Company: LGNZZ
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000886163-25-000036
Chunk: 32

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 32
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akeda announced its decision to discontinue its soticlestat program. As a result, we recognized a full impairment of the soticlestat financial royalty asset in the fourth quarter of 2024. 

6. Fair Value Measurements

Assets and Liabilities Measured on a Recurring BasisThe following table presents the hierarchy for our assets and liabilities measured at fair value (in thousands):March 31, 2025December 31, 2024Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalAssets:Short-term investments, excluding Viking(1)$72,070 $64,692 $— $136,762 $81,807 $61,811 $— $143,618 Investment in Viking common stock24,150 — — 24,150 40,240 — — 40,240 Derivative assets(2)— — 18,029 18,029 — — 10,583 10,583      Total assets$96,220 $64,692 $18,029 $178,941 $122,047 $61,811 $10,583 $194,441 Liabilities:Contingent liabilities - CyDex$— $— $388 $388 $— $— $383 $383 Contingent liabilities - Metabasis(3)— 5,122 — 5,122 — 3,298 — 3,298      Total liabilities$— $5,122 $388 $5,510 $— $3,298 $383 $3,681 (1) Excluding our investment in Viking common stock, corporate equity securities, and US government securities, our short-term investments in marketable debt and equity securities are classified as available-for-sale securities based on management's intentions and are at level 2 of the fair value hierarchy, as these investment securities are valued based upon quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Short-term investments in bond funds are valued at their net asset value (NAV) on the last day of the period. We have classified marketable securities with original maturities of greater than one year as short-term investments based upon our ability and intent to