Here are the 10-K annual reports from Ligand Pharms General CVR (LGNYZ) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow LGNYZ and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full LGNYZ filings page.
Ligand Pharmaceuticals Incorporated presents its annual report describing a royalty-focused biopharmaceutical business model built around capital deployment and licensing rather than in‑house drug development. The company aggregates royalty interests in mid‑ to late‑stage and commercial products, supported by infrastructure‑light platforms such as Captisol and NITRICIL.
Ligand highlights 12 major commercial royalty assets and more than 100 additional partnered programs, with 2025 royalty receipts of $176.9 million and GAAP income from royalty assets of $161.0 million. Key assets include Kyprolis, Qarziba, Filspari, Ohtuvayre, Capvaxive, Vaxneuvance, Rylaze, Evomela and Zelsuvmi.
During 2025, Ligand executed several investments and strategic transactions, including royalty financings with Castle Creek and Orchestra BioMed, a royalty and warrant deal with Arecor, and the Pelthos Transaction, which spun out Zelsuvmi into Pelthos Therapeutics while retaining equity, milestones and a 13% royalty. As of February 24, 2026, Ligand had 19,941,141 common shares outstanding.