$LGNDZ

LIGAND PHARMS INC CVR

Pharmaceutical preparations · Pink Limited

0.002 -15.00% as of 9/20/2026, 12:08:33 PM · delayed

Low liquidity - excluded from trending

Sentiment

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Official links

Filings

8-K Thu Oct 29 2026 00:00:00 GMT-0400 (Eastern Daylight Time) SEC.gov View
4 Tue Oct 06 2026 00:00:00 GMT-0400 (Eastern Daylight Time) SEC.gov
4 Thu Sep 24 2026 00:00:00 GMT-0400 (Eastern Daylight Time) SEC.gov
8-K Thu Sep 24 2026 00:00:00 GMT-0400 (Eastern Daylight Time) SEC.gov View
8-K Tue Sep 22 2026 00:00:00 GMT-0400 (Eastern Daylight Time) SEC.gov View
4 Mon Sep 14 2026 00:00:00 GMT-0400 (Eastern Daylight Time) SEC.gov
144 Thu Sep 10 2026 00:00:00 GMT-0400 (Eastern Daylight Time) SEC.gov
4 Tue Sep 08 2026 00:00:00 GMT-0400 (Eastern Daylight Time) SEC.gov

All filings

Timeline

filing 10/28/2026 8-K filed
filing 10/5/2026 4 filed
filing 9/23/2026 4 filed
filing 9/23/2026 8-K filed
filing 9/21/2026 8-K filed
revenue 9/20/2026 Revenue reported: $268.1M, year ended Dec 31, 2025
revenue 9/20/2026 Revenue reported: $167.1M, year ended Dec 31, 2024
revenue 9/20/2026 Revenue reported: $131.3M, year ended Dec 31, 2023
revenue 9/20/2026 Revenue reported: $196.2M, year ended Dec 31, 2022
revenue 9/20/2026 Revenue reported: $241.5M, year ended Dec 31, 2021

Company reliability

–

No resolved statements yet.

Revenue

Quarterly

Jun 2026 $63.7M
Mar 2026 $51.7M
Dec 2025 $59.7M derived
Sep 2025 $115.5M

Annual

FY 2025 $268.1M
FY 2024 $167.1M
FY 2023 $131.3M

Source: SEC XBRL

CEO compensation

$11.5M (FY 2025) · 0.0x revenue

Todd C. Davis (current CEO) - $35.8M total disclosed since 2022

Todd C. Davis

DEF 14A

Provisional - extracted from filings, not verified.

FY 2024 $12.9M extracted
FY 2023 $6.2M extracted

Notes & debt

Provisional - extracted from filings, not verified.

IN DEFAULT · $700.0M in arrears
$700.0M matured Dec 31, 2025 10-Q · 2026-08-07

Quote

Debt 0.00 % Convertible Senior Notes due 2031 In June 2026, we issued $ 700.0 million aggregate principal amount of 0.00 % convertible senior notes due 2031 (the “2031 Notes”).
OTHER ISSUANCES
$18 due Nov 6, 2027 8.5% 10-Q · 2026-08-07

Quote

The Pelthos Convertible Notes has a principal amount of $ 18 million (to all investors) and is secured obligations of Pelthos and bears interest at a rate of 8.5 % per annum, payable quarterly in arrears or capitalized and payable at maturity (at Pelthos discretion).
$8 — 8.5% 10-Q · 2026-08-07

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Pelthos Convertible Notes Transaction: Q4 2025 On November 6, 2025, Ligand and certain other investors, for an aggregate purchase price of $ 18.0 million (of which $ 9.0 million was paid by Ligand), obtained on a proportional basis: (a) Pelthos private convertible notes (“Pelthos Convertible Notes”), (b) low single-digit royalty rights on U.S. net sales of Pelthos’ Xepi (the “Xepi Rights”), and (c) milestone rights, and low single-digit royalty rights on net sales of Zelsuvmi in Japan by Sato Pharmaceuticals Co, Ltd., if Zelsuvmi is approved in Japan (the “Sato Rights”).
$3.4M — 10-Q · 2026-08-07

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Interest income increased by $10.6 million to $14.0 million in YTD 2026 compared to $3.4 million in YTD 2025, primarily due to higher average investment balances resulting from the issuance of our 2030 Notes as well as interest earned on the Pelthos Convertible Notes.
$1.6M — 10-Q · 2026-08-07

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Interest income increased by $5.7 million to $7.3 million in Q2 2026 compared to $1.6 million in Q2 2025, primarily due to higher average investment balances resulting from the issuance of our 2030 Notes as well as interest earned on the Pelthos Convertible Notes.
$5.7M — 10-Q · 2026-08-07

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Interest income consists primarily of interest earned on our short-term investments and on the Pelthos Convertible Notes acquired in November 2025.
$262 — 10-Q · 2026-08-07

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The convertible note hedge transactions intended to reduce the potential for dilution from the 2031 Notes upon conversion.
$60.0M — 10-Q · 2026-08-07

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Of that amount, we used $81.7 million of the proceeds to enter into a call spread overlay consisting of convertible note hedge and warrant transactions, and approximately $60 million to repurchase 228,859 shares of our common stock at a price of $262.17 per share.
$700.0M — 10-Q · 2026-08-07

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This also allows us to leverage our partner's asset infrastructure in sales and marketing, manufacturing and R&D to avoid infrastructure ourselves. 2031 Convertible Debt Financing On June 25, 2026, we completed the offering of $700.0 million aggregate principal amount of 0.00% convertible senior notes due 2031 (the “2031 Notes”).
$75 — 10-Q · 2026-08-07

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Holders of the 2030 Notes or warrants will not have any rights with respect to the convertible note hedges.
$75 — 10-Q · 2026-08-07

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The convertible note hedges and warrants described above are separate transactions entered into by us and are not part of the terms of the Notes.
$113.3M — 10-Q · 2026-08-07

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The convertible note hedge transactions are not remeasured at fair value after initial recognition.
$113.3M — 10-Q · 2026-08-07

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We paid $ 113.3 million for these convertible note hedges, which were recorded as a reduction to additional paid-in capital in accordance with ASC 815-40.
$113.3M — 10-Q · 2026-08-07

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The convertible note hedge transactions are classified as equity instruments and are not accounted for as derivatives under ASC 815, because they meet the criteria for equity classification under ASC 815-40.
$195 — 10-Q · 2026-08-07

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If upon conversion of the 2030 Notes, the price of our common stock is above the exercise price of the convertible note hedges, the option counterparties will deliver shares of common stock and/or cash with an aggregate value approximately equal to the difference between the price of common stock at the conversion date and the exercise price, multiplied by the number of shares of common stock related to the convertible note hedges being exercised.
$195 — 10-Q · 2026-08-07

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The convertible note hedges have an exercise price of $ 194.79 per share and are exercisable when and if the Notes are converted.
$460.0M — 10-Q · 2026-08-07

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The convertible note hedge transaction and the issuance of the warrants described above are each a separate transactions entered into by us and the 2031 Notes options counterparties and are not part of the terms of the 2031 Notes. 0.75 % Convertible Senior Notes due 2030 In August 2025, we issued $ 460.0 million aggregate principal amount of 0.75 % convertible senior notes due 2030 (the “2030 Notes”).
$195.8M — 10-Q · 2026-08-07

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The convertible note hedge transactions will not be remeasured at fair value after initial recognition.
$195.8M — 10-Q · 2026-08-07

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We paid approximately $ 195.8 million for these convertible note hedge transactions, which was recorded as a reduction to additional paid-in capital in accordance with ASC 815-40.
$334 — 10-Q · 2026-08-07

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The convertible note hedge transactions are classified as equity instruments and are not accounted for as derivatives under ASC 815 because they meet the criteria for equity classification under ASC 815-40.
$334 — 10-Q · 2026-08-07

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The convertible note hedges have an exercise price of $ 334.27 per share and are exercisable when and if the 2031 Notes are converted.
$8 — 10-Q · 2026-08-07

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In connection with the Castle Creek Investment, on February 24, 2025, we acquired a portion of unsecured subordinated promissory notes (with an aggregate principal amount of $ 8.3 million payable upon FDA approval of D-Fi) from a Castle Creek related party for $ 1.8 million (“Milestone Buyout” and such asset, the “Castle Creek Milestone”).
$1.9M — 10-Q · 2026-08-07

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We account for the convertible note as a receivable under ASC 310, Receivables, and include it within other investments in our condensed consolidated balance sheets.
$9 — 10-Q · 2026-08-07

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Out of the $ 9.0 million Pelthos convertible notes transaction price and the $ 0.3 million transaction costs recognized as of the transaction closing date, $ 4.8 million was assigned to the embedded conversion option at its fair value as of the transaction date, and the remaining amount was assigned among the host debt ($ 3.8 million), Xepi rights ($ 0.5 million), and Sato rights ($ 0.2 million) based on their relative fair value.
$300K — 10-Q · 2026-08-07

Quote

This amount included $ 1.9 million related to the conversion option of the Pelthos Convertible Notes (the “Pelthos Conversion Option”), $ 0.3 million for the Orchestra Warrant, and $ 0.04 million for the Castle Creek Warrant, partially offset by $( 0.6 ) million related to the LeonaBio Warrants, $( 0.2 ) million for the Agenus Warrant, and $( 0.1 ) million related to the Arecor Warrant.
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