Company: LGNZZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000886163-25-000012
Chunk: 168

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 168
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 of the royalties and milestones owed to Ovid Therapeutics related to the potential approval and commercialization of soticlestat. 

In June 2024, Takeda announced topline results of the phase 3 clinical trial of soticlestat, narrowly missing its primary endpoint to reduce convulsive seizure frequency compared to placebo in patients with Dravet syndrome, and missing its primary endpoint to reduce major motor drop seizure frequency compared to a placebo in patients with Lennox-Gastaut syndrome. In January 2025, Takeda announced its decision to discontinue its soticlestat program. As a result, in the year ended December 31, 2024, we recognized a full impairment of the soticlestat financial royalty asset. 

7. Balance Sheet Account Details

Short-term InvestmentsExcluding our investments in Viking, the following table summarizes the various investment categories at December 31, 2024 and 2023 (in thousands):CostGross unrealizedgainsGross unrealizedlossesEstimatedfair valueDecember 31, 2024Short-term investmentsU.S. Treasuries$78,442 $19 $(13)$78,448 Commercial paper23,483 5 (6)23,482 Certificates of Deposit22,812 12 (4)22,820 Corporate notes/bonds15,496 21 (8)15,509 Corporate equity securities9,954 — (6,595)3,359 $150,187 $57 $(6,626)$143,618 December 31, 2023Short-term investmentsBond fund$63,763 $— $(537)$63,226 Certificates of Deposit17,165 12 (1)17,176 Corporate notes/bonds14,850 40 (2)14,888 Commercial paper  11,578 9 (1)11,586 U.S. Treasuries6,736 18 (3)6,751 Municipal bonds1,007 — (4)1,003 Corporate equity securities5,775 — (5,235)540 $120,874 $79 $(5,783)$115,170 Gain (loss) from short-term investments on our consolidated statements of operations includes both realized and unrealized gain (loss) from our short-term investments in public equity and warrant securities, and realized gain (loss