LGNDMEDIUM SIGNALFINANCIAL10-K

Ligand reported solid revenue growth of 29.5% while operating cash flow declined meaningfully and total assets expanded substantially to $1.6 billion.

The combination of strong revenue growth with reduced operating cash flow suggests potential timing differences in cash collections or increased working capital requirements that merit monitoring. The substantial expansion in total assets alongside higher stockholders' equity indicates meaningful balance sheet growth, likely from business development activities or asset acquisitions.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

Ligand demonstrated solid operational momentum with revenue growing 29.5% to $141.1 million, supported by higher accounts receivable reflecting increased business activity. However, operating cash flow declined meaningfully to $49.4 million despite the revenue growth, while total assets expanded substantially to $1.6 billion with stockholders' equity growing 22.5%. The company maintained financial discipline with reduced interest expense and lower capital expenditures, though the cash flow decline relative to revenue growth warrants attention.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-75.2%
$1.8M→$452K

Capex reduced 75.2% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Assets
Balance Sheet
+65.7%
$941.8M→$1.6B

Asset base grew 65.7% — expansion through organic growth, acquisitions, or capital deployment.

Interest Expense
P&L
-63.5%
$1.8M→$656K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Accounts Receivable
Balance Sheet
+55.3%
$38.4M→$59.6M

Receivables surged 55.3% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Operating Cash Flow
Cash Flow
-49.1%
$97.0M→$49.4M

Operating cash flow fell 49.1% — earnings quality concerns; investigate working capital changes and non-cash items.

Inventory
Balance Sheet
-35.3%
$14.1M→$9.1M

Inventory drawn down 35.3% — strong sell-through or deliberate destocking; watch for supply constraints.

Revenue
P&L
+29.5%
$109.0M→$141.1M

Revenue growing 29.5% — solid top-line momentum, watch margins for quality of growth.

Stockholders Equity
Balance Sheet
+22.5%
$830.4M→$1.0B

Equity base grew 22.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
As of February 24, 2026, the Registrant had 19,941,141 shares of Common Stock outstanding.
Form 10-K - Summary 113 Signatures 118 GLOSSARY OF TERMS AND ABBREVIATIONS Abbreviation Definition 2023 Notes $750.0 million aggregate principal amount of 0.75% convertible senior unsecured notes due 2023 2030 Notes $460.0 million aggregate principal amount of 0.75% convertible senior unsecured notes due 2030 Acrotech Acrotech Biopharma Inc.
Adalvo Adalvo Limited Agenus Agenus Inc., Agenus Royalty Fund, LLC, and/or Agenus Holdings 2024, LLC Aldeyra Aldeyra Therapeutics, Inc.
ASC Accounting Standards Codification ASU Accounting Standards Update Baxter Baxter International, Inc.
BeOne Medicines BeOne Medicines I GmbH BLA Biologics license application CASI CASI Pharmaceuticals, Inc.
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REMOVED
As of February 25, 2025, the Registrant had 19,255,353 shares of Common Stock outstanding.
Form 10-K - Summary 104 Signatures 109 GLOSSARY OF TERMS AND ABBREVIATIONS Abbreviation Definition 2023 Notes $750.0 million aggregate principal amount of convertible senior unsecured notes due 2023 Agenus Agenus Inc., Agenus Royalty Fund, LLC, and/or Agenus Holdings 2024, LLC Aldeyra Aldeyra Therapeutics, Inc.
ASC Accounting Standards Codification ASU Accounting Standards Update Aziyo Aziyo Med, LLC Baxter Baxter International, Inc.
BLA Biologics license application CASI CASI Pharmaceuticals, Inc.
cGMP Current Good Manufacturing Practice Company Ligand Pharmaceuticals Incorporated, including subsidiaries Convertible Note Senior Convertible Promissory Note COPD Chronic obstructive pulmonary disease Cormatrix Cormatrix Cardiovascular, Inc.
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