Ligand Pharmaceuticals Inc 2024年度报告

ÈANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the Fiscal Year Ended December 31, 2024‘TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934OR Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.YesÈNo‘Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of1934.Yes‘NoÈIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.YesÈNo‘Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch files).YesÈNo‘Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Large Accelerated FilerÈAccelerated Filer‘Non-accelerated Filer‘Smaller reporting company‘Emerging growth company‘If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.‘Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal DOCUMENTS INCORPORATED BY REFERENCEPortions of the Proxy Statement for the Registrant’s 2025 Annual Meeting of Stockholders to be filed with the Commission within 120 days of December 31, 2024 are incorporated by reference in Part III of this Annual Report on Form 10-K. With the exception of those portions that arespecifically incorporated by reference in this Annual Report on Form 10-K, such Proxy Statement shall not be deemed filed as part of this Report orincorporated by reference herein. Table of Contents Part I Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures Part II Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of EquitySecurities46Item 6.[Reserved]47Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations48Item 7A.Quantitative and Qualitative Disclosures About Market Risk54Item 8.Consolidated Financial Statements and Supplementary Data56Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure100Item 9A.Controls and Procedures100Item 9B.Other Information103Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections103 Part III Item 10.Directors, Executive Officers and Corporate Governance103Item 11.Executive Compensation103Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters103Item 13.Certain Relationships and Related Transactions, and Director Independence103Item 14.Principal Accountant Fees and Services103 Part IV Item 15.Exhibits, Financial Statement Schedules104Item 16.Form 10-K - Summary109Signatures109 PART I Cautionary Note Regarding Forward-Looking Statements: You should read the following report together with the more detailed information regarding our company, our commonstock and our financial statements and notes to those statements appearing elsewhere in this document. This report contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, asamended, that involve a number of risks and uncertainties and reflect Ligand’s judgment as of the date of this report. Althoughour forward-looking statements reflect the good faith judgment of our management, these statements can only be based on factsand factors currently known by us. Consequently, these forward-looking statements are inherently subject to risks anduncertainties, and actual results and outcomes may differ materially from results and outcomes discussed in the forward-lookingstatements. All statements contained herein, other than statements of historical fact, could be deemed to be forward-lookingstatements. In some instances, forward-looking statements can be identified by the use of forward-looking words such as“believes,” “expects,” “may,” “will,” “plan,” “intends,” “estimates,” “would,”