LIGAND PHARMACEUTICALS INCORPORATED (LGND) FY2026 Q2 Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2026-04-01 to 2026-06-30

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LIGAND PHARMACEUTICALS INCORPORATED cash flow reconciliation, Apr 1, 2026 through Jun 30, 2026One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net income (loss) → Net cash from operating activities: $24,018,000.00Net income (loss) → Operating adjustments reconciliation: $24,490,000.00Share-based compensation → Operating adjustments reconciliation: $13,653,000.00Deferred income taxes, net → Operating adjustments reconciliation: $12,983,000.00Depreciation of fixed assets and amortization of intangible assets → Operating adjustments reconciliation: $8,215,000.00Accounts payable and accrued liabilities → Operating adjustments reconciliation: $3,246,000.00Inventory → Operating adjustments reconciliation: $3,003,000.00Amortization of debt discount and issuance fees → Operating adjustments reconciliation: $823,000.00Other assets and liabilities → Operating adjustments reconciliation: $773,000.00Lease amortization expense → Operating adjustments reconciliation: $480,000.00Operating adjustments reconciliation → Loss from change in fair value of equity-method investments and other investments: $35,727,000.00Operating adjustments reconciliation → Accounts receivable: $13,850,000.00Operating adjustments reconciliation → (Gain) loss from short-term investments: $11,754,000.00Operating adjustments reconciliation → Non-cash income from financial royalty assets: $2,068,000.00Operating adjustments reconciliation → (Gain) loss on derivative instruments: $1,369,000.00Operating adjustments reconciliation → Accretion of short-term investments: $1,199,000.00Operating adjustments reconciliation → Change in estimated fair value of contingent liabilities: $1,116,000.00Operating adjustments reconciliation → CECL adjustment to financial royalty assets: $222,000.00Operating adjustments reconciliation → Other: $188,000.00Operating adjustments reconciliation → Income tax receivable and payable: $173,000.00Gross proceeds from issuance of Convertible Senior Notes → financing reconciliation: $700,000,000.00Proceeds from issuance of warrants → financing reconciliation: $114,100,000.00Net proceeds from stock option exercises and ESPP → financing reconciliation: $8,601,000.00financing reconciliation → Net cash from financing activities: $546,434,000.00financing reconciliation → Purchase of Convertible Senior Notes hedge: $195,790,000.00financing reconciliation → Repurchase of common stock: $60,000,000.00financing reconciliation → Debt discount and payment of debt issuance cost: $20,125,000.00financing reconciliation → Taxes paid related to net share settlement of equity awards: $345,000.00financing reconciliation → Payments under finance lease obligations: $7,000.00Proceeds from sale of short-term investments → investing reconciliation: $241,263,000.00Proceeds from maturity of short-term investments → investing reconciliation: $120,455,000.00Proceeds from financial royalty assets → investing reconciliation: $2,521,000.00Proceeds from sale of derivatives → investing reconciliation: $614,000.00investing reconciliation → Net cash from investing activities: $321,117,000.00investing reconciliation → Purchases of short-term investments: $37,148,000.00investing reconciliation → Purchases of derivatives: $2,672,000.00investing reconciliation → Acquisition of financial royalty assets: $2,640,000.00investing reconciliation → Purchases of other investments: $1,250,000.00investing reconciliation → Purchases of property and equipment: $26,000.00Other changes in cash (calculated) → Cash sources and uses: $39,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $115,094,000.00Net cash from operating activities → Cash sources and uses: $24,018,000.00Net cash from financing activities → Cash sources and uses: $546,434,000.00Net cash from investing activities → Cash sources and uses: $321,117,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $1,006,702,000.00Net income (loss): $48,508,000.00Net income (loss)+$48.51 MChange in estimated fair value of contingent liabilities: -$1,116,000.00Change in estimated fair value of contingentliabilities−$1.12 MDepreciation of fixed assets and amortization of intangible assets: $8,215,000.00Depreciation & amortization+$8.22 MAccretion of short-term investments: -$1,199,000.00Investment discount & premium−$1.20 MAmortization of debt discount and issuance fees: $823,000.00Debt cost amortization+$823.00 KNon-cash income from financial royalty assets: -$2,068,000.00Non-cash income from financial royalty assets−$2.07 MCECL adjustment to financial royalty assets: -$222,000.00CECL adjustment to financial royalty assets−$222.00 K(Gain) loss on derivative instruments: -$1,369,000.00Derivative value change−$1.37 MLoss from change in fair value of equity-method investments and other investments: -$35,727,000.00Unrealized equity gain & loss−$35.73 MShare-based compensation: $13,653,000.00Stock-based compensation+$13.65 MDeferred income taxes, net: $12,983,000.00Deferred tax balances+$12.98 M(Gain) loss from short-term investments: -$11,754,000.00(Gain) loss from short-term investments−$11.75 MLease amortization expense: $480,000.00Lease amortization expense+$480.00 KOther: -$188,000.00Other operating, net−$188.00 KAccounts receivable: -$13,850,000.00Accounts receivable−$13.85 MInventory: $3,003,000.00Inventories+$3.00 MAccounts payable and accrued liabilities: $3,246,000.00Payables & accrued liabilities+$3.25 MIncome tax receivable and payable: -$173,000.00Income taxes receivable−$173.00 KDeferred revenue: $0.00Other assets and liabilities: $773,000.00Other working capital, net+$773.00 KNet cash from operating activities: $24,018,000.00Operating cash+$24.02 MOperating adjustments reconciliation: $67,666,000.00Gross proceeds from issuance of Convertible Senior Notes: $700,000,000.00Convertible debt issued+$700.00 MDebt discount and payment of debt issuance cost: -$20,125,000.00Debt issuance costs−$20.13 MPurchase of Convertible Senior Notes hedge: -$195,790,000.00Capped call purchases−$195.79 MProceeds from issuance of warrants: $114,100,000.00Warrants issued+$114.10 MRepurchase of common stock: -$60,000,000.00Common stock repurchases−$60.00 MPayments under finance lease obligations: -$7,000.00Finance lease payments−$7.00 KNet proceeds from stock option exercises and ESPP: $8,601,000.00Stock option exercises+$8.60 MTaxes paid related to net share settlement of equity awards: -$345,000.00Stock-award tax withholding−$345.00 KProceeds from Pelthos investors: $0.00Net cash from financing activities: $546,434,000.00Financing cash+$546.43 Mfinancing reconciliation: $822,701,000.00Acquisition of financial royalty assets: -$2,640,000.00Acquisition of financial royalty assets−$2.64 MProceeds from financial royalty assets: $2,521,000.00Proceeds from financial royalty assets+$2.52 MPurchases of derivatives: -$2,672,000.00Investing derivative payments−$2.67 MProceeds from sale of derivatives: $614,000.00Investing derivative proceeds+$614.00 KPurchases of property and equipment: -$26,000.00PP&E purchases−$26.00 KPurchases of short-term investments: -$37,148,000.00Short-term investment purchases−$37.15 MProceeds from sale of short-term investments: $241,263,000.00Short-term investment sales+$241.26 MProceeds from maturity of short-term investments: $120,455,000.00Short-term investment maturities+$120.46 MPurchases of other investments: -$1,250,000.00Other investment purchases−$1.25 MNet cash from investing activities: $321,117,000.00Investing cash+$321.12 Minvesting reconciliation: $364,853,000.00Cash sources and uses: $1,006,702,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $115,094,000.00Beginning cash$115.09 MEnding cash: Cash, cash equivalents, and restricted cash: $1,006,702,000.00Ending cash$1.01 BOther changes in cash (calculated): $39,000.00Other changes in cash(calculated)+$39.00 KCASH RECONCILIATIONOperatingflowsFinancingflowsInvestingflowsFree cash flow$23.99 MOperating cash − cash spent on PP&ECash flow / Net income0.50×Operating cash flow ÷ net incomeNet cash change+$891.61 MEnding cash − beginning cash
Chart details

LIGAND PHARMACEUTICALS INCORPORATED cash flow reconciliation, Apr 1, 2026 through Jun 30, 2026

Cash flows for Apr 1, 2026 through Jun 30, 2026. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Mar 31, 2026. Ending cash: Jun 30, 2026. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Mar 31, 2026
115,094,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
24,018,000 US dollars. Net cash provided.
Net income (loss)
48,508,000 US dollars
Change in estimated fair value of contingent liabilities
negative 1,116,000 US dollars
Depreciation of fixed assets and amortization of intangible assets
8,215,000 US dollars
Accretion of short-term investments
negative 1,199,000 US dollars
Amortization of debt discount and issuance fees
823,000 US dollars
Non-cash income from financial royalty assets
negative 2,068,000 US dollars
CECL adjustment to financial royalty assets
negative 222,000 US dollars
(Gain) loss on derivative instruments
negative 1,369,000 US dollars
Loss from change in fair value of equity-method investments and other investments
negative 35,727,000 US dollars
Share-based compensation
13,653,000 US dollars
Deferred income taxes, net
12,983,000 US dollars
(Gain) loss from short-term investments
negative 11,754,000 US dollars
Lease amortization expense
480,000 US dollars
Other
negative 188,000 US dollars
Accounts receivable
negative 13,850,000 US dollars
Inventory
3,003,000 US dollars
Accounts payable and accrued liabilities
3,246,000 US dollars
Income tax receivable and payable
negative 173,000 US dollars
Deferred revenue
0 US dollars
Other assets and liabilities
773,000 US dollars
Investing activities
321,117,000 US dollars. Net cash provided.
Acquisition of financial royalty assets
negative 2,640,000 US dollars
Proceeds from financial royalty assets
2,521,000 US dollars
Purchases of derivatives
negative 2,672,000 US dollars
Proceeds from sale of derivatives
614,000 US dollars
Purchases of property and equipment
negative 26,000 US dollars
Purchases of short-term investments
negative 37,148,000 US dollars
Proceeds from sale of short-term investments
241,263,000 US dollars
Proceeds from maturity of short-term investments
120,455,000 US dollars
Purchases of other investments
negative 1,250,000 US dollars
Financing activities
546,434,000 US dollars. Net cash provided.
Gross proceeds from issuance of Convertible Senior Notes
700,000,000 US dollars
Debt discount and payment of debt issuance cost
negative 20,125,000 US dollars
Purchase of Convertible Senior Notes hedge
negative 195,790,000 US dollars
Proceeds from issuance of warrants
114,100,000 US dollars
Repurchase of common stock
negative 60,000,000 US dollars
Payments under finance lease obligations
negative 7,000 US dollars
Net proceeds from stock option exercises and ESPP
8,601,000 US dollars
Taxes paid related to net share settlement of equity awards
negative 345,000 US dollars
Proceeds from Pelthos investors
0 US dollars
Operating adjustment reconciliation
67,666,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
822,701,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
364,853,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
0 US dollars
Other changes in cash (calculated)
39,000 US dollars. Into cash; drawn as the small gray flow above beginning cash.
Ending cash on Jun 30, 2026
1,006,702,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
1,006,702,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
891,608,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
0.50×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
24,018,000 US dollars. Operating cash flow used in the free cash flow calculation.
Cash purchases of property, plant and equipment
26,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
23,992,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income exceeds operating cash. The diagram allocates $24.02M of net income directly to operating cash and $24.49M to the adjustment junction, where it combines with other additions to reconcile deductions. This is an accounting presentation, not a tracing of cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: 24,018,000 US dollars minus 26,000 US dollars equals 23,992,000 US dollars.
LIGAND PHARMACEUTICALS INCORPORATED (LGND) FY2026 Q2 Statement of Cash Flows Sankey chart
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