Company: LGNZZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000886163-25-000012
Chunk: 163

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 163
---
 ASC 321 to subsequently record the investments 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 investments will be marked to fair value. Our investments in Series A preferred stock and reserve stock have been reduced by $25.8 million during the year ended December 31, 2024 in connection with the above mentioned equity funding received by Primrose Bio in June and July 2024. There were no no observable price changes or impairment to our investments in Series A preferred stock and reserve stock during the year ended December 31, 2023. Any income or loss from our investments in Series A preferred stock and reserve stock (including the impairment) is presented in other non-operating (expense) income, net in our consolidated statements of operations.Former President and Chief Operating Officer Matt Korenberg served as a board member of Primrose Bio beginning in the fourth quarter of 2023. His employment with Ligand concluded in October 2024, after which Lauren Hay, Vice President of Strategic Planning & Investment Analytics, succeeded him as a board member of Primrose Bio. 

5. Spin-off of OmniAb

On March 23, 2022, we entered into the OmniAb Separation and Distribution Agreement to separate our OmniAb Business and the OmniAb Merger Agreement, pursuant to which Merger Sub would merge with and into OmniAb, with OmniAb continuing as the surviving corporation and wholly owned subsidiary of New OmniAb following the effectiveness of such merger, resulting in New OmniAb’s acquisition of our OmniAb Business, in a Reverse Morris Trust transaction (collectively, the “OmniAb Transactions”). After the final closing date of the OmniAb Transactions on November 1, 2022, the historical financial results of OmniAb have been reflected in our consolidated financial statements as discontinued operations under GAAP for all periods presented through the date of the OmniAb Distribution. Pursuant to the OmniAb Separation and Distribution Agreement, Ligand contributed to OmniAb cash and certain specific assets and liabilities constituting the OmniAb Business. Pursuant to the OmniAb Distribution, Ligand distributed on a pro rata basis to its stockholders as of October 26, 2022 shares of the common stock of OmniAb representing 100% of Ligand’s interest in OmniAb. Immediately following the OmniAb Distribution, Merger Sub merged with and into