Company: LGNZZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000886163-25-000012
Chunk: 149

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 149
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 reporting based on each individual agreement.Other income is primarily related to milestone income received for financial royalty assets that have been fully amortized or where there is no underlying asset recognized on the consolidated balance sheets.Deferred RevenueDepending on the terms of the arrangement, we may also defer a portion of the consideration received if we have to satisfy a future obligation. The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the consolidated balance sheet. Except for royalty revenue and certain service revenue, we generally receive payment at the point we satisfy our obligation or soon after. Therefore, we do not generally carry a contract asset balance. Any fees billed in advance of being earned are recorded as deferred revenue. During the year ended December 31, 2024, the amount recognized as revenue that was previously deferred at December 31, 2023 was $1.3 million. During the year ended December 31, 2023, the amount recognized as revenue that was previously deferred at December 31, 2022 was $0.1 million. Disaggregation of Revenue Royalties for 2024, 2023 and 2022 for continuing operations are reported as below (in thousands):Year ended December 31,202420232022RoyaltiesKyprolis$38,377 $35,640 $30,116 Rylaze 13,743 13,520 8,796 Filspari12,179 2,655 — Evomela8,680 10,212 10,197 Teriparatide injection 8,221 11,061 15,785 Vaxneuvance5,184 4,062 1,083 Other8,945 6,760 6,550 Revenue from intangible royalty assets95,329 83,910 72,527 Income from financial royalty assets13,444 1,049 385 Total royalties$108,773 $84,959 $72,912 

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The following table represents disaggregation of Captisol and contract revenue and other income for continuing operations (in thousands):Year ended December 31,202420232022CaptisolCaptisol - Core$30,883 $28,372 $16,429 Captisol - COVID(a)— — 88,066 Total Captisol$30,883