Ligand Pharmaceuticals Incorporated (LGND) Quarterly 10-Q Report
Ligand Pharmaceuticals Incorporated (LGND) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue and other income to $51.8 million from $32.9 million in the same quarter the previous year. This increase is attributed to higher royalties and contract revenue.
Royalties for the quarter increased to $31.7 million from $23.9 million in the previous year, driven by income from QARZIBA financial royalty asset and increased FILSPARI sales.
Captisol sales decreased to $6.3 million from $8.6 million, primarily due to the timing of customer orders.
Contract revenue and other income increased significantly to $13.8 million from $0.4 million, primarily due to a commercial milestone tied to Verona's Ohtuvayre.
Total operating costs and expenses increased to $48.7 million from $31.9 million, primarily due to fair value adjustments to partner program derivatives and a stock compensation award modification.
General and administrative expenses rose to $24.5 million from $14.7 million, largely due to a one-time stock compensation expense.
The company reported a net loss of $7.2 million for the quarter, compared to a net loss of $10.3 million in the previous year.
Cash provided by operating activities was $68.6 million, while cash used in investing activities was $105.0 million, primarily due to acquisitions.
Ligand had cash, cash equivalents, and short-term investments totaling $219.6 million as of September 30, 2024.
The filing also details various financial agreements, including an amendment to the revolving credit facility to increase the aggregate amount to $125 million.
Ligand continues to focus on its business model of generating value through a diversified portfolio of biopharmaceutical product revenue streams.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ligand Pharmaceuticals Incorporated quarterly 10-Q report dated November 8, 2024. To report an error, please email [email protected].