Company: LGNZZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000886163-25-000012
Chunk: 181

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 181
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 are not recorded on the consolidated balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term.

90

The depreciable life of lease assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.During the year ended December 31, 2024, we entered into lease agreements for our offices located in Boston, Massachusetts, and Jupiter, Florida, which resulted in a $1.6 million and $0.1 million, respectively, increase in both operating lease assets and operating lease liabilities at lease commencement. During the year ended December 31, 2023, we entered into an amendment to the lease agreement for our office located in San Diego, California, which resulted in a $1.1 million increase in both operating lease assets and operating lease liabilities at lease commencement.Operating and finance lease assets and liabilities (in thousands) are as follows:December 31, 2024December 31, 2023AssetsOperating lease assets$6,907 $6,062 Finance lease assets2,766 3,393 Total lease assets$9,673 $9,455 LiabilitiesCurrent operating lease liabilities$1,266 $403 Current finance lease liabilities24 7 1,290 410 Long-term operating lease liabilities5,815 5,755 Long-term finance lease liabilities49 19 Total lease liabilities   $7,154 $6,184 Maturity of operating and finance lease liabilities as of December 31, 2024 are as follows (in thousands):Maturity DatesOperating LeasesFinance Leases2025$1,537 $27 20261,637 27 20271,634 18 20281,560 9 20291,109 3 Thereafter2,005 — Total lease payments9,482 84 Less tenant improvement allowance(418)— Less imputed interest(1,983)(11)Present value of lease liabilities$7,081 $73 As of December 31, 2024, our operating leases had a weighted-average remaining lease term of 5.8 years and a weighted-average discount rate of 7.5%. As of December 31, 2023, our operating leases had a weighted-average remaining lease term of 7.4 years and a weighted-average discount rate of