LGND (Ligand Pharmaceuticals Incorporated) stock: $306.20, $6.12B market cap, $447.4M cash, $6.81B EV, $7.63B fully diluted market cap. Data from Fully Diluted's biotech stocks database.
What they do
We are a biopharmaceutical royalty company focused on deploying capital and licensing technologies to acquire and create diversified royalty streams from high-value medicines. Our primary business is investing in and structuring royalty interests in mid- to late-stage development and commercial biopharmaceutical products, allowing us to generate long-duration, non-dilutive cash flows supported by a lean corporate cost structure.
Source: 10-K FY2025 via SEC EDGAR
Enterprise value
$6,805.7M
Balance sheet
| Cash | $447.4M |
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| Debt | $1,128.2M |
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| Net cash | -$680.8M |
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| Enterprise value | $6,805.7M |
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| Basic shares | 20.0M shares |
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| Fully diluted shares | 24.9M shares |
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| Fully diluted market cap | $7,629.0M |
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| Cash per share | $22.37 |
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| Quarterly burn | +$24.0M generated |
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Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.
Share structure
Cap table as of 2026-10-27.
Price history
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Pipeline assets
Kyprolis (royalty interest)
Approved · Active Modality: small molecule (Captisol-enabled)
Aliases carfilzomib
Partnerships Amgen (exclusive product-specific license; Captisol material sales plus 1.5%-3.0% royalty on annual net sales)
Indications- Multiple myeloma (Approved)
Status note Captisol technology royalty asset.
Filspari (royalty interest)
Approved · Active Modality: small molecule (oral)
Aliases sparsentan
Partnerships Travere Therapeutics (licensed 2012; 9% worldwide royalty plus milestones)
Indications- IgA nephropathy (IgAN) (Approved)
- Focal segmental glomerulosclerosis (FSGS) (Approved)
Status note Accelerated FDA approval for IgAN February 2023; full approval September 2024; EU approval February 2024. FSGS approval April 13, 2026 (ages 8+).
Ohtuvayre (royalty interest)
Approved · Active Modality: small molecule (inhaled)
Aliases ensifentrine
Target PDE3 / PDE4
Partnerships Merck/Verona Pharma (royalty acquired via Vernalis plus inventor purchases; total 3% of global net sales)
Indications- COPD (maintenance) (Approved)
Status note FDA approved June 2024. Phase 2 trials ongoing for non-CF bronchiectasis and ensifentrine+LAMA combination.
Qarziba (royalty interest)
Approved · Active Modality: monoclonal antibody
Aliases dinutuximab beta
Target GD2
Partnerships Recordati (tiered mid-teen worldwide royalty; >$25M potential milestones)
Indications- High-risk neuroblastoma (Approved)
Status note EMA approved 2017. Recordati met with FDA mid-2025 to establish a potential U.S. BLA pathway (BEACON-2 trial in Europe); evaluating Qarziba + chemotherapy in GD2-positive Ewing sarcoma (FDA orphan drug designation).
Capvaxive (royalty interest)
Approved · Active Modality: vaccine
Aliases V116
Target Streptococcus pneumoniae
Partnerships Merck (low single-digit worldwide royalty; $2M approval milestone earned)
Indications- Pneumococcal invasive disease (Approved)
Status note FDA approved June 2024 (adults 18+); indication expanded June 2026 to children and adolescents aged 2-17 with chronic conditions. CRM197 carrier produced via Pelican Expression Technology.
Zelsuvmi (royalty interest)
Approved · Active Modality: topical (NITRICIL platform)
Target nitric oxide
Partnerships Pelthos Therapeutics (13% worldwide royalty; up to $5M commercial sales milestones; $5M milestone earned on commercial launch)
Indications- Molluscum contagiosum (Approved)
Status note FDA approved for molluscum contagiosum.
volixibat (royalty interest)
Phase 2 · Active Modality: small molecule (oral)
Target IBAT
Indications- Cholestatic pruritus due to primary sclerosing cholangitis (PSC) (Phase 2)
- Cholestatic pruritus due to primary biliary cholangitis (PBC) (Phase 2)
Status note VISTAS Phase 2b in PSC (May 2026); granted Breakthrough Therapy Designation for cholestatic pruritus due to PSC (August 2026); pre-NDA meeting held.
D-Fi (royalty interest)
Phase 3 · Active Modality: gene-modified cell therapy (autologous human fibroblasts expressing COL7)
Aliases dabocemagene autoficel (FCX-007), D-Fi
Target COL7
Partnerships Castle Creek Biosciences ($50M royalty financing, February 2025; mid-single-digit worldwide royalty plus portion of FDA-approval milestone)
Indications- Dystrophic epidermolysis bullosa (DEB) (Phase 3)
Status note Phase 3 clinical study underway.
Orchestra BioMed programs (royalty interest)
Phase 3 · Active
Aliases AVIM therapy, Virtue SAB
Partnerships Orchestra BioMed (up to $40M invested; low double-digit royalty on first $100M annual revenues related to AVIM therapy and Virtue SAB; mid-single-digit above $100M)
Indications- Uncontrolled hypertension / increased cardiovascular risk (Phase 3)
- Coronary artery disease (Phase 3)
Catalysts- — third quarter of 2026
- — second quarter of 2027
Status note Royalty-based financing agreement (August 2025): low double-digit royalty on the first $100M of annual revenues related to the AVIM therapy and Virtue SAB programs across all indications. AVIM therapy: BACKBEAT pivotal study in uncontrolled hypertension in patients indicated for dual-chamber pacemakers; FDA Breakthrough Device Designation. Virtue SAB: extended-release sirolimus delivery balloon for coronary artery disease. Enrollment completion targeted Q3 2026; topline targeted Q2 2027.
Qtorin (royalty interest)
Phase 3 · Active Modality: small molecule (topical)
Aliases Qtorin rapamycin
Target mTOR
Partnerships Palvella Therapeutics
Indications- Clinically significant angiokeratomas (Phase 2)
- Microcystic lymphatic malformations (Phase 3)
- Cutaneous venous malformations (Phase 3)
Catalysts- — second half of 2026
- — fourth quarter of 2026
- — second half of 2027
Status note First LOTU Phase 2 patients dosed (May 2026); first module of rolling NDA submitted June 29, 2026; Phase 3 in cutaneous venous malformations planned Q4 2026.
Rezolute program (royalty interest)
Phase 3 · Active
Partnerships Rezolute
Indications- Tumor hyperinsulinism (Phase 3)
Status note Phase 3 Uplift study in tumor hyperinsulinism; interim data announced June 2, 2026; topline results expected second half of 2026.
botensilimab/balstilimab (royalty interest)
Phase 3 · Active Modality: antibody combination (anti-CTLA-4 + anti-PD-1)
Target CTLA-4 / PD-1
Partnerships Agenus (May 2024 agreement; Ligand entitled to 2.625% royalty on future global net sales)
Indications- Microsatellite-stable (MSS) colorectal cancer (Phase 3)
Status note BATTMAN Phase 3 trial in late-line MSS colorectal cancer discontinued July 2026; Agenus aligned with FDA on key elements of the new ROBBIN Phase 3 trial design for neoadjuvant treatment of MSS colon cancer.
lasofoxifene (royalty interest)
Phase 3 · Active Modality: selective estrogen receptor modulator
Target estrogen receptor
Partnerships LeonaBio (acquired global rights ex-Asia/Middle East from Sermonix, December 2025; tiered 6-10% royalty on future net sales); Henlius (China development and commercialization)
Indications- ER+/HER2- breast cancer with ESR1 mutation (Phase 3)
Catalysts- — fourth quarter of 2026
- — second half of 2027
Status note Selective estrogen receptor modulator in combination with abemaciclib. Phase 3 ELAINE-3 trial ongoing, over 50% enrolled at the time of the LeonaBio transaction.
AT292 (royalty interest)
Stage not disclosed · Active Modality: antibody
Aliases efdoralprin alfa, SAR447537, INBRX-101
Partnerships Sanofi (partnered program; Ligand holds financial royalty asset on non-accrual status and is obligated for up to $3M in contingent consideration tied to commercial milestones); rights acquired via Arecor transaction
Indications- Not disclosed (Stage not disclosed)
Status note Partnered program with Sanofi. Financial royalty asset accounted for on non-accrual status as the program remains in development and future cash flows cannot be reliably estimated.
Per-asset detail extracted from the 10-Q filed 2026-08-07. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.
Specialist fund holders
Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.
None of the tracked specialist funds reported a position in the latest 13F snapshot.