Company: LGNZZ
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000886163-25-000051
Chunk: 32

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 1
Chunk 32
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 ASC 321 to subsequently record the investment at cost, less any impairments, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. When fair value becomes determinable, from observable price changes in orderly transactions, our investment will be marked to fair value.

5. Financial Royalty Assets, net

Financial royalty assets consist of the following (in thousands):June 30, 2025December 31, 2024Gross carrying value(2)Allowance (1)Net carrying value (2)Gross carrying value(2)Allowance (1)Net carrying valueQarziba$114,038 $(530)$113,508 $105,329 $(484)$104,845 Agenus Bot/Bal (see Note 3)40,815 (408)40,407 40,815 (408)40,407 Tolerance Therapeutics (Tzield®)25,461 (99)25,362 25,613 (101)25,512 Ohtuvayre inventors16,637 (156)16,481 15,969 (157)15,812 Elutia (CorMatrix)8,087 (1,487)6,600 9,418 (2,268)7,150 InvIOs1,396 (70)1,326 1,238 (62)1,176 Selexis186 (38)148 205 (58)147 Total financial royalty assets, net$206,620 $(2,788)$203,832 $198,587 $(3,538)$195,049 (1) The amounts of allowance include cumulated allowance for changes in expected cash flows and cumulated allowance for current expected credit losses.(2) The amounts include current portion of financial royalty assets which represents an estimation for current quarter royalty receipts that are collected during the subsequent quarter. The current portion of financial royalty assets amounted to $10.3 million and $10.0 million were presented in a separate line on our condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024, respectively.Financial royalty assets represent a portfolio of future milestone and royalty payment rights acquired in the Apeiron Acquisition in July 2024, from Agenus in May 2024, Selexis, S.A.