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- Fair-value Loss On Pelthos Investments (worsened) — Pelthos equity-method investments swung from a $75.9M gain to a $35.7M loss, a $111.6M adverse swing that drove the net loss.
- 2030 Notes Reclassified to Current (worsened) — The $460M 2030 Notes became convertible and are now a current liability, potentially requiring cash settlement within 12 months.
- G&a Expense Surge (worsened) — G&A more than doubled to $72.6M, including $14.2M XOMA transaction costs, $7.6M severance, and a $6.6M credit-loss allowance increase.
Ligand swings to $28.5M net loss after $782.9M XOMA deal; revenue falls 31.8%
Filed October 30, 2026 · Period ending September 30, 2026 · Compared to 10-Q Nov 7, 2025 · ~1 min read
Key Changes
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high
Completed $782.9M XOMA Royalty acquisition, adding seven commercial products and over 100 royalty assets; total revenue fell 31.8% to $78.7M.
MD&A: XOMA acquisition verify on EDGAR → -
high
Swung to a $28.5M net loss from $117.3M profit a year ago, driven by a $111.6M adverse swing in Pelthos fair-value investments.
MD&A: net loss verify on EDGAR → -
high
Issued $700M of 2031 convertible notes and used $60M of proceeds to repurchase 228,859 shares at $262.17 per share.
Notes: 2031 Notes verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Nov 2, 2026 · How we verify