Company: LGNZZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000886163-25-000012
Chunk: 182

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 182
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 7.7%. Cash paid for amounts included in the measurement of operating lease liabilities was $1.3 million and $1.4 million, respectively, for the years ended December 31, 2024 and 2023. Operating lease expense was $1.3 million (net of sublease income of $0.1 million) and $1.4 million (net of sublease income of $0.3 million) for the years ended December 31, 2024 and 2023, respectively.As of December 31, 2024, our finance leases had a weighted-average remaining lease term of 3.3 years and a weighted-average discount rate of 6.6%. As of December 31, 2023, our finance leases had a weighted-average remaining lease term of 3.4 years and a weighted-average discount rate of 6.8%. We excluded the Hovione equipment lease in the calculation of weighted average remaining lease term and weighted average discount rate because the Hovione lease was fully paid off as of December 31, 2021. Cash paid for amounts included in the measurement of these finance lease liabilities was $0.02 million and $0.05 million, respectively, for the years ended December 31, 2024 and 2023. Finance lease expense was $0.5 million and $0.7 million, respectively, for the years ended December 31, 2024 and 2023.

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10. Debt

0.75% Convertible Senior Notes due 2023In May 2018, we issued $750 million aggregate principal amount of 2023 Notes, bearing cash interest at a rate of 0.75% per year, payable semi-annually. The net proceeds from the offering, after deducting the initial purchasers' discount and offering expenses, were approximately $733.1 million. In connection with the issuance of the 2023 Notes, we incurred $16.9 million of issuance costs, which primarily consisted of underwriting, legal and other professional fees and was being amortized to interest expense using the effective interest method over the five years expected life of the 2023 Notes. On May 15, 2023, the 2023 Notes maturity date, we paid the remaining $76.9 million principal amount and $0.3 million accrued interest in cash. The effective interest rate for the year ended December 31, 2023 was 0.5%. During