Company: LGNZZ
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000886163-25-000051
Chunk: 79

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 8
Chunk 79
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 and used. Assets classified as held for sale are recorded at the lower of their carrying amount or fair value less costs to sell and are not depreciated or amortized. We evaluate the held for sale classification during each reporting period. The disposal group did not meet the requirements for presentation as discontinued operations and are included in income from continuing operations for the three and six months ended June 30, 2025.We did not have any assets held for sale as of December 31, 2024. The following table presents the carrying amounts of major classes of assets and liabilities related to assets held for sale with respect to the Pelthos divestiture as of June 30, 2025.June 30, 2025Assets:   Cash and cash equivalents$2,817    Accounts receivable, net48    Other current assets7,910    Property and equipment, net11,091    Goodwill3,709    Operating lease right-of-use assets3,625    Deferred income taxes, net5,499    Other assets529       Total assets held for sale$35,228 Liabilities:   Accounts payable$993    Accrued liabilities3,894    Deferred revenue1,072    Current operating lease liabilities626    Short-term bridge loan6,963    Long-term deferred revenue1,763    Long-term operating lease liability2,940    Other long-term liabilities17,441       Total liabilities related to assets held for sale$35,692 The estimated fair value of the Pelthos other long-term liabilities was $20.6 million compared to a carrying value of $17.4 million as of June 30, 2025. The estimated fair value of the Pelthos other long-term liabilities was $19.1 million compared to a carrying value of $15.9 million as of December 31, 2024. The merger was closed in July 2025. For additional information, see Note 11, Subsequent Events.

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3. Castle Creek and Agenus Transactions

Castle Creek TransactionOn February 24, 2025, we entered into a Purchase and Sale Agreement (the “Castle Creek Investment” transaction) with Castle Creek Biosciences, Inc., Castle Creek Biosciences, LLC (collectively, “Castle Creek”) and a syndicate of co-investors for which Ligand acted as representative (collectively, including Ligand, the “Purch