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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity We grant options and awards to employees and non-employee directors pursuant to a stockholder approved stock incentive plan, which is described in further detail in Note 11, Stockholders’ Equity, of the Notes to Consolidated Financial Statements in our 2024 Annual Report. In June 2024, our stockholders approved the amendment and restatement of the Ligand Pharmaceuticals Incorporated 2002 Stock Incentive Plan, which increased the shares available for issuance by 1.3 million. The following is a summary of our stock option and restricted stock activity and related information:
| Stock Options |  | Restricted Stock Awards
| Shares |  | Weighted-Average Exercise Price |  | Shares |  | Weighted-Average Grant Date Fair Value
Balance as of December 31, 2024 | 2,226,273 |  |  | $ | 75.14 |  |  | 437,872 |  |  | $ | 83.55 |
Granted | 406,181 |  |  | $ | 115.23 |  |  | 223,298 |  |  | $ | 106.99 |
Options exercised/RSUs vested | (56,684) |  |  | $ | 74.30 |  |  | (187,234) |  |  | $ | 76.31 |
Forfeited | (46,771) |  |  | $ | 83.31 |  |  | (5,933) |  |  | $ | 87.97 |
Balance as of March 31, 2025 | 2,528,999 |  |  | $ | 81.45 |  |  | 468,003 |  |  | $ | 97.57 |
As of March 31, 2025, outstanding options to purchase 1.3 million shares were exercisable with a weighted average exercise price per share of $72.31. Employee Stock Purchase Plan The price at which common stock is purchased under the Amended Employee Stock Purchase Plan ("ESPP") is equal to 85% of the fair market value of the common stock on the first or last day of the offering period, whichever is lower. As of March 31, 2025, 24,493 shares were available for future purchases under the ESPP. At-the-Market Equity Offering Program On September 30, 2022, we filed a registration statement on Form S-3 (the “Shelf Registration Statement”), which became automatically effective upon filing, covering the offering of common stock, preferred stock, debt securities, warrants and units. On September 30, 2022, we also entered into an At-The-Market Equity Offering Sales Agreement (the “Sales Agreement”) with Stifel, Nicolaus & Company, Incorporated (the “Agent”), under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million in “at the market” offerings through the Agent (the “ATM Offering”). The Shelf Registration Statement included a prospectus covering the offering, issuance and sale of up to $100 million of our common stock from time to time through the ATM Offering. The shares to be sold under the Sales Agreement may be issued and sold pursuant to the Shelf Registration Statement. During the three months ended March 31, 2025 and 2024, we did not issue any shares of common stock in the ATM Offering. Share Repurchases In April 2023, our Board of Directors has approved a stock repurchase program authorizing, but not requiring, the repurchase of up to $50 million of our common stock from time to time through April 2026. We expect to acquire shares, if at all, primarily through open-market transactions in accordance with all applicable requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing and amount of repurchase transactions will be determined by management based on our evaluation of market conditions, share price, legal requirements and other factors. During the three months ended March 31, 2025 and 2024, we did not repurchase any common stock, respectively.

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