Company: LGNZZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000886163-25-000012
Chunk: 194

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 194
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 as management believes realization of such assets are uncertain as of December 31, 2024, 2023 and 2022. We offset all deferred tax assets and liabilities by jurisdiction, as well as any related valuation allowance, and present them on our consolidated balance sheet as a non-current deferred income tax asset or liability (as applicable). Deferred tax assets (liabilities) are comprised of the following (in thousands): December 31, 20242023Deferred tax assets:Net operating loss carryforwards$40,385 $45,702 Research credit carryforwards24,404 26,611 Capitalized R&D7,090 4,550 Stock compensation10,726 11,886 Other13,733 15,012 96,338 103,761 Valuation allowance for deferred tax assets(55,649)(57,699)Net deferred tax assets40,689 46,062 Deferred tax liabilities:Identified intangibles(69,150)(66,966)     Other(3,991)(10,504)Net deferred tax liabilities(73,141)(77,470)Deferred income taxes, net$(32,452)$(31,408)

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As of December 31, 2024, we had federal net operating loss carryforwards set to expire through 2037 of $21.4 million and $162.8 million of state net operating loss carryforwards that begin to expire in 2028. We also have $6.2 million of federal research and development credit carryforwards, which expire through 2040. We have $29.5 million of California research and development credit carryforwards that have no expiration date. In addition, we have approximately $98.4 million of non-U.S. net operating loss carryovers and approximately $14.4 million of non-U.S. capital loss carryovers that have no expiration date.As of December 31, 2023, we had federal net operating loss carryforwards set to expire through 2037 of $48.0 million and $165.1 million of state net operating loss carryforwards that begin to expire in 2028. We also had $8.5 million of federal research and development credit carryforwards, which expire through 2040. We had $29.4 million of California research and development credit carryforwards that have no expiration date. In addition, we had approximately $95.5 million of non