Company: LGNZZ
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000886163-25-000063
Chunk: 30

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 1
Chunk 30
---
in thousands):July 1, 2025Cash and cash equivalents$2,817 Accounts receivable, net48 Other current assets7,910 Property and equipment, net11,091 Intangible assets, net8,501 Goodwill3,709 Operating lease right-of-use assets3,625 Other assets4,812 Accounts payable(993)Accrued liabilities(3,894)Deferred revenue(2,835)Operating lease liabilities(3,566)Short-term bridge loan(6,963)Deferred income taxes, net(3,069)Other long-term liabilities(17,441)Net assets sold3,752 Cash consideration paid5,268 Net assets sold and cash consideration paid$9,020 

22

Fair value of the consideration received included the following (in thousands):Equity method investment (common shares)$18,900 Other investment (Series A preferred shares)43,192 Total consideration received62,092 Net assets sold and cash consideration paid9,020 Gain from Pelthos Transaction$53,072 On July 10, 2025, Pelthos commercially launched Zelsuvmi. Ligand earned a $5 million milestone payment from Pelthos following the commercial launch of Zelsuvmi which was recorded in contract revenue and other income in our condensed consolidated statements of operations for the three and nine months ended September 30, 2025. We are also entitled to a 13% royalty on worldwide sales of Zelsuvmi, excluding Japan, and up to an additional $5 million in commercial sales milestones.

3. Investment Transactions

Arecor Transaction: Q3 2025On September 24, 2025, we invested $7 million in strategic capital to purchase economic rights from Arecor Limited (“Arecor”), with an additional $1 million in deferred consideration payable in two equal parts at the six- and twelve-month anniversaries of the transaction closing date. The transaction was accounted for as an asset acquisition. In connection with the transaction, Ligand received the economic rights in two partner programs: 1) a single-digit royalty on global net sales of AT220, an Arestat®-enhanced biosimilar product marketed by a global pharmaceutical company; and 2) potential annual technology access fees and milestones from AT292 (efdoralprin alfa/SAR447537/INBRX-101), a partnered program with San