Company: LGNZZ
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000886163-25-000051
Chunk: 123

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 2
Chunk 123
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0 %6.0 210.5 2.9 %6.2 Filspari132.2 9.0 %11.9 46.7 9.0 %4.2 Vaxneuvance452.6 0.9 %3.9 402.4 0.6 %2.5 Other585.1 1.6 %9.5 195.2 2.2 %4.3 Total$2,148.3 $51.7 $1,693.3 $41.0 

 (1) We receive tiered profit sharing of 25% on quarterly profits less than $3.75 million, 35% on quarterly profits greater than $3.75 million but less than $7.5 million and 40% on quarterly profits greater than $7.5 million. 

Contract revenue includes service revenue, license fees and development, regulatory and sales based milestone payments.

Operating Costs and Expenses

(Dollars in thousands)Q2 2025% of RevenueQ2 2024% of RevenueYTD 2025% of RevenueYTD 2024% of RevenueCost of Captisol$2,907 $2,906 $7,756 $5,788 Amortization of intangibles8,258 8,257 16,515 16,443 Research and development6,567 5,354 56,652 11,325 General and administrative20,175 17,623 38,976 28,574 Financial royalty assets impairment— 26,491 — 26,491 Fair value adjustments to partner program derivatives1,276 — 833 — Total operating costs and expenses$39,183 82%$60,631 146%$120,732 130%$88,621 122%

Q2 2025 vs. Q2 2024

Total operating costs and expenses decreased by $21.4 million, or 35%, to $39.2 million in Q2 2025 compared to $60.6 million in Q2 2024.

Cost of Captisol remained steady at $2.9 million in Q2 2025 compared to $2.9 million in Q2 2024. 

Amortization of intangibles remained steady at $8.3 million in