Company: LGNZZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000886163-25-000012
Chunk: 172

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 172
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 assets$10,583 $3,531 

85

A change in the fair value of Agenus Partner Programs and Primrose mRNA derivative that amounted to $(15.0) million and $(0.1) million, respectively, for the year ended December 31, 2024, was included in fair value adjustments to partner program derivatives in the consolidated statement of operations. A net increase in fair value of Viking Share Collar and Viking Share Put that amounted to $7.1 million for the year ended December 31, 2024, was recognized in gain from short-term investments in the consolidated statements of operations. A change in the fair value of other derivatives that amounted to $(12.1) million for the year ended December 31, 2024, was recognized in other non-operating (expense) income, net in the consolidated statements of operations. We acquired the Primrose mRNA derivative on September 18, 2023 with the sale of Pelican business and investment in Primrose Bio transaction. A change in the fair value of the Primrose mRNA derivative that amounted to $0.3 million during the year ended December 31, 2023 was included in the consolidated statements of operations. We did not have any other derivative instruments during the years ended December 31, 2023 and 2022.Other InvestmentsOther investments consist of the following (in thousands):December 31,20242023Equity securities in Primrose Bio$6,712 $32,726 InvIOs investment4,196 — Neuritek warrants— 3,000 Palvella Series C preferred stock— 1,000      Total other investments$10,908 $36,726 During the third quarter of 2024, we recognized a full impairment for our investment in Neuritek warrants. On December 13, 2024, Palvella Therapeutics, Inc. (“Palvella”) announced the completion of its previously announced merger with Pieris Pharmaceuticals, Inc. (“Pieris”). The combined company will operate under the name Palvella Therapeutics, Inc., and its shares are expected to begin trading on the Nasdaq Capital Market on December 16, 2024, under the ticker symbol “PVLA”. In conjunction with the transaction, the Series C Preferred Shares we held were converted to common shares using an exchange ratio of approximately 0.3095, converting the 189,112 Series C preferred shares into