---
schema_version: "secwatch.filing_event.v1"
accession: "0000886163-25-000033"
form_type: "8-K"
ticker: "LGND"
cik: "0000886163"
company_name: "LIGAND PHARMACEUTICALS INC"
filed_at: "2025-05-08T23:59:59+00:00"
generated_at: "2026-05-22T06:19:58.970227+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Ligand Q1 revenue up 46% to $45.3M; core adjusted EPS $1.33; reaffirms FY guidance

## Summary
- Total revenues $45.3M (+46% YoY), royalties $27.5M (+44%), Captisol $13.5M (+47%).
- GAAP net loss $42.5M ($2.21/sh) includes $44.3M one-time R&D charge for Castle Creek; core adjusted net income $26.6M ($1.33/sh).
- Reaffirms FY2025 guidance: revenue $180-200M, adjusted EPS $6.00-$6.25.
- Pelthos to merge with Channel Therapeutics (NYSE: PTHS) backed by $50M capital; expected close summer 2025.
- Led $50M of $75M Castle Creek royalty financing for D-Fi Phase 3; net mid-single digit royalty.

## SEC filing metadata
- accession: 0000886163-25-000033
- form_type: 8-K
- ticker: LGND
- cik: 0000886163
- company_name: LIGAND PHARMACEUTICALS INC
- filed_at: 2025-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/886163/000088616325000033/0000886163-25-000033-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/886163/000088616325000033/lgnd-20250508.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000886163-25-000033
- JSON: https://secwatch.observer/filing/0000886163-25-000033.json
- Plain text: https://secwatch.observer/filing/0000886163-25-000033.txt

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