Company: LGNZZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000886163-25-000012
Chunk: 193

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 193
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in thousands): Year Ended December 31, 202420232022Current expense (benefit):Federal$18,277 $(1,186)$10,097 State718 218 193 Foreign3,355 780 452 22,350 (188)10,742 Deferred expense (benefit):Federal(17,767)9,374 (3,656)State77 655 34,144 Foreign1,890 — — (15,800)10,029 30,488 Total income tax expense (benefit)$6,550 $9,841 $41,230 

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A reconciliation of income tax expense (benefit) from continuing operations to the amount computed by applying the statutory federal income tax rate to the net income (loss) from continuing operations is summarized as follows (in thousands):  Year Ended December 31, 202420232022Tax at federal statutory rate$529 $13,448 $7,562 Subpart F income5,649 479 853 Officer compensation3,921 844 5,869 Foreign tax differential on income/loss of foreign subsidiaries1,115 (38)103 Share-based compensation602 1,241 1,279 Provision to return adjustments293 2,200 2,232 Rate change for changes in federal, foreign or state law111 342 (535)Contingent liabilities88 (116)15 Change in uncertain tax positions94 (7,206)(158)Debt repurchases— — 626 State, net of federal benefit(85)397 264 Research and development credits(324)(405)256 FDII(832)(1,037)(2,395)Change in valuation allowance(1,638)(1,184)24,799 Foreign tax credits(3,232)— — Other259 876 460 $6,550 $9,841 $41,230 Significant components of our deferred tax assets and liabilities as of December 31, 2024 and 2023 are shown below. We assess the positive and negative evidence to determine if sufficient future taxable income will be generated to realize the existing deferred tax assets. Our evaluation of evidence resulted in management concluding that the majority of our deferred tax assets will be realized. However, we maintain a valuation allowance to offset certain net deferred tax assets