Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was over $45 million, a 46% increase from $31 million in the same period last year [36][37] - Adjusted earnings per share (EPS) for Q1 2025 was $1.33, up from $1.20 in Q1 2024 [44] - Royalty revenue increased by 44% year-over-year, totaling $27.5 million in Q1 2025 [36][37] Business Line Data and Key Metrics Changes - Varonis' O2Ver reported Q1 2025 net sales of $71.3 million, nearly double the previous quarter, with a 3% royalty earned by the company [39] - Trevyr's Filspari achieved Q1 U.S. sales of $56 million, representing over 180% year-over-year growth [40] - Merck's Capaxib reported Q1 sales of $107 million, more than double the prior quarter [41] Market Data and Key Metrics Changes - The company has over $200 million in cash and investments, with no debt and access to a $125 million revolving credit facility [10] - The biopharmaceutical financing environment is challenging, leading to increased demand for royalty financing [12][13] Company Strategy and Development Direction - The company aims for profitable and compounding growth, focusing on acquiring late-stage development and commercial assets with superior risk-reward profiles [17][19] - A strategic transaction was executed to merge Pylthos Therapeutics with Channel Therapeutics, enhancing the commercialization of ZELSUVME, an FDA-approved therapy [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the trajectory of recently approved programs and the robust development stage pipeline [47] - The company anticipates a compound annual growth rate (CAGR) of 22% for long-term royalty revenue growth, supported by existing portfolio assets [20] Other Important Information - The company reaffirmed its full-year 2025 financial guidance, expecting total revenue between $180 million and $200 million [45][46] - The merger with Channel Therapeutics is expected to close between June 30 and August 30, pending SEC review [27] Q&A Session Summary Question: Current environment for special situations in biotech - Management noted an increase in special situations due to difficult financing markets, providing good opportunities for the company [51] Question: Impact of potential drug pricing policies - Management indicated that while there may be short-term disruptions, the long-term outlook remains positive for the U.S. market [59][60] Question: Investment capacity and opportunities - Management expects to invest at an above-normal pace this year due to the number of good opportunities, while maintaining diversification limits [78] Question: Launch timing for ZELSUVME - The launch is fairly independent of the merger timing, with preparations already underway for a U.S. launch this summer [86] Question: Reimbursement and access for FOLSPARI - Management expects continued momentum from CSL in securing country-by-country reimbursement approvals, which should support growth [90]

Financial Data and Key Metrics Changes - The company reported total revenue of over $45 million for Q1 2025, representing a 46% increase from $31 million in the same period last year [33][34] - Adjusted earnings per share (EPS) for Q1 2025 was $1.33, up from $1.20 in Q1 2024 [42] - Royalty revenue increased by 44% year-over-year, totaling $27.5 million in Q1 2025 [34][35] Business Line Data and Key Metrics Changes - Varonis' O2VARE reported net sales of $71.3 million in Q1 2025, nearly double the previous quarter's results [37] - Trevyr's Filspari achieved first-quarter U.S. sales of $56 million, representing over 180% year-over-year growth [38] - Merck's Capaxib reported Q1 sales of $107 million, more than double the prior quarter [39] Market Data and Key Metrics Changes - The company has over $200 million in cash and investments, with no debt and access to a $125 million revolving credit facility [8] - The current biopharmaceutical financing environment is challenging, leading to increased demand for royalty financing [10][11] Company Strategy and Development Direction - The company aims to deliver profitable and compounding growth through a diversified portfolio of royalty assets [14][16] - A focus on acquiring late-stage development assets and commercial assets with superior risk-reward profiles is central to the company's strategy [15][17] - The company anticipates long-term royalty revenue growth to meet or exceed a 22% compound annual growth rate [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future prospects, citing a strong start to 2025 and the potential for significant growth drivers [44] - The company is navigating short-term disruptions due to policy changes but remains focused on delivering clinical value [50][56] - Management noted that the current environment presents opportunities for mergers and acquisitions in the biotech sector [49] Other Important Information - The company executed a strategic transaction to merge its subsidiary, Pylthos Therapeutics, with Channel Therapeutics, raising $50 million in equity capital [22] - ZELSUVME, an FDA-approved therapy for molluscum contagiosum, is positioned as a first-line treatment option [29][31] Q&A Session Summary Question: Current environment for the space and special situations - Management noted an increase in special situations due to difficult financing markets for biotech companies, presenting good opportunities for the company [48][50] Question: Impact of most favored nation's status for drug pricing - Management indicated that while there may be short-term disruptions, the long-term outlook remains positive as most partners focus on the U.S. market [55][58] Question: Investment capacity and opportunities - Management expects to invest above the normal pace this year due to the number of good opportunities, while maintaining diversification limits [76][78] Question: Launch timing for ZELSUVME - The launch is expected to be independent of the merger closing, with preparations already underway [83] Question: Revenue trends for the year - Management anticipates a balanced revenue cadence throughout the year, reiterating guidance for Captisol and royalty revenue [88]

Financial Performance - Total revenues for Q1 2025 were $45.3 million, a 46% increase from $31.0 million in Q1 2024, driven by a 44% rise in royalty revenue to $27.5 million[3] - Captisol sales reached $13.5 million in Q1 2025, up from $9.2 million in Q1 2024, attributed to the timing of customer orders[3] - GAAP net loss for Q1 2025 was $42.5 million, or $2.21 per share, compared to a net income of $86.1 million, or $4.75 per diluted share, in Q1 2024[5] - Core adjusted net income for Q1 2025 was $26.6 million, or $1.33 per diluted share, compared to $21.8 million, or $1.20 per diluted share, in Q1 2024[6] - Total revenues and other income for Q1 2025 reached $45.333 million, a 46.5% increase from $30.978 million in Q1 2024[31] - Revenue from intangible royalty assets was $21.587 million, up 17.5% from $18.357 million year-over-year[31] - Adjusted net income for Q1 2025 was $26.598 million, compared to $69.665 million in Q1 2024[35] - The diluted net loss per share for Q1 2025 was $2.21, compared to a diluted net income per share of $4.75 in Q1 2024[35] Financial Guidance - Ligand reaffirms 2025 financial guidance of total revenues between $180 million and $200 million, with adjusted earnings per diluted share expected to range from $6.00 to $6.25[8] - The company’s royalty revenue for 2025 is projected to be between $135 million and $140 million[8] Mergers and Investments - Ligand announced a merger agreement to combine Pelthos Therapeutics with Channel Therapeutics, supported by $50 million in capital from strategic investors[9] - The combined company will focus on the commercialization of ZELSUVMI, the first FDA-approved prescription therapy for molluscum infections[11] - Ligand led a $75 million investment in Castle Creek Biosciences for the Phase 3 clinical study of D-Fi, with a mid-single digit royalty expected[12] Cash and Assets - As of March 31, 2025, Ligand had cash, cash equivalents, and short-term investments totaling $208.9 million[7] - Total assets decreased to $905.435 million as of March 31, 2025, down from $941.774 million at the end of 2024[33] - Cash, cash equivalents, and short-term investments were reported at $208.901 million, a decline from $256.165 million at the end of 2024[33] Expenses and Risks - Research and development expenses surged to $50.085 million, a significant increase from $5.971 million in the same quarter last year[31] - The company is currently dependent on a single source supplier for Captisol, which poses risks to meeting demand[26] Other Considerations - Changes in fair value of contingent consideration related to CyDex and Metabasis transactions were noted[37] - Excess tax benefits from share-based compensation are recorded as a discrete item within the provision for income taxes since January 1, 2017[37] - A reconciliation of forward-looking non-GAAP adjusted earnings per diluted share to GAAP measure is not available due to high variability and complexity of certain items[38] - Ligand anticipates potential revenue from the commercial launch of ZELSUVMI and other products in the future[26]

Core Insights - Ligand Pharmaceuticals reported a strong first quarter performance with total revenues of $45.3 million, a 46% increase from $31.0 million in the same period of 2024, driven by a 44% growth in royalty revenue [4][5] - The company reaffirmed its 2025 financial guidance, expecting total revenues between $180 million and $200 million, with adjusted earnings per diluted share projected to be between $6.00 and $6.25 [8][7] - Ligand's CEO highlighted the strength of the commercial royalty portfolio and the strategic transaction with Channel Therapeutics to accelerate the launch of ZELSUVMI, which is expected to create significant value for shareholders [3][9] Financial Performance - Total revenues for Q1 2025 were $45.3 million, with royalties contributing $27.5 million and Captisol sales at $13.5 million [4][5] - Research and development expenses surged to $50.1 million, primarily due to a one-time charge of $44.3 million related to a royalty financing agreement with Castle Creek Biosciences [4][5] - The GAAP net loss for Q1 2025 was $42.5 million, or $2.21 per share, compared to a net income of $86.1 million, or $4.75 per diluted share, in Q1 2024 [5][29] Strategic Transactions - Ligand announced a merger agreement with Channel Therapeutics, which will be supported by $50 million in capital from strategic investors [9][10] - The combined entity will focus on the commercialization of ZELSUVMI, the first FDA-approved prescription therapy for molluscum contagiosum infections [11][9] - Ligand's investment of $18 million in the combined company reflects its commitment to the growth of Pelthos Therapeutics [10][9] Portfolio Updates - Verona reported Ohtuvayre net sales of $71.3 million for Q1 2025, a 95% increase compared to the previous quarter [13] - Travere Therapeutics received European Commission approval for Filspari, enhancing its market position [14] - UroGen and Merck also reported significant advancements in their respective product pipelines, indicating a robust biopharmaceutical landscape [15][17] Cash Position - As of March 31, 2025, Ligand had cash, cash equivalents, and short-term investments totaling $208.9 million, including $24.2 million in Viking Therapeutics common stock [6][32]

Company Overview - Ligand Pharmaceuticals is a biopharmaceutical company focused on supporting the clinical development of high-value medicines through financing and licensing technologies [2] - The company's business model aims to create a diversified portfolio of biotech and pharmaceutical product revenue streams while maintaining a low corporate cost structure [2] - Ligand partners with leading pharmaceutical companies to leverage their expertise in late-stage development, regulatory management, and commercialization [2] Upcoming Investor Conferences - Ligand management will participate in the H.C. Wainwright Royalty Company Conference on May 13, 2025, at 3:30 p.m. ET, including a fireside chat and one-on-one meetings [4] - Management will also take part in the RBC Capital Markets Global Healthcare Conference on May 20, 2025, at 2:05 p.m. ET, featuring a fireside chat and one-on-one meetings [4] - Additionally, Ligand will engage in one-on-one meetings at the Craig-Hallum Institutional Investor Conference on May 28, 2025 [4] Technology Platforms - Ligand operates two infrastructure-light royalty-generating technology platforms: Captisol® and NITRICIL™ [2] - The Captisol® platform is designed to optimize the solubility and stability of drugs through a chemically modified cyclodextrin structure [2] - The NITRICIL™ platform allows for tunable dosing, enabling adjustable drug release profiles for proprietary formulations targeting a broad range of indications [2] Investor Relations - The company utilizes its investor relations website and social media to disclose material non-public information and comply with disclosure obligations under Regulation FD [3] - Investors are encouraged to monitor the company's website and social media accounts for updates, press releases, SEC filings, and public conference calls [3]

Core Insights - Ligand Pharmaceuticals will report its first quarter 2025 financial results on May 8, 2025, before U.S. market opening [1] - A conference call will be held on the same day at 8:30 AM ET to discuss the results and provide a business update [2] Company Overview - Ligand Pharmaceuticals is a biopharmaceutical company focused on supporting the clinical development of high-value medicines through financing and licensing [3] - The company aims to create a diversified portfolio of biotech and pharmaceutical product revenue streams while maintaining a low corporate cost structure [3] - Ligand partners with leading pharmaceutical companies to leverage their expertise in late-stage development, regulatory management, and commercialization [3] - The company operates two royalty-generating technology platforms: Captisol® for drug solubility and stability, and NITRICIL™ for tunable dosing and adjustable drug release profiles [3] - Ligand has established alliances with major pharmaceutical companies including Amgen, Merck, Pfizer, Jazz, Gilead Sciences, and Baxter International [3]

Core Viewpoint - The proposed merger between Ligand Pharmaceuticals and Channel Therapeutics aims to enhance the commercialization of Pelthos' ZELSUVMI™, a novel FDA-approved drug for treating Molluscum contagiosum infections, with a capital raise of $50 million from strategic investors [2][4][6]. Company Overview - Ligand Pharmaceuticals is a biopharmaceutical company focused on enabling scientific advancement through financing and licensing technologies, aiming to create a diversified portfolio of revenue streams [14]. - Channel Therapeutics is a clinical-stage biotechnology company developing non-opioid therapeutics for pain management, with a focus on the NaV1.7 sodium ion-channel [12]. - Pelthos Therapeutics, a subsidiary of Ligand, is dedicated to commercializing innovative therapeutic products, including ZELSUVMI™ [10]. Product Details - ZELSUVMI™ (berdazimer) is a topical gel approved by the FDA in 2024 for the treatment of Molluscum contagiosum in patients aged one year and older, and is the first prescription therapy that can be applied at home [3][9]. - The product utilizes Pelthos' proprietary nitric oxide-based technology platform, NITRICIL™, and is designed to be easy to use for patients, parents, and caregivers [5][9]. Market Opportunity - Molluscum contagiosum is a common skin infection affecting an estimated 16.7 million people in the U.S., with a significant unmet medical need for effective home treatment options [4][5]. - The merger is expected to provide near-term revenue generation opportunities from ZELSUVMI™ and advance Channel's existing pain treatment programs [4][6]. Transaction Details - The merger agreement stipulates that Channel will acquire 100% of Pelthos' equity interests, with Ligand investing $18 million and the investor group contributing $32 million, totaling $50 million [6][7]. - The combined company will operate under the name Pelthos Therapeutics Inc. and will be listed on the NYSE American under the ticker PTHS [2][7]. Leadership Structure - Following the merger, Scott Plesha will serve as CEO of the combined company, while Frank Knuettel II will take on the role of CFO [7].

Upon close of merger and $78.9mm concurrent private placement from a syndicate of leading healthcare- dedicated investors, completed transformation to a publicly traded rare disease biopharmaceutical company advancing a late clinical-stage pipeline and a platform for treating serious, rare genetic skin diseases Top-line results from SELVA, a Phase 3 single-arm, baseline-controlled trial evaluating QTORIN™ 3.9% rapamycin anhydrous gel (QTORIN™ rapamycin) for the treatment of microcystic lymphatic malformatio ...

JUPITER, Fla., March 03, 2025 (GLOBE NEWSWIRE) -- Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) today announced that Chief Executive Officer Todd Davis and Chief Financial Officer Tavo Espinoza will participate in the following upcoming investor conferences: Leerink Partners Global Healthcare Conference (Miami). Management will participate in one-on-one meetings on March 10, 2025. Barclays 27th Annual Global Healthcare Conference (Miami). Management will participate in a fireside chat on March 12, 2025 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________________________________________ FORM 10-K _____________________________________________________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transitio ...