Company: LGNZZ
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000886163-25-000063
Chunk: 107

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 8
Chunk 107
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 investments of the same issuer. When fair value becomes determinable, from observable price changes in orderly transactions, our investment will be marked to fair value.

5. Financial Royalty Assets, net

Financial royalty assets consist of the following (in thousands):September 30, 2025December 31, 2024Gross carrying value(2)Allowance (1)Net carrying value (2)Gross carrying value(2)Allowance (1)Net carrying valueQarziba$112,052 $(517)$111,535 $105,329 $(484)$104,845 Agenus Bot/Bal (see Note 3)40,815 (408)40,407 40,815 (408)40,407 Tolerance Therapeutics (Tzield®)25,363 (99)25,264 25,613 (101)25,512 Ohtuvayre inventors15,608 (142)15,466 15,969 (157)15,812 Elutia (CorMatrix)8,466 (1,316)7,150 9,418 (2,268)7,150 AT220 (Tyenne)4,751 (143)4,608 — — — UGN-301 (Urogen)4,144 (41)4,103 — — — Primrose mRNA3,281 (98)3,183 — — — Others7,224 (192)7,032 1,443 (120)1,323 Total financial royalty assets, net$221,704 $(2,956)$218,748 $198,587 $(3,538)$195,049 (1) The amounts of allowance include accumulated allowance for changes in expected cash flows and current expected credit losses.(2) The amounts include current portion of financial royalty assets which represents an estimation for current quarter royalty receipts that are to be collected during the subsequent quarter. The current portion of financial royalty assets amounted to $12.4 million and $10.0 million were presented in a separate line on our condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively.Financial royalty assets represent future economic rights acquired by Ligand in various transactions. As discussed in Note 1, Basis of Presentation and Summary of Significant