---
schema_version: "secwatch.filing_event.v1"
accession: "0000886163-23-000092"
form_type: "8-K"
ticker: "LGND"
cik: "0000886163"
company_name: "LIGAND PHARMACEUTICALS INC"
filed_at: "2023-12-01T23:59:59+00:00"
generated_at: "2026-06-07T19:45:19.245950+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Ligand expands Palvella partnership for QTORIN rapamycin; $5M upfront, higher royalty

## Summary
- Ligand pays $5M upfront; royalty on QTORIN rapamycin raised to 8.0%-9.8% of net sales.
- Palvella's right to reduce royalties eliminated; Ligand gets security interest in royalties and patents.
- Ligand receives option to acquire a single-digit royalty on US sales of any novel QTORIN platform product.
- QTORIN rapamycin Phase 2: 100% of patients (n=12) 'Much/Very Much Improved'; FDA Breakthrough Therapy Nov 2023.
- Phase 3 pivotal trial planned in ~50 patients for Microcystic LMs (no approved treatments, >30,000 US patients).

## SEC filing metadata
- accession: 0000886163-23-000092
- form_type: 8-K
- ticker: LGND
- cik: 0000886163
- company_name: LIGAND PHARMACEUTICALS INC
- filed_at: 2023-12-01T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/886163/000088616323000092/0000886163-23-000092-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/886163/000088616323000092/lgnd-20231129.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000886163-23-000092
- JSON: https://secwatch.observer/filing/0000886163-23-000092.json
- Plain text: https://secwatch.observer/filing/0000886163-23-000092.txt

## Key facts
- Material Agreements
  LIGAND PHARMACEUTICALS INC amended Amendment No. 2 to Development Funding and Royalties Agreement with Palvella Therapeutics, Inc. valued at upfront payment of $5 million; increased tiered royalty between 8.0% and 9.8% based on annual aggreg (effective 2023-11-29).
  - Action: amendment
  - Agreement: license
  - Counterparty: Palvella Therapeutics, Inc.
  - Value: upfront payment of $5 million; increased tiered royalty between 8.0% and 9.8% based on annual aggreg
  - Effective: 2023-11-29
  source text: According to the terms of the Amendment No. 2 to Development Funding and Royalties Agreement, dated as of November 29, 2023 (the "Amendment"), between Ligand and Palvella, Palvella received an upfront payment of $5 million from Ligand.
  evidence_url: https://www.sec.gov/Archives/edgar/data/886163/000088616323000092/0000886163-23-000092-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.