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Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Revenue by Source
The following table represents disaggregation of royalties, Captisol and contract revenue (in thousands):
Three months endedSix months ended
June 30,June 30,
2022202120222021
Royalties
Kyprolis$7,127 $5,440 $11,749 $9,727 
Evomela2,394 2,193 5,095 4,526 
Teriparatide injection 5,502 264 8,413 264 
Rylaze 2,317 — 3,966 — 
Other619 719 2,431 1,211 
$17,959 $8,616 $31,654 $15,728 
Captisol
     Captisol - Core$3,325 $9,682 $9,551 $10,935 
     Captisol - COVID(1)
26,220 52,827 32,116 82,846 
$29,545 $62,509 $41,667 $93,781 
Contract revenue
Service Revenue$5,453 $7,360 $10,599 $12,822 
License Fees1,608 1,050 4,694 2,093 
Milestone1,275 3,600 10,364 12,017 
Other1,579 1,540 4,134 3,384 
$9,915 $13,550 $29,791 $30,316 
Total$57,419 $84,675 $103,112 $139,825 
(1) Captisol - COVID represents revenue on Captisol supplied for use in formulation with remdesivir, an antiviral treatment for COVID-19.
Schedule of Short-Term Investments Our short-term investments consist of the following at June 30, 2022 and December 31, 2021 (in thousands):
Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
June 30, 2022
     Bank deposits$2,504 $— $(61)$2,443 
     Corporate bonds4,904 — (121)4,783 
     Corporate equity securities5,807 307 (3,703)2,411 
     Mutual fund112,535 — (1,228)111,307 
US government securities2,246 — (71)2,175 
     Warrants— 129 — 129 
$127,996 $436 $(5,184)$123,248 
      Viking common stock19,407 
Total short-term investments$142,655 
December 31, 2021
     Bank deposits$63,389 $13 $(21)$63,381 
     Corporate bonds29,308 17 (38)29,287 
     Commercial paper36,008 2 (12)35,998 
     Corporate equity securities5,807 402 (2,027)4,182 
     Mutual fund152,136 — (249)151,887 
     US government securities5,577 — (23)5,554 
     Warrants— 408 — 408 
$292,225 $842 $(2,370)$290,697 
     Viking common stock30,889 
Total short-term investments$321,586 
Schedule of Available-for-Sale Debt Securities
The following table summarizes our available-for-sale debt securities by contractual maturity (in thousands):
June 30, 2022
Amortized CostFair Value
Within one year$6,423 $6,274 
After one year through five years3,230 3,127 
Total$9,653 $9,401 
Schedule of Goodwill and Other Identifiable Intangible Assets
Goodwill and other identifiable intangible assets consist of the following (in thousands):

June 30,December 31,
20222021
Indefinite-lived intangible assets
     Goodwill$181,206 $181,206 
Definite lived intangible assets
     Complete technology281,578 280,617 
          Less: accumulated amortization(86,740)(78,991)
     Trade name2,642 2,642 
          Less: accumulated amortization(1,510)(1,444)
     Customer relationships40,700 40,700 
          Less: accumulated amortization(19,602)(18,267)
     Contractual relationships362,000 362,000 
          Less: accumulated amortization(50,704)(36,217)
Total goodwill and other identifiable intangible assets, net$709,570 $732,246 
Schedule Of Goodwill Balance by Segment On Relative Fair Value Basis The following table presents our allocation of goodwill balance by segment (in thousands):
Fair Value
Goodwill
Ligand core business$105,673 
OmniAb business75,533 
$181,206 
Schedule of Commercial License Rights
Commercial license rights consist of the following (in thousands):
June 30, 2022December 31, 2021
Gross
Adjustments(1)
NetGross
Adjustments(2)
Net
Aziyo and CorMatrix$17,696 $(9,425)$8,271 $17,696 $(9,461)$8,235 
Selexis and Dianomi10,602 (8,606)1,996 10,602 (8,727)1,875 
    Total$28,298 $(18,031)$10,267 $28,298 $(18,188)$10,110 
(1) Amounts represent accumulated amortization to principal of $11.5 million and credit loss adjustments of $6.5 million as of June 30, 2022.
(2) Amounts represent accumulated amortization to principal of $11.7 million and credit loss adjustments of $6.5 million as of December 31, 2021.
Schedule of Accrued Liabilities Accrued liabilities consist of the following (in thousands):
June 30,December 31,
20222021
Compensation$4,669 $6,532 
Professional fees1,828 2,046 
Amounts owed to former licensees2,674 630 
Royalties owed to third parties— 149 
Return reserve— 2,420 
Acquisition related liabilities— 1,000 
Subcontractor1,756 1,759 
Supplier1,995 848 
Accrued interest— 291 
Other1,629 1,904 
     Total accrued liabilities$14,551 $17,579 
Schedule of Accounting for Share-Based Compensation The following table summarizes share-based compensation expense recorded as components of research and development expenses and general and administrative expenses for the periods indicated (in thousands):
Three months endedSix months ended
June 30, June 30,
2022202120222021
SBC - Research and development expenses$4,501 $4,556 $8,415 $8,495 
SBC - General and administrative expenses4,998 5,660 10,128 10,126 
$9,499 $10,216 $18,543 $18,621 
Schedule of Fair-Value Options Awarded to Employees and Directors The fair-value for options that were awarded to employees and directors was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:
Three months endedSix months ended
June 30, June 30,
2022202120222021
Risk-free interest rate3.0%0.9%3.0%0.5%
Dividend yield————
Expected volatility50%54%50%62%
Expected term (years)4.85.54.85.0
Schedule of Computation of Basic and Diluted Earnings per Share
The following table presents the calculation of weighted average shares used to calculate basic and diluted earnings per share (in thousands):

Three months endedSix months ended
June 30, June 30,
2022202120222021
Weighted average shares outstanding:16,868 16,659 16,846 16,548 
Dilutive potential common shares:
     Restricted stock— 69 — 90 
     Stock options— 444 — 572 
Shares used to compute diluted income per share16,868 17,172 16,846 17,210 
Potentially dilutive shares excluded from calculation due to anti-dilutive effect6,794 5,087 6,400 4,684