Company: LGNZZ
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000886163-25-000063
Chunk: 137

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 8
Chunk 137
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 2024 was primarily related to certain Agenus partners discontinuing development of their partnered programs.

Non-operating Income and Expenses

(Dollars in thousands)Q3 2025Q3 2024Change% ChangeYTD 2025YTD 2024Change% ChangeGain (loss) from short-term investments$7,798 $2,407 $5,391 224 %$(3,630)$98,923 $(102,553)(104)%Gain (loss) from change in fair value of equity-method investments and other investments75,887 (3,029)78,916 (2605)%75,887 (34,601)110,488 (319)%Interest income3,874 1,347 2,527 188 %7,266 6,124 1,142 19 %Interest expense(910)(741)(169)23 %(2,930)(2,154)(776)36 %Other non-operating expense, net(443)(9,466)9,023 (95)%(1,572)(13,605)12,033 (88)%Total non-operating income (expenses), net$86,206 $(9,482)$95,688 (1009)%$75,021 $54,687 $20,334 37 %

Q3 2025 vs. Q3 2024

The gain from short-term investments was $7.8 million in Q3 2025 compared to $2.4 million in Q3 2024. In Q3 2025, we recorded an unrealized loss on Viking common stock of $0.2 million as compared to an unrealized gain of $10.3 million in Q3 2024. In Q3 2025, we recorded a $9.8 million unrealized gain on Palvella common stock that we acquired in December 2024. In Q3 2024, we recorded a loss of $7.9 million on the fair value adjustment to the Viking Share Collar. 

40

The gain (loss) from change in fair value of equity-method investments and other investments increased by $78.9 million to $75.9 million in Q3 2025, primarily attributable to the fair value changes of the Pelthos common shares and Pelthos Series A preferred shares that we acquired in connection with the Pelthos Transaction