Company: LGNZZ
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000886163-25-000051
Chunk: 105

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 8
Chunk 105
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%$60,631 146%$120,732 130%$88,621 122%

Q2 2025 vs. Q2 2024

Total operating costs and expenses decreased by $21.4 million, or 35%, to $39.2 million in Q2 2025 compared to $60.6 million in Q2 2024.

Cost of Captisol remained steady at $2.9 million in Q2 2025 compared to $2.9 million in Q2 2024. 

Amortization of intangibles remained steady at $8.3 million in Q2 2025 compared to $8.3 million in Q2 2024.

At any one time, we are working on multiple R&D programs. As such, we generally do not track our R&D expenses on a specific program basis. Research and development expense was $6.6 million for Q2 2025, compared with $5.4 million for Q2 2024, with the increase primarily attributable to expenses incurred by Pelthos in preparation for the commercial launch of ZELSUVMI. 

General and administrative expense was $20.2 million for Q2 2025, compared to $17.6 million for Q2 2024,  with the increase primarily attributable to employee related costs and operating costs associated with incubating the Pelthos business.

Financial royalty asset impairment was $26.5 million for Q2 2024 due to Takeda’s Soticlestat missing its Phase 3 clinical trial primarily endpoint of reducing the frequency of convulsive seizures for patients with Dravet Syndrome.

Fair value adjustment to partner program derivatives was $1.3 million for Q2 2025 compared to zero for Q2 2024.

YTD 2025 vs. YTD 2024

Total operating costs and expenses increased by $32.1 million, or 36%, to $120.7 million in YTD 2025 compared to $88.6 million in YTD 2024.

Cost of Captisol increased by $2.0 million, or 34%, to $7.8 million in YTD 2025 compared to $5.8 million in YTD 2024, with the increase primarily due to the higher Captisol sales in YTD 2025 compared to YTD 2024. 

Amortization of intangibles remained steady at $16.5 million