Ligand Pharmaceuticals Incorporated
(NASDAQ:LGND)

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, focuses on developing or acquiring technologies that help pharmaceutical companies to discover and develop medicines worldwide. The company's commercial programs include Kyprolis and Evomela, which are used to treat multiple myeloma; ...

Website: http://www.ligand.com

Founded: 1987

Full Time Employees: 115

Founder: Brook Byers

CEO: Todd Davis

Sector: Healthcare

Industry: Biotechnology

Pharmaceuticals

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Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30

revenues and income:
revenue from intangible royalty assets	32,931,000	40,702,000	40,161,000	30,084,000	21,587,000	27,817,000	26,552,000	22,603,000	18,357,000
income from financial royalty assets	10,027,000	9,827,000	6,425,000	6,313,000	5,902,000	6,990,000	5,157,000	559,000	738,000
royalties	42,958,000	50,529,000	46,586,000	36,397,000	27,489,000	34,807,000	31,709,000	23,162,000	19,095,000	15,361,750	23,863,000	20,430,000	17,154,000	21,036,000	19,837,000	17,959,000	13,695,000	17,551,000	15,648,000	8,616,000	7,112,000	11,045,000	9,005,000	7,181,000	6,565,000	11,045,000	9,767,000	6,626,000	19,538,000	40,213,000	36,127,000	31,396,000	20,820,000	28,313,000	21,931,000	14,211,000	24,230,000	19,581,000	15,698,000	9,754,000	14,390,000	11,546,000	9,755,000	6,606,000	10,287,000	9,421,000	7,482,000	5,241,000	7,850,000	7,118,000	5,724,000	4,916,000	5,826,000	4,817,000	3,213,000	2,983,000	3,060,000	2,616,000	2,431,000	2,172,000	1,993,000	1,942,000	1,774,000	1,601,000	1,962,000	1,948,000	1,651,000	2,006,000	2,730,000	5,389,000	5,248,000	4,804,000	4,874,000	4,770,000	5,229,000	1,410,000
captisol	8,654,000	7,794,000	10,672,000	8,287,000	13,460,000	7,916,000	6,255,000	7,500,000	9,212,000	6,112,500	8,608,000	5,220,000	10,622,000	26,879,000	35,949,000	29,545,000	12,122,000	35,375,000	35,093,000	62,509,000	31,272,000	40,993,000	23,389,000	24,468,000	21,109,000
contract revenue and income	110,000
total revenues and income	51,722,000
operating costs and expenses:
cost of captisol	3,273,000	2,992,000	3,801,000	2,907,000	4,849,000	2,837,000	2,449,000	2,906,000	2,882,000	2,217,750	3,485,000	1,669,000	3,717,000	21,614,000	14,153,000	12,361,000	4,699,000	11,984,000	11,446,000	30,593,000	8,153,000	11,739,000	6,353,000	7,644,000	4,683,000
amortization of intangibles	8,097,000	8,096,000	8,097,000	8,258,000	8,257,000	8,258,000	8,258,000	8,257,000	8,186,000	6,329,000	8,238,000	8,539,000	8,539,000	-1,218,000	11,818,000	11,824,000	11,813,000	11,776,000	11,827,000	11,779,000	11,786,000	12,157,000	3,875,000	3,875,000	3,535,000	6,304,000	3,552,000	3,505,000	3,503,000	3,483,000	5,725,000	3,305,000	3,278,000	3,994,000	2,706,000	2,706,000	2,715,000	2,731,000	2,706,000	2,681,000	2,524,000
research and development	2,148,000	3,511,000	21,019,000	6,567,000	50,085,000	4,425,000	5,675,000	5,354,000	5,971,000	4,762,250	5,532,000	6,854,000	6,663,000	-25,379,000	22,036,000	19,118,000	20,307,000	18,243,000	16,938,000	15,953,000	17,879,000	21,916,000	12,853,000	12,732,000	11,891,000	18,664,000	13,742,000	12,213,000	11,289,000	8,840,000	5,483,000	6,135,000	7,407,000	8,633,000	4,759,000	4,822,000	8,673,000	6,408,000	5,898,000	4,507,000	4,004,000	2,870,000	2,538,000	4,010,000	3,962,000	3,280,000	3,021,000	2,689,000	3,131,000	2,374,000	2,414,000	2,022,000	2,465,000	2,475,000	2,647,000	2,850,000	2,817,000	2,598,000	2,471,000	3,237,000	1,986,000	3,155,000	4,935,000	6,602,000	7,362,000	10,126,000	9,921,000	9,470,000	10,462,000	11,063,000	6,165,000	6,377,000	7,165,000	10,432,000	9,838,000	8,751,000	15,602,000	12,913,000	10,468,000	13,895,000	12,218,000	13,905,000	12,911,000	14,524,000	14,735,000		18,174,000	16,852,000	16,483,000	17,696,000	16,859,000	16,640,000	16,370,000	15,641,000
general and administrative	20,836,000	25,027,000	28,446,000	20,175,000	18,801,000	25,605,000	24,475,000	17,623,000	10,951,000	9,199,500	14,656,000	11,287,000	10,855,000	19,852,000	17,445,000	14,585,000	18,180,000	17,736,000	12,718,000	14,711,000	12,617,000	30,082,000	15,020,000	10,069,000	9,264,000	10,277,000	9,525,000	10,994,000	11,088,000	11,163,000	9,633,000	9,294,000	7,643,000	7,749,000	7,032,000	6,549,000	7,322,000	6,626,000	6,305,000	6,863,000	6,825,000	6,188,000	4,971,000	7,225,000	5,994,000	5,517,000	6,742,000	5,239,000	5,072,000	4,420,000	4,756,000	4,306,000	4,502,000	4,284,000	4,382,000	3,940,000	3,503,000	2,831,000	4,112,000	3,855,000	4,180,000	3,466,000	3,074,000	3,290,000	3,048,000	3,021,000	2,415,000	2,831,000	6,817,000	3,206,000	5,929,000	4,551,000	10,099,000	3,871,000	4,856,000	7,516,000	14,167,000
fair value adjustments to partner program derivatives			-833,000	1,276,000	-443,000	7,243,000	7,812,000
total operating costs and expenses	34,354,000	45,823,000	60,530,000	39,183,000	81,549,000	52,449,000	48,669,000	60,631,000	27,990,000	22,508,500	31,911,000	28,349,000	29,774,000	14,869,000	65,452,000	57,888,000	54,999,000	59,739,000	49,129,000	38,936,000	50,435,000	75,894,000	38,101,000	34,320,000	29,373,000	37,182,000	29,966,000	29,117,000	29,738,000	26,441,000	22,301,000	19,868,000	19,116,000	22,114,000	16,882,000	14,980,000	19,051,000	18,831,000	16,153,000	15,145,000	14,552,000	10,176,000	9,104,000	14,053,000	11,253,000	13,362,000	11,441,000	9,250,000	10,858,000	8,311,000	9,935,000	8,066,000	7,719,000	9,243,000	7,697,000	7,472,000	6,401,000	7,633,000	9,566,000	8,699,000	6,540,000	10,327,000	23,903,000	9,892,000	10,410,000	13,147,000	27,571,000	12,742,000	17,279,000	86,269,000	12,094,000	10,928,000	17,264,000	14,303,000	14,694,000	16,267,000	29,769,000	32,355,000	51,772,000	59,437,000	188,057,000	49,747,000	48,271,000	52,306,000	52,755,000		51,725,000	46,878,000	46,958,000	39,477,000	38,196,000	35,686,000	32,865,000	32,053,000
operating income	17,368,000	6,789,750	54,931,000	8,444,000	-36,216,000
yoy	-147.96%
qoq	155.80%	-87.64%	550.53%	-123.32%
operating margin %	Infinity%	13.03%	47.58%	17.73%	-79.89%	0%	0%	0%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
non-operating income and expenses:
gain from short-term investments	3,869,000	22,063,000	7,798,000	939,000	-12,367,000	-23,899,000	2,407,000	-14,256,000	110,772,000	7,585,000	-13,184,000	3,991,000	39,533,000	44,249,000	-923,000	-1,909,000	-12,877,000	-12,132,000	1,937,000	-6,864,000	13,061,000			23,460,000
loss from change in fair value of equity-method investments and other investments	-49,229,000
interest income	6,655,000	6,393,000	3,874,000	1,621,000	1,771,000	1,931,000	1,347,000	2,757,000	2,020,000	1,504,500	2,263,000	2,320,000	1,435,000	1,023,000	591,000	298,000	134,000	188,000	169,000	233,000	296,000	388,000	991,000	1,969,000	4,730,000	5,840,000	7,396,000	9,285,000	5,909,000	4,888,000	5,474,000	2,762,000																									17,000		1,000		37,000	53,000	59,000	118,000	210,000	150,000	176,000	120,000	139,000	262,000	421,000	543,000	935,000	1,296,000	1,546,000	2,534,000	3,279,000	2,043,000	577,000	587,000	573,000	565,000	483,000	398,000	444,000		208,000	231,000	264,000	136,000	140,000	243,000	246,000	177,000
interest expense	-1,747,000	-1,785,000	-910,000	-1,153,000	-867,000	-883,000	-741,000	-1,268,000	-141,000	-131,250	-1,000	-284,000	-240,000	-240,000	-332,000	-438,000	-789,000	-4,472,000	-4,439,000	-4,883,000	-5,831,000	-6,390,000	-6,269,000	-6,213,000	-8,548,000	-8,834,000	-8,993,000	-9,012,000	-8,906,000	-20,143,000	-11,200,000	-13,454,000	-2,605,000	-2,775,000	-2,822,000	-2,860,000	-2,941,000	-3,006,000	-3,116,000	-3,051,000	-3,005,000	-2,927,000	-2,930,000	-2,969,000	-2,973,000	-2,914,000	-1,516,000	-181,000	-248,000	-322,000	-394,000	-453,000	-912,000	-615,000	-838,000	-847,000	-792,000	-715,000	-700,000	-674,000	-423,000	-19,000	-8,000	-13,000	-18,000	-13,000	-21,000	-42,000	-194,000	-66,000	-45,000	-39,000	-52,000	-132,000	-143,000	-90,000	-370,000	-2,694,000	-2,547,000	-6,156,000	-6,067,000	-3,129,000	-3,172,000	-3,030,000	-3,127,000			-3,091,000				-2,682,000
other non-operating expense	-1,175,000	1,483,000	-443,000	1,372,000	-2,501,000	-12,051,500	-12,495,000	-33,523,000
total non-operating expenses	-41,627,000
income before income taxes	-24,259,000	25,545,000	141,137,000	11,223,000	-50,180,000									-4,979,750	857,000	-636,000	-20,140,000	13,581,000	15,259,000	33,301,000	5,764,000	-3,477,000	-11,612,000	28,119,000	-30,415,000	201,203,500	-19,871,000	-18,028,000	842,713,000	57,529,750	79,226,000	95,579,000	55,312,000	6,641,500	12,071,000	8,300,000	6,193,000	182,750	1,211,000	-9,644,000	9,571,000	7,375,250	7,284,000	22,292,000	-74,000	1,072,750	901,000	1,241,000	2,150,000	1,800,000	2,025,000	3,804,000	1,370,000	-1,203,750	-52,000	-3,728,000	-522,000	-2,237,250	-3,884,000	-773,000	-4,292,000	-3,454,000	-11,436,000	335,000	-2,715,000	-2,726,500	1,055,000	-4,476,000	-7,482,000	-5,887,750	-6,134,000	-5,919,000	-11,498,000	-8,240,000	-7,222,000	-11,911,000	-26,083,000	4,506,000	-16,969,000	-15,940,000	-142,212,000	-8,405,750	-6,264,000	-8,907,000	-18,452,000
income tax benefit	10,914,000			-6,376,000	7,729,000	-3,665,500	-833,000	13,479,000		-2,733,000	1,871,000	-881,000		-45,273,000	-453,000	-259,000	4,755,000	1,610,000	-1,536,000	-2,576,000	12,342,000	2,391,000	4,911,000	-6,033,000	6,284,000	-42,036,750	4,620,000	3,609,000						-37,675,000	-3,645,000	-2,242,000		-10,355,000	-160,000	3,881,000		54,244,000	217,255,000	-265,000				47,000					-66,000	-111,250	-142,000	-338,000	35,000													-44,750	-2,990,000	1,030,000	1,781,000	2,918,000	2,360,000	4,225,000	9,194,000	36,124,000	828,000
net income	-13,345,000	19,917,250	117,273,000	4,847,000	-42,451,000	6,764,000	-7,172,000	-51,911,000	86,139,000	8,491,500	-10,273,000	2,290,000	41,949,000	-3,969,000	404,000	-895,000	-15,385,000	-5,416,000	13,723,000	30,725,000	18,106,000	5,761,000	-6,701,000	22,086,000	-24,131,000	-7,365,000	-15,251,000	-14,419,000	666,337,000	-185,802,993.23	67,362,000	73,160,000	45,279,000	-7,010,000	8,426,000	6,058,000	5,079,000	-3,126,000	1,051,000	-5,763,000	6,608,000	8,448,000	224,539,000	23,564,000	754,000	7,055,000	1,280,000	0.08	0.1	11,419,999.53	0.1	0.3	0.07	-526,999.92	-0.01	-0.11	0.07	10,175,999.76	-0.2	-0.05	0.48	-10,372,999.24	-0.6		-0.02	-1,947,999.96	0.02	-0.01	-5,116,000	-69,627,000	-18,125,000	-0.07	-0.04	5,938,000	1,248,000	181,000	274,321,000	141,364,000	-14,918,000	-15,958,000	-142,229,000	-2,722,000	-6,281,000	-8,924,000	-18,472,000			-13,139,000				-20,320,000
yoy	-68.56%	194.46%	-1735.15%	-109.34%	-149.28%	-20.34%	-30.19%	-2366.86%	105.34%	-313.95%	-2642.82%	-355.87%	-372.66%	-26.72%	-97.06%	-102.91%	-184.97%	-194.01%	-304.79%	39.12%	-175.03%	-178.22%	-56.06%	-253.17%	-103.62%	-96.04%	-122.64%	-119.71%	1371.62%	2550.54%	699.45%	1107.66%	791.49%	124.25%	701.71%	-205.12%	-23.14%	-137.00%	-99.53%	-124.46%	776.39%	19.74%	17442.11%	29454999900.00%	753999900.00%	-38.22%	1279999900.00%	-73.33%	42.86%	-2266.98%	-1100.00%	-372.73%	0.00%	-105.18%	-95.00%	120.00%	-85.42%	-198.10%	-66.67%		-2500.00%	432.49%	-3100.00%		-100.00%	-97.20%	-100.00%	-85.71%	12789999900.00%	-1272.57%	-1552.32%	-100.00%	-100.00%	-95.80%	-108.37%	-101.13%	-292.87%	-5293.39%	137.51%	78.82%	669.97%			-32.08%				-35.34%
qoq	-167.00%	-83.02%	2319.50%	-111.42%	-727.60%	-194.31%	-86.18%	-160.26%	914.41%	-182.66%	-548.60%	-94.54%	-1156.92%	-1082.43%	-145.14%	-94.18%	184.07%	-139.47%	-55.34%	69.70%	214.29%	-185.97%	-130.34%	-191.53%	227.64%	-51.71%	5.77%	-102.16%	-458.63%	-375.83%	-7.93%	61.58%	-745.92%	-183.19%	39.09%	19.28%	-262.48%	-397.43%	-118.24%	-187.21%	-21.78%	-96.24%	852.89%	3025.20%	-89.31%	451.17%	1599999900.00%	-20.00%	-100.00%	11419999430.00%	-66.67%	328.57%	-100.00%	5269999100.00%	-90.91%	-257.14%	-100.00%	-5087999980.00%	300.00%	-110.42%	-100.00%	1728833106.67%			-100.00%	-9739999900.00%	-300.00%	-100.00%	-92.65%	284.15%	25892857042.86%	75.00%	-100.00%	375.80%	589.50%	-99.93%	94.05%	-1047.61%	-6.52%	-88.78%	5125.17%	-56.66%	-29.62%	-51.69%
net income margin %	-Infinity%	38.23%	101.57%	10.18%	-93.64%	15.80%	-13.84%	-124.99%	278.07%	Infinity%	-Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%
basic net loss per share	-0.67
shares used in basic per share calculation	19,883	-29	19,578	19,327	19,191	229	18,419	18,028	17,732	4,310.25	17,380	17,276	17,063
diluted net loss per share	-0.67
shares used in diluted per share calculation	19,883	124	20,629	19,926	19,191	-284	18,419	18,028	18,122	4,446	17,380	17,730	17,974
revenues and other income:
contract revenue and other income		16,382,500	58,203,000	2,943,000	4,384,000	89,000	13,848,000	10,869,000	2,671,000
total revenues and other income		52,105,250	115,461,000	47,627,000	45,333,000	42,812,000	51,812,000	41,531,000	30,978,000
yoy		21.71%	122.85%	14.68%	46.34%
qoq		-54.87%	142.43%	5.06%	5.89%	-17.37%	24.76%	34.07%
financial royalty assets impairment						4,081,000		26,491,000
gain from change in fair value of equity-method investments and other investments		18,971,750	75,887,000
total non-operating income (expenses)		18,755,250	86,206,000	2,779,000
income tax expense		-11,996,000	-23,864,000						-27,308,000				-11,922,000																-176,376,000	14,307,000	-11,864,000	-22,419,000	-10,033,000				-1,114,000				-3,694,000				-15,000	-32,750	-124,000		-53,000	-59,250	-60,000	-110,000						-3,405,000	22,000	141,000	-13,778,000	-329,500	-419,000	-625,000	274,000															-18,000	-17,000	-5,000	-17,000	-17,000	-20,000
basic net income per share		2.33	5.99	0.25	-2.21	-1.72	-0.39	-2.88	4.86	0.493	-0.59	0.13	2.46	-1.04	0.02	-0.05	-0.91	-0.33	0.82	1.84	1.1	0.36	-0.42	1.38	-1.46	0.62	-0.81	-0.74	32.59	2.193	3.19	3.45	2.13									3.153	11.29	1.19
diluted net income per share		2.18	5.68	0.24	-2.21	-1.68	-0.39	-2.88	4.75	0.478	-0.59	0.13	2.33	-1.04	0.02	-0.05	-0.91	-0.33	0.8	1.79	1.05	0.36	-0.42	1.32	-1.46	0.56	-0.81	-0.74	31.32	1.903	2.8	2.99	1.83									2.945	10.46	1.11
total non-operating (expenses) income					-13,964,000	13,671,750	-9,482,000	-46,290,000
gain on sale of pelican										-530,250	-2,121,000
operating income from continuing operations						-9,637,000	3,143,000	-19,100,000	2,988,000	3,825,000	3,078,000	-1,983,000	14,205,000
income before income taxes from continuing operations						10,429,500	-6,339,000	-65,390,000	113,447,000	11,640,750	-12,144,000	3,171,000	55,536,000
net income from continuing operations						-31,088,000	-7,172,000	-51,911,000	86,139,000	8,907,750	-10,273,000	2,290,000	43,614,000
net loss from discontinued operations										-416,250			-1,665,000
basic net income from continuing operations per share						-1.72	-0.39	-2.88	4.86	0.518	-0.59	0.13	2.56
basic net loss from discontinued operations per share										-0.025			-0.1
diluted net income from continuing operations per share						-1.68	-0.39	-2.88	4.75	0.5	-0.59	0.13	2.43
diluted net loss from discontinued operations per share										-0.023			-0.09
gain on derivative instruments									196,000
other non-operating income									-2,388,000
total non-operating income and expenses									110,459,000
revenues:
contract revenue										4,329,000	397,000	716,000	16,203,000	-20,870,000	10,302,000	9,915,000	19,876,000	19,547,000	14,094,000	13,550,000	16,766,000	17,952,000	9,454,000	5,189,000	2,130,000
total revenues										25,803,250	32,868,000	26,366,000	43,979,000	27,045,000	66,088,000	57,419,000	45,693,000	72,473,000	64,835,000	84,675,000	55,150,000	69,990,000	41,848,000	41,420,000	33,161,000	27,003,000	24,808,000	24,987,000	43,484,000	59,590,000	45,663,000	90,043,000	56,157,000	50,464,000	33,375,000	27,995,000	29,267,000	38,186,000	21,619,000	19,521,000	29,648,000	21,192,000	17,701,000	18,418,000	14,602,000	22,999,000	14,973,000	10,608,000	15,958,000	14,736,000	13,005,000	9,580,000	11,651,000	13,635,000	6,375,000	5,742,000	5,636,000	12,936,000	5,741,000	7,463,000	3,896,000	3,940,000	7,802,000	5,838,000	5,958,000	13,977,000	7,901,000	7,594,000	9,470,000	12,389,000	5,248,000	4,804,000	4,874,000	5,770,000	5,479,000	1,410,000		34,130,000	36,707,000	48,447,000	50,956,000	49,068,000	44,756,000	45,799,000	36,985,000		40,460,000	36,612,000	57,608,000	31,283,000	29,126,000	23,123,000	27,323,000	25,266,000
other income:
other income										-1,142,500	-4,300,000	-873,000	603,000	-1,278,000	885,000	1,882,000	2,698,000	-1,379,000	1,886,000	-924,000	-6,477,000	485,000	-219,000	1,803,000				-1,806,000					739,000	4,066,000	755,000	218,000	141,000	612,000	1,215,000	501,000
total other income										7,815,750	-15,222,000	5,154,000	41,331,000				-10,834,000	-2,959,250	-447,000	-12,438,000	1,049,000	-7,840,000	-15,359,000	21,019,000	-34,203,000	2,004,000	-14,713,000	-13,898,000	16,170,000	-89,938,000	55,864,000	25,404,000	18,271,000					-12,126,000	-4,255,000	-14,020,000	-5,525,000	-5,188,000	-1,313,000	17,927,000				-117,000		-329,500	-1,045,000	2,290,000	-2,562,000	-3,442,000	1,270,000	-1,998,000	243,000	269,000	-485,000	37,000	-2,074,000	4,375,000	4,239,000	3,963,000	1,311,000	-221,000	281,000	181,000	-164,000	-575,000	221,000	-286,000	401,000	-198,000	1,502,000	2,455,000	2,960,000
other operating income																			-3,800,000	-34,100,000
income from operations														-2,284,750	636,000	-469,000	-9,306,000	12,734,000	15,706,000	45,739,000	4,715,000	11,210,000	3,747,000	7,100,000	3,788,000	-10,179,000	-5,158,000	-4,130,000	826,543,000	33,149,000	23,362,000	70,175,000	37,041,000	28,350,000	16,493,000	13,015,000	10,216,000	19,355,000	5,466,000	4,376,000	15,096,000	11,016,000	8,597,000	4,365,000	3,349,000	9,637,000	3,532,000	1,358,000	5,100,000	6,425,000	3,070,000	1,514,000	3,932,000	-954,500	-1,322,000	-1,730,000	-765,000	5,728,000	-3,399,000	-810,000	-2,218,000	-5,962,000	-15,675,000	-3,628,000	-4,026,000	1,255,000	774,000	-4,657,000	-7,318,000	-73,389,000	-6,355,000	-5,633,000	-11,899,000	-8,042,000	-8,724,000	-14,366,000	-29,043,000	4,894,000	-15,065,000	-10,990,000	-137,101,000	-679,000	-3,515,000	-6,507,000	-15,770,000			-10,266,000				-12,563,000
total other expense														43,754,000	221,000	-167,000																		-3,290,000	-4,422,000	-4,715,000	-4,023,000								-3,423,000	-2,626,000	-2,631,000		-2,950,000																													-388,000	-1,904,000	-4,950,000	-5,111,000	-2,038,000	-2,749,000	-2,400,000	-2,682,000			-2,873,000				-7,757,000
shares used in basic per share calculations														4,215	16,888	16,868	16,824	4,148.75	16,688	16,659	16,435	4,055.5	16,082	16,055	16,529	4,896.5	18,770	19,558	20,447	5,297.25	21,148	21,212	21,209
shares used in diluted per share calculations														4,215	17,132	16,868	16,824	4,296.75	17,142	17,172	17,248	4,055.5	16,082	16,694	16,529	5,087.25	18,770	19,558	21,277	6,107.5	24,052	24,438	24,800
gain from sale of promacta license																													812,797,000
loss from short-term investments																						-4,285,750	-9,862,000
service revenue																								4,582,000	3,357,000
gain from viking																									-25,457,000	8,480,000	-10,520,000	-12,365,000	17,293,000	-74,019,000	62,398,000	39,963,000	21,097,000
other expense																									-4,928,000	-632,000	-2,596,000		1,874,000	-1,410,750	-808,000	-3,867,000
material sales																										7,132,000	6,849,000	8,549,000	8,959,000	10,093,000	7,027,000	7,612,000	4,391,000	7,734,000	7,664,000	5,550,000	1,121,000	9,057,000	4,219,000	3,886,000	5,341,000	7,206,000	6,046,000	10,681,000	3,729,000	12,963,000	6,334,000	3,476,000	5,715,000	6,812,000	6,728,000	3,993,000	1,539,000	5,282,000	1,818,000	1,665,000	667,000	6,410,000	1,679,000	2,984,000	1,019,000
license fees, milestones and other revenues																										8,826,000	8,192,000	9,812,000	14,987,000	9,284,000	2,509,000	51,035,000	30,946,000	14,417,000	3,780,000	8,234,000	3,916,000	9,548,000	1,702,000	5,881,000	9,917,000
cost of material sales																										1,937,000	3,147,000	2,405,000	3,858,000
cost of sales																														845,500	1,460,000	1,134,000	788,000	1,738,000	2,385,000	903,000	341,000	2,897,000	999,000	720,000	955,000				1,074,000	1,283,250	1,496,000	1,186,000	2,451,000	1,104,000	2,538,000	1,214,000	663,000	318,250	683,000	435,000	155,000	712,750	703,000	1,623,000	525,000
increase in contingent liabilities																																	-960,000	-278,000	-1,336,000	-825,000	-140,000	-739,000	-958,000	-332,000	-1,306,000			-7,274,000	-3,000				-1,948,000
loss from viking																																		1,302,000	-1,019,000	-1,248,000	-1,083,000
discontinued operations:
gain on sale of oncology product line before income taxes																																									1,139,000																				4,000	-34,000	1,000	4,000				216,000	235,000	1,939,000	-12,799,000	-685,000	915,000
income tax expense on discontinued operations																																									-408,000																																-3,452,000			-2,284,000	-24,853,000
income from discontinued operations																																									731,000											2,397,000	191,000																									0.013	0.02
per share amounts:
basic earnings per share data
income from continuing operations																																		-0.33	0.4	0.29	0.24	-0.15	0.05	-0.28	0.28					-4,159,999.41	777,000	1,288,000	2,097,000	1,869,000	1,965,000	3,694,000	1,304,000	2,586,000	-194,000	-4,066,000	-487,000	5,502,000	-3,906,000	-914,000	9,486,000	-3,783,500	-11,855,000			-2,726,500	1,055,000
diluted earnings per share data
shares used for computation
basic																																		25	21,071	21,013	20,938	25	20,887	20,832	20,708
diluted																																		219	23,551	23,216	23,019	-1,911	22,997	20,832	22,284
per share amounts attributable to ligand common shareholders:
lease exit and termination costs																																						169,000	245,000	374,000	244,000	234,000	345,000	218,000	223,000	562,000	182,000	136,000	204,000	201,000	227,000	44,000	89,000	156,000	-15,000	247,000	-74,000	146,000	-2,000	-16,000	-151,000	952,000	15,894,000
gain on deconsolidation of viking therapeutics																																										7,047,500		28,190,000
loss from viking therapeutics																																						-3,534,750	-1,396,000	-11,138,000
net income including noncontrolling interests:																																						-3,126,000	1,051,000	-5,763,000	6,608,000	61,619,250	224,539,000	22,027,000	-89,000	1,040,000	777,000
less: net loss attributable to noncontrolling interests																																												-1,537,000	-843,000	-323,000	-503,000	-304,000
equity in net losses from viking therapeutics																																									-1,605,000	-760,000	-2,169,000	-870,000
other																																									391,000	-121,000	1,485,000	850,000	-447,000	543,000	505,000	1,376,000	-754,000	-132,000	-119,000	2,000	191,000	244,000	15,000	2,000	254,000	556,000	-10,000	32,000	48,000	1,901,000	1,728,000	168,000	1,119,000	-358,000	126,000	103,000	-109,000	-771,000	-155,000	-790,000	-482,000	-1,362,000	99,000	11,000	51,000	263,000	66,000	619,000	383,000	526,000	-60,000	232,000	1,000			-13,000				-5,318,000
collaborative research and development and other revenues																																										904,500	1,900,000	1,131,000	586,000	615,000	1,157,000	1,891,000	2,393,000	806,000	553,000	671,000	4,286,000	3,536,000	1,344,000	1,094,000	1,909,000	3,910,000	1,631,000	2,307,000	884,000	1,998,000	6,028,000	4,237,000	3,996,000	12,029,000	6,250,000	5,588,000	6,740,000					1,000,000	250,000		235,000			1,120,000	2,972,000	2,351,000	2,172,000	4,064,000	1,940,000		2,975,000	2,476,000	15,214,000	3,160,000	3,939,000	4,195,000	13,447,000	8,780,000
cost of goods																																										1,230,750	1,250,000	2,600,000
decrease in contingent liabilities																																										-1,244,000	2,301,000			-1,220,000	-1,620,000	-1,312,000		92,000	-532,000	2,741,000	-1,841,000	-2,841,000	2,093,000
weighted-average number of common shares-basic																																										19,790	19,886,877	19,725,410	19,611,881	20,418,569	20,417,187	20,738,299	20,600,683	20,312,395	20,357,558	20,258,618	20,189,378	19,853,095	19,917,676	19,749,266		19,655,632						117,652,112
weighted-average number of common shares-diluted																																										21,228	21,459,648	21,276,404	20,630,788	21,433,177	21,345,311	21,780,034	21,208,023	20,745,454	20,843,742	20,427,360	20,280,030	19,853,095	19,917,676	19,749,266		19,713,320
basic and diluted net income per share																																													0.04
write-off of in-process research and development																																																		120,000		480,000						570,500	2,282,000
gain on sale of avinza product line before income taxes																																																		647,000		2,397,000	191,000	914,000		1,608,000	2,048,000					2,189,000	11,000	3,000				2,592,000	2,131,000	2,297,000	122,000	-1,156,000	8,321,000	-2,122,000	6,892,000	283,000	310,131,000
basic per share amounts:
diluted per share amounts:
net income:																																																1,288,000	2,097,000	2,387,750	1,965,000	6,091,000	1,495,000	-397,500	-194,000	-2,267,000	1,384,000	1,168,500	-3,906,000	-914,000	9,490,000	-3,719,000	-11,843,000			-1,246,000	1,803,000					-6,429,000	-3,933,000
net income attributable to ligand common shareholders																																																1,592,000
income tax benefit on discontinued operations																																																						3,500		191,000	-177,000													-133,000	3,676,000	301,000		-6,445,250	1,356,000
basic and diluted per share amounts:
accretion of deferred gain on sale leaseback																																																										425,000	426,000	426,000	426,000	425,000	426,000	426,000	-426,000	43,277,000	-20,444,000	-491,000	491,000	3,437,000	-491,000	-491,000	491,000	368,250	491,000	-491,000
discontinued operations																																																						917,500		1,799,000	1,871,000	750			4,000	64,500	12,000	7,000	239,000	1,480,500	748,000	2,808,000	2,366,000	-1,189,250	-9,001,000	-1,540,000	5,784,000	11,260,000	6,110,000	7,867,000	291,210,000
decrease in liability for contingent value rights																																																								-1,153,000	764,000	428,000	224,000	679,000	-1,736,000	2,440,000	2,460,000	3,690,000
weighted-average number of common shares-basic and diluted																																																									19,709,078
gain on sale of avinza product line
gain on sale of oncology product line
weighted-average number of common shares - basic																																																											19,673,160	19,650,260							113,006,842
weighted-average number of common shares - diluted																																																											19,673,160	19,650,260							113,139,102
loss from continuing operations																																																													0.48			-290,000	-2,989,000			-4,476,000	-7,482,000	-73,730,000	-9,124,000	-4,889,000	-9,717,000	-5,322,000	-4,862,000	-7,686,000	-16,889,000	40,630,000	-16,141,000
weighted-average number of common shares																																																													19,623,249	19,613,201			117,457,241	113,176,511		113,147,714	113,118,073	95,505,421	95,068,102	95,055,718	95,047,440	98,124,731	96,541,752	99,878,197	100,686,308	80,618,528	78,670,137	78,539,820	77,496,969	74,019,501	74,041,204	74,036,753	73,916,470	73,692,987	73,754,146	73,299,281	70,685,234	70,100	69,275	70,238,438	69,118,976	71,358
write-off of acquired in-process research and development.																																																																		110,500		441,000
weighted-average number of common shares—basic																																																															19,629,693
weighted-average number of common shares—diluted																																																															19,629,693
net loss:																																																																-283,000	-2,750,000			-1,668,000
gain on sale of avinza product line before income tax benefit																																																																	9,000	1,332,750	608,000
gain on sale of oncology product line before income tax benefit																																																																	230,000	147,750	140,000
lease termination costs																																																																			15,235,000
income from discontinued operations before income taxes																																																																													5,993,000
adjustment to gain on sale of oncology product line before income taxes																																																																										1,917,250	-2,138,000	9,868,000	-61,000
amortization of deferred gain on sale leaseback																																																																													491,000
product sales																																																																														34,130,000	36,707,000	47,327,000	47,984,000	46,717,000	42,584,000	41,735,000	35,045,000		37,485,000	34,136,000	42,394,000	28,123,000	25,187,000	18,928,000	13,876,000	16,486,000
cost of products sold																																																																														5,874,000	5,800,000	10,266,000	9,740,000	8,308,000	9,807,000	10,667,000	11,065,000		9,926,000	8,823,000				6,620,000
selling, general and administrative																																																																														21,671,000	20,085,000	24,637,000	22,201,000	17,505,000	17,787,000	20,149,000	19,215,000		16,625,000	14,472,000	12,448,000	13,216,000	13,571,000	12,426,000	10,976,000	10,766,000
co-promotion																																																																														3,799,000	11,776,000	11,073,000	10,957,000	10,029,000	7,766,000	6,966,000	7,740,000		7,000,000	6,731,000
co-promote termination charges																																																																														-11,902,000	3,643,000	-434,000	132,941,000
income from discontinued operations, net of income tax																																																																														845,500	1,223,000
cost of product sold																																																																																									5,737,750	8,565,000	7,766,000
debt conversion expense
costs of product sold																																																																																													3,696,750	5,646,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30

assets
current assets:
cash and cash equivalents	115,077,000	174,927,000	139,376,000	67,669,000	47,989,000	72,307,000	63,619,000	18,139,000	50,093,000		19,275,000	28,445,000	88,728,000	45,006,000	4,116,000	5,280,000	14,993,000	19,522,000	23,430,000	21,863,000	31,853,000	47,619,000	456,916,000	115,156,000	117,527,000	71,543,000	225,302,000	273,047,000	105,113,000	117,164,000	115,560,000	151,459,000	51,024,000	20,620,000	32,739,000	60,223,000	10,641,000	18,752,000	86,580,000	61,350,000	31,293,000	97,428,000	93,770,000	108,238,000	165,766,000	160,203,000	180,663,000	14,537,000	12,977,000	11,639,000	3,271,000	5,923,000	5,037,000	12,381,000	7,046,000	8,885,000	9,777,000	7,041,000	2,251,000	3,441,000	6,033,000	3,346,000	3,796,000	3,235,000	4,044,000	16,032,000	5,160,000	3,549,000	4,920,000	28,753,000	11,801,000	29,177,000	59,543,000	76,812,000	69,301,000	103,611,000	403,911,000	158,401,000	10,029,000	41,615,000	49,808,000	66,756,000	49,588,000	32,580,000	50,956,000	59,030,000	41,920,000	65,558,000	59,030,000	73,002,000	24,248,000	12,979,000	42,423,000	23,177,000
short-term investments	664,328,000	558,594,000	525,146,000	177,351,000	160,912,000	183,858,000	156,024,000	208,793,000	260,500,000		171,227,000	190,596,000	193,937,000	166,864,000	117,291,000	142,655,000	189,006,000	321,586,000	299,781,000	279,972,000	307,354,000	363,567,000	338,154,000	694,724,000	621,284,000	939,989,000	874,383,000	1,059,002,000	1,323,575,000	601,217,000	891,128,000	805,468,000	213,329,000	181,041,000	169,520,000	112,404,000	148,733,000	122,296,000	37,535,000	45,603,000	81,908,000	102,791,000	93,528,000	73,371,000	11,459,000	7,133,000	5,925,000	7,490,000	12,275,000	4,340,000						1,500,000	1,517,000	10,000,000	10,000,000	10,000,000	10,487,000	19,351,000	20,273,000	28,960,000	35,012,000	37,200,000	39,033,000	51,961,000	47,684,000	51,918,000	59,311,000	55,819,000	30,685,000	17,596,000	29,091,000	11,789,000	6,319,000	13,447,000	21,862,000	19,168,000	17,897,000	20,174,000	24,202,000	35,694,000	38,449,000	40,004,000								12,099,000
accounts receivable	53,383,000	59,601,000	57,560,000	41,288,000	38,492,000	38,376,000	34,318,000	37,481,000	28,435,000		36,003,000	27,994,000	29,188,000	30,424,000	65,168,000	62,308,000	41,797,000	85,453,000	64,336,000	58,156,000	54,436,000	56,847,000	32,907,000	41,874,000	39,506,000	30,387,000	21,958,000	20,259,000	26,615,000	55,850,000	46,976,000	42,001,000	37,108,000	25,596,000	12,816,000	13,462,000	7,057,000	14,700,000	6,586,000	9,966,000	11,779,000	6,170,000	5,517,000	5,532,000	7,423,000	12,634,000	5,812,000	3,133,000	4,673,000	2,222,000	5,507,000	699,000	4,622,000	4,589,000	2,157,000	817,000	1,992,000	6,110,000	1,719,000	1,038,000	1,383,000	993,000	96,000		298,000	618,000	2,110,000	1,050,000	2,715,000						14,000	50,000	1,269,000	11,521,000	7,077,000	18,667,000	20,046,000	20,954,000	24,378,000	21,016,000	18,324,000	19,051,000	17,936,000	14,185,000	19,051,000	9,923,000	7,689,000	17,086,000	7,356,000	7,001,000
inventory	13,266,000	9,126,000	11,900,000	15,489,000	14,614,000	14,114,000	16,740,000	18,672,000	21,337,000		25,392,000	26,906,000	14,011,000	13,294,000	22,326,000	24,773,000	25,614,000	27,326,000	32,996,000	39,946,000	36,932,000	26,487,000	13,430,000	3,702,000	7,320,000	7,296,000	6,565,000	9,638,000	11,905,000	7,124,000	8,136,000	9,520,000	10,531,000	4,373,000	5,007,000	6,809,000	7,629,000	1,923,000	4,027,000	3,835,000	1,750,000	1,633,000	1,221,000	802,000	2,821,000	269,000	1,071,000	817,000	1,949,000	1,392,000	1,838,000	2,265,000	2,838,000	1,697,000	2,548,000	2,698,000	1,345,000	1,301,000	1,960,000	2,594,000	4,212,000
short-term portion of financial royalty assets	12,151,000	22,792,000	12,416,000	10,276,000
income taxes receivable	1,415,000	1,446,000	536,000	828,000	4,339,000	4,073,000	7,813,000							4,614,000	785,000	964,000		6,193,000	6,378,000	4,694,000	1,145,000	2,217,000		2,679,000	7,271,000	11,361,000
other current assets	5,795,000	5,785,000	6,986,000	4,816,000	13,285,000	16,897,000	19,741,000	7,122,000	7,311,000		2,097,000	2,770,000	2,331,000	3,399,000	10,746,000	7,804,000	4,656,000	4,671,000	5,161,000	6,270,000	5,708,000	3,822,000	3,191,000	5,489,000	4,940,000	4,734,000	5,039,000	5,672,000	9,228,000	20,418,000	25,339,000	12,817,000	5,647,000	1,514,000	1,112,000	1,072,000	641,000	2,175,000	2,756,000	2,602,000	1,562,000	1,908,000	1,777,000	1,801,000	926,000	1,520,000	1,602,000	1,123,000	841,000	959,000	1,512,000	1,211,000	986,000	829,000	1,015,000	2,025,000	2,778,000	1,344,000	1,663,000	1,868,000	1,151,000	720,000	1,342,000	1,430,000	1,317,000	1,364,000	1,667,000	1,392,000	1,179,000	2,300,000	4,029,000	2,434,000	3,020,000	5,068,000	2,629,000	2,771,000	4,567,000	9,518,000	12,465,000	25,986,000	16,357,000	15,750,000	12,672,000	12,924,000	17,076,000	3,810,000	3,245,000	3,764,000	3,810,000	3,188,000	2,635,000	6,547,000	7,308,000	2,835,000
total current assets	865,415,000	832,271,000	753,920,000	352,945,000	309,316,000	331,559,000	309,388,000	312,259,000	368,913,000		253,994,000	276,711,000	328,195,000	263,601,000	220,432,000	243,784,000	276,066,000	464,751,000	432,082,000	410,901,000	437,428,000	500,559,000	857,741,000	863,624,000	830,727,000	1,123,645,000	1,183,103,000	1,442,307,000	1,567,895,000	870,540,000	1,745,225,000	1,480,470,000	349,051,000	237,021,000	224,201,000	197,177,000	174,701,000	163,053,000	140,691,000	126,563,000	133,059,000	215,572,000	210,324,000	196,725,000	191,713,000	185,158,000	198,520,000	28,585,000	33,403,000	24,881,000	16,635,000	14,570,000	17,740,000	23,823,000	17,434,000	21,096,000	23,544,000	32,230,000	26,817,000	28,139,000	31,296,000	37,019,000	35,287,000	43,402,000	50,387,000	68,166,000	59,895,000	69,470,000	67,695,000	93,929,000	85,965,000	96,112,000	101,899,000	109,943,000	115,775,000	132,183,000	427,947,000	235,557,000	64,527,000	113,903,000	112,340,000	132,967,000	117,708,000	108,542,000	131,701,000	130,157,000	118,811,000	124,902,000	130,157,000	105,862,000	56,973,000	63,011,000	83,753,000	48,267,000
intangible assets	217,341,000	225,438,000	233,535,000	250,133,000	258,391,000	266,648,000	274,905,000	283,162,000	291,420,000		314,843,000	325,377,000	333,916,000	342,455,000	517,025,000	528,364,000	539,707,000	551,040,000	562,372,000	572,006,000	583,785,000	595,330,000	224,582,000	215,295,000	206,520,000	210,448,000	216,268,000	212,609,000	216,290,000	219,793,000	216,276,000	222,001,000	225,306,000	228,584,000	196,578,000	199,284,000	201,990,000	204,705,000	207,435,000	210,142,000	212,823,000	48,347,000	48,941,000	49,535,000	50,129,000	50,723,000	51,317,000	51,911,000	52,505,000	53,099,000	53,692,000	54,245,000	55,319,000	55,912,000	56,580,000	56,273,000	56,855,000	57,437,000
goodwill	101,541,000	101,541,000	101,541,000	101,541,000	101,541,000	105,250,000	105,250,000	105,250,000	105,250,000		103,770,000	105,673,000	105,673,000	105,673,000	181,206,000	181,206,000	181,206,000	181,206,000	190,183,000	190,517,000	190,515,000	189,662,000	102,136,000	103,369,000	94,341,000	95,229,000	93,513,000	88,000,000	86,809,000	86,646,000	85,961,000	85,961,000	85,961,000	85,959,000	72,207,000	72,207,000	72,207,000	72,207,000	72,359,000	72,360,000	72,997,000	12,238,000	12,238,000	12,238,000	12,238,000	12,238,000	12,238,000	12,238,000	12,238,000	12,238,000	12,238,000	12,238,000	12,238,000	12,238,000	12,238,000	14,894,000	14,894,000	14,894,000
long-term portion of financial royalty assets	193,536,000	196,877,000	206,332,000	193,556,000	188,320,000	185,024,000	199,251,000	80,481,000	65,710,000
noncurrent derivative assets	13,527,000	15,632,000	9,351,000	17,958,000	18,029,000	10,583,000	19,246,000	34,505,000
equity method investments	31,515,000	46,500,000	42,000,000
other investments	87,770,000	121,451,000	106,721,000	10,908,000	10,908,000	10,908,000	11,908,000	10,741,000	36,500,000
deferred income taxes	8,473,000	8,345,000	9,526,000	829,000	546,000	72,000	78,000	190,000			8,530,000	8,530,000	875,000	8,530,000	35,500,000	35,654,000	35,655,000	34,482,000	26,728,000	27,882,000	27,432,000	24,320,000	27,026,000	26,411,000	26,358,000	25,608,000				46,521,000	32,440,000	44,586,000	69,368,000	84,422,000	134,939,000	138,837,000	141,007,000	123,891,000	133,486,000	161,076,000	157,258,000	216,564,000	7,517,000	3,059,000	2,797,000		1,214,000	1,104,000	1,151,000		8,000	8,000	791,000		237,000	237,000	237,000	237,000	1,194,000	1,169,000	1,021,000		25,068,000	25,068,000	25,068,000	25,068,000
other assets	12,987,000	12,582,000	2,771,000	9,111,000	7,892,000	6,924,000	8,404,000	11,922,000	11,225,000		8,426,000	4,495,000	4,634,000	4,736,000	6,279,000	6,316,000	6,442,000	2,741,000	3,095,000	2,828,000	3,053,000	4,267,000	13,704,000	6,059,000	1,270,000	2,357,000	2,488,000	1,680,000	6,396,000	471,000	499,000	642,000	894,000	4,859,000	2,028,000	1,668,000	1,821,000	1,744,000	1,744,000	603,000	70,000	27,000	248,000	301,000	358,000	207,000	230,000	253,000	275,000	299,000	344,000	394,000	451,000	517,000	416,000	524,000	563,000	738,000	777,000	773,000	883,000	838,000	5,453,000	5,494,000	5,537,000	5,081,000	101,000	101,000	101,000	144,000								36,000	1,264,000	3,665,000	4,011,000	4,704,000	5,597,000	5,928,000	6,326,000	8,084,000	8,420,000	8,822,000	8,084,000	11,134,000	11,718,000	12,333,000	17,992,000	22,163,000
total assets	1,532,105,000	1,560,637,000	1,476,772,000	948,604,000	905,435,000	941,774,000	954,866,000	866,405,000	913,869,000		769,226,000	758,105,000	811,076,000	762,668,000	1,050,605,000	1,076,288,000	1,105,184,000	1,297,590,000	1,273,656,000	1,256,283,000	1,295,121,000	1,362,285,000	1,247,449,000	1,242,936,000	1,185,917,000	1,494,915,000	1,547,476,000	1,801,836,000	1,913,988,000	1,260,803,000	2,105,742,000	1,858,284,000	754,668,000	671,021,000	662,337,000	640,024,000	629,723,000	601,585,000	600,865,000	616,799,000	613,438,000	533,929,000	521,700,000	304,762,000	263,223,000	258,029,000	272,283,000	99,847,000	105,471,000	104,713,000	101,677,000	99,571,000	98,363,000	104,260,000	97,506,000	104,594,000	111,798,000	122,350,000	122,466,000	127,435,000	134,153,000	75,559,000	112,568,000	127,597,000	133,620,000	141,807,000	117,086,000	129,176,000	139,587,000	171,448,000	147,191,000	160,023,000	166,265,000	173,278,000	211,524,000	228,476,000	524,810,000	326,053,000	231,867,000	285,932,000	288,689,000		306,047,000	301,723,000	313,253,000		285,317,000	294,189,000		272,797,000
liabilities and stockholders’ equity
current liabilities:
accounts payable	5,264,000	3,238,000	3,679,000	8,584,000	5,366,000	5,233,000	4,694,000	1,793,000	1,893,000		2,475,000	9,582,000	6,135,000	5,307,000	15,887,000	19,153,000	6,972,000	8,403,000	7,233,000	17,273,000	9,469,000	3,784,000	10,169,000	6,103,000	3,365,000	2,420,000	2,040,000	2,888,000	5,061,000	4,183,000	1,647,000	2,682,000	3,407,000	2,259,000	3,617,000	1,799,000	6,456,000	2,734,000	2,757,000	2,336,000	2,688,000	4,083,000	3,143,000	2,708,000	7,442,000	7,698,000	4,864,000	5,059,000	3,675,000	3,951,000	4,304,000	4,755,000	5,522,000	5,854,000	6,027,000	6,746,000	7,893,000	11,065,000	10,072,000	10,628,000	13,032,000	8,597,000	11,339,000	13,445,000	14,519,000	16,945,000	14,379,000	14,844,000	15,641,000	14,627,000	9,014,000	10,290,000	10,760,000	12,682,000	10,448,000	10,939,000	13,181,000	12,259,000	16,080,000	19,460,000	16,325,000	15,360,000	9,809,000	14,276,000	14,586,000	18,691,000	20,225,000	16,866,000	18,691,000	17,261,000	10,819,000	13,441,000	11,979,000	9,662,000
accrued liabilities	31,845,000	31,453,000	24,084,000	17,464,000	23,537,000	27,906,000	15,600,000	12,171,000	12,430,000		10,635,000	7,291,000	14,977,000	15,681,000	19,338,000	14,551,000	15,877,000	17,579,000	12,237,000	10,107,000	12,110,000	18,530,000	14,498,000	12,828,000	11,848,000	9,836,000	13,060,000	11,540,000	14,771,000	19,200,000	9,267,000	9,312,000	8,480,000	7,377,000	6,423,000	5,325,000	4,680,000	6,397,000	6,675,000	4,951,000	3,669,000	5,397,000	4,156,000	5,629,000	4,263,000	4,866,000	4,311,000	3,241,000	5,451,000	5,337,000	4,619,000	4,021,000	4,518,000	4,961,000	5,381,000	4,228,000	4,143,000	8,262,000	7,480,000	6,814,000	11,904,000	8,859,000	7,566,000	5,172,000	5,581,000	9,375,000	12,411,000	6,921,000	7,771,000	12,665,000	29,183,000	22,698,000	21,698,000	24,327,000	30,870,000	39,204,000	57,380,000	46,509,000	52,902,000	58,302,000	43,502,000	59,587,000	53,737,000	42,864,000	45,716,000	30,315,000	36,108,000		30,315,000				11,786,000
income taxes payable	1,893,000		1,284,000	305,000	1,803,000		2,108,000	2,091,000	1,138,000		1,204,000	11,387,000			9,703,000	3,782,000							674,000
current contingent liabilities	277,000	287,000	268,000	1,465,000	1,484,000	206,000	128,000	146,000	127,000				67,000	57,000	1,773,000	2,258,000	1,524,000	2,588,000	2,594,000	5,650,000	41,509,000	39,884,000	1,194,000	1,416,000	871,000	2,607,000	1,794,000	4,763,000	4,666,000	5,717,000	3,678,000	7,495,000	7,545,000	4,703,000	86,000	86,000	111,000	5,088,000	5,079,000	5,337,000	5,285,000	10,414,000	7,620,000	7,674,000	3,692,000		4,184,000
current operating lease liabilities	1,088,000	1,095,000	1,089,000	1,089,000	859,000	1,266,000	1,066,000	1,156,000	1,000,000		497,000	680,000	660,000	670,000	2,345,000	2,501,000	1,850,000	2,053,000	2,181,000	2,275,000	2,173,000	1,885,000
other current liabilities	300,000	135,000	135,000								916,000	448,000																											1,505,000	121,000	21,000	8,000	34,000	300,000
total current liabilities	40,667,000	37,447,000	30,539,000	64,734,000	58,683,000	37,112,000	24,772,000	18,565,000	17,818,000		15,727,000	29,388,000	98,929,000	98,810,000	135,241,000	167,853,000	42,578,000	41,665,000	36,297,000	52,497,000	95,805,000	100,111,000	42,300,000	29,264,000	20,438,000	17,002,000	35,695,000	108,985,000	186,777,000	82,249,000	793,344,000	632,850,000	246,979,000	238,868,000	231,683,000	225,840,000	226,995,000	227,129,000	226,131,000	220,347,000	12,240,000	20,836,000	16,253,000	17,949,000	18,157,000	22,779,000	18,433,000	18,621,000	21,005,000	28,939,000	32,461,000	32,571,000	33,017,000	35,439,000	29,879,000	30,419,000	27,206,000	43,643,000	42,454,000	42,315,000	44,570,000	33,488,000	36,680,000	43,598,000	41,434,000	52,172,000	53,047,000	48,202,000	52,884,000	70,614,000	51,701,000	44,612,000	44,311,000	50,968,000	59,832,000	68,058,000	340,501,000	170,810,000	226,415,000	268,412,000	256,029,000	235,211,000	224,595,000	213,481,000	216,216,000	54,049,000	61,470,000	57,258,000	54,049,000	46,290,000	35,154,000	37,823,000	30,535,000	27,610,000
long-term contingent liabilities	3,498,000	2,934,000	3,569,000	4,097,000	4,026,000	3,475,000	3,863,000	4,052,000	2,888,000		3,515,000	3,505,000	2,776,000	3,456,000	6,855,000	6,961,000	7,448,000	8,483,000	6,782,000	9,121,000	9,548,000	9,249,000	9,604,000	10,005,000	5,811,000	6,335,000	7,995,000	8,314,000	8,955,000	6,825,000	9,053,000	8,146,000	6,376,000	9,258,000	5,196,000	3,860,000	3,035,000	2,916,000	3,933,000	4,138,000	4,022,000	3,033,000	7,589,000	11,089,000	8,213,000		12,267,000
long-term operating lease liabilities	3,993,000	4,204,000	4,415,000	4,629,000	3,565,000	5,815,000	6,267,000	6,415,000	5,191,000		5,832,000	10,991,000	11,183,000	10,336,000	34,893,000	27,088,000	16,758,000	15,494,000	11,467,000	4,771,000	6,081,000	5,643,000	3,920,000	9,181,000	9,231,000	9,970,000	9,932,000	10,489,000
2030 convertible senior notes	446,896,000	446,192,000
other long-term liabilities	17,115,000	16,629,000	19,912,000	14,369,000	14,248,000	30,163,000	29,874,000	29,351,000	27,780,000		43,670,000	21,664,000	21,861,000	21,966,000	21,949,000	21,924,000	29,188,000	30,977,000	27,129,000	28,006,000	28,722,000	30,866,000	25,320,000	26,471,000	22,340,000	22,480,000	7,979,000	7,692,000	11,681,000	951,000	986,000	1,563,000	1,135,000	723,000	695,000	915,000	915,000	687,000	408,000	398,000	446,000	297,000	643,000	734,000	780,000	770,000	737,000	728,000	699,000	695,000	690,000	673,000	966,000	1,086,000	403,000	388,000	388,000	388,000	545,000	694,000	842,000	1,689,000	15,995,000	11,213,000	15,155,000	7,968,000	12,824,000	7,987,000	9,015,000	9,041,000	6,779,000	6,661,000	6,635,000	3,432,000	2,940,000	2,788,000	2,631,000	2,475,000	2,406,000	3,002,000	3,037,000	3,105,000	3,047,000	3,101,000	3,099,000	4,151,000	2,925,000	3,516,000		3,627,000	3,638,000	3,664,000
total liabilities	534,783,000	543,425,000	526,601,000	120,075,000	109,901,000	111,335,000	113,688,000	91,207,000	107,348,000		101,330,000	93,213,000	164,759,000	165,183,000	234,307,000	273,923,000	311,992,000	476,431,000	461,590,000	469,766,000	549,281,000	652,760,000	549,625,000	547,933,000	524,021,000	727,683,000	696,895,000	760,383,000	834,014,000	699,889,000	1,406,222,000	1,238,471,000	257,490,000	252,374,000	237,574,000	230,615,000	230,945,000	230,732,000	230,472,000	224,883,000	221,361,000	229,538,000	229,519,000	235,709,000	230,828,000	233,621,000	229,500,000	36,761,000	40,470,000	55,100,000	56,862,000	60,303,000	67,767,000	77,775,000	76,271,000	86,142,000	92,555,000	105,360,000	111,755,000	113,764,000	120,800,000	72,064,000	113,664,000	116,597,000	123,131,000	129,719,000	118,239,000	133,091,000	141,940,000	169,468,000	132,892,000	128,657,000	129,386,000	131,818,000	172,889,000	181,899,000	455,063,000	286,356,000	470,712,000	512,089,000	500,702,000	412,693,000	402,116,000	391,768,000	394,864,000	230,527,000	237,318,000	233,818,000	230,527,000	210,201,000	199,875,000	203,153,000	196,594,000	37,361,000
commitments and contingencies
stockholders’ equity:
preferred stock, 0.001 par value...
common stock, 0.001 par value...	20,000	20,000	20,000	20,000	20,000	20,000	19,000	19,000	18,000		18,000	17,000	17,000	17,000	17,000	17,000	17,000	17,000	17,000	17,000	17,000	16,000	16,000	16,000	16,000	17,000	17,000	19,000	20,000	21,000	21,000	21,000	21,000	21,000	21,000	21,000	21,000	21,000	28,000	21,000	21,000	20,000	20,000	20,000	20,000	20,000	20,000	21,000	21,000	21,000	22,000	21,000	21,000	21,000	21,000	21,000	21,000	21,000	21,000	21,000	21,000	21,000	21,000	124,000	123,000	123,000	119,000	119,000	119,000	119,000	101,000	101,000	101,000	101,000	100,000	101,000	100,000	100,000	78,000	78,000	78,000	73,000	73,000	73,000	73,000
additional paid-in capital	397,169,000	400,649,000	362,614,000	358,635,000	340,544,000	337,377,000	309,341,000	238,870,000	218,258,000		183,994,000	170,741,000	154,424,000	147,590,000	348,994,000	335,471,000	325,368,000	372,969,000	358,418,000	346,578,000	336,621,000	318,358,000	313,057,000	304,404,000	295,940,000	367,326,000	444,587,000	619,255,000	643,317,000	791,114,000	883,477,000	874,183,000	808,765,000	798,205,000	793,724,000	784,376,000	777,102,000	769,653,000	762,576,000	789,315,000	783,890,000	701,478,000	697,061,000	692,765,000	684,355,000	680,660,000	707,180,000	726,758,000	723,279,000	718,017,000	758,080,000	755,305,000	752,952,000	751,503,000	747,316,000	743,365,000	741,889,000	732,676,000	731,899,000	730,966,000	729,723,000	729,271,000	729,048,000	728,389,000	727,465,000	726,816,000	716,785,000	716,049,000	712,021,000	711,195,000	653,883,000	652,956,000	652,055,000	651,038,000	650,196,000	649,289,000	647,232,000	891,446,000	753,947,000	751,547,000	748,742,000	720,988,000	720,943,000	720,924,000	720,752,000	727,410,000	732,096,000	730,178,000	727,410,000	725,244,000	678,577,000	677,561,000	693,213,000	693,153,000
accumulated other comprehensive income	5,390,000	8,455,000	9,322,000	8,494,000																										-1,024,000	-64,000	-151,000	-286,000	2,486,000	3,335,000	3,059,000	3,105,000	2,743,000	3,652,000	3,745,000	3,568,000	4,903,000	5,558,000	11,265,000	9,334,000	4,953,000	3,543,000	5,041,000	10,943,000	2,914,000	2,201,000	1,395,000	1,166,000								5,000	31,000	76,000	885,000	1,021,000	513,000	317,000	94,000	11,000	81,000	103,000	-28,000	-43,000	9,000				-481,000	-138,000	30,000	1,021,000	490,000	-182,000	-420,000	-738,000								-43,000	-60,000
retained earnings	594,743,000	608,088,000	578,215,000	461,380,000	456,533,000	498,984,000	530,072,000	537,244,000	589,155,000		484,828,000	495,101,000	492,811,000	450,862,000	468,347,000	467,943,000	468,838,000	449,090,000	454,506,000	440,783,000	410,058,000	391,952,000	386,192,000	392,893,000	370,807,000	400,105,000	407,470,000	422,721,000	437,140,000
total stockholders’ equity	997,322,000	1,017,212,000	950,171,000			830,439,000								597,485,000				821,159,000				709,525,000				767,232,000				560,914,000				399,788,000				341,290,000												49,613,000				26,485,000		18,452,000	19,243,000	8,646,000	2,367,000	5,327,000	5,009,000	-4,849,000	-9,440,000	2,656,000	2,145,000	3,744,000				-10,365,000	1,954,000	19,021,000	24,534,000	29,115,000	26,290,000	34,232,000	57,402,000	27,352,000								70,728,000	47,999,000	60,371,000	70,728,000	62,596,000	27,057,000	38,023,000	74,015,000	80,665,000
total liabilities and stockholders’ equity	1,532,105,000	1,560,637,000	1,476,772,000			941,774,000								762,668,000				1,297,590,000				1,362,285,000				1,494,915,000				1,260,803,000				671,021,000				601,585,000				533,929,000				258,029,000				104,713,000				104,260,000		104,594,000	111,798,000	122,350,000	122,466,000												147,191,000	160,023,000	166,265,000
income tax payable		1,239,000				1,199,000																					16,571,000	47,455,000	113,997,000																																		29,399,000	29,003,000	28,378,000	28,108,000
long-term deferred revenue						2,246,000	2,508,000	2,696,000	3,065,000						5,537,000	7,428,000																	3,000,000	3,525,000									2,083,000	2,083,000	2,085,000		2,085,000
property and equipment			3,466,000	3,632,000	3,623,000	15,133,000	15,094,000	14,970,000	15,135,000		16,178,000	11,382,000	11,743,000	12,482,000	33,418,000	30,954,000	24,584,000	20,511,000	18,702,000	17,628,000	16,896,000	14,434,000	7,157,000	7,883,000	6,690,000	7,185,000	6,411,000	6,268,000	5,575,000	5,372,000	4,407,000	4,187,000	4,119,000	4,212,000	3,526,000	1,875,000	1,898,000	1,819,000	1,826,000	1,181,000	567,000	372,000	355,000	405,000	440,000	486,000	551,000	619,000	690,000	867,000	834,000	804,000	758,000	788,000	853,000	644,000	375,000	455,000	678,000	679,000	795,000	559,000	968,000	7,073,000	7,772,000	8,522,000	9,893,000	10,459,000	11,195,000	12,903,000	1,687,000	2,024,000	2,091,000	2,865,000	3,434,000	3,783,000	4,022,000	5,551,000	21,453,000	21,561,000	21,758,000	22,483,000	22,638,000	22,927,000	23,275,000	23,501,000	23,910,000	23,620,000	23,501,000	9,072,000	8,843,000	9,229,000	9,672,000	10,152,000
lease right-of-use assets			7,609,000	7,991,000	6,869,000
long-term portion of 2030 convertible senior notes			445,493,000
assets held for sale				35,228,000	29,685,000																		13,143,000																																											3,170,000
liabilities and stockholders' equity
deferred revenue				111,000	101,000	1,278,000	1,152,000	1,196,000	1,227,000				257,000	355,000	9,547,000	10,584,000	10,503,000	10,996,000	12,007,000	17,147,000	25,107,000	29,435,000	5,404,000	8,917,000	4,354,000	2,139,000	2,230,000	939,000	2,808,000	3,286,000	2,450,000																																								2,546,000	2,546,000	2,546,000
current finance lease liabilities				24,000	24,000	24,000	24,000	12,000	3,000					45,000				46,000				6,593,000
liabilities related to assets held for sale				35,692,000	25,509,000																		10,361,000
stockholders' equity:
total stockholders' equity				828,529,000	795,534,000		841,178,000	775,198,000	806,521,000		667,896,000	664,892,000	646,317,000		816,298,000	802,365,000	793,192,000		812,066,000	786,517,000	745,840,000		697,824,000	695,003,000	661,896,000		850,581,000	1,041,453,000	1,079,974,000		699,520,000	619,813,000	481,100,000		403,166,000	385,116,000	371,830,000												65,001,000		44,815,000	39,268,000	30,596,000		21,235,000
total liabilities and stockholders' equity				948,604,000	905,435,000		954,866,000	866,405,000	913,869,000		769,226,000	758,105,000	811,076,000		1,050,605,000	1,076,288,000	1,105,184,000		1,273,656,000	1,256,283,000	1,295,121,000		1,247,449,000	1,242,936,000	1,185,917,000		1,547,476,000	1,801,836,000	1,913,988,000		2,105,742,000	1,858,284,000	754,668,000		662,337,000	640,024,000	629,723,000		600,865,000	616,799,000	613,438,000		521,700,000	304,762,000	263,223,000		272,283,000	99,847,000	105,471,000		101,677,000	99,571,000	98,363,000		97,506,000
accumulated other comprehensive loss					-1,563,000	-5,942,000	1,746,000	-935,000	-910,000		-944,000	-967,000	-935,000	-984,000	-1,060,000	-1,066,000	-1,031,000	-917,000	-875,000	-861,000	-856,000	-801,000	-1,441,000	-2,310,000	-4,867,000	-216,000	-1,493,000	-542,000	-503,000																																														-110,000	-155,000	-140,000									-66,000	-127,000	-53,000	-66,000	-88,000	-46,000	-61,000
prepaid expenses						1,934,000		1,911,000	1,237,000
operating lease right-of-use assets						6,907,000	7,157,000	7,403,000	6,028,000		6,235,000	11,392,000	11,666,000		32,108,000	24,711,000	15,783,000		12,951,000	6,500,000	7,611,000		4,269,000	9,689,000	9,630,000	10,353,000	10,280,000	10,964,000
finance lease right-of-use assets						2,766,000	2,940,000	3,085,000	3,219,000
equity method investment in primrose bio							1,245,000	2,437,000	10,469,000		13,985,000
current derivative assets							11,133,000	20,141,000
commercial license rights											6,602,000	10,783,000	10,431,000		10,193,000	10,267,000	10,121,000													31,460,000	20,934,000	20,437,000	19,969,000	19,526,000	23,721,000	22,962,000	25,630,000	25,821,000	25,985,000	26,141,000	8,546,000	8,554,000	8,598,000	8,598,000	4,568,000	4,568,000	4,568,000	4,567,000	4,571,000	4,571,000	4,571,000	4,571,000
financing lease right-of-use assets											3,566,000	3,762,000	3,943,000		14,444,000	15,032,000	15,620,000		16,795,000	17,383,000	17,950,000
equity securities in primrose bio											33,097,000
2023 convertible senior notes													76,790,000	76,695,000	76,600,000	114,974,000	176,540,000	320,717,000	316,889,000	315,318,000	352,313,000	442,293,000	454,973,000	449,672,000	444,432,000	638,959,000	631,533,000	624,209,000	616,987,000	609,864,000	602,839,000	595,912,000
current financing lease liabilities													43,000		48,000	50,000	52,000		45,000	45,000	5,437,000
current assets of discontinued operations
commercial license and other economic rights														10,182,000				10,110,000	10,748,000	10,638,000	10,451,000	10,979,000	10,834,000	10,606,000	10,381,000	20,090,000	35,413,000	40,008,000	31,023,000
operating lease assets														10,914,000				16,542,000				6,892,000
finance lease assets														4,095,000				16,207,000				15,842,000
non-current assets of discontinued operations
current liabilities of discontinued operations
non-current liabilities of discontinued operations
income taxes liability																	5,800,000
investment in viking																									32,879,000	58,335,000	49,856,000	60,376,000	72,741,000	46,191,000	105,183,000	59,796,000	27,535,000	6,438,000	5,137,000	6,014,000	7,262,000	8,345,000				29,728,000
derivative asset																												14,313,000	18,718,000	22,576,000	509,257,000	399,409,000
derivative liability																												14,313,000	18,718,000	23,430,000	563,158,000	401,291,000
2019 convertible senior notes																												27,087,000	26,756,000	26,433,000	213,144,000	210,370,000	227,547,000	224,529,000	221,557,000	218,630,000	215,748,000	212,910,000	210,115,000	207,363,000
note receivable from viking																																	3,877,000	3,877,000	3,007,000	3,207,000		3,207,000				4,782,000
equity component of currently redeemable convertible notes																																	16,078,000	18,859,000	21,597,000	24,293,000	26,948,000	29,563,000	32,138,000
accumulated deficit																														-229,197,000	-183,914,000	-254,240,000	-327,400,000	-400,924,000	-393,914,000	-402,340,000	-408,398,000	-431,127,000	-428,001,000	-401,165,000	-395,402,000	-402,010,000	-410,458,000	-634,997,000	-658,561,000	-659,315,000	-666,371,000	-667,650,000	-669,242,000	-671,339,000	-673,208,000	-675,173,000	-681,263,000	-682,759,000	-683,822,000	-682,654,000	-680,387,000	-681,771,000	-687,273,000	-683,380,000	-682,460,000	-691,947,000	-696,451,000	-684,608,000	-684,330,000	-681,574,000	-684,584,000	-686,387,000	-684,715,000	-679,626,000	-609,999,000	-591,874,000	-585,445,000	-581,512,000	-587,450,000	-588,698,000	-588,879,000	-862,802,000	-1,004,166,000	-989,246,000	-973,288,000	-831,059,000	-828,337,000	-822,056,000	-813,132,000	-655,778,000	-683,133,000	-668,917,000	-655,778,000	-661,722,000	-650,633,000	-638,636,000	-618,316,000	-611,588,000
restricted cash																															43,646,000															1,261,000																																38,814,000
current deferred revenue																																1,700,000													67,000		114,000
current lease exit obligations																																								239,000	577,000	934,000	1,300,000	1,638,000	1,999,000		2,526,000
note receivable from viking therapeutics																																							3,207,000	3,207,000	4,767,000		5,547,000
investment in viking therapeutics																																							17,339,000	18,733,000	28,118,000		31,826,000	33,996,000
total stockholders' equity attributable to ligand pharmaceuticals																																							338,255,000	391,916,000	392,077,000		292,181,000	69,053,000	35,148,000
long-term debt																																									204,653,000		202,951,000	200,567,000	198,219,000		193,631,000																																139,371,000	139,463,000	140,553,000	166,745,000	166,834,000	166,919,000	167,002,000	167,408,000	167,256,000	167,328,000	167,408,000	155,250,000	155,250,000	155,250,000	155,250,000
capitalized ipo expenses, vie																																													2,408,000	2,268,000
current debt issuance costs																																										860,000	847,000	834,000	822,000	809,000	793,000
long-term debt issuance costs																																										2,527,000	2,747,000	2,964,000	3,177,000	3,388,000	3,598,000
long-term notes payable																																										205,372,000
long-term lease exit obligations																																												228,000	577,000		1,133,000
long-term deferred income taxes
total stockholders’ equity attributable to parent																																										304,391,000				26,318,000
noncontrolling interests																																													-2,753,000	-1,910,000	-1,589,000	-1,084,000
total stockholder's equity																																										304,391,000				24,408,000
capitalized expenses
restricted investments																																											600,000	600,000																							1,341,000	1,341,000	1,341,000	1,341,000	1,411,000	1,411,000	1,411,000	1,411,000	1,411,000	1,561,000	1,826,000	1,826,000	1,826,000	1,826,000	1,826,000	1,826,000	1,826,000	1,826,000	1,656,000	1,656,000	1,656,000	1,656,000	1,656,000	6,203,000	6,204,000	10,741,000	10,646,000	1,848,000
note receivable																																												5,547,000
current co-promote termination payments receivable																																													88,000		523,000
restricted cash and investments																																													600,000		1,261,000	1,261,000	1,341,000	1,341,000	4,968,000	4,162,000	3,933,000	2,767,000	1,341,000	1,341,000	1,341,000	1,341,000	1,341,000	1,341,000	1,341,000	1,341,000	1,341,000	1,341,000	1,341,000	1,462,000
current deferred income taxes																																													258,000		1,574,000
current note payable, vie																																													348,000
current co-promote termination liability																																													88,000		523,000
current portion of co-promote termination payments receivable																																														322,000		391,000	688,000	4,329,000	4,507,000	4,472,000	4,257,000	4,327,000	4,431,000	4,934,000	5,898,000	6,197,000	8,030,000	8,029,000	8,030,000	8,034,000	9,780,000	9,777,000	9,716,000	9,782,000	11,925,000	11,518,000	11,197,000	10,958,000	10,824,000	8,682,000	8,651,000	10,467,000	14,740,000	13,962,000	11,881,000
long-term portion of co-promote termination payments receivable																																																413,000	448,000	7,417,000	8,387,000	8,579,000	7,916,000	8,207,000	8,644,000	9,822,000	14,226,000	15,255,000	20,616,000	21,346,000	22,060,000	22,851,000	28,618,000	29,386,000	29,057,000	30,993,000	45,374,000	46,146,000	46,806,000	47,524,000	47,911,000	50,298,000	50,726,000	48,989,000	80,935,000	81,010,000	81,015,000
current portion of contingent liabilities																																														6,796,000		2,877,000	1,094,000	1,712,000	1,879,000	780,000	356,000	356,000	323,000
current portion of deferred income taxes																																														257,000		1,574,000	1,574,000	1,574,000	1,581,000	1,581,000	8,000	1,581,000
current portion of notes payable (334 and 0 related to a vie, respectively																																														334,000
current portion of co-promote termination liability																																														322,000		391,000	688,000	4,329,000	4,507,000	4,472,000	4,257,000	4,327,000	4,431,000	4,934,000	5,898,000	6,197,000	8,030,000	8,029,000	8,030,000	8,034,000	9,780,000	9,777,000	9,716,000	9,782,000	11,925,000	11,518,000	11,197,000	10,958,000	10,824,000	8,682,000	8,651,000	10,467,000	14,740,000	13,962,000	13,083,000	12,179,000	47,722,000	45,046,000	42,533,000
current portion of lease exit obligations																																														2,356,000		2,689,000	2,754,000	2,811,000	2,860,000	2,910,000	3,015,000	3,039,000	2,987,000	3,054,000	3,160,000
current portion of deferred revenue																																														150,000		92,000		116,000	336,000	452,000	556,000	486,000	458,000	412,000	727,000	1,240,000		38,000	27,000			2,663,000	4,323,000	4,989,000	10,924,000	10,259,000	10,192,000	10,301,000								57,981,000	80,395,000	143,102,000	151,021,000	157,519,000	158,224,000	153,372,000	152,938,000	2,564,000	2,381,000	2,346,000	2,564,000	3,502,000	4,126,000		4,683,000
long-term portion of notes payable																																														195,908,000
long-term portion of co-promote termination liability																																																413,000	448,000	7,417,000	8,387,000	8,579,000	7,916,000	8,207,000	8,644,000	9,822,000	14,226,000	15,255,000	20,616,000	21,346,000	22,060,000	22,851,000	28,618,000	29,386,000	29,057,000	30,993,000	45,374,000	46,146,000	46,806,000	47,524,000	47,911,000	50,298,000	50,726,000	48,989,000	80,935,000	81,010,000	81,015,000	81,149,000	95,258,000	94,261,000	93,708,000
long-term portion of deferred revenue																																														2,085,000		2,085,000	2,085,000	2,085,000	2,085,000	2,085,000	2,125,000	2,369,000	2,538,000	2,722,000	3,370,000	3,466,000	1,291,000	1,291,000	2,546,000	2,546,000	2,546,000	2,546,000	2,546,000	3,495,000	4,866,000	8,421,000	10,380,000	16,819,000				2,546,000	2,546,000	2,546,000	2,546,000	2,546,000	2,546,000	4,100,000	4,124,000	4,202,000	4,279,000	4,357,000	4,434,000	2,275,000	2,120,000	2,198,000	2,275,000	2,352,000	2,430,000	2,709,000	3,014,000
long-term portion of lease exit obligations																																														934,000		1,587,000	2,339,000	3,071,000	3,725,000	4,305,000	5,074,000	5,963,000	6,534,000	7,355,000	7,716,000	8,367,000	9,171,000	9,861,000	10,548,000	11,118,000
long-term portion of deferred income taxes																																														2,792,000				1,098,000				725,000
long-term portion of contingent liabilities																																														8,353,000		12,223,000	12,743,000	11,795,000	8,552,000	9,219,000	12,384,000	10,543,000	7,735,000
capitalized expenses, vie																																															2,131,000
long-term co-promote termination payments receivable
current note payable																																															337,000
long-term co-promote termination liability
total stockholders' equity attributable to parent																																															44,372,000	64,170,000
capitalized ipo expenses, viking therapeutics, inc.																																																1,094,000
current portion of note payable																																																2,698,000	5,769,000	9,109,000	12,375,000	13,600,000	13,212,000	14,835,000	10,272,000	5,806,000	1,436,000
long-term portion of note payable																																																				1,970,000	5,494,000	13,443,000	17,876,000	22,211,000	26,435,000	20,286,000	20,200,000	20,114,000	20,029,000
commitments and contingencies-see note
treasury stock																																																			-42,280,000	-42,280,000	-42,280,000	-42,280,000	-42,280,000	-42,280,000	-42,280,000	-42,280,000	-42,280,000	-42,280,000	-42,280,000	-42,225,000	-42,134,000	-42,134,000	-42,134,000	-42,134,000	-42,134,000	-42,134,000	-42,134,000	-42,134,000	-42,134,000	-42,134,000	-42,134,000	-40,521,000	-36,446,000	-26,305,000	-911,000	-911,000	-911,000	-911,000	-911,000	-911,000	-911,000	-911,000	-911,000	-911,000	-911,000	-911,000	-911,000	-911,000	-911,000	-911,000	-911,000	-911,000
bank line of credit																																																								1,500,000	1,500,000	10,000,000	10,000,000	10,000,000	5,000,000
common stock subject to conditional redemption; 0 and 112,371 shares issued and outstanding at december 31, 2012 and 2011, respectively
common stock subject to conditional redemption; 0 and 112,371 shares issued and outstanding at september 30, 2012 and december 31, 2011, respectively
current portion of liability for contingent value rights																																																								3,739,000	2,449,000	6,879,000	6,446,000	5,955,000
long-term portion of liability for contingent value rights																																																								10,413,000	10,550,000	11,433,000
common stock subject to conditional redemption; 0 and 112,371 shares issued and outstanding at june 30, 2012 and december 31, 2011, respectively
stockholders’ equity
common stock subject to conditional redemption; 0 and 112,371 shares issued and outstanding at march 31, 2012 and december 31, 2011, respectively
income tax receivable																																																														4,575,000
accrued litigation settlement costs																																																														1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
current portion of deferred gain																																																											426,000	851,000	1,277,000	1,702,000	1,702,000	1,702,000	1,702,000	1,702,000	1,702,000	1,964,000	1,964,000	1,964,000	1,964,000	1,964,000	1,964,000	1,964,000	1,964,000	1,964,000	1,964,000	1,964,000
current portion of lease termination payments																																																													5,300,000	5,296,000	5,292,000	9,786,000	4,493,000	4,487,000
common stock subject to conditional redemption; 112,371 shares issued and outstanding at december 31, 2011 and 2010, respectively																																																										8,344,000
goodwill and other identifiable intangible assets																																																											72,237,000	75,157,000	76,757,000	12,951,000	15,833,000	15,833,000	14,458,000	2,515,000	482,000	1,659,000	2,185,000	5,375,000
liability for contingent value rights																																																											14,294,000	15,006,000	17,341,000
common stock subject to conditional redemption; 112,371 shares issued and outstanding at september 30, 2011 and december 31, 2010, respectively																																																											8,344,000
common stock subject to conditional redemption; 112,371 shares issued and outstanding at june 30, 2011 and december 31, 2010, respectively																																																												8,344,000
convertible preferred stock, 0.001 par value...
common stock subject to conditional redemption; 112,371 shares issued and outstanding at march 31, 2011 and december 31, 2010, respectively																																																													8,344,000
payable to neurogen stockholders																																																																		3,770,000
long-term portion of deferred gain																																																															426,000	851,000	1,277,000	1,702,000	2,128,000	22,310,000	22,801,000	23,292,000	23,783,000	24,274,000	24,765,000	25,256,000	25,747,000	26,238,000	26,729,000	27,220,000
long-term portion of lease termination payments																																																																	5,284,000	5,281,000
common stock subject to conditional redemption; 112,371 shares issued and outstanding at december 31, 2010 and 2009, respectively																																																														8,344,000
allowances for loss on returns, rebates and chargebacks related to discontinued operations																																																															1,000	14,000	19,000	31,000	354,000	1,275,000	5,590,000	9,590,000
current portion of equipment financing obligations																																																																39,000	81,000	91,000	172,000	241,000	349,000	1,829,000	716,000	978,000	1,238,000	1,528,000	1,810,000	1,989,000	2,151,000	2,168,000	2,150,000	2,146,000	2,298,000	2,401,000	2,488,000	2,638,000	2,651,000	2,184,000	2,453,000	2,439,000	2,184,000	2,299,000	1,890,000	2,105,000	2,087,000	2,342,000
common stock subject to conditional redemption; 112,371 shares issued and outstanding at september 30, 2010 and december 31, 2009																																																															8,344,000
stockholders’ equity :
common stock subject to conditional redemption; 674,230 shares issued and outstanding at june 30, 2010 and december 31, 2009																																																																8,344,000
common stock subject to conditional redemption; 674,230 shares issued and outstanding at march 31, 2010 and december 31, 2009																																																																	8,344,000
restricted indemnity account																																																																					10,264,000	10,232,000	10,217,000	10,178,000	10,138,000	10,070,000	9,969,000	9,939,000	10,000,000
long-term portion of equipment financing obligations																																																																				25,000	54,000	2,178,000	172,000	266,000	403,000	627,000	889,000	1,259,000	1,641,000	2,156,000	2,699,000	2,851,000	3,251,000	3,430,000	3,361,000	3,910,000	4,113,000	2,644,000	3,547,000	3,518,000	2,644,000	2,682,000	3,403,000	3,707,000	4,095,000
common stock subject to conditional redemption; 674, 230 and 997,568 shares issued and outstanding at december 31, 2009 and 2008, respectively																																																																		8,344,000
liabilities and stockholders’ deficit
current portion of accrued litigation settlement costs																																																																			1,180,000	1,180,000	180,000	8,680,000
common stock subject to conditional redemption; 674,230 and 997,568 shares issued and outstanding at september 30, 2009 and december 31, 2008, respectively																																																																			8,344,000
stockholders’ deficit:
total stockholders’ deficit																																																																			-9,497,000	-12,259,000	-14,698,000										-251,190,000	-238,502,000	-224,358,000	-110,419,000	-108,414,000	-102,390,000	-93,956,000
common stock subject to conditional redemption; 665,230 and 997,568 shares issued and outstanding at june 30, 2009 and december 31, 2008, respectively																																																																				8,344,000
common stock subject to conditional redemption; 997,568 shares issued and outstanding at march 31, 2009 and december 31, 2008, respectively																																																																					12,345,000
common stock subject to conditional redemption; 997,568 shares issued and outstanding at december 31, 2008 and 2007, respectively																																																																						12,345,000
common stock subject to conditional redemption; 997,568 shares issued and outstanding at september 30, 2008 and december 31, 2007																																																																							12,345,000
stockholders’ equity: - sum																																																																							44,088,000	61,155,000	66,668,000	69,636,000	62,736,000	60,537,000	58,313,000
common stock subject to conditional redemption; 997,568 shares issued and outstanding at june 30, 2008 and december 31, 2007																																																																								12,345,000
common stock subject to conditional redemption; 997,568 shares issued and outstanding at march 31, 2008 and december 31, 2007																																																																									12,345,000
inventories																																																																																						8,262,000	11,752,000	9,770,000	8,262,000	6,005,000	4,806,000	5,395,000	4,841,000	3,155,000
acquired technology and product rights																																																																															84,990,000				150,271,000	153,773,000	144,275,000	137,857,000	132,520,000		137,857,000				148,546,000
note payable
common stock subject to conditional redemption; 997,568 shares issued and outstanding at december 31, 2007 and 2006, respectively																																																																										12,345,000
common stock subject to conditional redemption; 997,568 shares issued and outstanding at september 30, 2007 and december 31, 2006																																																																											12,345,000
common stock subject to conditional redemption; 997,568 shares issued and outstanding at june 30, 2007 and december 31, 2006																																																																												12,345,000
dividend payable																																																																													252,742,000
common stock subject to conditional redemption; 997,568 shares issued and outstanding at march 31, 2007 and december 31, 2006																																																																													12,345,000
current portion of inventories																																																																														3,856,000	5,039,000	8,467,000	8,232,000	9,333,000	6,868,000	6,328,000	6,896,000
long-term portion of inventories																																																																																5,211,000	5,486,000	5,869,000	8,007,000	8,727,000	6,020,000
acquired technology, product rights and royalty buy-down																																																																														83,083,000		139,766,000	143,268,000	146,770,000
current portion of debt																																																																														37,750,000
common stock subject to conditional redemption; 997,568 shares issued and outstanding at december 31, 2006 and 2005, respectively																																																																														12,345,000
current portion of assets held for sale																																																																															8,055,000
long-term portion of assets held for sale																																																																															57,807,000
current portion of long-term debt																																																																															363,000	356,000	350,000	344,000	337,000	331,000	325,000	295,000	303,000	303,000	295,000
current portion of liabilities related to assets held for sale																																																																															26,803,000
long-term portion of liabilities related to assets held for sale																																																																															2,017,000
common stock subject to conditional redemption; 997,568 shares issued and outstanding at september 30, 2006 and december 31, 2005																																																																															12,345,000
stockholders’ deficit: - sum																																																																															-250,279,000	-237,591,000	-223,447,000	-109,508,000	-107,503,000	-101,479,000	-93,045,000
common stock subject to conditional redemption; 997,568 shares issued and outstanding at june 30, 2006 and december 31, 2005																																																																																12,345,000
common stock subject to conditional redemption; 997,568 shares issued and outstanding at march 31, 2006 and december 31, 2005																																																																																	12,345,000
common stock subject to conditional redemption; 997,568 shares issued and outstanding at december 31, 2005 and 2004, respectively																																																																																		12,345,000
common stock subject to conditional redemption; 997,568 shares issued and outstanding at september 30, 2005 and december 31, 2004																																																																																			12,345,000
common stock subject to conditional redemption; 997,568 shares issued and outstanding at june 30, 2005 and december 31, 2004																																																																																				12,345,000
common stock subject to conditional redemption; 997,568 shares issued and outstanding at march 31, 2005 and december 31, 2004																																																																																					12,345,000
common stock subject to conditional redemption/repurchase																																																																																						34,595,000
common stock																																																																																						73,000
aquired technology and product rights																																																																																								135,189,000		140,526,000	143,194,000	145,862,000
accrued liabilites																																																																																								35,304,000		23,228,000	18,319,000	17,640,000		6,540,000
other long-term liabilites																																																																																									4,151,000				3,700,000
current portion of defferred revenue																																																																																												4,637,000		6,566,000
deferred warrant expense
aquired technology																																																																																														35,596,000
convertible note																																																																																														2,500,000
long term portion of deferred revenue																																																																																														3,319,000
long term portion of equipment financing obligations																																																																																														3,732,000
accrued acquisition obligation																																																																																														2,700,000
convertible subordinated debentures
zero coupon convertible senior notes

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31

cash flows from operating activities:
net loss	-13,345,000																																																													4,503,000	-11,842,000	-284,000	-2,750,000		1,800,000	-1,668,000	-5,116,000									141,364,000	-14,920,000	-15,958,000	-142,229,000	-2,722,000	-6,281,000	-8,924,000	-18,472,000	-14,216,000	-13,139,000	5,943,000	-11,088,000	-11,997,000	-20,320,000	-6,728,000
adjustments to reconcile net loss to net cash from operating activities:
change in estimated fair value of contingent liabilities	624,000	-615,000	-456,000	52,000	1,879,000	-310,000	-207,000	1,233,000	-33,000	-397,000	24,000	778,000	-670,000	630,000	-112,000	-231,000	-1,035,000	2,415,000	-5,875,000	-35,186,000	1,684,000	1,360,000	-26,000	1,000	-372,000
depreciation of fixed assets and amortization of intangible assets	8,216,000	8,214,000	8,269,000	8,522,000	8,770,000
accretion of short-term investments	-1,502,000		-1,338,000
amortization of debt discount and issuance fees	803,000	565,000	447,000	125,000	136,000	172,000	134,000	96,000	84,000	81,000	0	64,000	95,000	95,000	138,000	175,000	326,000	3,829,000	3,790,000	4,157,000	4,916,000	5,334,000	5,301,000	5,239,000	7,203,000	7,426,000	7,563,000	7,553,000	7,446,000	18,799,000	9,700,000	12,437,000	3,018,000	2,972,000	2,927,000	2,882,000	2,838,000	2,795,000	2,752,000	2,710,000	2,668,000	2,628,000	2,588,000	2,549,000	2,509,000	2,471,000
non-cash income from financial royalty assets	4,796,000	-7,372,000	-360,000	-427,000	-461,000	-780,000
cecl adjustment to financial royalty assets	21,000	-198,000	26,000	-420,000	-330,000	-852,000	797,000	-1,419,000	-2,841,000
loss on derivative instruments	837,000	-1,156,000	-111,000	71,000	174,000
loss from change in fair value of equity-method investments and other investments	49,229,000
share-based compensation	10,596,000	14,270,000	14,746,000	9,997,000	7,836,000	7,524,000	15,171,000	11,060,000	7,334,000	5,721,000	6,884,000	7,207,000	5,931,000	29,145,000	12,597,000	9,499,000	9,044,000	10,408,000	9,754,000	10,216,000	8,405,000	9,975,000	7,740,000	7,359,000	5,653,000	6,300,000	6,297,000	6,571,000	5,347,000	6,009,000																					1,533,000	1,492,000	1,124,000		1,013,000
deferred income taxes	-13,532,000	10,571,000	21,282,000	-325,000	-8,844,000	-12,692,000	-1,988,000	-20,666,000	19,546,000	4,935,000	8,007,000	-10,000,000	8,754,000	46,293,000	-12,645,000	3,255,000	-16,180,000	-389,000	1,537,000	2,642,000	-12,408,000	258,000	-10,421,000	1,529,000	-10,419,000	17,063,000	2,105,000	-6,602,000	62,263,000	-14,410,000	11,886,000	22,401,000	9,862,000	37,663,000	3,631,000	2,206,000	1,018,000	10,350,000	160,000	-3,914,000	4,101,000	-2,624,000	-217,257,000	262,000	6,000	294,000	110,000	-47,000	53,000	137,000	61,000	110,000	66,000	-1,650,000	143,000	338,000	-35,000	503,000	23,000	125,000	-13,908,000
loss from short-term investments	-3,869,000		-7,798,000								13,184,000	-3,991,000	-39,533,000		923,000	1,909,000	12,877,000		-1,938,000	6,893,000	-13,090,000		9,862,000
lease amortization expense	479,000	480,000	479,000	412,000	571,000	571,000	573,000	504,000	478,000	504,000	334,000	450,000	447,000	986,000	1,481,000
other	-547,000	-253,000	205,000	821,000	915,000	4,600,000	2,765,000	568,000	-210,000	524,000	62,000	-87,000	240,000	410,000	22,000	13,000	-80,000	914,000	63,000	357,000	238,000	4,182,000	-26,000	-7,167,000	5,668,000	-207,000	2,724,000	1,157,000	-5,130,000		3,452,000	106,000	-522,000		1,000,000										-1,000						0	0	-13,000	144,000	127,000	136,000	85,000	90,000	93,000	73,000	29,000	0	5,000	-10,000	37,000	-14,000	1,000	-23,000	19,000	-24,000	21,000	-8,000	-5,000	163,000	-22,000	-10,000	356,000	-163,000	1,000	-9,000	-8,000	56,000	27,000	24,000	28,000	25,000	39,000	39,000	28,000	477,000	70,000	-119,000
changes in operating assets and liabilities:
accounts receivable	6,409,000	-2,087,000	-16,309,000	-2,765,000	-576,000	-5,665,000	4,793,000	-9,049,000	3,462,000	2,835,000	-7,912,000	1,377,000	1,099,000	34,769,000	-2,658,000	-20,430,000	43,638,000	-19,778,000	-6,179,000	-5,070,000	2,411,000	-20,981,000	6,386,000	-3,068,000	-8,398,000	-8,429,000	-1,699,000	6,356,000	29,235,000	-8,164,000	-4,975,000	-4,893,000	-11,512,000	-10,267,000	646,000	-6,380,000	7,643,000	-8,114,000	3,380,000	1,813,000	-5,604,000	-653,000	40,000	1,891,000	5,211,000	-6,822,000	-2,679,000	1,540,000	-2,451,000	3,285,000	-4,808,000	3,923,000	-33,000	-2,432,000	-1,340,000	1,175,000	4,118,000	-4,391,000	-681,000	133,000	1,024,000	-898,000	-95,000	298,000	320,000	1,492,000	-1,060,000	1,665,000	-2,715,000					14,000	36,000	1,219,000	10,268,000	-4,444,000	11,590,000	1,379,000	908,000	3,424,000	-3,362,000	-2,692,000	12,523,000	-3,751,000	4,866,000	-9,128,000	-2,234,000	9,397,000	-4,910,000	-355,000
inventory	-4,140,000	2,774,000	3,589,000	-875,000	-500,000	2,566,000	1,932,000	2,489,000	2,632,000	707,000	-611,000	-13,001,000	2,035,000	1,356,000	962,000	9,696,000	44,000	2,676,000	-777,000	7,344,000	-9,670,000	-12,885,000	-11,891,000	5,726,000	1,251,000	-561,000	3,073,000	-1,750,000	-2,823,000	1,204,000	632,000	583,000	-4,978,000	1,142,000	2,301,000	-3,089,000	-1,197,000	2,150,000	-192,000	-3,055,000	853,000	-243,000	375,000	-383,000	-150,000	4,048,000	-254,000	1,132,000	-557,000	560,000	-343,000	327,000	102,000	1,828,000	-493,000	-261,000	-44,000	659,000	634,000	1,618,000	-1,797,000
accounts payable and accrued liabilities	2,714,000	7,345,000	1,093,000	-407,000	-2,149,000	11,286,000	2,227,000	1,772,000	-1,382,000	2,757,000	-2,501,000	-4,525,000	-435,000	-2,935,000	3,952,000	-1,649,000	-2,708,000	6,445,000	705,000	-4,810,000	470,000	-11,139,000	6,985,000	795,000	2,114,000	-3,452,000	406,000	-1,904,000	-1,876,000				321,000	936,000	-496,000	-190,000	-1,963,000	710,000	244,000	979,000	-4,302,000	966,000	-1,886,000	1,560,000	-4,667,000	323,000	265,000	-2,741,000	-1,002,000	-452,000	287,000	-495,000	-2,098,000	-1,792,000	642,000	-145,000	-3,506,000	-5,150,000	1,765,000	-7,755,000	-428,000	788,000	-6,203,000	1,778,000	-9,810,000	-3,053,000	5,084,000	-523,000	-12,497,000	5,881,000	-7,505,000	-1,305,000	-4,409,000	-6,859,000	-11,377,000	-20,665,000	-12,988,000	-21,887,000	-8,627,000	17,786,000	-14,912,000	11,401,000	6,406,000	-3,162,000	-958,000	4,163,000	3,164,000	10,512,000	9,321,000	-1,943,000	6,629,000	3,430,000
income tax receivable and payable	695,000		864,000	2,423,000	335,000		-9,093,000	953,000	7,533,000		-10,183,000	11,387,000	4,614,000		6,100,000	-2,982,000	11,993,000		-1,690,000	-3,549,000	1,072,000
deferred revenue		0	0	-285,000	-293,000	-136,000	-232,000	-400,000	-540,000	193,000			-98,000	-1,099,000	-2,928,000	199,000	-2,453,000	2,826,000	-6,091,000	-8,910,000	-5,695,000																	-1,505,000	1,384,000	100,000	13,000	-2,109,000	-8,000	-27,000	-83,000	82,000	22,000	92,000	-116,000	-220,000	-116,000	-144,000	-174,000	-141,000	-138,000	-963,000	-609,000	3,406,000	-29,000	-1,244,000	27,000	0	-2,663,000	-1,660,000	-1,615,000	-7,306,000	-2,890,000	-1,892,000	-2,214,000					0	0	0	-8,657,000	-22,121,000	-35,979,000	-7,943,000	-6,576,000	-782,000	4,774,000	357,000	332,000	-43,000	-295,000	-1,015,000	-702,000	-790,000	-351,000	-2,188,000
other assets and liabilities	207,000	2,212,000	148,000	-4,262,000	-1,985,000	634,000	7,494,000	-3,375,000	-3,462,000	-8,966,000	-769,000	-812,000	682,000	8,013,000	-417,000	-1,021,000	-233,000		-5,894,000
net cash from operating activities	48,691,000	45,915,000	13,090,000	15,799,000	-25,445,000	28,471,000	36,530,000	13,314,000	18,732,000	8,065,000	7,646,000	-82,000	33,948,000	53,472,000	20,489,000	11,878,000	52,011,000	27,642,000	20,025,000	20,377,000	10,754,000				16,922,000	-7,339,000	-6,197,000	-61,058,000	45,258,000	32,572,000	27,082,000	73,644,000	60,761,000	31,310,000	27,650,000	10,386,000	24,222,000	20,993,000	18,523,000	10,371,000	13,114,000	13,665,000	10,437,000	10,046,000	7,579,000	10,246,000	3,735,000	4,008,000	2,577,000	12,034,000	-359,000	6,937,000	2,078,000	2,172,000	-910,000	-732,000	-369,000	7,017,000	-1,055,000	-8,045,000	911,000	-1,300,000	-7,674,000	-2,217,000	-15,876,000	-1,289,000	-11,341,000	2,950,000	-24,121,000	6,193,000	-13,448,000	-3,971,000	-9,399,000	-8,787,000	-14,231,000	-29,360,000	-45,349,000	-84,069,000	-28,021,000	-6,447,000	-19,984,000	12,072,000	6,795,000	-7,905,000	-2,597,000	-11,636,000	-3,616,000	9,176,000	-2,611,000	3,456,000	-9,747,000	-9,562,000
capital expenditures	-228,000	-9,000	-15,000	-214,000	-214,000	0	-596,000	-408,000	-105,000	0	-487,000	-203,000	-2,414,000	0	-4,329,000	-6,588,000	-4,875,000	0	-1,772,000	0	0				0	0	0	0	0	0	0	0	0	-1,936,000	-21,000	-112,000	-87,000	-67,000	-762,000	-783,000	-238,000	-66,000	0	-17,000	-10,000	0	0	0	-6,000	0	-105,000	-121,000	-37,000	38,000	-372,000	-242,000	-19,000	0	0	0	-5,000	0	-5,000	-9,000	-56,000	15,000	-217,000	-106,000	-214,000	-41,000	-69,000	-189,000	-196,000	-71,000	-38,000	-245,000	-86,000	-191,000	-918,000	-484,000	-190,000	-826,000	-625,000	-548,000	-597,000	-1,069,000	-952,000	-1,542,000	-796,000	-207,000	-238,000	-281,000
free cash flows	48,463,000	45,906,000	13,075,000	15,585,000	-25,659,000	28,471,000	35,934,000	12,906,000	18,627,000	8,065,000	7,159,000	-285,000	31,534,000	53,472,000	16,160,000	5,290,000	47,136,000	27,642,000	18,253,000	20,377,000	10,754,000				16,922,000	-7,339,000	-6,197,000	-61,058,000	45,258,000	32,572,000	27,082,000	73,644,000	60,761,000	29,374,000	27,629,000	10,274,000	24,135,000	20,926,000	17,761,000	9,588,000	12,876,000	13,599,000	10,437,000	10,029,000	7,569,000	10,246,000	3,735,000	4,008,000	2,571,000	12,034,000	-464,000	6,816,000	2,041,000	2,210,000	-1,282,000	-974,000	-388,000	7,017,000	-1,055,000	-8,045,000	906,000	-1,300,000	-7,679,000	-2,226,000	-15,932,000	-1,274,000	-11,558,000	2,844,000	-24,335,000	6,152,000	-13,517,000	-4,160,000	-9,595,000	-8,858,000	-14,269,000	-29,605,000	-45,435,000	-84,260,000	-28,939,000	-6,931,000	-20,174,000	11,246,000	6,170,000	-8,453,000	-3,194,000	-12,705,000	-4,568,000	7,634,000	-3,407,000	3,249,000	-9,985,000	-9,843,000
cash flows from investing activities:
acquisition of financial royalty assets		-650,000	-8,391,000	0	-1,821,000	0
proceeds from financial royalty assets	6,979,000	1,495,000	3,587,000	2,030,000	3,149,000	2,537,000	685,000	2,265,000	1,942,000
purchases of derivatives		-5,113,000			-7,620,000
proceeds from sale of derivatives	431,000
purchases of property and equipment	-228,000	-9,000	-15,000	-214,000	-214,000																													-1,936,000	-21,000	-112,000	-87,000	-67,000	-762,000	-783,000	-238,000	-66,000	0	-17,000	-10,000				-6,000		-105,000	-121,000	-37,000							0	-5,000	0	-5,000	-9,000	-56,000	15,000	-217,000	-106,000	-214,000	-41,000	-69,000	-189,000	-196,000	-71,000	-38,000	-245,000	-86,000	-191,000	-918,000	-484,000	-190,000	-826,000	-625,000	-548,000	-597,000	-1,069,000	-952,000	-1,542,000	-796,000	-207,000	-238,000	-281,000
purchases of short-term investments	-222,179,000	-211,857,000	-392,139,000	-63,343,000	-59,374,000																																																					0	0	-5,000,000	-5,000,000	-1,791,000	-1,932,000	0	-31,861,000	0	0	-21,549,000	-11,257,000	-5,997,000	-3,515,000	-36,257,000	-22,601,000	-1,939,000	-17,065,000			-59,000	-5,630,000	-7,968,000	-4,726,000	-1,203,000	-3,404,000	-3,424,000	-21,425,000	-17,505,000	-8,375,000	-27,149,000	-378,000	-168,000	-331,000	-4,178,000
proceeds from sale of short-term investments	1,300,000	120,985,000	185,000	0	38,414,000	39,804,000	90,655,000	37,989,000	60,919,000	52,447,000	7,486,000	44,600,000	44,232,000	7,009,000	24,998,000	44,688,000	132,866,000	1,765,000	1,817,000	41,241,000	109,407,000	5,243,000	209,865,000	0	179,431,000	391,695,000	100,458,000	43,383,000	341,000	55,949,000	63,202,000	500,000	12,291,000	3,595,000	122,000	65,549,000	17,719,000	1,209,000	1,310,000	1,807,000	20,270,000	10,359,000	3,302,000	1,919,000	459,000	846,000	340,000	530,000	626,000					0	1,500,000	0	8,500,000	0	0	5,458,000	13,888,000	2,734,000	10,639,000	5,924,000	34,743,000	2,001,000	13,044,000	17,316,000	15,400,000	12,752,000	-101,000	10,352,000	9,012,000	12,134,000	-237,000	1,091,000	7,128,000	8,591,000	2,778,000	6,301,000	7,884,000	6,575,000	15,065,000	6,738,000	2,945,000	548,000	16,797,000	760,000	4,289,000	3,781,000	1,223,000	3,450,000
proceeds from maturity of short-term investments	119,350,000	81,195,000	53,285,000	50,860,000	32,360,000	5,380,000	4,140,000	9,067,000	14,544,000	7,461,000	17,275,000	12,201,000	8,465,000	0	0	0	24,830,000	30,005,000	2,500,000	3,100,000	31,500,000	55,000,000	136,750,000	155,400,000	297,005,000	220,000,000	483,845,000	458,359,000	332,647,000	511,183,000	271,515,000	55,850,000	54,325,000	33,762,000	24,000,000	21,835,000	30,052,000	5,180,000	30,171,000	35,122,000	48,401,000	34,267,000
net cash from investing activities	-94,347,000	-18,104,000	-353,445,000	-10,667,000	4,894,000		-46,507,000	-54,759,000	-3,775,000		-19,503,000	7,556,000	10,549,000	-7,284,000	19,176,000	37,851,000	113,881,000	-35,713,000	-18,217,000	19,338,000	65,115,000	-382,202,000	332,071,000	-26,757,000	308,536,000	-63,179,000	169,517,000	265,803,000	94,777,000	275,302,000	-78,252,000	-586,738,000	-33,581,000	-36,174,000			-30,666,000	-86,727,000	5,078,000	18,217,000	-79,760,000	-11,477,000	-26,365,000	-72,223,000	-2,797,000	-1,711,000	72,000	610,000	-998,000	-1,003,000	-245,000	-3,692,000	-34,000			-242,000	3,945,000	-2,279,000	-137,000	453,000	-23,169,000	1,028,000	8,276,000	1,356,000	3,880,000	12,074,000	13,052,000	-4,231,000	3,873,000	10,960,000	-3,597,000	-26,010,000	-5,777,000	20,879,000	-9,649,000	6,323,000	326,284,000	199,746,000	-3,744,000	-2,132,000	2,995,000	5,120,000	11,055,000	-10,318,000	-39,575,000	-18,479,000	6,397,000	-27,767,000	3,071,000	3,471,000	-3,394,000	-102,277,000
cash flows from financing activities:
debt discount and payment of debt issuance cost	-50,000	-617,000
payments under finance lease obligations	-7,000	-7,000	-6,000	-7,000	-7,000	-6,000	-10,000	-4,000	-5,000
net proceeds from stock option exercises and espp	7,654,000	9,298,000	25,742,000	8,239,000	4,222,000	19,337,000	21,395,000	9,552,000	15,304,000	6,526,000	3,387,000	9,142,000	3,393,000	1,401,000	820,000	664,000	347,000	4,279,000	1,900,000	1,091,000	26,493,000	558,000	909,000	1,129,000	421,000	141,000	213,000	739,000	1,904,000	1,323,000	7,011,000	2,933,000	8,916,000	653,000	1,494,000	2,015,000	355,000	1,807,000	2,126,000	1,469,000	1,013,000		1,949,000	4,649,000	781,000
taxes paid related to net share settlement of equity awards	-21,730,000	-344,000	-219,000	-145,000	-8,891,000	-1,935,000	-125,000	0	-3,076,000	-257,000	-103,000	-32,000	-4,155,000	-2,218,000	-96,000	-60,000	-5,862,000	-115,000	-2,000	0	-5,901,000	-52,000	0	0	-1,429,000	-1,512,000	-13,000	2,000	-2,895,000	-108,000	-223,000	363,000	-3,797,000	-5,942,000	-90,000	-2,020,000	-2,022,000	0
net cash from financing activities	-14,133,000		409,645,000	14,995,000	-4,747,000		55,080,000	9,491,000	12,182,000	5,315,000	3,270,000	-67,757,000	-775,000	-5,298,000	-40,829,000	-59,442,000	-170,421,000	4,164,000	-385,000	-49,905,000	-91,635,000	-27,529,000	-3,706,000	-5,000	-279,305,000	-83,693,000	-211,312,000	-37,591,000	-152,576,000	-347,085,000				-7,255,000	1,404,000	-5,000	-1,667,000	-2,094,000	1,629,000	1,469,000	511,000	1,470,000	1,460,000	4,649,000	781,000	-28,995,000	162,319,000	-3,058,000	-241,000	-2,663,000	-2,048,000	-2,359,000	-9,388,000	3,235,000	1,439,000	82,000	-840,000	52,000	2,000	5,000,000	24,945,000	-178,000	-41,000	52,000	8,000	87,000	-100,000	-90,000	-3,585,000	-201,000	-331,000	-385,000	-2,093,000	-4,581,000	-10,430,000	-277,263,000	-35,425,000	32,695,000	179,000	386,000	41,000	-24,000	-842,000	-153,000	818,000	6,477,000	3,747,000	4,619,000	48,294,000	4,342,000	-16,303,000	131,085,000
effect of exchange rate changes on cash and cash equivalents	-44,000	-590,000	-400,000	2,292,000	1,058,000	-1,548,000
net decrease in cash, cash equivalents and restricted cash, including cash and cash equivalents classified within assets held for sale	-59,833,000
less: net increase in cash and cash equivalents classified within assets held for sale				-2,739,000	-78,000
net decrease in cash, cash equivalents and restricted cash	-59,833,000										-8,587,000				-1,164,000	-9,713,000	-4,529,000
cash, cash equivalents and restricted cash at beginning of period	174,927,000										0	0	45,006,000		0	0	19,522,000		0	0	47,963,000		0	0	72,273,000		0	0	119,780,000
cash, cash equivalents and restricted cash at end of period	115,094,000										-8,587,000	-60,283,000	88,728,000		-1,164,000	-9,713,000	14,993,000		1,423,000	-10,190,000	32,197,000		341,220,000	-2,371,000	118,257,000		-48,087,000	167,031,000	107,369,000
net income		44,784,000	117,273,000	4,847,000	-42,451,000	-31,088,000	-7,172,000	-51,911,000	86,139,000	18,188,000	-10,273,000	2,290,000	41,949,000	-17,485,000	404,000	-895,000	-15,385,000	-5,416,000	13,723,000	30,725,000	18,106,000	5,761,000	-6,701,000	22,086,000	-24,131,000	-7,365,000	-15,251,000	-14,419,000	666,337,000	-42,482,000	67,362,000	73,162,000	45,279,000	-7,010,000	8,429,000	6,058,000	5,079,000												2,097,000	1,869,000	1,965,000	6,091,000	1,495,000	1,063,000	-707,000	-2,267,000	1,384,000	5,502,000	-3,902,000	-914,000	9,490,000									-69,627,000	-18,125,000	-6,429,000	-3,933,000	5,938,000	1,248,000	181,000	274,321,000
adjustments to reconcile net income to net cash from operating activities:
gain on sale of pelican										0
gain from short-term investments					12,367,000	31,022,000	-2,407,000	14,256,000	-110,772,000
loss from change in fair value of equity method investments and other investments
loss from equity method investment in primrose bio
gain on pelthos transaction		0
accretion of premium on short-term investments
impairment loss of financial royalty assets						4,081,000	0
changes in operating assets and liabilities, net of acquisition:
other economic rights																										0	0
income taxes receivable and payable
acquisition of royalty receivables		0
cash outflow on deconsolidation of lnhc, inc.
cash paid for investment in primrose bio						0	0	0	-998,000	-14,000
cash paid for other investments
cash paid for novan acquisition, net of restricted cash received										0
cash paid for the agenus transaction						0	0
cash paid for apeiron acquisition, net of cash received						0
cash paid for invios investment						0
net proceeds from viking share collar and viking share put
gross proceeds from issuance of 2030 convertible senior notes		0
purchase of 2030 convertible senior notes hedge		0
proceeds from issuance of warrants		0																												0	0															1,000
repurchase of common stock		0																																																																				0	0	0	-1,613,000															0	0	0	-15,867,000
proceeds from common stock issuance, net of commissions and fees
repayment of 2023 notes at maturity
payments to cvr holders		0												-585,000	456,000	0	-1,416,000	0	0			0	-525,000	0	-1,800,000	0																												0	-3,500,000	0	-4,549,000
proceeds from pelthos investors bridge loans
net cash from (used) in financing activities
net increase in cash and cash equivalents		35,551,000			-24,318,000	8,688,000	45,480,000	-31,954,000	27,139,000																					-39,211,000	7,747,000	100,435,000	30,404,000	-12,119,000	-27,484,000						-66,135,000	3,658,000	-14,468,000	-57,528,000	5,563,000	-20,460,000	166,126,000	1,560,000	1,338,000	8,368,000	-2,652,000	886,000	-7,344,000	5,335,000	-1,839,000	-892,000	2,736,000			-2,592,000	2,687,000												-17,269,000				245,510,000								-41,354,000		6,528,000	-13,972,000	48,754,000			19,246,000
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
supplemental disclosure of cash flow information
interest paid																																																102,000	110,000		321,000	254,000	991,000	598,000	552,000	671,000	631,000	714,000												57,000	43,000	51,000	78,000	231,000	44,000	90,000	1,146,000	4,509,000	339,000	4,427,000	517,000	5,852,000	361,000	4,880,000	328,000	5,001,000	300,000	4,930,000	207,000	4,532,000	132,000	151,000
taxes paid																																																							0	-2,000	17,000	12,000												45,000	3,000	91,000	1,000	2,075,000	1,641,000	3,613,000	1,042,000
acquisitions:
fair value of tangible assets acquired, net of cash and restricted cash received
goodwill
intangible assets
financial royalty assets
liabilities assumed
net cash paid for acquisitions
supplemental schedule of non-cash investing and financing activities:
pelthos shares received in exchange for lnhc, inc. business
pelthos shares received for ligand bridge loan cancellation
accrued primrose transaction costs
addition of right-of-use assets and lease liabilities
accrued royalty from financial royalty assets
accrued purchases of financial royalty assets
accrued debt issuance costs
accrued fixed asset purchases
unrealized gain on available-for-sale investments, net of tax
cash outflow on pelthos transaction
cash paid for palvella notes receivable						0	0
proceeds from pelthos investors			0
cash and cash equivalents at beginning of period			0	0	72,307,000		0	0	22,954,000																							0	20,620,000		0	0	18,752,000		0	0	97,428,000		0	0	160,203,000		0	0	11,639,000		0	0	12,381,000		0	0	7,041,000		0	0	3,346,000		0	0	16,032,000		0	0	28,753,000		0	0	76,812,000		0	0	158,401,000		0	0	66,756,000		0	0	92,310,000	0	59,030,000		0	0	42,423,000
cash and cash equivalents at end of period			71,707,000	19,680,000	47,989,000		45,480,000	-31,954,000	50,093,000																							100,435,000	51,024,000		-27,484,000	49,582,000	10,641,000		25,230,000	30,057,000	31,293,000		-14,468,000	-57,528,000	165,766,000		166,126,000	1,560,000	12,977,000		-2,652,000	886,000	5,037,000		-1,839,000	-892,000	9,777,000		-1,190,000	-2,592,000	6,033,000		561,000	-809,000	4,044,000		1,611,000	-1,371,000	4,920,000		-17,376,000	-30,366,000	59,543,000		-34,310,000	-300,300,000	403,911,000		-31,586,000	-8,193,000	49,808,000		17,008,000	-18,376,000	50,956,000	-23,638,000	65,558,000		48,754,000	11,269,000	12,979,000
losses from equity method investment in primrose bio						1,245,000	1,194,000	8,030,000	2,352,000
fair value adjustment to primrose bio securities investments						0	29,000
purchase of castle creek derivatives
cash paid for debt issuance costs				-2,000	-71,000	-118,000	-210,000	-57,000	-41,000
net decrease in cash and cash equivalents, including cash and cash equivalents classified within assets held for sale
net decrease in cash and cash equivalents																																					-8,111,000		25,230,000																								561,000	-809,000	-11,988,000		1,611,000	-1,371,000	-23,833,000		-17,376,000				-34,310,000				-31,586,000	-8,193,000	-16,948,000		17,008,000								-29,444,000
amortization/accretion of premium (discount) on investments					-839,000
changes in operating assets and liabilities, net of acquisitions:
net increase in cash and cash equivalents, including cash and cash equivalents classified within assets held for sale					-24,240,000
gain on debt extinguishment																							0	0	-659,000
changes in operating assets and liabilities, net of acquisitions and dispositions:
cash paid for equity method investment - nucorion
net cash from (provided by) investing activities
net cash transferred to omniab at omniab separation
repayment at maturity/repurchase of 2023 notes										0	0
cash paid for transaction costs related to omniab transactions
proceeds from bond hedge settlement
depreciation and amortization of intangible assets							8,994,000	8,853,000	8,765,000		8,611,000	9,495,000	9,499,000		13,478,000	13,266,000	13,655,000		12,723,000	12,614,000	12,565,000	13,046,000	4,776,000	4,447,000	3,422,000
amortization of premium on investments							-138,000	-430,000	-157,000		-279,000	-377,000	-282,000		31,000	-7,000	51,000
loss on derivative assets
purchase of short-term investments							-31,554,000	-24,441,000	-77,634,000		-18,273,000	-49,125,000	-39,864,000		-580,000	-282,000	-38,190,000		-20,762,000	-23,988,000	-72,148,000		-290,000	-169,352,000	-167,374,000		-401,312,000	-233,507,000	-1,047,767,000		-412,507,000	-646,826,000	-98,957,000		-80,839,000	-50,930,000	-73,352,000		-23,217,000	0	-49,892,000		-51,356,000
purchase of property and equipment							-596,000	-408,000	-105,000		-487,000	-203,000	-2,414,000		-4,329,000	-6,588,000	-4,875,000		-1,772,000
proceeds from atm sales, net of commissions and fees
gain on derivative instruments								-1,500,000	-196,000
purchase of financial royalty assets								-1,731,000	-2,443,000
operating activities
loss short-term investments
loss on debt extinguishment														0	-866,000	-1,794,000	-1,532,000	0	128,000	2,335,000	4,840,000
amortization of commercial license and other economic rights																		-221,000	-110,000	-322,000	528,000	-230,000	-228,000	-225,000	2,958,000
adjustment to credit loss reserves of commercial license rights
impairment loss of commercial license rights										0
investing activities
purchase of commercial license rights																																						0	-4,000			0	0							0	0
proceeds from commercial license rights										69,000	136,000	83,000	130,000
net cash (used) provided in investing activities
financing activities
net cash transferred to omniab at separation
cash paid for omniab transaction costs
repurchase of warrants
net increase in cash, cash equivalents, and restricted cash
cash paid during the year:
acquisition:
deferred tax asset
net cash paid for novan
accrued royalty from commercial license rights
accrued commercial license rights purchases
accrued inventory purchases																																																			-770,000
unrealized gain on available-for-sale investments
amortization of commercial license rights											-69,000	-435,000	-379,000		27,000	-179,000	-11,000
cecl adjustment to commercial license rights
other current assets																																		3,000	85,000	-431,000	745,000	567,000	620,000	-645,000	16,000	489,000	24,000	-907,000	445,000	189,000	-479,000	-254,000	118,000	553,000	-301,000	-225,000	-157,000	186,000	1,012,000	-221,000	-462,000	319,000	205,000	-265,000	4,605,000	-3,953,000	88,000	-113,000	47,000	-1,081,000	-275,000	106,000	802,000	3,903,000	-1,595,000	586,000	2,048,000	-2,212,000	-231,000	388,000	3,459,000	4,605,000	12,212,000	-10,092,000	-144,000	-3,078,000	252,000	4,152,000	637,000	519,000	46,000	-622,000	-553,000	3,913,000	760,000	-4,473,000
proceeds from convertible bond hedge settlement																			2,083,000	0	16,855,000
payments for omniab transaction costs															-3,965,000
cash paid for equity method investment														0	0	0	-750,000					0				0
repurchase of 2023 notes															-37,646,000	-59,947,000	-163,356,000		-2,379,000	-44,559,000	-108,822,000		0	0	-203,210,000
payments under financing lease obligations													-13,000		-15,000	-14,000	-13,000		0	-5,387,000	-3,801,000
net increase in cash, cash equivalents and restricted cash													43,722,000						1,423,000	-10,190,000	-15,766,000		341,220,000	-2,371,000	45,984,000		-48,087,000	167,031,000	-12,411,000
gain from sale of vernalis r&d
income taxes receivable
cash paid for acquisition, net of cash and restricted cash acquired
proceeds on sale of vernalis r&d
repayment of debt																										0				-195,889,000	0															-2,000	-2,417,000	-3,511,000	-3,436,000	-3,362,000	-3,291,000	-3,219,000	-9,714,000	0	-1,500,000	0	-8,500,000									0	0	0	-3,443,000					0	0	0	-37,750,000
share repurchases																																																										0	0	0	-55,000
cash, cash equivalents and restricted cash at beginning of year
cash, cash equivalents and restricted cash at end of year
restricted cash in other current assets
unrealized loss on available-for-sale investments
purchase of fixed assets recorded in accounts payable
payments to convertible bond holders for warrant purchases																			-1,987,000	0	-16,459,000
gain from sale of promacta license																										0	0	0	-812,797,000
proceeds from sale of promacta license																										0	0	0	812,797,000
payments to convert holders for bond conversion																										0
net decrease in cash, cash equivalents, and restricted cash
effect of exchange rate changes on cash																							110,000	9,000	-169,000	171,000	-95,000	-123,000	130,000
operating lease liabilities
cash paid for acquisition, net of cash acquired																										0												2,000	0	351,000	-92,855,000
share repurchase																							0	0	-73,287,000		-181,189,000	-38,332,000	-151,585,000		0	-50,832,000	-1,895,000
amortization of premium (discount) on investments																				-41,000	150,000		309,000	368,000	830,000				-1,818,000					-169,000	132,000	2,000	-46,000
royalties recorded in retained earnings upon adoption of asc 606																														0
proceeds received from repayment of viking note receivable																																		0				0	0
gross proceeds from issuance of 2023 convertible senior notes																														0	0
payment of debt issuance costs																														0	0															0
purchase of convertible bond hedge																														0	0															0
supplemental schedule of non-cash investing and financing activities
unrealized gain on afs investments																																																-5,127,000	8,222,000		806,000
net cash from (used in ) operating activities																							12,745,000
repayment of 2019 notes
payments to convertible bond holders for bond conversion
income tax receivable																								4,592,000	4,081,000
cash paid for acquisition
loss from investment in viking																									25,456,000
realized gain on sale of short-term investment																																		-460,000	-123,000	-182,000	-66,000	-576,000	-1,174,000			-615,000	-1,486,000	-949,000	447,000	-297,000	-273,000
loss on equity investment in viking
non-cash change in estimated fair value of contingent liabilities																											-222,000	-419,000	1,403,000		907,000	1,770,000	960,000		1,336,000	826,000	140,000		957,000	332,000	1,306,000		-2,301,000	7,274,000	3,000		1,619,000	1,313,000	1,948,000	3,965,000	532,000	-2,741,000	1,841,000	2,841,000
depreciation and amortization																											3,779,000	3,695,000	5,086,000	3,297,000	5,408,000	3,011,000	3,002,000	4,133,000	2,017,000	2,585,000	2,979,000	2,968,000	2,934,000	2,813,000	2,575,000	687,000	644,000	646,000	650,000	659,000	661,000	669,000	668,000	656,000	668,000	669,000	670,000	749,000	638,000	662,000	678,000	691,000	750,000	785,000	564,000
amortization of discount on investments																											-1,454,000												179,000	11,000	320,000		107,000
amortization of other economic rights																											4,765,000
changes in operating assets and liabilities, net of effects from acquisition:
income tax payable																											-30,884,000	-66,542,000	113,997,000
gross proceeds from issuance of 2023 notes
gain from investment in viking																												12,365,000	-17,293,000
less: income from discontinued operations
income from continuing operations																																		-7,010,000	8,429,000	6,058,000	5,079,000	-3,126,000	645,000	-5,763,000	5,877,000					6,732,000	776,000	1,287,000	2,097,000	1,869,000	1,965,000	3,694,000	1,304,000	2,586,000	-707,000	-4,066,000	-487,000	5,502,000	-3,901,000
change in fair value of the convertible debt receivable from viking and warrants
change in derivative asset and liability fair value
other long term assets																																																								39,000	175,000	39,000	-4,000	110,000	460,000		41,000	43,000	-456,000		1,000	10,265,000	-202,000
contingent liabilities																														25,000
purchase of viking common stock and warrant
purchase of common stock in equity method investment																																						0
payments to cvr holders and other contingency payments																														0	0			0	0	0	-4,998,000	-1,722,000	-1,420,000	-189,000	-5,446,000	-1,799,000	-1,278,000	-416,000	-3,247,000	-1,557,000
stock issued for acquisition, net of issuance cost
stock and warrant received for repayment of viking notes receivable
change in fair value of viking warrants
accounts payable, accrued liabilities and other																															-5,497,000
cash and cash equivalents and restricted cash at beginning of period
cash and cash equivalents and restricted cash at end of period
payments to cvr holders and other contingent payments
stock-based compensation																																4,812,000	4,555,000	8,998,000	5,248,000	4,624,000	6,045,000	5,203,000	5,331,000	4,241,000	4,118,000	2,947,000	2,836,000	3,761,000	2,914,000	2,475,000	3,702,000	3,026,000	2,067,000								709,000	705,000	950,000	1,244,000	452,000	311,000	557,000	833,000	624,000	924,000	741,000	880,000	820,000	820,000	940,000	851,000	996,000	584,000	866,000	576,000	5,554,000	1,357,000	1,938,000	1,229,000	814,000
change in fair value of the viking convertible debt receivable and warrants																																-7,702,000	-748,000		-503,000	153,000	-76,000		-154,000
loss from equity investments																																-32,506,000	-21,183,000
royalties recorded in retained earnings upon adoption of asu 606																																0	32,707,000
proceeds received from repayment of commercial license rights																																			0
net cash from provided by financing activities																																613,529,000	3,224,000
less: gain from discontinued operations																																								0	731,000									0	0	2,397,000	191,000	-1,523,000	0	1,799,000	1,871,000	0	-1,000	0	4,000	2,155,000	12,000	7,000	239,000	467,000	749,000	2,807,000	2,366,000
gain on deconsolidation of viking
reduction of cash due to deconsolidation of viking
gain on disposal of assets																																						0
loss from equity method investment
other long-term assets																																							11,000	-1,000	-41,000		52,000	-307,000	-291,000		-1,014,000	-255,000	24,000		50,000	57,000	66,000
purchase of viking common stock and warrants																																							0
loss from viking																																				1,247,000	1,083,000
net cash provided (used) in investing activities
non-cash milestone revenue
restricted cash																																													661,000
net cash from operating activities of continuing operations																																														10,246,000	3,735,000	4,008,000	2,577,000	12,034,000	-359,000	6,937,000	2,720,000	2,522,000	-560,000	-732,000	-169,000	7,017,000	-1,055,000	-8,045,000	911,000	-1,278,000	-7,673,000	-2,218,000	-16,138,000	-1,434,000	-11,168,000	4,769,000	-22,806,000
net cash from operating activities of discontinued operations																																																		0	0	0	-642,000	-350,000	-350,000	0	-200,000					-22,000	-1,000	1,000	262,000	145,000	-173,000	-1,819,000	-1,315,000
gross proceeds from issuance of 2019 convertible senior notes																																														0
net income including noncontrolling interests																																							645,000	-5,763,000	6,608,000		224,539,000	22,027,000	-89,000		776,000
adjustments to reconcile net income including noncontrolling interests to net cash from operating activities:
accretion of note payable																																											0	2,000	14,000	-3,000	56,000	69,000	100,000	96,000	96,000	83,000	142,000
gain on deconsolidation of viking therapeutics
loss from viking therapeutics																																							1,396,000
restricted investments																																											0
proceeds from sale of property and equipment																																											0	0	1,000	0	0				0	0	3,000																		2,000				0
gain on write-off of assets																																															0
purchase of common stock for rsu vesting																																								0	-502,000
realized loss on sale of short-term investment																																									-406,000
change in fair value of the convertible debt receivable from viking																																									15,000
loss on equity investment in viking therapeutics, inc.																																									1,605,000		2,170,000
write-off of acquired in-process research and development																																																																		1,000	0
purchase of viking common stock																																										0	0
net proceeds from stock option exercises																																																453,000	3,195,000	629,000	1,244,000	775,000	326,000
non-cash upfront fee																																															0
gain on deconsolidation of viking therapeutics, inc.																																											0
reduction of cash due to deconsolidation of viking therapeutics, inc.																																											0
loss on asset disposal
other liabilities																																																		5,000	17,000	-293,000	-120,000	469,000				4,994,000	-2,493,000	-836,000	-800,000	360,000	-20,000	245,000	-1,300,000	-5,685,000	4,936,000	-1,395,000	-174,000	1,820,000	-686,000	34,000	84,000	485,000	115,000	555,000	-242,000		5,000	-16,000	-3,000	-135,000	-10,000	-12,000	-2,000	0	-600,000
proceeds from issuance of debt																																																						0	0	0	7,500,000	0	0	5,000,000	25,000,000
proceeds from issuance of common stock																																																								82,000	160,000														25,000	12,000	34,000		260,000	1,232,000	2,857,000		462,000	1,051,000	468,000				773,000		2,733,000
write-off of in-process research and development																																																			0
payments to cvr holders and former license holders																																																-50,000	-1,618,000
supplemental schedule of non-cash activity
liability for commercial license rights																																																			0
realized (gain) on investment																																																	-481,000
loss on write off of assets																																																	109,000
accretion of deferred gain on sale leaseback																																																										-425,000	-426,000	-425,000	-426,000	-425,000	-426,000	-426,000	-425,000	-426,000	-20,444,000	-491,000	-491,000					-491,000	-491,000
non-cash lease costs																																																										84,000	0	-45,000	-90,000		9,655,000	-17,000	-47,000		-156,000	239,000	262,000		827,000	0	4,148,000
gain on asset disposal
acquisition of cydex, net of cash acquired																																																										0	0	0	-32,024,000
purchases of property, equipment and building																																																						38,000	-372,000	-242,000	-19,000
proceeds from sale of property, and equipment and building																																																						3,000	4,000	0	13,000
net proceeds from employee stock purchase program
net proceeds from issuance of common stock																																																														-87,000	-2,000	94,000	18,000	168,000	-6,000	45,000	21,000													18,000	-8,000							554,000	136,000
net proceeds from employee stock purchase plan																																																			-1,000
changes in operating assets and liabilities,:
realized gain on investment																																																												29,000	-23,000
gain on asset write-offs																																																																-38,000	-26,000
realized loss on investment																																																									-17,000	0				-22,000	-21,000	127,000	-691,000	-160,000	-115,000	-45,000	88,000	643,000	125,000	770,000	500,000
acquisition of metabasis, net of cash acquired																																																															0	0	-2,834,000
acquisition of intellectual property																																																															0
principal payments on equipment financing obligations																																																														0	-39,000	-42,000	-10,000	-81,000	-94,000	-135,000	-163,000	-260,000	-356,000	-397,000	-514,000	-544,000	-549,000	-544,000	-532,000	-525,000	-633,000	-699,000	-680,000	-648,000	-698,000	-726,000	-723,000	-656,000	-641,000	-693,000
proceeds received from sale of building and disbursed to neurogen shareholders
common stock released from restriction
adjustments to reconcile net income to net cash from operating activities, including effects of business acquired:
write-off in-process research and development
net cash provide by (used in) investing activities
non-cash change in estimated fair value of contingent value rights																																																								1,153,000	-764,000
loss on asset write-offs																																																									-10,000					313,000				502,000	1,000	0	-3,000	-30,000	137,000	-30,000	669,000	274,000	10,000	-268,000	1,013,000
net cash provide by (used in) investing activities of continuing operations																																																									3,945,000			453,000	-23,169,000	1,028,000	8,276,000	1,356,000	3,880,000	12,074,000	13,052,000	-4,231,000	3,873,000
net cash from investing activities of discontinued operations
net cash from financing activities of continuing operations																																																									-840,000
non-cash development milestone revenue																																																																		0	0
cash acquired from acquisition of neurogen
net cash from financing activities of discontinued operations
issuance of common stock for acquisition
change in estimated fair value of contingent value rights																																																											-222,000	-679,000	1,736,000	-2,440,000	-2,460,000	-3,690,000	-552,000
proceeds from sale of property and equipment and building																																																														0	384,000	-3,054,000	3,259,000	92,000	1,000	0	15,000
purchases of property and equipment and building
net cash from investing activities of continuing operations
loss from continuing operations																																																													9,486,000	2,348,000	-11,854,000	-291,000	-2,989,000	2,569,000	1,051,000	-4,475,000	-7,482,000
adjustments to reconcile net loss to net cash from operating activities, including effects of business acquired:
impairment and amortization of acquired intangible assets																																																																		0
depreciation and amortization of property and equipment																																																														95,000	669,000	703,000	745,000	764,000	781,000	770,000	819,000	238,000	266,000	250,000	298,000	364,000	399,000	447,000	496,000	651,000	829,000	834,000	913,000	945,000	914,000	896,000	969,000	671,000	838,000	610,000	567,000	593,000	681,000	762,000
non-cash lease exit and termination costs
restricted indemnity account and other
cash paid for acquisition of metabasis
cash acquired from acquisition of pharmacopeia
acquisition of development stage asset
non-cash lease termination costs
non-cash exit and restructuring costs
decrease in restricted cash and investments																																																																										0
dividend paid																																																																										0	0
dividend received on treasury stock held by company																																																																										0	0
conversion of 6% convertible subordinated notes into common stock:
employee stock option exercises
amortization of acquired intangible assets																																																																				162,000	162,000
gain on sale leaseback
amortization of acquired technology and royalty and license rights
amortization of debt discount and issuance costs																																																																																						241,000	237,000	234,000	229,000	211,000	194,000
non-cash interest expense																																																																														501,000
inventories																																																																										0	0	0	930,000	2,098,000	-2,038,000	40,000	1,484,000	-327,000	180,000	-2,139,000	-1,144,000	-1,982,000	-1,508,000	-2,257,000	-1,199,000	589,000	-554,000	-1,686,000
restricted indemnity account																																																																						-15,000	-39,000	-40,000	-68,000	-101,000	-30,000	61,000	-10,000,000
proceeds from equipment financing arrangements																																																																														0	485,000	147,000	398,000	629,000	0	510,000	880,000	699,000	1,770,000	540,000	323,000	0	251,000	823,000
decrease in other long-term liabilities																																																																														-15,000	-50,000	-29,000	-59,000	59,000	-57,000	-7,000	-30,000				-11,000	-26,000	-36,000
conversion of principal amount of convertible notes																																																																														128,150,000	0	1,000,000	26,100,000
conversion of unamortized debt issue costs																																																																														-995,000	0	-11,000	-351,000
conversion of unpaid accrued interest																																																																														-718,000	0	0	264,000
operating activities:
gain on sale of avinza product line before income taxes																																																																							-122,000	1,156,000	-8,321,000	2,122,000	-6,892,000	-283,000	-310,131,000
loss on sale of oncology product line before income taxes
amortization of deferred gain on sale leaseback																																																																							-491,000	-491,000	-491,000				-491,000
amortization of acquired technology and license rights																																																																											0	0	909,000		3,108,000	3,570,000	3,570,000		3,570,000	3,570,000	3,236,000	2,737,000	2,736,000		2,735,000
non-cash co-promote termination expense																																																																										0	0	-1,202,000	-207,000
investing activities:
proceeds from sale of avinza product line																																																																							0	0	8,058,000	0	7,500,000	1,461,000	280,400,000
additional proceeds from sale of oncology product line																																																																											0
decrease in restricted cash																																																																												265,000	38,814,000
financing activities:
supplemental disclosure of cash flow information:
gain on sale of oncology product line before income taxes																																																																								685,000	-915,000
employee receivable from stock option exercises																																																																												54,000	127,000
declaration of dividend																																																																													252,742,000
proceeds from sale of oncology product line
payment to buy-down ontak royalty obligation																																																																																		0	0	-13,000,000	-20,000,000
proceeds from note payable to king
repurchase of company common stock																																																																										-4,075,000	-10,141,000
adjustments to reconcile income to net cash from operating activities:
adjustment to gain on sale of oncology product line before income taxes																																																																											2,138,000	-9,868,000	61,000
gain on sale of investment																																																																																		-542,000	62,000
co-promote termination liability																																																																															3,673,000	3,066,000	136,241,000
gain on sale of oncology product line
non-cash development milestone
gain on sale of equity investment
proceeds from sale of building
repayment of long-term debt																																																																														-11,584,000	-85,000	-84,000	-86,000	-82,000	-79,000	-77,000	-82,000
receipt and retirement of common stock in settlement of pfizer development milestone
receipt of exelixis, inc. common stock upon sale of equity investment in x- ceptor
amortization of debt issue costs																																																																															232,000	229,000	244,000
gain on sale of exelixis stock																																																																															-45,000	-565,000	-343,000
increase in restricted investments																																																																																							-43,000
capitalized portion of payment of lasofoxifene royalty rights																																																																																			0	0	-558,000
non-cash impact of the conversion of 6% convertible subordinated notes into common stock:
non-cash interest expense converted into additional paid-in capital																																																																																3,000	57,000
non-cash impact of stock option exercises where cash was received subsequent to quarter-end																																																																																	469,000
write-off of x-ceptor purchase right																																																																																								0	0	0	5,000,000
cumulative effect of change in accounting principle
equity in loss of affiliate																																																																																								117,000	285,000	270,000	302,000	339,000
decrease in restricted investments																																																																																		0	0					4,676,000	-59,000	4,333,000	-166,000	-17,796,000
payment for avinza® royalty rights																																																																																								0	0	0	-4,133,000
receipt of exelixis, inc. common stock upon sale of equity investment in x-ceptor
amortization of debt issuance costs																																																																																			263,000	258,000	254,000
debt conversion expense																																																																																												0
payment for avinza ® royalty rights
payment to extend x-ceptor purchase right																																																																																												0
net proceeds from issuance of common stock and warrants
increase in other long-term liabilities
net proceeds from issuance of convertible notes
conversion of zero coupon convertible senior notes to common stock																																																																																												0
issuance of common stock and notes for acquired technology and license rights
payment for lasofoxifene royalty rights																																																																																						0	-1,120,000
amortization of acquired technology, royalty, and product rights
accrual of obligations for acquired technology and product rights
issuance of common stock for debt conversion incentive																																																																																												0
issuance of common stock for acquired technology
principle payments on equipment financing obligations																																																																																										-519,000	-621,000
amortization of acquired technology and licence rights																																																																																											2,752,000
changes in operating assets and liabilities net of effects from sale of manufacturing assets in 2000:
net proceeds from sale of manufacturing assets
accretion of debt discount and interest
amortization of acquired technology
decrease in other assets
principle payments on equipment financing
redemption of convertible debentures
net proceeds from issuance of zero coupon convertible senior notes

Ligand Pharmaceuticals Incorporated(NASDAQ:LGND)

Ligand Pharmaceuticals Incorporated
(NASDAQ:LGND)