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Ligand Pharmaceuticals reported strong second‑quarter 2026 results, with total revenues and income of $63.7 million versus $47.6 million a year earlier, driven by 32% growth in royalty revenue to $48.0 million from products including Filspari, Zelsuvmi and Ohtuvayre. Contract revenue and income rose to $7.7 million, while Captisol sales dipped slightly to $8.0 million. GAAP net income jumped to $48.5 million, or $2.22 per diluted share, from $4.8 million, and adjusted net income rose to $50.8 million, or $2.37 per diluted share.
For the first half of 2026, royalties increased 42% to $91.0 million and the company swung to GAAP net income of $35.2 million from a loss of $37.6 million. Liquidity strengthened, with cash, cash equivalents and short‑term investments of $1.36 billion, supported by a $700 million 0.00% convertible senior notes issuance; $60 million of proceeds funded repurchase of 228,859 shares and $82 million a call‑spread overlay to limit dilution. Post‑closing of the XOMA Royalty acquisition, Ligand’s royalty portfolio exceeds 200 assets and management expects the deal to add about $0.50 to 2026 and $1.50 to 2027 adjusted EPS. Full‑year 2026 guidance is reaffirmed for revenue and raised for adjusted EPS to $9.00–$9.50 per diluted share.
LIGAND PHARMACEUTICALS INC officer Andrew Reardon, CLO & Secretary, exercised 5,000 employee stock options at $52.2700 per share on August 3, 2026, receiving 5,000 common shares. That same day he sold 5,000 common shares in multiple transactions at weighted-average prices within disclosed ranges from $283.24 to $292.89 per share. After the exercise, the option grant expiring 2032-08-01 covers 29,444.0000 shares. All reported transactions were made under a written trading plan adopted November 24, 2025, in accordance with Rule 10b5-1.
Ligand Pharmaceuticals Incorporated completed the acquisition of XOMA Royalty Corporation for $39.00 per share in cash, valuing the deal at approximately $739 million. XOMA stockholders also received one non-transferable contingent value right per share, tied to 75% of net proceeds from specified pending litigation.
The acquisition more than doubles Ligand’s royalty portfolio to over 200 commercial, clinical and preclinical royalty assets, adding seven commercial products, 14 late-stage programs and more than 100 additional development-stage assets. Ligand states the transaction is expected to be immediately accretive and to add approximately $0.50 and $1.50 per share to projected 2026 and 2027 adjusted earnings per share, respectively.
Concurrently, Ligand entered into an Amended and Restated Credit Agreement providing a $125.0 million revolving credit facility maturing on September 12, 2028. The facility is secured, guaranteed by material domestic subsidiaries and includes covenants such as a consolidated senior secured net leverage ratio not exceeding 2.50 to 1.00 (with a temporary step-up to 3.00 to 1.00 around certain acquisitions) and minimum consolidated EBITDA of $100 million for specified quarters and $150 million thereafter.
Ligand Pharmaceuticals CLO & Secretary Andrew Reardon reported an exercise-and-sell transaction in company stock. On July 1, 2026, he exercised 5,000 stock options at $52.27 per share and sold 5,000 shares of common stock in multiple open-market trades at prices generally around the low-to-mid $300s. The filing notes these transactions were made under a pre-arranged Rule 10b5-1 trading plan. On June 30, 2026, he also acquired 132 shares through the Ligand Employee Stock Purchase Plan in an exempt transaction, and he continues to hold a substantial direct equity stake after these trades.
Ligand Pharmaceuticals’ Chief Financial Officer Octavio Espinoza reported a small, routine share acquisition under an employee plan. On the transaction date, he acquired 17 shares of common stock at a price of $160.7095 per share through the Ligand Employee Stock Purchase Plan, in a transaction exempt under Rule 16b-3(d) and Rule 16b-3(c). Following this, he directly holds 27,696 shares of common stock, indicating the move is a minor adjustment within his overall equity position rather than a significant market transaction.
LIGAND PHARMACEUTICALS INC Chief Executive Officer Todd C. Davis recorded a small employee stock purchase transaction. On this Form 4, he acquired 132 shares of common stock at $160.7095 per share under the Ligand Employee Stock Purchase Plan in a transaction exempt under Rule 16b-3. Following this routine plan purchase, he directly holds 199,513 common shares.
LGND notice: Morgan Stanley Smith Barney LLC submitted a Section 144 filing covering 10,000 shares of Common Stock tied to an exercise of stock options dated 07/01/2026. The filing also records prior 10b5-1 sales by Andrew Reardon of 5,000 shares on 06/01/2026 and 5,000 shares on 05/01/2026, with proceeds shown for each sale.
Ligand Pharmaceuticals completed a private offering of $700.0 million of 0.00% convertible senior notes due 2031. The notes are senior unsecured, mature on September 15, 2031, and are convertible based on stock price and trading conditions, with an initial conversion rate of 2.9916 shares per $1,000 principal amount, equivalent to a conversion price of about $334.27 per share, a 27.5% premium to the last reported price on June 22, 2026.
Ligand received net proceeds of approximately $678.2 million, using about $72.9 million to purchase convertible note hedges and about $60.0 million to repurchase 228,859 shares at $262.17 per share. It plans to use the remaining funds for general corporate purposes, including its previously announced acquisition of XOMA Royalty Corporation. Ligand also issued warrants with an initial strike price of $524.34 per share, which could be dilutive if its stock trades above that level.
Ligand Pharmaceuticals plans a private offering of $550 million in convertible senior notes due 2031 to qualified institutional buyers, with an option for an additional $82.5 million of notes. The notes will be senior unsecured, pay semiannual interest starting in March 2027, and may be settled in cash, stock or a combination upon conversion.
Ligand expects to use part of the proceeds for convertible note hedge and warrant transactions and up to $75 million to repurchase common stock from certain note purchasers, with the balance for general corporate purposes, including its agreement to acquire Xoma Royalty Corporation. Concurrently, a Fourth Amendment to its Credit Agreement permits the notes and sets minimum Consolidated EBITDA at $100,000,000 for four-quarter periods ending through March 31, 2027 and $150,000,000 for periods ending thereafter.
Ligand Pharmaceuticals director Stephen L. Sabba reported an exercise-and-sell stock transaction. He exercised a non-qualified stock option covering 2,145 shares of common stock at an exercise price of $66.13 per share and then sold 2,145 shares in an open-market transaction at $254.00 per share on June 16, 2026.
Following these transactions, Sabba directly holds 33,629 shares of Ligand common stock. The exercised option grant, originally for 2,456 shares and later adjusted to 2,145 shares with a $66.13 exercise price after the OmniAb Inc. separation, has been fully exercised, leaving no remaining derivative position from that grant.