Company: LGNZZ
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000886163-25-000063
Chunk: 92

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 8
Chunk 92
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 equity-method investments and other investments in our consolidated statements of operations.Other InvestmentsOther investments represent our investments in equity securities of third parties that do not result in us having a control or significant influence over such investments. Other investments consist of the following (in thousands):September 30, 2025December 31, 2024Pelthos Series A preferred shares$95,978 $— Equity securities in Primrose Bio6,547 6,712 InvIOs investment4,196 4,196      Total other investments$106,721 $10,908 Our investment in Pelthos Series A preferred shares is measured at fair value with changes in fair value recognized in earnings each reporting period. For additional information, see Note 2, Pelthos Transaction.Our other equity securities investments that do not have a readily determinable or estimable fair value, and therefore we elected the measurement alternative in ASC 321 to subsequently record the investment at cost less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. When fair value becomes determinable, from observable price changes in orderly transactions, our investment will be marked to fair value. In June 2024, Primrose Bio entered into an equity investment from an equity firm. In July 2024, 

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Primrose Bio raised additional funds from another equity firm. As a result, our investment in Series A preferred stock and reserve stock was reduced by $0.03 million and $25.79 million, respectively, during the three and nine months ended September 30, 2024. There were no observable price changes or impairments identified for the three and nine months ended September 30, 2025.The change in fair value for other investments (including those due to impairment) recognized during the period is presented in gain (loss) from change in fair value of equity-method investments and other investments in our condensed consolidated statements of operations.Accrued LiabilitiesAccrued liabilities consist of the following (in thousands):September 30, 2025December 31, 2024Royalties owed to third parties$12,321 $6,500 Compensation3,696 5,522 Professional fees2,063 4,858 Subcontractor1,756 1,756 Acquisition related liabilities1,000 — Value-added tax882 5,159 Customer deposit621 621 Other1,