Company: LGNZZ
Filing Date: 2025-04-22
Form Type: DEF 14A
Source: 0000886163-25-000025
Chunk: 77

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-04-22
Form: DEF 14A
Chunk 77
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 $ |   8.25 |     | $ |   6.09 |
| Realized gain from sales of VKTX stock, net of tax                          |     |   |      — |     |   |  -0.33 |     |   |  -2.51 |     |   |  -2.03 |
| Core adjusted diluted net income per share from continuing operations       |     | $ |   1.27 |     | $ |   1.05 |     | $ |   5.74 |     | $ |   4.06 |
| GAAP - weighted average number of common shares - diluted                   |     |   | 18,974 |     |   | 17,676 |     |   | 18,290 |     |   | 17,757 |
| Shares excluded due to anti-dilutive effect on GAAP net loss                |     |   |    931 |     |   |      — |     |   |    619 |     |   |      — |
| Diluted effect of the 2023 Notes(9)                                         |     |   |      — |     |   |      — |     |   |      — |     |   |   -119 |
| Adjusted weighted average number of common shares - diluted                 |     |   | 19,905 |     |   | 17,676 |     |   | 18,909 |     |   | 17,638 |

(1) Amounts represent (a) non-cash interest expense in connection with the royalty and milestone payments purchase agreement assumed as part of the Novan asset acquisition in September 2023; and (b) non-cash debt related costs that are calculated in accordance with the authoritative accounting guidance for our revolving credit facility and convertible debt instruments that were settled in cash.

(2) Amounts represent the adjustments to the effective interest income recognized to total contractual payments recognized in the period.

(3) Amounts represent changes in fair value of contingent consideration related to CyDex and Metabasis transactions.

(4) Amounts represent the impairment of financial royalty assets primarily related to the discontinuation of Takeda’s soticlestat program.

(5) In June 2024, Primrose Bio announced a Series B preferred share offering. Management applies the measurement alternative for its investment in the Series A preferred shares of Primrose Bio. Management concluded the Series B financing was a relevant