Company: LGNZZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000886163-25-000012
Chunk: 190

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 190
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 related information: SharesWeighted-AverageGrant Date FairValueOutstanding at December 31, 2022348,453 $75.60 Granted203,752 $83.39 Vested(181,246)$74.62 Forfeited(20,054)$65.35 Outstanding at December 31, 2023350,905 $81.22 Granted318,588 $85.23 Vested(167,308)$84.28 Forfeited(64,313)$77.28 Outstanding at December 31, 2024437,872 $83.55 As of December 31, 2024, unrecognized compensation cost related to non-vested stock awards under the 2002 Plan amounted to $19.6 million. That cost is expected to be recognized over a weighted average period of 1.4 years.

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Employee Stock Purchase PlanAs of December 31, 2024, 24,493 shares of our common stock are available for future issuance under the Amended Employee Stock Purchase Plan, or ESPP. The ESPP permits eligible employees to purchase up to 1,250 shares of Ligand common stock per calendar year at a discount through payroll deductions. The price at which stock is purchased under the ESPP is equal to 85% of the fair market value of the common stock on the first of a six month offering period or purchase date, whichever is lower. There were 6,308, 5,080 and 8,479 shares issued under the ESPP in 2024, 2023 and 2022, respectively. Share Repurchases In April 2023, our Board of Directors has approved a stock repurchase program authorizing, but not requiring, the repurchase of up to $50 million of our common stock from time to time through April 2026. We expect to acquire shares, if at all, primarily through open-market transactions in accordance with all applicable requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing and amount of repurchase transactions will be determined by management based on our evaluation of market conditions, share price, legal requirements and other factors. During the years ended December 31, 2024, 2023 and 2022, we did not repurchase any common stock, respectively. At-the Market Equity Offering ProgramOn September 30, 2022, we