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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________
FORM 8-K
______________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 24, 2025
LIGAND PHARMACEUTICALS INCORPORATED
(Exact Name of Registrant as Specified in Its Charter)

Delaware | 001-33093 | 77-0160744
(State or other jurisdiction of | (Commission File Number) | (I.R.S. Employer
incorporation or organization) |  | Identification No.)

555 Heritage Drive, Suite 200 |  |
Jupiter |  |
Florida |  | 33458
(Address of principal executive offices) |  | (Zip Code)

(858) 550-7500
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Ac t:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Common Stock, par value $0.001 per share | LGND | The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.
On February 24, 2025, Ligand Pharmaceuticals Incorporated (“Ligand”) entered into a Purchase and Sale Agreement (the “Agreement”) with Castle Creek Biosciences, Inc., Castle Creek Biosciences, LLC (collectively, “Castle Creek”) and a syndicate of co-investors for which Ligand acted as representative (collectively, including Ligand, the “Purchasers”), to support Castle Creek’s autologous human fibroblast cell-based gene therapy genetically modified to express COL7, also known as FCX-007 (dabocemagene autoficel) (“D-Fi”) Phase 3 clinical study, its lead candidate for patients with dystrophic epidermolysis bullosa (“DEB”).
Pursuant to the Agreement, Ligand and the other Purchasers obtained, for an aggregate purchase price of $75 million, $50 million of which was paid by Ligand and $25 million of which was paid by the other Purchasers collectively, (i) a high single digit royalty on worldwide sales of D-Fi and (ii) warrants (“Warrants”) to purchase shares of Castle Creek Biosciences, Inc. Series D-1 Preferred Stock (“Shares”). The Warrants are exercisable until February 24, 2035.
As part of the Agreement, Castle Creek granted the Purchasers a security interest in certain assets related to the programs included in the Agreement, subject to certain customary exceptions.
In connection with the transaction Ligand also acquired an unsecured subordinated promissory note issued by Castle Creek Biosciences, LLC with an aggregate principal amount of $8.3 million, which note is due and payable upon Castle Creek’s receipt of U.S. Food and Drug Administration approval of D-Fi for treatment of DEB and certain other conditions to payment. Ligand paid $1.8 million for the unsecured subordinated promissory note.
The above summary of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, which will be filed, with confidential terms redacted, as an exhibit to Ligand’s Quarterly Report on Form 10-Q to be filed with respect to the quarter ended March 31, 2025.
Item 7.01 Regulation FD Disclosure.
On February 25, 2025, Ligand issued a press release announcing its entry into the Agreement. A copy of the press release is furnished herewith as Exhibit 99.1 to this report.
In accordance with General Instruction B.2. of Form 8-K, the information in this Item 7.01 of this report, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.

Exhibit No. | Description
99.1 | Press release dated February 25, 2025.

Forward-Looking Statements
This report contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, as amended, that involve a number of risks and uncertainties and reflect Ligand’s judgment as of the date of this report. Although our forward-looking statements reflect the good faith judgment of our management, these statements can only be based on facts and factors currently known by us. Consequently, these forward-looking

statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from results and outcomes discussed in the forward-looking statements.
All statements contained herein, other than statements of historical fact, could be deemed to be forward-looking statements. In some instances, forward-looking statements can be identified by the use of forward-looking words such as “believes,” “expects,” “may,” “will,” “plan,” “intends,” “estimates,” “would,” “continue,” “seeks,” “pro forma,” or “anticipates,” or other similar words (including their use in the negative), or by discussions of future matters such as those related to our future results of operations and financial position; Ligand’s future royalty payments due under the Agreement; product development and product regulatory filings and approvals, and the timing thereof, including the trial and regulatory success of Castle Creek’s upcoming Phase 3 trial of D-Fi for patients with DEB; the potential high patient impact, and revenue potential, of D-Fi; Ligand may not receive expected revenue under this Agreement or others; Ligand or its partners may not be able to protect their intellectual property, and patents covering certain products and technologies may be challenged or invalidated which could expose Ligand to significant liabilities and have a material adverse effect on the company; as well as other statements that are not historical in nature. You should be aware that failure to meet expectations with regard to any of the foregoing matters could negatively affect our results of operations, financial condition and the trading price of our stock.
The cautionary statements made in this report are intended to be applicable to all related forward-looking statements wherever they may appear in this report. We urge you not to place undue reliance on these forward-looking statements, which reflect our good-faith beliefs (or those of indicated third parties) and speak only as of the date of this report. Except as required by law, we disclaim any intent or obligation to update these forward-looking statements beyond the date of this report, even if new information becomes available in the future. This caution is made under the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

| LIGAND PHARMACEUTICALS INCORPORATED
Date: February 25, 2025 | By: /s/ Andrew Reardon Name: Andrew Reardon Title: Chief Legal Officer and Secretary