Company: LGNZZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000886163-25-000012
Chunk: 175

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 175
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 Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. We establish a three-level hierarchy to prioritize the inputs used in measuring fair value. The levels are described in the below with level 1 having the highest priority and level 3 having the lowest:Level 1 - Observable inputs such as quoted prices in active markets Level 2 - Inputs other than the quoted prices in active markets that are observable either directly or indirectly Level 3 - Unobservable inputs in which there is little or no market data, which require the Company to develop its own assumptions

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The following table provides a summary of the assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2024 and 2023 (in thousands):Fair Value Measurements at Reporting Date UsingDecember 31, 2024Quoted Prices inActive Marketsfor IdenticalAssetsSignificantOtherObservableInputsSignificantUnobservableInputsTotal(Level 1)(Level 2)(Level 3)Assets:Short-term investments, excluding Viking(1)$143,618 $81,807 $61,811 $— Investment in Viking common stock40,240 40,240 — — Derivative assets(2)10,583 — — 10,583      Total assets$194,441 $122,047 $61,811 $10,583 Liabilities:Contingent liabilities - CyDex$383 $— $— $383 Contingent liabilities - Metabasis(3)3,298 — 3,298 —      Total liabilities$3,681 $— $3,298 $383 Fair Value Measurements at Reporting Date UsingDecember 31, 2023Quoted Prices inActive Marketsfor IdenticalAssetsSignificantOtherObservableInputsSignificantUnobservableInputsTotal(Level 1)(Level 2)(Level 3)Assets:Short-term investments, excluding Viking (1)$115,170 $7,291 $107,879 $— Investment in Viking common stock32,185 32,185 — — Derivative assets(2)3,531 — — 3,531      Total assets$150,886 $39,476 $107,879 $3,531 Liabilities:Contingent liabilities - CyDex$