Company: LGNZZ
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000886163-25-000051
Chunk: 88

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 8
Chunk 88
---
 a placebo in patients with Lennox-Gastaut syndrome. As a result, we recognized an impairment over the soticlestat financial royalty asset of $26.2 million during the three and six months ended June 30, 2024. In January 2025, Takeda announced its decision to discontinue its soticlestat program. As a result, we recognized a full impairment of the soticlestat financial royalty asset in the fourth quarter of 2024. 

24

6. Fair Value Measurements

Assets and Liabilities Measured on a Recurring BasisThe following table presents the hierarchy for our assets and liabilities measured at fair value (in thousands):June 30, 2025December 31, 2024Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalAssets:Short-term investments, excluding Viking(1)$72,560 $78,291 $— $150,851 $81,807 $61,811 $— $143,618 Investment in Viking common stock26,500 — — 26,500 40,240 — — 40,240 Derivative assets(2)— — 17,958 17,958 — — 10,583 10,583      Total assets$99,060 $78,291 $17,958 $195,309 $122,047 $61,811 $10,583 $194,441 Liabilities:Contingent liabilities - CyDex$— $— $351 $351 $— $— $383 $383 Contingent liabilities - Metabasis(3)— 5,211 — 5,211 — 3,298 — 3,298      Total liabilities$— $5,211 $351 $5,562 $— $3,298 $383 $3,681 (1) Excluding our investment in Viking common stock, corporate equity securities, and US government securities, our short-term investments in marketable debt and equity securities are classified as available-for-sale securities based on management’s intentions and are at level 2 of the fair value hierarchy, as these investment securities are valued based upon quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all