Company: LGNZZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000886163-25-000012
Chunk: 165

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 165
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 Royalty Assets, net (formerly known as Commercial License Rights)

As of December 31, 2024 and 2023, financial royalty assets consist of the following (in thousands):December 31, 2024December 31, 2023Gross carrying value(2)Allowance (1)Net carrying value (2)Gross carrying valueAllowance (1)Net carrying valueQarziba$105,329 $(484)$104,845 $— $— $— Agenus (Bot/Bal)40,815 (408)40,407 — — — Tolerance Therapeutics (Tzield)25,613 (101)25,512 25,810 (101)25,709 Ensifentrine inventors15,969 (157)15,812 — — — Elutia (CorMatrix)9,418 (2,268)7,150 13,304 (7,490)5,814 InvIOs1,238 (62)1,176 — — — Selexis205 (58)147 940 (179)761 Ovid (Soticlestat)— — — 30,310 (303)30,007 Total financial royalty assets, net$198,587 $(3,538)$195,049 $70,364 $(8,073)$62,291 (1) The amounts of allowance include accumulated allowance for changes in expected cash flows and current expected credit losses.(2) The amounts include $10.0 million current portion of financial royalty assets which represents an estimation for current quarter royalty receipts that are collected during the subsequent quarter. This portion is presented in other current assets on our consolidated balance sheet as of December 31, 2024.Financial royalty assets represent a portfolio of future milestone and royalty payment rights acquired in the Apeiron Acquisition in July 2024, from Agenus in May 2024, Selexis, S.A. (“Selexis”) in April 2013 and May 2015, CorMatrix Cardiovascular, Inc. (“CorMatrix”) in May 2016, which was later acquired by Aziyo (Aziyo changed its corporate name to Elutia Inc. (“Elutia”) in September 2023) in 2017, Ovid Therapeutics Inc