Company: LGNZZ
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000886163-25-000051
Chunk: 40

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 1
Chunk 40
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 for the three and six months ended June 30, 2025 was primarily  due to Section 162(m) limitation on deduction for officer compensation, other non-deductible items and income from foreign operations, which were partially offset by the foreign derived intangible income deduction. The variance from the U.S. federal statutory tax rate of 21% for the three and six months ended June 30, 2024 was primarily due to tax benefits from the foreign-derived intangible income deduction, as well as the research and development tax credits, which were partially offset by the Section 162(m) limitation during the period.On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. This new legislation has multiple effective dates, with certain provisions becoming effective in 2025 and others implemented through 2027. We are currently assessing the impact of OBBBA on our consolidated financial statements.

9. Stockholders’ Equity

We grant options and awards to employees and non-employee directors pursuant to a stockholder approved stock incentive plan, which is described in further detail in Note 11, Stockholders’ Equity, of the Notes to Consolidated Financial Statements in our 2024 Annual Report.The following is a summary of our stock option and restricted stock activity and related information:Stock OptionsRestricted Stock AwardsSharesWeighted-Average Exercise PriceSharesWeighted-Average Grant Date Fair ValueBalance as of December 31, 20242,226,273 $75.14 437,872 $83.55 Granted457,376 $114.14 231,761 $106.95 Options exercised/RSUs vested(176,281)$69.16 (200,866)$76.46 Forfeited(57,913)$83.95 (5,933)$87.97 Balance as of June 30, 20252,449,455 $82.65 462,834 $98.29 As of June 30, 2025, outstanding options to purchase 1.3 million shares were exercisable with a weighted average exercise price per share of $73.19.Employee Stock Purchase PlanThe price at which common stock is purchased under the Amended Employee Stock