Ligand Pharmaceuticals Inc 2024年度报告

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 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.‘Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).‘Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2 of the Exchange Act).Yes‘NoÈ The aggregate market value of the Registrant’s voting and non-voting stock held by non-affiliates was approximately $1.1 billion based on the lastsales price of the Registrant’s Common Stock on the Nasdaq Global Market of the Nasdaq Stock Market LLC on June 28, 2024. For purposes of thiscalculation, shares of Common Stock held by directors, officers and 10% stockholders known to the Registrant have been deemed to be owned byaffiliates which should not be construed to indicate that any such person possesses the power, direct or indirect, to direct or cause the direction of themanagement or policies of the Registrant or that such person is controlled by or under common control with the Registrant.As of February 25, 2025, the Registrant had 19,255,353 shares of Common Stock outstanding. 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 Acco