Company: LGNZZ
Filing Date: 2025-04-22
Form Type: DEF 14A
Source: 0000886163-25-000025
Chunk: 5

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-04-22
Form: DEF 14A
Chunk 5
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 a highly engaged and experienced board of directors, and dedicated team members driving the business. In parallel with our business success, we are a team that cares about our communities and the environment. We are implementing measures to reduce our carbon footprint and minimize consumables and other factors of production in running our technology. In addition, we are contributing to the advancement of some vitally important medicines to advance human health.

As we are further building the business, we continue to license our existing platforms and portfolio assets to generate as many new product royalty opportunities as possible, while also exploring opportunities to invest capital directly into clinical stage development assets with superior risk reward profiles. We have a specific set of criteria we use to assess potential investments. The first is time to cash flow, as we seek products that are within a few years of regulatory approval and commercialization. Typically, this means we invest in Phase 3 assets, although we also evaluate opportunities to invest from

1 “Adjusted earnings per diluted share” or “adjusted EPS” is a non-GAAP financial measure. Refer to Appendix A to this proxy statement for a reconciliation of this non-GAAP financial measure to the corresponding GAAP measure.

1

Phase 2 assets to approved assets. In terms of an asset's clinical profile, we are looking for strong data supporting both efficacy and safety, and products which will ultimately deliver significant value to patients and to the healthcare system. We also look for strong market exclusivity, which can be achieved through intellectual property and/or regulatory protections. Structural alignment with our counterparty and the commercial counterparty is also a key criterion of the investments we make. Ultimately, we look for assets with favorable risk-reward profiles, which have above average probability of technical and regulatory success and can be commercialized effectively.

The summary below highlights certain information that may be found elsewhere in this proxy statement. We encourage you to read the entire proxy statement before casting your vote.

#### OUR BOARD’S VOTING RECOMMENDATIONS
| Item |     | Description of Proposal                                       |     | Recommendation |     | Page |
| 1    |     | Election of directors                                         |     | FOR            |     |   12 |
| 2    |     | Ratification of independent registered public accounting firm |     | FOR            |     |   19 |
| 3    |     | Approval of compensation of named executive officers          |     | FOR            |     |   22 |

### DIRECTOR NOMINEES
Please find a list of director nominees to our board of directors (the