Company: LGNZZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000886163-25-000012
Chunk: 171

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 171
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 lease term, whichever is shorter. Depreciation expense of $2.3 million, $2.9 million, and $3.8 million was recognized for the years ended December 31, 2024, 2023, and 2022, respectively, and was included in general and administrative and research and development expenses in our consolidated statements of operations.Goodwill and intangible assets, netGoodwill and identifiable intangible assets consist of the following (in thousands):December 31,20242023Indefinite-lived intangible assets     Goodwill$105,250 $103,370 Definite-lived intangible assets     Completed technology39,249 42,911           Less: Accumulated amortization(19,710)(20,894)     Trade name2,642 2,642           Less: Accumulated amortization(1,843)(1,710)     Customer relationships29,600 29,600           Less: Accumulated amortization(20,652)(19,161)     Contractual relationships360,000 360,000 Less: Accumulated amortization(122,638)(93,782)Total goodwill and other identifiable intangible assets, net$371,898 $402,976 A change in a goodwill carrying value for the year ended December 31, 2024, relates to finalization of Novan Acquisition purchase accounting in the first quarter of 2024. Amortization of finite-lived intangible assets is computed using the straight-line method over the estimated useful life of the asset of up to 20 years. Amortization expense of $33.0 million, $33.7 million, and $34.2 million were recognized for the years ended December 31, 2024, 2023, and 2022, respectively. Estimated amortization expense for the years ending December 31, 2025 through 2029 is $32.7 million per year. For each of the years ended December 31, 2024, 2023, and 2022, there was no impairment of intangible assets with finite lives.Derivative AssetsDerivative assets consist of the following (in thousands):December 31,20242023Primrose mRNA$3,451 $3,531 Agenus Partner Programs6,326 — Agenus Warrant (5 years contractual term)806 —      Total noncurrent derivative