Product pipeline and R&Dpositive · 5 filings
“These increases were partially offset by the $12.3 million research and development funding arrangement expense recognized in the second quarter of 2026 related to Orchestra BioMed.”10-Q · Aug 7, 2026 ↗
Ligand Pharmaceuticals Incorporated
LGND
Market read
Ligand Pharmaceuticals Incorporated's current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 16 directly disclosed connections are confirming.
Company-0.6% todayVolume comparison unavailable
Market group0 of 1 activeBiotechnology · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- LGND's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if LGND's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 16 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- LGND's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements105
Verified relationships17
Evidence supporting the case
- Latest annual revenue changed +60.4% year over year.
- Operating margin changed +28.8 percentage points in the latest annual period.
- Net margin changed +48.8 percentage points in the latest annual period.
- Product pipeline and R&D has repeated favorable evidence across 5 filings.
Evidence challenging the case
- Diluted shares increased 11.0% in the latest annual period.
- Operating cash flow was only 0.40x net income in the latest annual period.
Questions before a position
- EV/sales is 19% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
289.016m+30.6%12m+74.7%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$241.5M+47.7%$3.31+2.5%
2022-12-31$196.2M-18.8%$-1.98-2.2%
2023-12-31$131.3M-33.1%$2.94+5.3%
2024-12-31$167.1M+27.3%$-0.22+3.0%
2025-12-31$268.1M+60.4%$6.13+11.0%
What management says matters
Persistent and emerging business drivers
Demand and volumemixed · 4 filings
“Captisol sales decreased by $4.8 million, or 36%, to $8.7 million in Q1 2026 compared to $13.5 million in Q1 2025, primarily due to the timing of customer orders.”10-Q · May 8, 2026 ↗
Restructuring and cost reductionsmixed · 3 filings
“The 2024 impairment of $30.6 million was primarily due to Takeda’s decision to discontinue the soticlestat program.”10-K · Feb 27, 2026 ↗
Credit and interest ratesmixed · 3 filings
“The increase was primarily attributable to interest expense on the 2030 Notes, which were not outstanding during the prior-year period, partially offset by the absence of interest expense related to the Novan-assumed obligation following the deconsolidation o…”10-Q · Aug 7, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 21.9× · EV/sales 21.2×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
286.32-0.6% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 10:45 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for LGND. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for LGND. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind LGND
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
AMGNAmgen Inc.partnerMay 8, 2026 ▾
“We have established multiple alliances, licenses and other business relationships with the world’s leading biopharmaceutical companies including Amgen, Merck, Pfizer, Jazz, Gilead Sciences and Baxter.”
GILDGilead Sciences, Inc.partnerMay 8, 2026 ▾
“We have established multiple alliances, licenses and other business relationships with the world’s leading biopharmaceutical companies including Amgen, Merck, Pfizer, Jazz, Gilead Sciences and Baxter.”
Depended on by
PVLAPalvella Therapeutics, Inc.partnerMay 7, 2026 ▾
“Under the Ligand Agreement, Ligand has made payments totaling $15.0 million to fund the development of QTORIN rapamycin.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 13 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
LGND is currently a Leader in the organic co-movement group Biotechnology. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for LGND; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.