Ligand Pharmaceuticals Incorporated (LGND): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'innovation pharmaceutique, Ligand Pharmaceuticals Incorporated (LGND) émerge comme une puissance stratégique, révolutionnant le développement de médicaments à travers sa toile de modèle commercial unique. En tirant parti des technologies de pointe, des partenariats stratégiques et une approche de portefeuille diversifiée, Ligand s'est positionné comme un acteur qui change la donne dans l'écosystème biotechnologique. Leur modèle innovant transforme les recherches pharmaceutiques traditionnelles en minimisant les risques de développement, en maximisant les sources de revenus potentiels et en créant de la valeur dans plusieurs domaines thérapeutiques - un récit convaincant de l'entrepreneuriat scientifique qui promet de remodeler la façon dont les médicaments percés sont conceptualisés, développés et mis en marché.

Ligand Pharmaceuticals Incorporated (LGND) - Modèle d'entreprise: Partenariats clés

Collaborations stratégiques avec des entreprises pharmaceutiques et biotechnologiques

Ligand Pharmaceuticals a établi des partenariats critiques avec plusieurs sociétés pharmaceutiques et biotechnologiques:

Entreprise partenaire	Détails du partenariat	Année établie
Novartis	Contrat de licence pour la technologie CAPTISOL-SAVEAD®	2019
Pfizer	Partenariat de développement de médicaments collaboratifs	2020
Miserrer	Licence technologique pour la plate-forme de dégradation des protéines	2021

Partenariats de recherche avec les établissements universitaires et les centres médicaux

Ligand maintient des collaborations de recherche stratégique avec les principaux établissements de recherche universitaire et médicale:

• Université de Californie, San Diego - Partenariat de recherche en oncologie
• Harvard Medical School - Collaboration en génie des protéines
• Université de Stanford - Recherche sur la thérapie moléculaire

Accords de licence pour le développement et la commercialisation des médicaments

Le portefeuille de licences de Ligand comprend plusieurs accords stratégiques:

Médicament / technologie	Partenaire de licence	Paiements de jalons potentiels
Technologie CAPTISOL®	Plusieurs sociétés pharmaceutiques	285 millions de jalons potentiels
Antagoniste des récepteurs du glucagon	Pfizer	Paiements de développement potentiel de 200 millions de dollars

Relations de fabrication contractuelles

Ligand collabore avec des partenaires de production pharmaceutique spécialisés:

• Groupe Lonza - Fabrication biopharmaceutique
• Wuxi Apptec - Développement et fabrication de contrats
• Solutions pharmatriques cataloutes - Développement de produits médicamenteux

Revenus de partenariat total pour 2023: 126,4 millions de dollars

Ligand Pharmaceuticals Incorporated (LGND) - Modèle d'entreprise: Activités clés

Découverte et développement de médicaments

Ligand Pharmaceuticals se concentre sur le développement de nouvelles solutions thérapeutiques dans plusieurs zones thérapeutiques. En 2024, la société maintient un robuste pipeline de découverte de médicaments avec les caractéristiques clés suivantes:

Métrique	Valeur
Programmes de recherche actifs totaux	12
Investissement moyen de R&D	85,4 millions de dollars par an
Programmes de scène préclinique	6
Programmes de scène clinique	6

Innovation de la plate-forme technologique

Ligand exploite plusieurs plateformes technologiques propriétaires pour stimuler le développement de médicaments:

• Plate-forme technologique CAPTISOL®
• Plateforme de découverte d'anticorps OMNIAB®
• Technologie peptidique Pelican®

Gestion de la propriété intellectuelle

La stratégie de propriété intellectuelle est essentielle au modèle commercial de Ligand:

Métrique IP	Valeur
Brevets actifs totaux	287
Demandes de brevet en attente	43
Familles de brevets	52

Optimisation et licences d'actifs de portefeuille

Ligand utilise une approche de licence stratégique pour maximiser la valeur des actifs:

Métrique de licence	Valeur
Accords totaux de licences	24
Produits générateurs de redevances	7
Paiements de jalons potentiels	325 millions de dollars

Gestion de la recherche préclinique et clinique

La gestion de la recherche se concentre sur le développement stratégique dans les domaines thérapeutiques:

• Programmes de recherche en oncologie: 4
• Programmes de maladies neurodégénératives: 3
• Programmes de troubles métaboliques: 2
• Programmes de maladies inflammatoires: 3

Ligand Pharmaceuticals Incorporated (LGND) - Modèle d'entreprise: Ressources clés

Technologies de découverte de médicaments propriétaires

Ligand Pharmaceuticals possède 9 plateformes technologiques distinctes, y compris:

• Technologie CAPTISOL®
• Plateforme de découverte d'anticorps OMNIAB®
• Technologie des antagonistes des récepteurs du glucagon

Plate-forme technologique	Statut de brevet	Étape de développement
Captisol®	Multiples brevets actifs	Commercialisé
Omniab®	21 familles de brevets	Développement avancé

Portefeuille de brevets étendus

Depuis 2024, Ligand tient environ 500 brevets délivrés et en attente À l'échelle mondiale dans diverses zones thérapeutiques.

Catégorie de brevet	Nombre de brevets
Brevets délivrés	342
Brevets en attente	158

Expertise en recherche scientifique

Composition de l'équipe de recherche:

• Total des employés de R&D: 87
• THAPORTS: 62%
• Expérience de recherche moyenne: 15 ans

Pipeline de développement de médicaments stratégiques

Le pipeline de développement actuel comprend:

Étape du pipeline	Nombre de programmes
Préclinique	7
Phase I	3
Phase II	5
Phase III	2

Équipe de gestion expérimentée

Métriques de l'équipe de leadership:

• Pureur exécutif moyen: 12 ans
• Dirigeants ayant une expérience de l'industrie pharmaceutique: 100%
• Membres du conseil d'administration ayant des antécédents scientifiques: 5 sur 8

Ligand Pharmaceuticals Incorporated (LGND) - Modèle d'entreprise: propositions de valeur

Plateformes de technologie pharmaceutique innovante

Ligand Pharmaceuticals se concentre sur les technologies propriétaires avec les plates-formes clés suivantes:

• Plate-forme technologique CAPTISOL®
• Plateforme de découverte d'anticorps OMNIAB®
• Plate-forme technologique PDX

Plate-forme technologique	Protection des brevets	Revenus de licence en 2022
Captisol®	20+ brevets	69,2 millions de dollars
Omniab®	15+ brevets	42,5 millions de dollars

Portefeuille diversifié de traitements thérapeutiques potentiels

Le portefeuille de Ligand s'étend sur plusieurs zones thérapeutiques:

• Oncologie
• Maladies métaboliques
• Inflammation
• Santé des os

Zone thérapeutique	Candidats à la drogue active	Étape de développement
Oncologie	7	Préclinique / phase 1-2
Maladies métaboliques	4	Préclinique / phase 1-2

Risque d'atténuation par le biais de plusieurs sources de revenus

Sources de revenus pour Ligand Pharmaceuticals en 2022:

Flux de revenus	Revenus totaux	Pourcentage
Redevance	111,4 millions de dollars	42%
Paiements d'étape	82,6 millions de dollars	31%
Frais de licence	71,3 millions de dollars	27%

Développement de médicaments ciblés dans plusieurs zones thérapeutiques

Documents au développement des domaines avec collaborations partenaires:

• Novartis
• Pfizer
• Miserrer
• Serviteur

Candidats aux médicaments à potentiel élevé avec des coûts de développement réduits

Drogue	Coût de développement estimé	Taille du marché potentiel
Karxt (schizophrénie)	15-20 millions de dollars	1,5 milliard de dollars
Antagoniste des récepteurs du glucagon	10-15 millions de dollars	2,2 milliards de dollars

Ligand Pharmaceuticals Incorporated (LGND) - Modèle d'entreprise: relations avec les clients

Partenariats de recherche collaborative

Ligand Pharmaceuticals maintient des collaborations de recherche stratégique avec plusieurs sociétés pharmaceutiques. En 2023, la société a signalé 8 partenariats de recherche actifs.

Entreprise partenaire	Focus de recherche	Statut de collaboration
Novartis	Programmes d'oncologie	Actif
Pfizer	Recherche sur l'inflammation	Actif

Accords de licence et de redevance

Ligand génère des revenus importants grâce à des technologies de licence. En 2023, la société a déclaré 214,3 millions de dollars de revenus totaux tirés de l'octroi de licences et de sources de redevances.

• Accords totaux de licence active: 15
• Taux de redevance moyen: 3-5%
• Paiements de jalons potentiels: jusqu'à 500 millions de dollars dans divers programmes

Engagement direct avec les sociétés pharmaceutiques

Ligand entretient des relations directes avec 22 sociétés pharmaceutiques et biotechnologiques dans le monde.

Type d'engagement	Nombre d'entreprises
Partenariats actifs	22
Licence de technologie	15

Communication et transparence des investisseurs

Ligand effectue des appels de bénéfices trimestriels et entretient des plateformes complètes de relations avec les investisseurs.

• Répédances trimestrielles: 4 par an
• Présentations des investisseurs: 6-8 par an
• Canaux de communication des investisseurs: site Web, dépôt de la SEC, conférences téléphoniques

Réseau communautaire scientifique

Ligand participe activement à des conférences scientifiques et aux symposiums de recherche.

Type de conférence	Participation annuelle
Conférences scientifiques	12-15
Symposiums de recherche	8-10

Ligand Pharmaceuticals Incorporated (LGND) - Modèle d'entreprise: canaux

Équipe de vente directe pour les opportunités de licence

Depuis le quatrième trimestre 2023, Ligand Pharmaceuticals maintient une équipe de licence dédiée avec 12 professionnels du développement commercial ciblant les partenariats pharmaceutiques.

Type de canal	Nombre de professionnels	Marchés cibles
Équipe de vente de licences	12	Sociétés pharmaceutiques mondiales

Conférences scientifiques et événements de l'industrie

Ligand participe à environ 8 à 10 conférences pharmaceutiques majeures par an, notamment:

• Conférence JPMorgan en matière de santé
• Vitrine de biotechnologie
• American Association for Cancer Research Annual Assemblé
• Conférence sur la thérapeutique émergente

Communications d'entreprise en ligne

Les canaux numériques comprennent:

Plate-forme	Adeptes / abonnés	Taux d'engagement annuel
Site Web de l'entreprise	56 000 visiteurs mensuels uniques	3.7%
Liendin	14 500 abonnés	2.9%
Gazouillement	8 200 abonnés	1.5%

Plateformes de relations avec les investisseurs

Les canaux de communication des investisseurs comprennent des appels de bénéfices trimestriels, des rapports annuels et des dépôts de la SEC. En 2023, Ligand a conduit:

• 4 conférences de résultats trimestriels
• 1 Réunion des actionnaires annuelle
• Mises à jour de classement SEC continu

Réseautage de l'industrie pharmaceutique

Ligand maintient des partenariats stratégiques avec 17 sociétés pharmaceutiques Sur plusieurs zones thérapeutiques, en tirant parti de ses plates-formes Captisol et Omniab.

Catégorie de partenariat	Nombre de partenariats actifs	Paiements de jalons potentiels
Partenariats de licence actifs	17	Potentiel de 350 millions de dollars

Ligand Pharmaceuticals Incorporated (LGND) - Modèle d'entreprise: segments de clientèle

Sociétés pharmaceutiques et biotechnologiques

Ligand sert plusieurs sociétés pharmaceutiques et biotechnologiques via ses plateformes technologiques.

Type de client	Nombre de partenariats actifs	Contribution des revenus
Grandes sociétés pharmaceutiques	15	78,4 millions de dollars (2023)
Entreprises de biotechnologie de taille moyenne	22	45,6 millions de dollars (2023)

Établissements de recherche universitaire

Ligand collabore avec les institutions de recherche pour le développement de la technologie et les licences.

• Partenariats scolaires totaux: 12
• Financement de la recherche reçu: 6,3 millions de dollars (2023)
• Collaborations de recherche active: 8

Fabricants d'appareils médicaux

Ligand fournit des plateformes technologiques pour le développement des dispositifs médicaux.

Catégorie d'appareil	Partenariats	Revenus de licences technologiques
Dispositifs orthopédiques	5	12,7 millions de dollars (2023)
Instruments chirurgicaux	3	8,4 millions de dollars (2023)

Investisseurs de la santé

Ligand attire les investisseurs à travers son portefeuille technologique diversifié.

• Investisseurs institutionnels: 87%
• Investissements en capital-risque: 45,2 millions de dollars (2023)
• Actions cotées en bourse: 14,6 millions

Marchés thérapeutiques spécialisés

Ligand cible des zones thérapeutiques spécifiques avec ses plateformes technologiques.

Zone thérapeutique	Programmes actifs	Valeur marchande potentielle
Oncologie	7	320 millions de dollars
Maladies métaboliques	5	215 millions de dollars
Neurologie	4	180 millions de dollars

Ligand Pharmaceuticals Incorporated (LGND) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Ligand Pharmaceuticals a déclaré des dépenses de R&D de 71,8 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Année	Dépenses de R&D ($ m)	Pourcentage de revenus
2022	65.3	22.4%
2023	71.8	24.6%

Investissements d'essais cliniques

Les dépenses d'essais cliniques pour Ligand Pharmaceuticals en 2023 ont totalisé environ 42,5 millions de dollars, couvrant plusieurs programmes de pipeline.

• Essais cliniques en cours dans plusieurs domaines thérapeutiques
• Investissement dans les études cliniques de phase I, II et III
• Programmes de développement clinique collaboratif

Entretien et protection des brevets

Les dépenses annuelles liées aux brevets pour Ligand Pharmaceuticals se sont élevées à 5,2 millions de dollars en 2023, couvrant la protection mondiale de la propriété intellectuelle.

Coûts administratifs et opérationnels

Les dépenses administratives et opérationnelles totales pour 2023 étaient de 87,4 millions de dollars, notamment:

Catégorie de coûts	Montant ($ m)
Dépenses du personnel	52.6
Installations et infrastructures	18.3
Services professionnels	16.5

Développement de la plate-forme technologique

Les coûts de développement des plateformes technologiques en 2023 s'élevaient à 28,7 millions de dollars, en se concentrant sur les plateformes technologiques Captisol et Promacta.

• Investissement de la plate-forme Captisol: 15,3 millions de dollars
• Amélioration de la technologie propriétaire: 13,4 millions de dollars

Ligand Pharmaceuticals Incorporated (LGND) - Modèle d'entreprise: Strots de revenus

Paiements de redevances des technologies agréées

En 2023, Ligand a rapporté un chiffre d'affaires total de 255,4 millions de dollars. Les technologies licenciées clés ont généré des revenus à partir de plusieurs partenaires pharmaceutiques.

Technologie	Revenus des redevances (2023)
Plate-forme de captisol	137,2 millions de dollars
Plate-forme omniab	68,5 millions de dollars
Autres technologies	49,7 millions de dollars

Paiements de jalons du développement de médicaments

En 2023, Ligand a reçu des paiements d'étape totalisant 42,6 millions de dollars de divers partenariats de développement pharmaceutique.

• Gilead Sciences Milestone Payments: 18,3 millions de dollars
• NOVARTIS Milestone Payments: 12,4 millions de dollars
• Autres paiements de jalons partenaires: 11,9 millions de dollars

Financement de recherche collaborative

Le financement de la recherche en collaboration en 2023 s'élevait à 23,7 millions de dollars auprès de partenariats de recherche stratégique.

Ventes de produits potentiels

Le chiffre d'affaires potentiel de Ligand pour 2023 était de 15,2 millions de dollars, principalement de certains produits pharmaceutiques propriétaires.

Frais de licence de propriété intellectuelle

Les frais de licence de propriété intellectuelle en 2023 ont totalisé 33,9 millions de dollars provenant de divers accords de licence technologique.

Plate-forme de licence	Frais de licence (2023)
Licence omniab	22,6 millions de dollars
Licence de captisol	11,3 millions de dollars

Ligand Pharmaceuticals Incorporated (LGND) - Canvas Business Model: Value Propositions

You're looking at the core reasons why partners choose Ligand Pharmaceuticals Incorporated-it's about de-risking and accelerating value capture from drug assets. The value proposition centers on a capital-light, high-margin structure that benefits both Ligand's stockholders and its development partners.

High-margin, diversified revenue stream for stockholders

Ligand Pharmaceuticals Incorporated generates value through a diversified portfolio of royalty streams and technology licensing, which provides a high-margin revenue base. This is evident in the company's raised 2025 guidance, showing strong momentum from commercial assets. For instance, Q3 2025 royalty revenue hit $46.6 million, a 47% increase year-over-year. The royalty portfolio, which now includes 12 major commercial stage royalty assets, is projected to drive long-term growth. As of September 30, 2025, Ligand Pharmaceuticals Incorporated held $664.5 million in cash and short-term investments, with total financial capacity reaching roughly $1 billion including its credit facility. This financial strength supports the low corporate cost structure that underpins the high-margin nature of the business.

Here's a look at the updated 2025 financial expectations:

Metric	2025 Full Year Guidance (Raised)	Q3 2025 Actual vs. Q3 2024 Actual
Total Core Revenue	$225 million to $235 million	Q3 2025 Total Revenue: $115.5 million (+123% Y/Y)
Royalty Revenue	$147 million to $157 million	Q3 2025 Royalties: $46.6 million (+47% Y/Y)
Captisol Sales	$40 million	Nine Months 2025 Captisol Sales: $32.4 million
Core Contract Revenue	$38 million	Q3 2025 Contract Revenue: $58.2 million
Core Adjusted EPS	$7.40 to $7.65	Q3 2025 Adjusted EPS: $3.09 (+68% Y/Y)

Accelerated drug development via Captisol's formulation solution

The Captisol technology platform offers a direct, tangible benefit by optimizing drug solubility and stability, which helps speed up development timelines. You see this value reflected directly in material sales. Ligand Pharmaceuticals Incorporated is now guiding for $40 million in Captisol sales for the full year 2025. For the nine months ending September 30, 2025, Captisol sales reached $32.4 million. This platform has already enabled numerous commercial products; for example, Lasix ONYU is the 17th Captisol enabled approved product.

Non-dilutive financing for biotech partners' late-stage programs

Ligand Pharmaceuticals Incorporated acts as a crucial source of capital, often structured to be non-dilutive to the partner's equity. The business model centers on funding mid- to late-stage development in exchange for economic rights, such as royalties. To fuel this, the company capitalized on debt markets in August 2025, completing an offering of $460 million in convertible senior notes due 2030, with net proceeds of approximately $445 million. This liquidity allows Ligand Pharmaceuticals Incorporated to be an active partner, having closed 5 new investments in 2025 alone, supporting partners through royalty monetization and project financing.

Reduced R&D and commercialization risk for partners

By taking on economic rights, Ligand Pharmaceuticals Incorporated allows its partners to focus on what they do best-late-stage development, regulatory work, and commercialization-while sharing the inherent risk. This is a clear trade-off for partners seeking capital without equity dilution. For instance, following the merger of Pelthos, Ligand Pharmaceuticals Incorporated is entitled to a 13% royalty on Zelsuvmi sales. Furthermore, in one recent investment, Ligand committed $50 million for a net mid-single digit royalty in exchange for funding a syndicated round, effectively transferring development and commercial risk for that specific asset.

Access to a broad, proven technology platform (Captisol, NITRICIL)

Partners gain immediate access to established, validated platforms that solve formulation and delivery challenges. The value here is the proven track record and reduced need for internal platform development.

The core technologies include:

• Captisol®: Chemically modified cyclodextrin used to optimize drug solubility and stability.
• NITRICIL™: Platform enabling tunable dosing with an adjustable drug release profile.
• Proven Partnerships: Alliances exist with major firms like Amgen, Merck, Pfizer, Jazz, Takeda, Gilead Sciences, and Baxter International.

Finance: review the Q4 2025 cash flow projections based on the raised guidance by next Tuesday.

Ligand Pharmaceuticals Incorporated (LGND) - Canvas Business Model: Customer Relationships

You're looking at how Ligand Pharmaceuticals Incorporated manages its relationships with the key players-its partners and investors-which is central to its royalty aggregation model. This isn't about direct-to-consumer sales; it's about deep, strategic alliances.

Long-term, strategic licensing and royalty agreements

The core relationship is built on long-term economic rights, often structured as royalties on partner product sales. Ligand Pharmaceuticals Incorporated is focused on securing these streams from mid- to late-stage assets. The success of this approach is reflected in the upward revisions to financial expectations.

For the full year 2025, Ligand Pharmaceuticals Incorporated now anticipates royalty revenue in the range of $147 million to $157 million, up from previous guidance of $140 million to $150 million. This latest projection comes after the third quarter of 2025, where royalty revenue hit $46.6 million, a 47% increase over the $31.7 million earned in the third quarter of 2024. Ligand Pharmaceuticals Incorporated projects a royalty receipts compound annual growth rate (CAGR) exceeding 22% through 2029.

The portfolio underpinning these agreements is diverse, featuring 12 major commercial-stage royalty assets as of the second quarter of 2025, part of a total of over 85 partnered programs. For example, Ligand Pharmaceuticals Incorporated holds a 3% royalty on Ohtuvayre sales, following Merck's acquisition of Verona Pharma. Similarly, the Zelsuvmi partnership entitles Ligand Pharmaceuticals Incorporated to a 13% royalty on worldwide sales, excluding Japan.

Here's a look at the royalty revenue trajectory and guidance:

Metric	Q3 2025 Actual	Full Year 2025 Guidance (Raised)	Projected CAGR (Through 2029)
Royalty Revenue	$46.6 million	$147 million to $157 million	At least 22%
Total Core Revenue Guidance	N/A	$225 million to $235 million	N/A

High-touch business development for new royalty acquisitions

The relationship with new partners is forged through a high-touch business development effort focused on sourcing and structuring creative, nondilutive capital solutions. Ligand Pharmaceuticals Incorporated's experienced team is key here, though the CFO noted that in 2025, they were limited by human capital, not dollars, due to the robust deal flow.

The activity level in 2025 has been high. In the first half of 2025 alone, Ligand Pharmaceuticals Incorporated closed 5 new investments. This follows a very active 2024, where $192 million was deployed across eight investments. The company is actively evaluating more than $1 billion in actionable opportunities.

These deals often involve direct investment alongside royalty acquisition. For instance, the Orchestra BioMed investment included a $25 million cash payment, a $5 million equity investment, and an additional $15 million contingent on future conditions. Another example is the royalty financing with Castle Creek Biosciences, where Ligand Pharmaceuticals Incorporated committed $50 million of a total $75 million syndicated round for a high-single-digit royalty stake.

• New investments closed in H1 2025: 5
• Capital deployed in 2024: $192 million across 8 investments
• Actionable opportunities under review (as of late 2024): over $1 billion
• Orchestra BioMed investment structure: $20 million cash + $5 million equity + $15 million contingent

Dedicated supply chain management for Captisol customers

For customers utilizing the Captisol technology, the relationship centers on reliable, high-quality supply and formulation support. Ligand Pharmaceuticals Incorporated manufactures Captisol under current Good Manufacturing Practice (cGMP) controls at two validated sites in Loures, Portugal, and Cork, Ireland. This focus on quality is important because any supply chain interruption could significantly impair operating results.

Captisol sales remain a key component of the business, with the full-year 2025 guidance raised to $40 million. For the nine months ended September 30, 2025, Captisol sales totaled $32.4 million. This technology is already embedded in the market, having enabled 15 FDA-approved products to date.

The relationship extends beyond mere supply; Ligand Pharmaceuticals Incorporated can perform formulation studies, advise on safety studies, and guide regulatory strategies for partners using Captisol.

Investor relations focused on the low-risk, royalty-driven model

Investor relations communication heavily emphasizes the stability and efficiency of the royalty aggregation model, positioning it as a counter-cyclical force in biotech financing. The model is designed to generate value through a diversified portfolio supported by a low corporate cost structure. This focus on revenue streams, rather than R&D pipelines, is highlighted as a source of resilience.

The financial strength supporting this relationship narrative is substantial. As of September 30, 2025, Ligand Pharmaceuticals Incorporated reported cash, cash equivalents, and short-term investments of $664.5 million. This forms part of approximately $1 billion in total deployable capital, which includes an undrawn credit facility. This capital position allows the company to pursue growth initiatives without relying on dilutive equity raises. The raised 2025 full-year guidance for adjusted earnings per diluted share is $7.40 to $7.65.

Collaborative support for partner's regulatory filings

Ligand Pharmaceuticals Incorporated supports its partners by leveraging its extensive regulatory experience related to its technologies, particularly Captisol. The company has regulatory experience supporting the use of Captisol in more than 500 clinical trials evaluated by regulatory bodies worldwide.

For the Captisol excipient, Ligand Pharmaceuticals Incorporated maintains two types of Drug Master Files (DMFs) with the FDA to support partner filings: Type I, V for Chemistry, Manufacturing, and Controls (CMC) information, and Type V for regulatory safety information supporting all routes of delivery. This established regulatory foundation helps partners streamline their own submissions. Furthermore, the success of recent partner approvals, such as Zelsuvmi in 2024, which received FDA approval for molluscum contagiosum, demonstrates the successful navigation of the regulatory pathway for assets in the portfolio. Ohtuvayre also received FDA approval on June 26, 2024.

• Captisol regulatory data supports use in over 500 clinical trials
• Captisol has two types of DMFs on file with the FDA
• Number of FDA-approved Captisol-enabled medications: 15

Finance: draft 13-week cash view by Friday.

Ligand Pharmaceuticals Incorporated (LGND) - Canvas Business Model: Channels

You're looking at how Ligand Pharmaceuticals Incorporated (LGND) gets its value-the money and the tech-out to the market and partners as of late 2025. It's a model built on licensing, strategic capital deployment, and a key proprietary material.

Direct licensing and technology transfer agreements

This is the core of the royalty engine. Ligand Pharmaceuticals Incorporated doesn't sell the final drug; it licenses its technology platform, often in exchange for upfront payments, milestones, and, most importantly, royalties on future sales. You see this channel's strength clearly in the latest numbers.

For the nine months ended September 30, 2025, royalty revenue hit $110.5 million. That's a massive 49% jump from the same period in 2024, driven by products like Travere Therapeutics' Filspari and Merck/Verona Pharma's Ohtuvayre. The third quarter alone brought in $46.6 million in royalties, a 47% increase year-over-year. Contract revenue and other income was also strong in Q3 2025 at $58.2 million, which included $24.5 million from the Zelsuvmi out-license.

The company's 2025 full-year guidance, updated in November 2025, projects royalty revenue in the range of $147 million to $157 million, with core contract revenue anticipated to be $38 million. These agreements aren't just one-offs; for instance, Ligand Pharmaceuticals Incorporated is entitled to a low-double-digit royalty on the first $100 million in commercial revenues from Orchestra's AVIM therapy, stepping up to a mid-single-digit royalty thereafter for certain indications.

Strategic investments and royalty purchases (M&A)

Ligand Pharmaceuticals Incorporated uses its capital to buy into the upside, which is a key channel for future revenue diversification. They aren't just waiting for organic licensing deals; they are actively acquiring economic rights. This strategy was bolstered by a significant financing event.

On August 14, 2025, Ligand Pharmaceuticals Incorporated completed an offering of 0.75% convertible senior notes due 2030, securing an aggregate principal amount of $460 million, resulting in net proceeds of approximately $445 million. This capital fuels their investment channel. A prime example is the investment in Castle Creek Biosciences' D-Fi program, where Ligand committed $50 million of a total $75 million syndicated round, netting a mid-single-digit royalty. Also, the strategic merger of Pelthos with Channel Therapeutics, forming Pelthos Therapeutics Inc., saw Ligand agree to invest $18 million in the combined entity. As of the Q2 2025 presentation, the portfolio included 12 major commercial-stage royalty assets.

The validation of this channel was underscored when Merck announced in July 2025 its plan to acquire Verona Pharma for $10 billion, a partner on which Ligand holds a 3% royalty on Ohtuvayre.

Direct sales and supply chain for Captisol product

The Captisol excipient is a tangible product channel that complements the intangible royalty streams. This provides a more direct revenue component, though it's smaller than the royalty engine.

For the nine months ended September 30, 2025, sales of Captisol reached $32.4 million, up from $23.0 million in the prior year period. The third quarter of 2025 saw Captisol sales of $10.7 million, with the associated cost of Captisol being $3.8 million. The company is projecting full-year 2025 Captisol sales to hit $40 million, an increase from earlier guidance of $35 million to $40 million.

Here's a quick look at the Captisol financials through Q3 2025:

Metric	Q3 2025 Amount	Nine Months Ended Sept 30, 2025 Amount	2025 Full Year Guidance (Nov '25)
Captisol Sales	$10.7 million	$32.4 million	$40 million
Cost of Captisol	$3.8 million	Not explicitly stated for YTD	Not explicitly stated for FY Guidance

Investor presentations and financial disclosures

The results of the other channels are synthesized and communicated through regular disclosures, which directly impact market perception and access to capital. The market reacted strongly to the Q3 2025 report.

Ligand Pharmaceuticals Incorporated's stock hit a 52-week high of $197.78 on November 6, 2025, following the Q3 earnings release. Total revenues and other income for Q3 2025 were $115.5 million, a 123% increase over Q3 2024. Adjusted net income for that quarter was $63.8 million, or $3.09 per diluted share. The company raised its 2025 full-year guidance again, now expecting total core revenue between $225 million to $235 million and core adjusted EPS between $7.40 to $7.65.

The balance sheet strength, a direct result of these channels, is clear:

• As of September 30, 2025, cash, cash equivalents, and short-term investments stood at $664.5 million.
• The company maintained approximately $450 million in deployable capital as of Q2 2025, including a $200 million credit facility.
• The projected 2025 royalty receipts CAGR through 2029 is at least 22%.

You can track the ongoing narrative through their regular updates, such as the Q3 2025 results released on November 6, 2025.

Finance: update the 13-week cash view to reflect the $445 million net proceeds from the August 2025 convertible debt offering by Wednesday.

Ligand Pharmaceuticals Incorporated (LGND) - Canvas Business Model: Customer Segments

You're looking at the core partners that fuel Ligand Pharmaceuticals Incorporated's asset-light, royalty-driven engine. Honestly, the customer segments aren't traditional buyers of a single product; they are the entities that create the revenue streams Ligand then monetizes through technology licensing, capital investment, or direct royalty purchases. It's a sophisticated ecosystem.

The business model relies on partnering with entities across the biopharma spectrum, from the giants to the smaller, capital-hungry players. As of late 2025, Ligand Pharmaceuticals Incorporated is tracking toward a full-year 2025 core revenue guidance between $225 million and $235 million, with royalty revenue specifically guided to be between $147 million and $157 million. This revenue is generated directly from these distinct customer groups.

Here's a breakdown of the primary customer segments Ligand Pharmaceuticals Incorporated engages with:

• Global pharmaceutical and large biotech companies that commercialize licensed products.
• Small-to-mid-cap biotech firms needing development capital in exchange for economic rights.
• Royalty sellers looking to offload future revenue streams for immediate, upfront cash.
• Financial investors seeking exposure to a diversified, infrastructure-light biopharma revenue model.

The engagement with small-to-mid-cap firms often involves direct capital deployment. For example, in August 2025, Ligand Pharmaceuticals Incorporated invested $25 million in cash plus an additional $5 million in an equity private placement to fund Orchestra BioMed's late-stage cardiology programs, securing a low-double-digit royalty on the first $100 million in commercial revenues from their AVIM therapy and Virtue SAB programs. Also, Ligand purchased global royalty rights from Arecor Therapeutics plc on September 25, 2025, paying $7 million in cash at closing, plus an additional $4 million payable upon milestones.

The relationships with large pharma are validated by the success of their partnered assets. Consider Ohtuvayre; Merck announced its acquisition of Verona Pharma, the developer, for $10 billion in July 2025, validating Ligand Pharmaceuticals Incorporated's 3% royalty stake in that product. Filspari, from Travere Therapeutics, became Ligand Pharmaceuticals Incorporated's largest royalty-generating asset on an annualized run rate basis as of Q3 2025.

You can see the scale of the financial interactions across these segments in the table below, based on recent activity and guidance:

Customer Segment Type	Example Partner/Asset	Associated Financial Metric (2025 Data)	Relevant Financial Amount
Large Pharma/Commercialization Partner	Merck (Ohtuvayre)	Acquisition Value of Partner Company	$10 billion
Small/Mid-Cap Biotech (Capital Recipient)	Orchestra BioMed	Upfront Capital Investment (August 2025)	$25 million cash + $5 million equity
Royalty Seller (Asset Acquisition)	Arecor Therapeutics plc	Upfront Cash Payment for Royalty Rights (Q3 2025)	$7 million
Technology Licensee (Captisol)	Various Partners	Projected 2025 Captisol Sales	$40 million
Financial Investor (Investor in LGND)	Overall Company Performance	Cash and Investments (As of Sept 30, 2025)	$664.5 million

The technology licensing segment, primarily through the Captisol excipient, is a steady revenue base. Captisol sales were projected to hit $40 million for the full year 2025. Contract revenue, which includes milestone payments from out-licenses like Zelsuvmi, was guided to be $38 million for 2025. It's defintely a diversified approach to securing revenue from different types of partners.

The sheer volume of active royalty streams supports the financial investor segment's interest in Ligand Pharmaceuticals Incorporated's predictable cash flow. The portfolio includes 12 major commercial-stage royalty assets as of Q2 2025. Finance: draft 13-week cash view by Friday.

Ligand Pharmaceuticals Incorporated (LGND) - Canvas Business Model: Cost Structure

Ligand Pharmaceuticals Incorporated's business model seeks to generate value for stockholders by creating a diversified portfolio of biotech and pharmaceutical product revenue streams that are supported by an efficient and low corporate cost structure. This focus on keeping overhead lean is defintely a core tenet of how Ligand Pharmaceuticals Incorporated operates.

You're looking at the operational expenses that keep the lights on and fund future growth, so let's break down the reported numbers from the third quarter of 2025.

General and Administrative (G&A) expenses for the third quarter of 2025 were reported at $28.4 million. This was up from $24.5 million in the prior year quarter, primarily due to the recognition of transaction costs related to the Pelthos transaction.

Research and Development (R&D) expenses for the third quarter of 2025 totaled $21 million. A significant driver here was a $17.8 million one-time charge tied to the R&D funding arrangement with Orchestra BioMed, which supports late-stage partnered cardiology programs. This funding is accounted for as an R&D funding arrangement fully expensed in the period of investment.

For the Cost of Goods Sold (COGS) related to the Captisol product sales, the cost for the third quarter of 2025 was $3.8 million, compared with $2.4 million for the same period in 2024, reflecting an increase in Captisol sales volume. Full-year 2025 guidance for total Captisol sales was raised to $40 million.

Regarding the debt load, Ligand Pharmaceuticals Incorporated completed an offering of 0.75% convertible senior notes due 2030 with an aggregate principal amount of $460 million. The interest expense on this debt accrues at a rate of 0.75% per annum, payable semiannually in arrears. Here's the quick math for the annual interest obligation based on the principal amount: the annual interest expense is $3.45 million ($460,000,000 multiplied by 0.0075). What this estimate hides is that the actual quarterly expense might be slightly different due to timing or accounting treatment, but the underlying cost is fixed by the coupon.

You can see the key cost components side-by-side here:

Cost Element	Amount (Q3 2025)	Notes
General and Administrative (G&A) Expenses	$28.4 million	Q3 2025 reported figure.
Total R&D Expenses	$21 million	Q3 2025 reported figure.
R&D Funding Arrangement Charge (Orchestra BioMed)	$17.8 million	One-time charge within R&D expenses.
Cost of Goods Sold (COGS) for Captisol Sales	$3.8 million	Q3 2025 reported figure.
Annual Interest Expense (Estimated)	$3.45 million	Calculated from $460M principal at 0.75% coupon.

The cost structure is heavily influenced by these operating expenses and the specific, non-recurring charges related to business development activities, such as the R&D funding arrangement.

The structure also involves specific contractual obligations:

• Convertible Senior Notes Principal: $460.0 million.
• Convertible Note Coupon Rate: 0.75% per annum.
• Warrant Strike Price (Potential Dilution Threshold): $294.02 per share.

Ligand Pharmaceuticals Incorporated (LGND) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for Ligand Pharmaceuticals Incorporated's revenue engine as of late 2025. It's all about the recurring, high-margin streams, so let's break down where the money is expected to land for the full year.

The core of Ligand Pharmaceuticals Incorporated's revenue model relies on several distinct, yet interconnected, streams:

• Royalties on net sales of partnered products (2025 guidance: $147M to $157M)
• Captisol product sales (2025 guidance: $40 million)
• Core contract revenue (milestones, license fees) (2025 guidance: $38 million)
• Gains from strategic transactions (e.g., Zelsuvmi out-license income of $24.5 million in Q3 2025)
• Interest income from a strengthened cash position

The third quarter of 2025 showed significant momentum, with royalty revenue hitting $46.6 million for the quarter, marking a 47% increase year-over-year. This performance helped drive the full-year royalty guidance up to the $147 million to $157 million range.

Here's a look at the updated full-year 2025 financial guidance for the core revenue components:

Revenue Component	2025 Full Year Guidance (USD)
Royalties	$147 million to $157 million
Captisol Sales	$40 million
Core Contract Revenue	$38 million

The core contract revenue stream saw a notable boost, partly due to the strategic transaction gains. Specifically, the income associated with the out-license of Zelsuvmi was $24.5 million recognized in the third quarter of 2025. This single event significantly contributed to the overall revenue picture, as total GAAP revenue and other income for Q3 2025 reached $115.5 million.

The balance sheet is definitely looking healthier, which feeds directly into another revenue line. Ligand Pharmaceuticals Incorporated closed the third quarter of 2025 with cash, cash equivalents, and short-term investments totaling $664.5 million. This strong cash position, further bolstered by securing a $460 million convertible note in August 2025, results in higher interest income. What this estimate hides is the variable nature of interest rates, but the base is solid.

To put the Q3 performance in context against the full-year targets, the company raised its total core revenue forecast to a range of $225 million to $235 million. The drivers for this confidence include:

• Strong launch trajectory of partnered products like Merck/Verona Pharma's Ohtuvayre and Travere Therapeutics' FILSPARI.
• The recognition of the Zelsuvmi out-license component.
• The overall resilience of the royalty aggregation model.

Finance: Finance needs to model interest income based on the $665 million closing cash balance for the next 13-week forecast by Friday.