Company: LGNZZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000886163-25-000012
Chunk: 79

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1A
Chunk 79
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 acquire securities, and as a result, we may have limited ability to determine management, operational decisions or policies of such companies. Further, such transactions may face risks and liabilities that due diligence efforts fail to discover, that are not disclosed to us, or that we inadequately assess. In addition, as a result of our business model, we may receive material non-public information about other companies. Where such information relates to a company whose equity securities we hold, we may be delayed or prevented from selling such securities when we would otherwise choose to do so, and such delay or prohibition may result in a loss or reduced gain on such securities. 

The Pelthos business may suffer from uncertain business operations if we do not consummate a transaction or enter into commercial partnerships involving Pelthos. 

Consistent with our business model, we are engaging with potential commercial partners to maximize the value for our stockholders of the assets we acquired through the Novan acquisition that are held by our Pelthos business (including ZELSUVMI and other assets that may be developed using the NITRICIL technology platform) through a licensing or other strategic transaction involving Pelthos. If we do not consummate a transaction or enter into commercial partnerships, we will continue to be exposed to uncertainties with respect to the continued operations of the Pelthos business. Such uncertainties may affect our results of operations similarly to those faced by our Captisol business as described above under “Risks Related to Our Business Operations and Reliance on Third Parties.” 

Other Risks: 

Our operating results may fluctuate significantly, which makes our future operating results difficult to predict and could cause our operating results to fall below expectations or any guidance we may provide.

Our quarterly and annual operating results may fluctuate significantly, which makes it difficult for us to predict our future operating results. These fluctuations may occur due to a variety of factors, many of which are outside of our control, including, but not limited to:

•the royalties from the sales of Kyprolis, Evomela and other products sold by our partners; 

•the success of our collaboration partners’ preclinical and clinical programs;

•the timing of Captisol purchases for use in clinical trials and commercial products; 

•the timing and cost of, and level of investment in, research, development, regulatory approval and commercialization activities relating to our internal development programs, which may change from time to time;

•expenditures that we may incur to acquire or develop additional product candidates and platform technologies; and

•future accounting