Company: LGNZZ
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000886163-25-000063
Chunk: 51

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 1
Chunk 51
---
 deduction as well as the research and development tax credits, which were partially offset by the Section 162(m) limitation during the period.On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. This new legislation has multiple effective dates, with certain provisions becoming effective in 2025 and others implemented through 2027. The Company has reflected the effect of OBBBA within the provision for income taxes and the deferred taxes as of September 30, 2025.

9. Stockholders’ Equity

We grant options and awards to employees and non-employee directors pursuant to a stockholder approved stock incentive plan, which is described in further detail in Note 11, Stockholders’ Equity, of the Notes to Consolidated Financial Statements in our 2024 Annual Report.The following is a summary of our stock options and restricted stock awards activities and related information:Stock OptionsRestricted Stock AwardsSharesWeighted-Average Exercise PriceSharesWeighted-Average Grant Date Fair ValueBalance as of December 31, 20242,226,273 $75.14 437,872 $83.55 Granted468,876 $114.59 231,761 $106.95 Options exercised/RSUs vested(520,891)$72.78 (204,487)$76.19 Forfeited(58,318)$83.99 (5,933)$87.97 Balance as of September 30, 20252,115,940 $84.22 459,213 $98.58 As of September 30, 2025, outstanding options to purchase 1.1 million shares were exercisable with a weighted average exercise price per share of $74.83.Employee Stock Purchase PlanThe price at which common stock is purchased under the Amended Employee Stock Purchase Plan (“ESPP”) is equal to 85% of the fair market value of the common stock on the first or last day of the offering period, whichever is lower. As of September 30, 2025, 21,137 shares were available for future purchases under the ESPP.At-the-Market Equity Offering ProgramOn September 30, 2022, we filed a registration statement on Form S