LIGAND PHARMACEUTICALS INC (LGND) Form 10-Q — Oct 30, 2026
Ligand's Q3 2026 total revenues and income were $78.7 million versus $115.5 million in Q3 2025, but the decline reflects non-recurring prior-year items; core royalties grew 51% year-over-year to $70.3 million, led by Filspari royalties of $16.8 million. The quarter posted a GAAP net loss of $28.5 million ($1.43 per share), driven by acquisition-related costs, higher G&A from consolidating XOMA Royalty, and $35.7 million of losses on equity investments, including $24.9 million of fair value losses on Pelthos preferred shares.
Key figures
- Revenue
- 78746000
- Revenue Yoy
- -31.8% decline vs. $115.5 million in Q3 2025 (prior-year quarter included $53.1 million Pelthos Transaction gain and $5.0 million other income)
- Total Assets
- 2237462000
- Cash Position
- 55958000
- Royalties q3 2025
- 46586000
- Royalties q3 2026
- 70284000
- Shares outstanding
- 20002986
- Stockholders equity
- 961763000
- Xoma purchase price
- 887013000
- Nine month revenues 2026
- 194161000
- Nine month net income 2026
- 6678000
- Financial royalty assets net
- 800114000
- Xoma contribution since close
- 12.6M revenue, 22.1M net loss
- Nine month operating cash flow
- 45118000
- Convertible notes gross proceeds
- 700000000
- Q3 total revenues and income 2025
- 115461000
- Q3 total revenues and income 2026
- 78746000
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