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Ligand Pharmaceuticals (LGND)

Ligand Pharmaceuticals is a biopharmaceutical company located in San Diego, California. Founded in 1987 as Progenx Inc., the company went public in 1992.

Company profile

Ticker
LGND, LGNDZ, LGNXZ
Exchange
Website
CEO
John Higgins
Employees
Incorporated
Location
Fiscal year end
Former names
LIGAND PHARMACEUTICALS
SEC CIK
Subsidiaries
Ab Initio Biotherapeutics, Inc. • Allergan Ligand Retinoid Therapeutics, Inc. • Cita NeuroPharmaceuticals Inc. • Crystal Bioscience, Inc. • CyDex Pharmaceuticals, Inc. • Glycomed Incorporated • Icagen, LLC • Ligand Biopharmaceuticals Incorporated • Ligand Holdings UK Limited • Ligand JVR, Inc. ...
IRS number
770160744

LGND stock data

Analyst ratings and price targets

Last 3 months

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

8 Aug 22
20 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 5.28M 5.28M 5.28M 5.28M 5.28M 5.28M
Cash burn (monthly) 3.24M 1.39M 212K (no burn) (no burn) (no burn)
Cash used (since last report) 5.46M 2.35M 357.35K n/a n/a n/a
Cash remaining -177.45K 2.93M 4.92M n/a n/a n/a
Runway (months of cash) -0.1 2.1 23.2 n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
30 Jun 22 Higgins John L Common Stock Other Acquire J No No 75.837 164 12.44K 369,180
30 Jun 22 Korenberg Matthew E Common Stock Other Acquire J No No 75.837 164 12.44K 52,532
29 Jun 22 Jason Haas Common Stock Grant Acquire A No No 0 1,750 0 1,750
29 Jun 22 Jason Haas NQSO Common Stock Grant Acquire A No No 88.48 5,907 522.65K 5,907
10 Jun 22 Lamattina John L Common Stock Grant Acquire A No No 0 1,004 0 26,402
10 Jun 22 Lamattina John L NQSO Common Stock Grant Acquire A No No 79.29 4,340 344.12K 4,340
86.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 188 202 -6.9%
Opened positions 16 21 -23.8%
Closed positions 30 35 -14.3%
Increased positions 58 65 -10.8%
Reduced positions 74 80 -7.5%
13F shares Current Prev Q Change
Total value 1.34B 1.97B -32.0%
Total shares 14.64M 15.45M -5.2%
Total puts 8.5K 29.5K -71.2%
Total calls 37.9K 53.7K -29.4%
Total put/call ratio 0.2 0.5 -59.2%
Largest owners Shares Value Change
BLK Blackrock 2.7M $241.32M -1.0%
Vanguard 1.77M $158.27M +2.7%
JHG Janus Henderson 1.39M $123.97M +0.0%
STT State Street 1.08M $96.71M -0.7%
MCQEF Macquarie 783.92K $69.94M +3.3%
Villere ST Denis J & Co 496.03K $44.26M -2.9%
Stephens Investment Management 453.57K $40.47M +8.6%
Chicago Capital 448.36K $40M -8.8%
Dimensional Fund Advisors 442.7K $39.5M +17.1%
SLFPY Standard Life Aberdeen 428.59K $38.24M +27.9%
Largest transactions Shares Bought/sold Change
William Blair Investment Management 396.04K -518.06K -56.7%
Snyder Capital Management L P 0 -150.38K EXIT
SLFPY Standard Life Aberdeen 428.59K +93.58K +27.9%
Kornitzer Capital Management 220.42K -83K -27.4%
Point72 Asset Management 2.9K -82.6K -96.6%
Parametric Portfolio Associates 0 -66.73K EXIT
Dimensional Fund Advisors 442.7K +64.59K +17.1%
Pacer Advisors 58.18K +58.18K NEW
Millennium Management 79.41K -51.59K -39.4%
BAC Bank Of America 75.37K -48.79K -39.3%

Financial report summary

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Risks
  • Future revenue from sales of Captisol material to our license partners may be lower than expected.
  • We rely heavily on collaboration relationships to generate milestone and royalty payments and our collaboration partners have significant discretion when deciding whether to pursue any development program, and any failure by our partners to successfully develop a product candidate or a termination or breach of any of the related agreements could reduce our milestone and license fee revenue, and potentially reduce future royalties.
  • Our collaboration partners may change their strategy or the focus of their development and commercialization efforts with respect to our partnered programs, and the success of our partnered programs could be adversely affected.
  • Our product candidates, and the product candidates of our partners, face significant development and regulatory hurdles prior to partnering and/or marketing which could delay or prevent licensing, sales-based royalties and/or milestone revenue.
  • Our OmniAb antibody platform faces specific risks, including the quality of our antibody discovery platform and technological capabilities and their acceptance by new and existing partners in our market.
  • The OmniAb antibody platform could become subject to more extensive government regulation than we currently anticipate, and regulatory compliance obligations and the investigational exemption and approval processes to which our animals may become subject are expensive, time-consuming and uncertain both in timing and in outcome.
  • Our OmniAb antibody platform utilizes various species of animals that could contract disease or die and could otherwise subject us to controversy and adverse publicity, which may interrupt our business operations or harm our reputation.
  • Our plan to separate into two independent, publicly traded companies is subject to various risks and uncertainties and may not be completed in accordance with the expected plans or anticipated timeline, or at all and may not achieve the intended benefits, and will involve significant time, expense and management attention, any of which could negatively impact our businesses, financial condition and results of operations.
  • Our business is subject to risks arising from epidemic diseases, such as the recent COVID-19 pandemic, which has impacted and could continue to impact our business.
  • Third party intellectual property may prevent us or our partners from developing our potential products; our and our partners’ intellectual property may not prevent competition; and any intellectual property issues may be expensive and time consuming to resolve.
  • The validity, scope and enforceability of any patents that cover our partners’ biologic product candidate can be challenged by third parties.
  • Market acceptance and sales of any approved product will depend significantly on the availability and adequacy of coverage and reimbursement from third-party payors and may be affected by existing and future healthcare reform measures.
  • If we or our commercialization partners market products in a manner that violates healthcare laws, we may be subject to civil or criminal penalties.
  • Changes in and actual or perceived failures to comply with applicable data privacy, security and protection laws, regulations, standards and contractual obligations may adversely affect our business, operations and financial performance.
  • Changes in funding for the FDA and other government agencies could hinder their ability to hire and retain key leadership and other personnel, or otherwise prevent new products and services from being developed or commercialized in a timely manner, which could negatively impact our business or the business of our partners.
  • Any difficulties from strategic acquisitions could adversely affect our stock price, operating results and results of operations.
  • Our operating results may fluctuate significantly, which makes our future operating results difficult to predict and could cause our operating results to fall below expectations or any guidance we may provide.
  • Our ability to use our net operating loss carryforwards and certain other tax attributes to offset future taxable income may be subject to certain limitations.
  • The occurrence of a catastrophic disaster could disrupt our business, damage our facilities beyond insurance limits or increase our costs and expenses.
  • We rely on information technology and any failure, inadequacy, interruption or security lapse of that technology, including any cyber security incidents, could harm our ability to operate our business effectively.
  • The occurrence of a catastrophic disaster could damage our facilities beyond insurance limits or we could lose key data which could cause us to curtail or cease operations.
  • Conversion of our outstanding convertible notes may result in losses, result in the dilution of existing stockholders, create downward pressure on the price of our common stock, and restrict our ability to take advantage of future opportunities.
  • Impairment charges pertaining to goodwill, identifiable intangible assets or other long-lived assets from our mergers and acquisitions could have an adverse impact on our results of operations and the market value of our common stock.
  • Our investments are subject to market and credit risks that could diminish their value and these risks could be greater during periods of extreme volatility or disruption in the financial and credit markets, which could adversely impact our business, financial condition, results of operations, liquidity and cash flows.
  • Our charter documents and concentration of ownership may hinder or prevent change of control transactions.
  • Our amended and restated bylaws provide that the Court of Chancery of the State of Delaware will be the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • Our stock price has been volatile and could experience a sudden decline in value.
  • Our results of operations and liquidity needs could be materially negatively affected by market fluctuations and economic downturn.
Management Discussion
  • Total revenue decreased by $27.3 million, or (32)%, to $57.4 million in Q2 2022 compared to $84.7 million in Q2 2021 primarily due to the $26.6 million decrease in sales of COVID-related Captisol that is used in formulation with remdesivir. Royalties increased in Q2 2022 by $9.3 million, or 108%, compared to the same period in 2021, with the increase primarily due to Kyprolis and sales of products using the Pelican platform. Core Captisol sales decreased by $6.4 million, or (66)%, to $3.3 million in Q2 2022 primarily due to the timing of customer orders. Captisol sales related to COVID-19 were $26.2 million in Q2 2022, compared with $52.8 million for the same period in 2021. The difference in sales is due to reduced demand for the pandemic-related treatment. Contract revenue decreased $3.6 million, or (27)%, to $9.9 million in Q2 2022 primarily due to the achievement of two significant milestones tied to the Pelican platform in Q2 2021.

Content analysis

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Positive
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Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
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