Company: LGNZZ
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000886163-25-000051
Chunk: 23

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 1
Chunk 23
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 January 2011, we recorded a contingent liability for amounts potentially due to holders of the CyDex CVRs and former license holders. The liability is periodically assessed based on events and circumstances related to the underlying milestones, royalties and material sales. In connection with the acquisition of Metabasis in January 2010, we issued Metabasis stockholders four tradable CVRs for each Metabasis share. The fair values of the CVRs are remeasured at each reporting date through the term of the related agreement. Any change in fair value is recorded in other non-operating expense, net in our condensed consolidated statements of operations. For additional information, see Note 6, Fair Value Measurements.  Other Long-Term LiabilitiesOther long-term liabilities consist of the following (in thousands): June 30, 2025December 31, 2024Unrecognized tax benefits$14,316 $14,160 Novan (Pelthos) contract liability— 15,938 Other long-term liabilities53 65      Total other long-term liabilities$14,369 $30,163 Share-Based CompensationShare-based compensation expense for awards to employees and non-employee directors is a non-cash expense and is recognized on a straight-line basis over the vesting period. The following table summarizes share-based compensation expense recorded as components of research and development expenses and general and administrative expenses for the periods indicated (in thousands):Three months endedSix months ended June 30,June 30,2025202420252024SBC - Research and development expenses$955 $928 $1,859 $1,606 SBC - General and administrative expenses9,042 10,132 15,974 16,788      Total SBC expenses$9,997 $11,060 $17,833 $18,394 The fair value for options that were awarded to employees and directors was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:

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Three months endedSix months ended June 30,June 30,2025202420252024Risk-free interest rate4.1%4.3%4.0%4.3%Dividend yield————Expected volatility43.1%45.5%45.6%44.7%Expected term (years)4.74.74.24.7A limited amount of performance-based restricted stock units (“PSUs