LGND at a glance
LIGAND PHARMACEUTICALS INC (LGND, SEC CIK 886163) filed its latest 10-K annual report on February 27, 2026, a 10-Q quarterly report on August 7, 2026, an 8-K current report on September 24, 2026 and Form 4 insider filings as recently as October 6, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), LIGAND PHARMACEUTICALS INC (LGND) reported revenue of $268.1 million (up 60.4% from FY2024) and net income of $124.5 million. Diluted EPS was $6.13.
- As of June 30, 2026, 31 institutional investment managers tracked by SignalX reported holding LIGAND PHARMACEUTICALS INC (LGND) shares worth $3.4 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Reardon Andrew on October 2, 2026 of 404 shares at $306.18 per share.
- In the last 90 days, LGND insiders reported 0 open-market purchases ($0) and 24 open-market sales ($16.1M) on Form 4, a net sale of $16.1M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $268.1M
- +60.4% vs prior year
- Insiders · 90 days
- 0 buys · 24 sells
- Net −$16.1M
- 13F holders
- 31 funds
- $3.4B · +1 vs prior quarter
- Latest 8-K
- Sep 24, 2026
- Item 7.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: biopharmaceutical royalty company focused on capital deployment and licensing for diversified royalty streams from mid- to late-stage products
- New emphasis on NITRICIL platform acquired via Novan in 2023, supporting multiple royalty-bearing products including FDA-approved Zelsuvmi
- Strategic refinement since 2022 to a high-margin, low-infrastructure model after spinoffs of OmniAb, Pelican Expression, and Pelthos Therapeutics
- Invested $50 million in Castle Creek's D-Fi Phase 3 gene therapy and $25 million in Orchestra BioMed late-stage cardiology programs in 2025
- Expanded royalty portfolio to 12 major commercial royalties and over 90 additional programs, showing growing diversity and disciplined capital allocation
Risk Factors
- Regulatory risk: Section 162(m) limitation increased tax expense by $3.9 million (156%) in 2024 affecting effective tax rate
- Macroeconomic threat: $460 million 2030 Notes issued in August 2025 increases interest expense by $1.7 million (55%) vs prior year
- Operational risk: Deconsolidation of Novan acquisition payments from July 1, 2025 impacts interest accrued and financial reporting
- Market disruption risk: Unrealized fair value loss $5.1 million on Viking common stock in 2025 vs $9.0 million gain in 2024
- Financial risk: Concentration in equity method investments, e.g., $90.7 million gain from Pelthos stock fair value changes in 2025
Management Discussion & Analysis
- No forward-looking statements or guidance mentioned
AI summary of the LGND 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Q2 revenue $63.7M, up 34% YoY from $47.6M
- Q2 operating margin 13.5% vs 17.7% YoY, with operating expenses at 87% vs 82% of revenue
- Best royalty performer Filspari: $13.6M revenue vs $6.6M; worst Vaxneuvance: $1.4M vs $2.6M
- $700.0M convertible-note financing generated $679.0M net proceeds; $81.7M call spread and approximately $60M share repurchases
- XOMA acquisition funded with cash; management targets approximately $150M-$250M annual royalty-asset deployment
Risk Factors
- New acquisition-integration risk triggered by July 14, 2026 XOMA Acquisition
- XOMA integration risk includes potential failures in financial reporting, internal controls, compliance, and information technology
- Acquisition litigation risk associated with the XOMA Acquisition, though not currently expected to be material
- Royalty buyout risk from counterparties exercising rights below the net present value of future payments
- Debt-service and liquidity risk involving 2030 Notes and 2031 Notes, including potential cash repurchases upon fundamental change
AI summary of the LGND 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 7.01: Regulation FD Disclosure
- Ligand entered a financing agreement with AvenCell Therapeutics for up to $47 million
- AvenCell is developing controllable, allogeneic CAR-T therapies for cancer patients
Item 7.01: Regulation FD Disclosure
- Ligand acquired royalty and milestone rights to Santen’s Ryjunea® from Sydnexis
- $23 million upfront consideration creates immediate cash outflow for future payment rights
Item EX-99.1: Item EX-99.1
- Six-month revenue $29.3M versus $74.7M operating expenses, producing a $41.2M net loss
- $23.6M impairment charges and $19.7M credit losses signal substantial deterioration in royalty-asset valuations and expected collections
AI summaries of LGND 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for LGND
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Reardon Andrew | M | Oct 2, 2026 | 340 | - |
| Reardon Andrew | Sell | Oct 2, 2026 | 404 | $306.18 |
| Reardon Andrew | Sell | Oct 2, 2026 | 17 | $307.74 |
| Reardon Andrew | Sell | Oct 2, 2026 | 235 | $307.19 |
| Reardon Andrew | Sell | Oct 2, 2026 | 833 | $302.51 |
| Reardon Andrew | M | Oct 2, 2026 | 340 | $52.27 |
| Reardon Andrew | Sell | Oct 2, 2026 | 1,535 | $304.52 |
| Reardon Andrew | Sell | Oct 2, 2026 | 1,976 | $303.54 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $167.1M | $268.1M |
| Operating Income | - | -$22.6M | $41.0M |
| Net Income | $52.2M | -$4.0M | $124.5M |
| Op. Margin | - | -13.5% | 15.3% |
| Net Margin | - | -2.4% | 46.4% |
| Balance Sheet | |||
| Total Assets | $787.2M | $941.8M | $1.6B |
| Equity | - | $830.4M | $1.0B |
| ROE | - | -0.5% | 12.2% |
| Per Share | |||
| EPS | $2.94 | $-0.22 | $6.13 |
| Cash Flow | |||
| Operating CF | - | $97.0M | $49.4M |
| CapEx | $3.5M | $1.8M | $452K |
Source: XBRL data in LIGAND PHARMACEUTICALS INC (LGND)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate LGND share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 31 | $3.42B |
| Q1 2026 | 30 | $1.95B |
| Q4 2025 | 27 | $1.70B |
| Q3 2025 | 28 | $1.58B |
| Q2 2025 | 27 | $921.8M |
| Q1 2025 | 25 | $542.1M |
| Q4 2024 | 20 | $506.1M |
| Q3 2024 | 18 | $245.3M |
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- Goldman Sachs Group−57.9K (-15%)
- Wells Fargo & Co−27.6K (-33%)
- D.E. Shaw & Co−21.9K (-28%)
- JPMorgan Chase & Co−13.2K (-15%)
- Prudential Financial−9.5K (-15%)
- Citadel Advisors LLC−6.6K
- Blackstone Group−1.4K
Source: 13F-HR filings on SEC EDGAR (aggregated from 206 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
LGND filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 6, 2026 | - | - | - |
| 8-K | Sep 24, 2026 | - | Analysis | - |
| 4 | Sep 24, 2026 | - | - | - |
| 8-K | Sep 22, 2026 | - | Analysis | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Sep 8, 2026 | - | - | - |
| 8-K | Sep 2, 2026 | - | Analysis | - |
| 4 | Aug 14, 2026 | - | - | - |
| 4 | Aug 14, 2026 | - | - | - |
| SC 13G | Aug 13, 2026 | - | - | |
| 10-Q | Aug 7, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 6, 2026 | - | Analysis | - |
| 4 | Aug 4, 2026 | - | - | - |
| 8-K | Jul 14, 2026 | - | Analysis | - |
| 4 | Jul 6, 2026 | - | - | - |
| 4 | Jul 6, 2026 | - | - | - |
| 4 | Jul 6, 2026 | - | - | - |
| 8-K | Jun 25, 2026 | - | Analysis | - |
| 8-K | Jun 22, 2026 | - | Analysis | - |
| 4 | Jun 18, 2026 | - | - | - |
| 4 | Jun 15, 2026 | - | - | - |
| 4 | Jun 12, 2026 | - | - | - |
| 4 | Jun 12, 2026 | - | - | - |
| 4 | Jun 9, 2026 | - | - | |
| 4 | Jun 9, 2026 | - | - |
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LGND SEC filings: frequently asked questions
Are LGND insiders buying or selling?
In the last 90 days, LIGAND PHARMACEUTICALS INC (LGND) officers, directors and 10% owners reported no open-market purchases and 24 open-market sales worth $16.1 million by 4 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold LGND stock?
As of June 30, 2026, the largest LIGAND PHARMACEUTICALS INC (LGND) holders among the 13F filers tracked by SignalX were BlackRock ($980.2 million), Invesco Ltd ($379.8 million), Vanguard Portfolio Management LLC ($359.8 million), Vanguard Capital Management LLC ($275.3 million), State Street Corp ($261.3 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was LGND's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), LIGAND PHARMACEUTICALS INC (LGND) reported revenue of $268.1 million (up 60.4% from FY2024) and net income of $124.5 million. Diluted EPS was $6.13. The figures come from the XBRL data in the 10-K.
What are the main risks in LGND's latest 10-K?
In the 10-K filed February 27, 2026, LIGAND PHARMACEUTICALS INC (LGND) flagged: Regulatory risk: Section 162(m) limitation increased tax expense by $3.9 million (156%) in 2024 affecting effective tax rate. Macroeconomic threat: $460 million 2030 Notes issued in August 2025 increases interest expense by $1.7 million (55%) vs prior year. (AI summary of the Risk Factors section.)
What did LGND report in its latest 8-K?
LIGAND PHARMACEUTICALS INC (LGND) filed an 8-K on September 24, 2026 reporting Item 7.01 (Regulation FD Disclosure). Ligand entered a financing agreement with AvenCell Therapeutics for up to $47 million.
What are the latest LGND SEC filings?
LIGAND PHARMACEUTICALS INC (LGND) filed its latest 10-K annual report on February 27, 2026, a 10-Q quarterly report on August 7, 2026, an 8-K current report on September 24, 2026 and a Form 4 insider filing on October 6, 2026.
What is LGND's SEC CIK number?
LIGAND PHARMACEUTICALS INC (LGND)'s SEC Central Index Key (CIK) is 886163. EDGAR lists every LGND filing under that number.
Ask anything about LGND
The research agent reads LGND's filings, financials, insider trades and 13F holders, then answers with sources.