Company: LGNZZ
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000886163-25-000063
Chunk: 14

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 1
Chunk 14
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 funding arrangements, dispositions and the related contingent consideration.Other income for the three and nine months ended September 30, 2025 is primarily related to the $53.1 million income from the disposition of Ligand's wholly owned subsidiary, LNHC, Inc. in connection with the Pelthos Transaction (as defined below). For additional information on the Pelthos Transaction, see Note 2, Pelthos Transaction.Deferred RevenueDepending on the terms of the arrangement, we may also defer a portion of the consideration received because 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 condensed consolidated balance sheets. Except for royalty revenue and certain service revenue, we generally receive payment at the point we satisfy our obligation or soon after. Any fees billed in advance of being earned are recorded as deferred revenue. During the three months ended September 30, 2025 and 2024, the amount recognized as revenue that was previously deferred was zero and $0.2 million, respectively. During the nine months ended September 30, 2025 and 2024, the amount recognized as revenue that was previously deferred was $0.6 million and $1.2 million, respectively. Disaggregation of Revenue The following table represents disaggregation of royalties, Captisol, and contract revenue and other income (in thousands):

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Three months endedNine months ended September 30,September 30,2025202420252024RoyaltiesKyprolis$11,619 $11,599 $25,145 $27,229 Evomela1,893 1,747 5,339 5,877 Teriparatide injection 2,632 2,376 6,121 6,520 Rylaze 3,557 3,886 9,540 10,070 Filspari9,078 3,206 20,957 7,402 Vaxneuvance2,039 1,466 5,967 3,962 Ohtuvayre2,717 112 6,213 113 Capvaxive3,206 435 6,341 435 Other3,420 1,725 6,209 5,904 Revenue from intangible royalty assets40,161