | 10,908 |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands):
| March 31, |  | December 31,
| 2025 |  | 2024
Royalties owed to third parties | $ | 7,633 |  |  | $ | 6,500 |
Professional fees | 5,428 |  |  | 4,858 |
UK value-added tax | 5,587 |  |  | 5,159 |
Compensation | 1,890 |  |  | 5,522 |
Subcontractor | 1,756 |  |  | 1,756 |
Customer deposit | 621 |  |  | 621 |
Other | 622 |  |  | 3,490 |
Total accrued liabilities | $ | 23,537 |  |  | $ | 27,906 |
Schedule of Other Long Term Liabilities | Other long-term liabilities consist of the following (in thousands):
| March 31, |  | December 31,
| 2025 |  | 2024
Unrecognized tax benefits | $ | 14,189 |  |  | $ | 14,160 |
Novan (Pelthos) contract liability | — |  |  | 15,938 |
Other long-term liabilities | 59 |  |  | 65 |
Total other long-term liabilities | $ | 14,248 |  |  | $ | 30,163 |
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 |  |
| March 31, |  |
| 2025 |  | 2024 |  |  |  |
SBC - Research and development expenses | $ | 904 |  |  | $ | 678 |  |  |  |  |
SBC - General and administrative expenses | 6,932 |  |  | 6,656 |  |  |  |  |
Total SBC expenses | $ | 7,836 |  |  | $ | 7,334 |  |  |  |  |
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 |  |
| March 31, |  |
| 2025 |  | 2024 |  |  |  |
Risk-free interest rate | 4.0% |  | 4.3% |  |  |  |
Dividend yield | — |  | — |  |  |  |
Expected volatility | 45.9% |  | 44.6% |  |  |  |
Expected term (years) | 4.1 |  | 4.7 |  |  |  |
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 |  |
| March 31, |  |
| 2025 |  | 2024 |  |  |  |
Weighted average shares outstanding: | 19,191 |  |  | 17,732 |  |  |  |  |
Dilutive potential common shares: |  |  |  |  |  |  |
Restricted stock | — |  |  | 118 |  |  |  |  |
Stock options | — |  |  | 272 |  |  |  |  |
Shares used to compute diluted income (loss) per share | 19,191 |  |  | 18,122 |  |  |  |  |
Potentially dilutive shares excluded from calculation due to anti-dilutive effect | 761 |  |  | 2,007 |  |  |  |  |

X
- Definition Schedule Of Short-Term investments + References No definition available. + Details
Name: | lgnd_ScheduleOfShortTermInvestmentsTableTextBlock
Namespace Prefix: | lgnd_
Data Type: | dtr-types1: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 -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 + 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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
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 other noncurrent liabilities. + References No definition available. + Details
Name: | us-gaap_OtherNoncurrentLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative assets at fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock
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 -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + 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 and intangible assets, which may be broken down by segment or major class. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardEmployeeStockPurchasePlanValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the summary of investment holdings. + References No definition available. + Details
Name: | us-gaap_SummaryInvestmentHoldingsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration