Company: LGNZZ
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000886163-25-000036
Chunk: 67

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 67
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 to be issued under the award. Share-based compensation cost for these PSUs is measured using the Monte-Carlo simulation valuation model and is not adjusted for the achievement, or lack thereof, of the performance conditions.Net (Loss) Income Per ShareBasic net (loss) income per share is calculated by dividing  net (loss) income by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed based on the sum of the weighted average number of common shares and potentially dilutive common shares outstanding during the period. Diluted net loss per share is computed based on the sum of the weighted average number of common shares outstanding during the period.Potentially dilutive common shares consist of shares issuable under stock options and restricted stock. Potentially dilutive common shares from stock options and restricted stock are determined using the average share price for each period under the treasury stock method. In addition, the following amounts are assumed to be used to repurchase shares: proceeds from exercise of stock options and the average amount of unrecognized compensation expense for the awards. For additional information, see Note 9, Stockholders’ Equity.The following table presents the calculation of weighted average shares used to calculate basic and diluted earnings per share (in thousands):Three months endedMarch 31,20252024Weighted 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 share19,191 18,122 Potentially dilutive shares excluded from calculation due to anti-dilutive effect761 2,007 

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For the three months ended March 31, 2025, due to the net loss for the period, the 0.8 million weighted average incremental options and restricted stock awards were anti-dilutive. Foreign Currency TranslationThe Euro is the functional currency of Apeiron and the corresponding financial statements have been translated into U.S. Dollars in accordance with ASC 830-30, Translation of Financial Statements. Assets and liabilities are translated at end-of-period rates while revenues and expenses are translated at average rates in effect during the period in which the activity took place. Equity is translated at historical rates and the resulting cumulative translation adjustments are included as a component of accumulated other comprehensive income (loss).Accounting Standards Not Yet AdoptedIn December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):