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Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Revenue by Source
The following table represents disaggregation of royalties, Captisol and contract revenue and other income (in thousands):
Three months endedSix months ended
June 30,June 30,
2024202320242023
Royalties
Kyprolis$8,998 $8,097 $15,630 $14,325 
Evomela2,733 2,357 4,130 4,907 
Teriparatide injection 2,103 3,613 4,144 7,113 
Rylaze 3,232 3,028 6,184 5,637 
Filspari2,424 315 4,196 585 
Vaxneuvance1,109 1,039 2,496 1,677 
Other2,004 1,981 4,180 3,340 
Revenue from intangible royalty assets22,603 20,430 40,960 37,584 
Income from financial royalty assets5595081,297 1,001 
23,162 20,938 42,257 38,585 
Captisol7,500 5,220 16,712 15,842 
Contract revenue and other income
Milestone and other10,869 208 11,596 15,918 
Other income— — 1,944 — 
Contract revenue and other income10,869 208 13,540 15,918 
Total$41,531 $26,366 $72,509 $70,345 
Schedule of Short-Term Investments
Our short-term investments consist of the following at June 30, 2024 and December 31, 2023 (in thousands):
June 30, 2024
Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
     Bond fund $93,939 $— $(474)$93,465 
     Bank deposits20,427 4 (22)20,409 
     Corporate bonds19,160 8 (53)19,115 
     Commercial paper12,702 1 (16)12,687 
     U.S. government securities9,314 — (55)9,259 
     Corporate equity securities6,551 — (5,703)848 
$162,093 $13 $(6,323)155,783 
      Viking common stock53,010 
Total short-term investments$208,793 
December 31, 2023
     Bond fund$63,763 $— $(537)$63,226 
     Bank deposits17,165 12 (1)17,176 
     Corporate bonds14,850 40 (2)14,888 
     Commercial paper11,578 9 (1)11,586 
     U.S. government securities6,736 18 (3)6,751 
     Municipal bonds1,007 — (4)1,003 
     Corporate equity securities5,775 — (5,235)540 
$120,874 $79 $(5,783)115,170 
     Viking common stock32,185 
Total short-term investments$147,355 
Schedule of Available-for-Sale Debt Securities
The following table summarizes our available-for-sale debt securities by contractual maturity (in thousands):
June 30, 2024
Amortized CostFair Value
Within one year$62,952 $62,904 
After one year through five years14,057 14,018 
Total$77,009 $76,922 
Schedule of Goodwill and Other Identifiable Intangible Assets
Goodwill and other identifiable intangible assets consist of the following (in thousands):
June 30,December 31,
20242023
Indefinite-lived intangible assets
     Goodwill$105,250 $103,370 
Definite lived intangible assets
     Complete technology39,249 42,911 
          Less: accumulated amortization(18,435)(20,894)
     Trade name2,642 2,642 
          Less: accumulated amortization(1,777)(1,710)
     Customer relationships29,600 29,600 
          Less: accumulated amortization(19,907)(19,161)
     Contractual relationships360,000 360,000 
          Less: accumulated amortization(108,210)(93,782)
Total goodwill and other identifiable intangible assets, net$388,412 $402,976 
Schedule of Derivative Assets
Derivative assets consist of the following (in thousands):
June 30,December 31,
20242023
Agenus Upsize Option (expires on 6/30/25)
$4,908 $— 
Viking shares collar15,233 — 
     Total current derivative assets$20,141 $— 
Primrose mRNA
$3,937 $3,531 
Agenus Partner Programs
21,438 — 
Agenus Warrant (5 years contractual term)
9,130 — 
     Total noncurrent derivative assets
$34,505 $3,531 
Schedule of Other Investment
Other investments consist of the following (in thousands):
June 30,December 31,
20242023
Equity securities in Primrose Bio$6,741 $32,726 
Neuritek warrants3,000 3,000 
Palvella Series C preferred stock1,000 1,000 
     Total other investments$10,741 $36,726 
Schedule of Inventory in Other Assets inventory (raw materials and work in process related to the manufacturing of finished goods, including initial project validation batches) related to the preparation of commercial supplies of ZELSUVMI™ by Pelthos Therapeutics, a wholly owned subsidiary of Ligand. For additional information on ZELSUVMI, see Note 4, Acquisition. Below is a summary of the inventory included in other current assets (in thousands):
June 30,December 31,
20242023
Raw materials$1,488 $420 
Work in process548 195 
     Total Pelthos inventory in other current assets$2,036 $615 
Schedule of Accrued Liabilities
Accrued liabilities consist of the following (in thousands):
June 30,December 31,
20242023
Compensation$2,686 $4,682 
Subcontractor1,756 1,756 
Professional fees3,425 2,394 
Customer deposit621 621 
Supplier276 303 
Royalties owed to third parties1,707 900 
Amounts owed to former licensees— 45 
Other1,700 1,766 
     Total accrued liabilities$12,171 $12,467 
Schedule of Other Long Term Liabilities
Other long-term liabilities consist of the following (in thousands):
June 30,December 31,
 20242023
Unrecognized tax benefits$14,482 $14,039 
Novan (Pelthos) contract liability
14,810 13,700 
Other long-term liabilities59 19 
$29,351 $27,758 
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,
2024202320242023
SBC - Research and development expenses$928 $2,016 $1,606 $3,723 
SBC - General and administrative expenses10,132 5,191 16,788 9,415 
$11,060 $7,207 $18,394 $13,138 
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,
2024202320242023
Risk-free interest rate4.3%3.9%4.3%4.1%
Dividend yield————
Expected volatility45.5%49.4%44.7%52.6%
Expected term (years)4.74.84.75.3
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,
2024202320242023
Weighted average shares outstanding:18,028 17,276 17,880 17,170 
Dilutive potential common shares:
     Restricted stock— 83 124 85 
     Stock options— 371 278 356 
2023 convertible senior notes— — — 240 
Shares used to compute diluted income (loss) per share
18,028 17,730 18,282 17,851 
Potentially dilutive shares excluded from calculation due to anti-dilutive effect2,347 4,862 2,177 4,612