Company: LGNZZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000886163-25-000012
Chunk: 185

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 185
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 borrow, repay and re-borrow amounts available under the Revolving Credit Facility, subject to voluntary reductions of the swing line, letter of credit and revolving credit commitments.

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Borrowings under the Revolving Credit Facility are secured by certain of our collateral and that of the Guarantors. In specified circumstances, additional guarantors are required to be added to the Credit Agreement. The Credit Agreement contains customary affirmative and negative covenants, including certain financial maintenance covenants, and events of default applicable to us. In the event of violation of the representations, warranties and covenants made in the Credit Agreement, we may not be able to utilize the Revolving Credit Facility or repayment of amounts owed thereunder could be accelerated. Amendment to Revolving Credit FacilityOn July 8, 2024, we entered into the first amendment (the “Amendment”) to the Credit Agreement, which amends the Credit Agreement to, among other things, increase the aggregate revolving credit facility amount from $75 million to $125 million.As of December 31, 2024, we had $124.4 million in available borrowing under the Revolving Credit Facility, after utilizing $0.6 million for letter of credit. As of December 31, 2023, we had $74.5 million in available borrowing under the Revolving Credit Facility, after utilizing $0.5 million for letter of credit. The maturity date of the Revolving Credit Facility, as amended, is October 12, 2026. As of December 31, 2024 and 2023, there were no events of default or violation of any covenants under our financing obligations.

11. Stockholders’ Equity

Share-based Compensation ExpenseThe following table summarizes share-based compensation expense from continuing operations (in thousands):Year Ended December 31,202420232022Share-based compensation expense as a component of:Research and development expenses$3,544 $6,248 $10,970 General and administrative expenses37,545 19,495 39,911 $41,089 $25,743 $50,881 Conversion and Modification of Equity Awards Outstanding at Separation DateIn connection with the OmniAb Separation on November 1, 2022, under the provisions of the existing plans, we adjusted our outstanding equity awards in accordance with the OmniAb Merger Agreement to preserve the intrinsic value of the awards immediately before and after the OmniAb Distribution. Upon the OmniAb Distribution,