Company: LGNZZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000886163-25-000012
Chunk: 170

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 170
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 in the credit quality associated with these securities that impacted our assessment on collectability of principal and interest. In July 2024, we sold certain securities before the recovery of the amortized cost basis to fund the Apeiron Acquisition. Accordingly, we wrote down the amortized cost of $0.05 million during the second quarter of 2024. We do not intend to sell these securities and it is unlikely that we will be required to sell these securities before the recovery of the amortized cost basis as of December 31, 2024. Accordingly, there was no credit loss recognized for the year ended December 31, 2024. There was no credit losses recognized for the year ended December 31, 2023. Short-term Investments: Investment in VikingWe held 1.0 million shares of Viking common stock as of December 31, 2024, and we account for it as an investment in available-for-sale equity securities, which is measured at fair value, with changes in fair value recognized in net income. As of December 31, 2024 and December 31, 2023, our investment in Viking was $40.2 million and $32.2 million, respectively, and was included in short-term investments on the consolidated balance sheets. During the year ended December 31, 2024, we sold 0.7 million shares of Viking common stock and recognized a total realized gain of $60.0 million. During the year ended December 31, 2023, we sold 5.0 million shares of Viking common stock and recognized a total realized gain of $44.4 million. There were no sales of Viking common stock during the year ended December 31, 2022. 

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Property and equipment, netProperty and equipment are stated at cost and consist of the following (in thousands):December 31,20242023Lab and office equipment$6,868 $7,068 Leasehold improvements10,464 10,363 Computer equipment and software1,850 716 Construction in progress4,219 4,115 23,401 22,262 Less accumulated depreciation and amortization(8,268)(6,655)$15,133 $15,607 Depreciation of equipment is computed using the straight-line method over the estimated useful lives of the assets which ranges from one to nine years. Leasehold improvements are amortized using the straight-line method over their estimated useful lives or their related