Ligand Pharmaceuticals (LGND) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-33093
Entity Registrant Name	LIGAND PHARMACEUTICALS INCORPORATED
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0160744
Entity Address, Address Line One	5980 Horton Street, Suite 405
Entity Address, City or Town	Emeryville
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94608
City Area Code	858
Local Phone Number	550-7500
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	LGND
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,882,751
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000886163
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 5,280	$ 19,522
Short-term investments	142,655	321,586
Accounts receivable, net	62,308	85,453
Inventory	24,773	27,326
Income taxes receivable	964	6,193
Other current assets	7,804	4,671
Total current assets	243,784	464,751
Deferred income taxes, net	35,654	34,482
Intangible assets, net	528,364	551,040
Goodwill	181,206	181,206
Commercial license rights, net	10,267	10,110
Property and equipment, net	30,954	20,511
Operating lease right-of-use assets	24,711	16,542
Financing lease right-of-use assets	15,032	16,207
Other assets	6,316	2,741
Total assets	1,076,288	1,297,590
Current liabilities:
Accounts payable	19,153	8,403
Accrued liabilities	14,551	17,579
Income taxes payable	3,782	0
Current contingent liabilities	2,258	2,588
Deferred revenue	10,584	10,996
Current operating lease liabilities	2,501	2,053
Current financing lease liabilities	50	46
2023 convertible senior notes, net	114,974	0
Total current liabilities	167,853	41,665
2023 convertible senior notes, net	0	320,717
Long-term contingent liabilities	6,961	8,483
Deferred income taxes, net	42,669	59,095
Long-term operating lease liabilities	27,088	15,494
Long-term deferred revenue	7,428	9,270
Other long-term liabilities	21,924	21,707
Total liabilities	273,923	476,431
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; zero issued and outstanding at June 30, 2022 and December 31, 2021	0	0
Common stock, $0.001 par value; 60,000 shares authorized; 16,882 and 16,767 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	17	17
Additional paid-in capital	335,471	372,969
Accumulated other comprehensive loss	(1,066)	(917)
Retained earnings	467,943	449,090
Total stockholders' equity	802,365	821,159
Total liabilities and stockholders' equity	$ 1,076,288	$ 1,297,590

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (USD per share)	$ 0.001	$ 0.001
Preferred stock authorized (shares)	5,000	5,000
Preferred stock issued (shares)	0	0
Preferred stock outstanding (shares)	0	0
Common stock, par value (USD per share)	$ 0.001	$ 0.001
Common stock authorized (shares)	60,000	60,000
Common stock issued (shares)	16,882	16,767
Common stock outstanding (shares)	16,882	16,767

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Total revenues	$ 57,419	$ 84,675	$ 103,112	$ 139,825
Operating costs and expenses:
Cost of Captisol	12,361	30,593	17,060	38,746
Amortization of intangibles	11,824	11,779	23,637	23,565
Research and development	19,118	15,953	39,425	33,832
General and administrative	14,585	14,711	32,765	27,028
Other operating income	0	(34,100)	0	(33,800)
Total operating costs and expenses	57,888	38,936	112,887	89,371
Income (loss) from operations	(469)	45,739	(9,775)	50,454
Other income (expense):
Gain (loss) from short-term investments	(1,909)	(6,864)	(14,786)	6,197
Interest income	298	233	432	529
Interest expense	(438)	(4,883)	(1,227)	(10,714)
Other income (expense), net	1,882	(924)	4,580	(7,401)
Total other expense, net	(167)	(12,438)	(11,001)	(11,389)
Income (loss) before income taxes	(636)	33,301	(20,776)	39,065
Income tax benefit (expense)	(259)	(2,576)	4,496	9,766
Net (loss) income	$ (895)	$ 30,725	$ (16,280)	$ 48,831
Earnings per share
Basic net (loss) income per share (USD per share)	$ (0.05)	$ 1.84	$ (0.97)	$ 2.95
Shares used in basic per share calculations (shares)	16,868	16,659	16,846	16,548
Diluted net (loss) income per share (USD per share)	$ (0.05)	$ 1.79	$ (0.97)	$ 2.84
Shares used in diluted per share calculations (shares)	16,868	17,172	16,846	17,210
Royalties
Revenues:
Total revenues	$ 17,959	$ 8,616	$ 31,654	$ 15,728
Captisol
Revenues:
Total revenues	29,545	62,509	41,667	93,781
Contract
Revenues:
Total revenues	$ 9,915	$ 13,550	$ 29,791	$ 30,316

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (895)	$ 30,725	$ (16,280)	$ 48,831
Unrealized net loss on available-for-sale securities, net of tax	(35)	(5)	(149)	(60)
Comprehensive (loss) income	$ (930)	$ 30,720	$ (16,429)	$ 48,771

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Adjustment	Common Stock	Additional paid in capital	Additional paid in capital Adjustment	Accumulated other comprehensive loss	Retained earnings	Retained earnings Adjustment
Balance at beginning of period (shares) at Dec. 31, 2020			16,080
Balance at beginning of period at Dec. 31, 2020	$ 709,525		$ 16	$ 318,358		$ (801)	$ 391,952
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock compensation plans, net of shares withheld for payroll taxes (shares)			572
Issuance of common stock under employee stock compensation plans, net of shares withheld for payroll taxes	20,581		$ 1	20,580
Share-based compensation	8,405			8,405
Unrealized net loss on available-for-sale securities, net of deferred tax	(55)					(55)
Warrant and bond hedge unwind transactions	396			396
Reacquisition of equity due to 2023 debt extinguishment, net of tax	(11,118)			(11,118)
Net income (loss)	18,106						18,106
Balance at end of period (shares) at Mar. 31, 2021			16,652
Balance at end of period at Mar. 31, 2021	745,840		$ 17	336,621		(856)	410,058
Balance at beginning of period (shares) at Dec. 31, 2020			16,080
Balance at beginning of period at Dec. 31, 2020	709,525		$ 16	318,358		(801)	391,952
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized net loss on available-for-sale securities, net of deferred tax	(60)
Net income (loss)	48,831
Balance at end of period (shares) at Jun. 30, 2021			16,676
Balance at end of period at Jun. 30, 2021	786,517		$ 17	346,578		(861)	440,783
Balance at beginning of period (shares) at Dec. 31, 2020			16,080
Balance at beginning of period at Dec. 31, 2020	$ 709,525		$ 16	318,358		(801)	391,952
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	Accounting Standards Update 2020-06
Balance at end of period (shares) at Dec. 31, 2021	16,767		16,767
Balance at end of period at Dec. 31, 2021	$ 821,159	$ (15,997)	$ 17	372,969	$ (51,130)	(917)	449,090	$ 35,133
Balance at beginning of period (shares) at Mar. 31, 2021			16,652
Balance at beginning of period at Mar. 31, 2021	745,840		$ 17	336,621		(856)	410,058
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock compensation plans, net of shares withheld for payroll taxes (shares)			24
Issuance of common stock under employee stock compensation plans, net of shares withheld for payroll taxes	1,103			1,103
Share-based compensation	10,216			10,216
Unrealized net loss on available-for-sale securities, net of deferred tax	(5)					(5)
Reacquisition of equity due to 2023 debt extinguishment, net of tax	(1,362)			(1,362)
Net income (loss)	30,725						30,725
Balance at end of period (shares) at Jun. 30, 2021			16,676
Balance at end of period at Jun. 30, 2021	$ 786,517		$ 17	346,578		(861)	440,783
Balance at beginning of period (shares) at Dec. 31, 2021	16,767		16,767
Balance at beginning of period at Dec. 31, 2021	$ 821,159	(15,997)	$ 17	372,969	(51,130)	(917)	449,090	35,133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock compensation plans, net of shares withheld for payroll taxes (shares)			94
Issuance of common stock under employee stock compensation plans, net of shares withheld for payroll taxes	(5,515)			(5,515)
Share-based compensation	9,044			9,044
Unrealized net loss on available-for-sale securities, net of deferred tax	(114)					(114)
Net income (loss)	(15,385)						(15,385)
Balance at end of period (shares) at Mar. 31, 2022			16,861
Balance at end of period at Mar. 31, 2022	$ 793,192		$ 17	325,368		(1,031)	468,838
Balance at beginning of period (shares) at Dec. 31, 2021	16,767		16,767
Balance at beginning of period at Dec. 31, 2021	$ 821,159	$ (15,997)	$ 17	372,969	$ (51,130)	(917)	449,090	$ 35,133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized net loss on available-for-sale securities, net of deferred tax	(149)
Net income (loss)	$ (16,280)
Balance at end of period (shares) at Jun. 30, 2022	16,882		16,882
Balance at end of period at Jun. 30, 2022	$ 802,365		$ 17	335,471		(1,066)	467,943
Balance at beginning of period (shares) at Mar. 31, 2022			16,861
Balance at beginning of period at Mar. 31, 2022	793,192		$ 17	325,368		(1,031)	468,838
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock compensation plans, net of shares withheld for payroll taxes (shares)			21
Issuance of common stock under employee stock compensation plans, net of shares withheld for payroll taxes	604			604
Share-based compensation	9,499			9,499
Unrealized net loss on available-for-sale securities, net of deferred tax	(35)					(35)
Net income (loss)	$ (895)						(895)
Balance at end of period (shares) at Jun. 30, 2022	16,882		16,882
Balance at end of period at Jun. 30, 2022	$ 802,365		$ 17	$ 335,471		$ (1,066)	$ 467,943

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Cash flows from operating activities:
Net (loss) income	$ (16,280)	$ 48,831
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Change in estimated fair value of contingent liabilities	(1,266)	(33,502)
Depreciation and amortization of intangible assets	26,921	25,179
Amortization of premium on investments, net	44	109
Amortization of debt discount and issuance fees	501	9,073
Amortization of commercial license rights	(190)	206
Loss (gain) on debt extinguishment	(3,326)	7,175
Share-based compensation	18,543	18,621
Deferred income taxes	(12,925)	(9,766)
Loss (gain) from short-term investments	14,786	(6,197)
Lease amortization expense	3,054	2,113
Other	(67)	595
Changes in operating assets and liabilities:
Accounts receivable, net	23,208	(2,659)
Inventory	9,740	(2,326)
Accounts payable and accrued liabilities	(4,357)	(4,340)
Income tax receivable and payable	9,011	(2,477)
Deferred revenue	(2,254)	(14,605)
Other assets and liabilities	(1,254)	(4,899)
Net cash provided by operating activities	63,889	31,131
Cash flows from investing activities:
Purchase of short-term investments	(38,472)	(96,136)
Proceeds from sale of short-term investments	177,554	150,648
Proceeds from maturity of short-term investments	24,830	34,600
Cash paid for equity method investment	(750)	0
Purchase of property and equipment	(11,463)	(4,794)
Other	33	135
Net cash provided by investing activities	151,732	84,453
Cash flows from financing activities:
Repurchase of 2023 Notes	(223,303)	(153,381)
Payments under financing lease obligations	(27)	(9,188)
Proceeds from convertible bond hedge settlement	0	16,855
Payments to convertible bond holders for warrant purchases	0	(16,459)
Net proceeds from stock option exercises and ESPP	1,011	27,584
Taxes paid related to net share settlement of equity awards	(5,922)	(5,901)
Payments to CVR Holders	(1,416)	(1,050)
Payments for OmniAb transaction costs	(206)	0
Net cash used in financing activities	(229,863)	(141,540)
Net decrease in cash, cash equivalents and restricted cash	(14,242)	(25,956)
Cash, cash equivalents and restricted cash at beginning of period	19,522	47,963
Cash, cash equivalents and restricted cash at end of period	5,280	22,007
Supplemental disclosure of cash flow information:
Interest paid	1,038	1,737
Taxes paid	20	3,552
Restricted cash in other current assets	0	144
Supplemental schedule of non-cash activity:
Accrued fixed asset purchases	3,800	359
Accrued inventory purchases	9,161	12,695
Unrealized loss on AFS investments	$ (149)	$ (60)

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation Our condensed consolidated financial statements include the financial statements of Ligand and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. We have included all adjustments, consisting only of normal recurring adjustments, which we considered necessary for a fair presentation of our financial results. These unaudited condensed consolidated financial statements and accompanying notes should be read together with the audited consolidated financial statements included in our 2021 Annual Report. Interim financial results are not necessarily indicative of the results that may be expected for the full year. Significant Accounting Policies We have described our significant accounting policies in Note 1, Basis of Presentation and Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in our 2021 Annual Report. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results may differ from those estimates. Reclassifications Certain amounts in the prior period condensed consolidated financial statements have been reclassified to conform with the current period presentation. Specifically, “long-term deferred revenue” has been added to the condensed consolidated balance sheet, separated from “other long-term liabilities” in our prior period presentation. Accounting Standards Updates, Recently Adopted In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The guidance simplifies the complexity associated with applying U.S. GAAP for certain financial instruments with characteristics of liabilities and equity. More specifically, the amendments focus on the guidance for convertible instruments and derivative scope exception for contracts in an entity’s own equity. Consequently, a convertible debt instrument, such as the Company’s 2023 Notes, will be accounted for as a single liability measured at its amortized cost, if no other features require bifurcation and recognition as derivatives. The new guidance also requires the if-converted method to be applied for all convertible instruments and requires additional disclosures. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We adopted this guidance effective January 1, 2022 under the modified retrospective approach and the comparative information has not been restated and continues to be presented according to accounting standards in effect for those periods. The cumulative effect of the change was recognized as an adjustment to the opening balance of retained earnings at the date of adoption and our 2023 Notes are no longer bifurcated into separate liability and equity components. The principal amount of the 2023 Notes is classified as a single liability measured at amortized cost in the condensed consolidated balance sheet for the period ended June 30, 2022. Upon adoption of ASU 2020-06 on January 1 2022, we recorded an adjustment to the 2023 Notes liability component, deferred tax liabilities, additional paid-in-capital and retained earnings. This adjustment was calculated based on the carrying amount of the 2023 Notes as if it had always been treated as a single liability measured at amortized cost. Furthermore, we recorded an adjustment to the debt issuance costs contra liability and equity (additional paid-in-capital) components under the same premise, as if debt issuance costs had always been treated as a contra liability only. Under this transition method, the cumulative effect of the accounting change increased the carrying amount of the 2023 Notes by $20.4 million, reduced deferred tax liabilities by $4.4 million, reduced additional paid-in capital by $51.1 million and increased retained earnings by $35.1 million. The net balance of the 2023 Notes at January 1, 2022 was $341.1 million which included an unamortized discount of $2.2 million. Revenue Our revenue is generated primarily from royalties on sales of products commercialized by our partners, Captisol material sales, and contract revenue for services, license fees and development, regulatory and sales based milestone payments. We apply the following five-step model in accordance with ASC 606, Revenue from Contracts with Customers, in order to determine the revenue: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. Royalties We receive royalty revenue on sales by our partners of products covered by patents that we or our partners own under contractual agreements. We do not have future performance obligations under these license arrangements. We generally satisfy our obligation to grant intellectual property rights on the effective date of the contract. However, we apply the royalty recognition constraint required under the guidance for sales-based royalties which requires a royalty to be recorded no sooner than the underlying sale occurs. Therefore, royalties on sales of products commercialized by our partners are recognized in the quarter the product is sold. Our partners generally report sales information to us on a one quarter lag. Thus, we estimate the expected royalty proceeds based on an analysis of historical experience and interim data provided by our partners including their publicly announced sales. Differences between actual and estimated royalty revenues, which have not been material, are adjusted in the period in which they become known, typically the following quarter. Captisol Sales Revenue from Captisol sales is recognized when control of Captisol material is transferred or intellectual property license rights are granted to our customers in an amount that reflects the consideration we expect to receive from our customers in exchange for those products or rights. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identified in the contract. For Captisol material or intellectual property license rights, we consider our performance obligation satisfied once we have transferred control of the product or granted the intellectual property rights, meaning the customer has the ability to use and obtain the benefit of the Captisol material or intellectual property license right. We recognize revenue for satisfied performance obligations only when we determine there are no uncertainties regarding payment terms or transfer of control. Sales tax and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. We have elected to recognize the cost of freight and shipping when control over Captisol material has transferred to the customer as an expense in Cost of Captisol. We expense incremental costs of obtaining a contract when incurred if the expected amortization period of the asset that we would have recognized is one year or less or the amount is immaterial. We did not incur any incremental costs of obtaining a contract during the periods reported. Contract Revenue Our contracts with customers often include variable consideration in the form of contingent milestone payments. We include contingent milestone payments in the estimated transaction price when it is probable a significant reversal in the amount of cumulative revenue recognized will not occur. These estimates are based on historical experience, anticipated results and our best judgment at the time. If the contingent milestone payment is based on sales, we apply the royalty recognition constraint and record revenue when the underlying sale has taken place. Significant judgments must be made in determining the transaction price for our sales of intellectual property. Because of the risk that products in development with our partners will not reach development milestones or receive regulatory approval, we generally recognize any contingent payments that would be due to us upon the development milestone or regulatory approval. Depending on the terms of the arrangement, we may also defer a portion of the consideration received if we have to satisfy a future obligation, which typically occurs with our contracts for R&D services. For R&D services we recognize revenue over time and we measure our progress using an input method. The input methods we use are based on the effort we expend or costs we incur toward the satisfaction of our performance obligation. We estimate the amount of effort we expend, including the time it will take us to complete the activities, or the costs we may incur in a given period, relative to the estimated total effort or costs to satisfy the performance obligation. This results in a percentage that we multiply by the transaction price to determine the amount of revenue we recognize each period. This approach requires us to make numerous estimates and use significant judgement. If our estimates or judgements change over the course of the collaboration, they may affect the timing and amount of revenue that we recognize in the current and future periods. Some customer contracts are sublicenses which require that we make payments to an upstream licensor related to license fees, milestones and royalties which we receive from customers. In such cases, we evaluate the determination of gross revenue as a principal versus net revenue as an agent reporting based on each individual agreement. Deferred Revenue Depending on the terms of the arrangement, we may also defer a portion of the consideration received because we have to satisfy a future obligation. The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the consolidated balance sheet. Except for royalty revenue and certain service revenue, we generally receive payment at the point we satisfy our obligation or soon after. Therefore, we do not generally carry any contract asset balance. Any fees billed in advance of being earned are recorded as deferred revenue. During the three months ended June 30, 2022 and 2021, the amount recognized as revenue that was previously deferred was $4.1 million, and $10.3 million, respectively. During the six months ended June 30, 2022 and 2021, the amount recognized as revenue that was previously deferred was $6.1 million, and $16.1 million, respectively. Disaggregation of Revenue The following table represents disaggregation of royalties, Captisol and contract revenue (in thousands): Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Royalties Kyprolis $ 7,127 $ 5,440 $ 11,749 $ 9,727 Evomela 2,394 2,193 5,095 4,526 Teriparatide injection 5,502 264 8,413 264 Rylaze 2,317 — 3,966 — Other 619 719 2,431 1,211 $ 17,959 $ 8,616 $ 31,654 $ 15,728 Captisol Captisol - Core $ 3,325 $ 9,682 $ 9,551 $ 10,935 Captisol - COVID (1) 26,220 52,827 32,116 82,846 $ 29,545 $ 62,509 $ 41,667 $ 93,781 Contract revenue Service Revenue $ 5,453 $ 7,360 $ 10,599 $ 12,822 License Fees 1,608 1,050 4,694 2,093 Milestone 1,275 3,600 10,364 12,017 Other 1,579 1,540 4,134 3,384 $ 9,915 $ 13,550 $ 29,791 $ 30,316 Total $ 57,419 $ 84,675 $ 103,112 $ 139,825 (1) Captisol - COVID represents revenue on Captisol supplied for use in formulation with remdesivir, an antiviral treatment for COVID-19. Short-term Investments Our short-term investments consist of the following at June 30, 2022 and December 31, 2021 (in thousands): Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value June 30, 2022 Bank deposits $ 2,504 $ — $ (61) $ 2,443 Corporate bonds 4,904 — (121) 4,783 Corporate equity securities 5,807 307 (3,703) 2,411 Mutual fund 112,535 — (1,228) 111,307 US government securities 2,246 — (71) 2,175 Warrants — 129 — 129 $ 127,996 $ 436 $ (5,184) $ 123,248 Viking common stock 19,407 Total short-term investments $ 142,655 December 31, 2021 Bank deposits $ 63,389 $ 13 $ (21) $ 63,381 Corporate bonds 29,308 17 (38) 29,287 Commercial paper 36,008 2 (12) 35,998 Corporate equity securities 5,807 402 (2,027) 4,182 Mutual fund 152,136 — (249) 151,887 US government securities 5,577 — (23) 5,554 Warrants — 408 — 408 $ 292,225 $ 842 $ (2,370) $ 290,697 Viking common stock 30,889 Total short-term investments $ 321,586 Gain (loss) from short-term investments in our condensed consolidated statements of operations includes both realized and unrealized gain (loss) from our short-term investments in public equity and warrant securities. Allowances are recorded for available-for-sale debt securities with unrealized losses. This limits the amount of credit losses that can be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. The provisions of the credit losses standard did not have a material impact on our available-for-sale debt securities during the three and six months ended June 30, 2022. The following table summarizes our available-for-sale debt securities by contractual maturity (in thousands): June 30, 2022 Amortized Cost Fair Value Within one year $ 6,423 $ 6,274 After one year through five years 3,230 3,127 Total $ 9,653 $ 9,401 Our investment policy is capital preservation and we only invest in U.S.-dollar denominated investments. We held a total of 8 positions which were in an unrealized loss position as of June 30, 2022. We believe that we will collect the principal and interest due on our debt securities that have an amortized cost in excess of fair value. The unrealized losses are largely due to changes in interest rates and not to unfavorable changes in the credit quality associated with these securities that impacted our assessment on collectability of principal and interest. We do not intend to sell these securities and it is not more-likely-than-not that we will be required to sell these securities before the recovery of the amortized cost basis. Accordingly, no credit losses were recognized for the three and six months ended June 30, 2022. Accounts Receivable and Allowance for Credit Losses Our accounts receivable arise primarily from sales on credit to customers. We establish an allowance for credit losses to present the net amount of accounts receivable expected to be collected. The allowance is determined by using the loss-rate method, which requires an estimation of loss rates based upon historical loss experience adjusted for factors that are relevant to determining the expected collectability of accounts receivable. Some of these factors include macroeconomic conditions that correlate with historical loss experience, delinquency trends, aging behavior of receivables and credit and liquidity quality indicators for industry groups, customer classes or individual customers. During the three and six months ended June 30, 2022, we considered the current and expected future economic and market conditions including, but not limited to, the anticipated unfavorable impacts of the COVID-19 pandemic on our business and recorded an adjustment of $(0.1) million and $(0.2) million of allowance for credit losses, respectively, as of June 30, 2022. Inventory Inventory, which consists of finished goods, is stated at the lower of cost or net realizable value. We determine cost using the first-in, first-out method or the specific identification method. We analyze our inventory levels periodically and write down inventory to net realizable value if it has become obsolete, has a cost basis in excess of its expected net realizable value or is in excess of expected requirements. There were no write-downs related to obsolete inventory recorded for the three and six months ended June 30, 2022 and 2021. As of June 30, 2022 inventory consists of Captisol prepayments of $18.9 million, and as of December 31, 2021 inventory consists of Captisol prepayments of $24.6 million. Goodwill and Other Identifiable Intangible Assets Goodwill and other identifiable intangible assets consist of the following (in thousands): June 30, December 31, 2022 2021 Indefinite-lived intangible assets Goodwill $ 181,206 $ 181,206 Definite lived intangible assets Complete technology 281,578 280,617 Less: accumulated amortization (86,740) (78,991) Trade name 2,642 2,642 Less: accumulated amortization (1,510) (1,444) Customer relationships 40,700 40,700 Less: accumulated amortization (19,602) (18,267) Contractual relationships 362,000 362,000 Less: accumulated amortization (50,704) (36,217) Total goodwill and other identifiable intangible assets, net $ 709,570 $ 732,246 Prior to 2022, we only had one reporting unit and reportable segment. In connection with the announcement in March 2022 of our intention to separate the OmniAb business pursuant to a distribution to Ligand’s stockholders of Ligand’s shares in OmniAb followed by a merger with APAC, management concluded that we now had two reporting units and reportable segments - the OmniAb business and the Ligand core business. See Note 2, Segment Information , for additional information. We performed a fair value analysis utilizing a combination of income approach and market approach to determine the fair value of each segment in order to appropriately allocate the goodwill between the segments as of the announcement date. The following table presents our allocation of goodwill balance by segment (in thousands): Fair Value Goodwill Ligand core business $ 105,673 OmniAb business 75,533 $ 181,206 Commercial License Rights Commercial license rights consist of the following (in thousands): June 30, 2022 December 31, 2021 Gross Adjustments (1) Net Gross Adjustments (2) Net Aziyo and CorMatrix $ 17,696 $ (9,425) $ 8,271 $ 17,696 $ (9,461) $ 8,235 Selexis and Dianomi 10,602 (8,606) 1,996 10,602 (8,727) 1,875 Total $ 28,298 $ (18,031) $ 10,267 $ 28,298 $ (18,188) $ 10,110 (1) Amounts represent accumulated amortization to principal of $11.5 million and credit loss adjustments of $6.5 million as of June 30, 2022. (2) Amounts represent accumulated amortization to principal of $11.7 million and credit loss adjustments of $6.5 million as of December 31, 2021. Commercial license rights represent a portfolio of future milestone and royalty payment rights acquired from Selexis, S.A. (Selexis) in April 2013 and April 2015, CorMatrix Cardiovascular, Inc. (CorMatrix) in May 2016, which was later acquired by Aziyo in 2017, and Dianomi Therapeutics, Inc. in January 2019. Commercial license rights acquired are accounted for as financial assets in accordance with ASC 310, Receivables, as further discussed in Note 1, Basis of Presentation and Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in our 2021 Annual Report. We estimated the credit losses at the individual asset level by considering the performance against the programs, the company operating performance and the macroeconomic forecast. In addition, we have judgmentally applied credit loss risk factors to the future expected payments with consideration given to the timing of the payment. Given the higher inherent credit risk associated with longer term receivables, we applied a lower risk factor to the earlier years and progressively higher risk factors to the later years. During the three and six months ended June 30, 2022, we further considered the current and expected future economic and market conditions surrounding the novel coronavirus (COVID-19) pandemic and concluded no further adjustment was needed on the allowance for credit losses as of June 30, 2022. Accrued Liabilities Accrued liabilities consist of the following (in thousands): June 30, December 31, 2022 2021 Compensation $ 4,669 $ 6,532 Professional fees 1,828 2,046 Amounts owed to former licensees 2,674 630 Royalties owed to third parties — 149 Return reserve — 2,420 Acquisition related liabilities — 1,000 Subcontractor 1,756 1,759 Supplier 1,995 848 Accrued interest — 291 Other 1,629 1,904 Total accrued liabilities $ 14,551 $ 17,579 Share-Based Compensation Share-based compensation expense for awards to employees and non-employee directors is a non-cash expense and is recognized on a straight-line basis over the vesting period. The following table summarizes share-based compensation expense recorded as components of research and development expenses and general and administrative expenses for the periods indicated (in thousands): Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 SBC - Research and development expenses $ 4,501 $ 4,556 $ 8,415 $ 8,495 SBC - General and administrative expenses 4,998 5,660 10,128 10,126 $ 9,499 $ 10,216 $ 18,543 $ 18,621 The fair-value for options that were awarded to employees and directors was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions: Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Risk-free interest rate 3.0% 0.9% 3.0% 0.5% Dividend yield — — — — Expected volatility 50% 54% 50% 62% Expected term (years) 4.8 5.5 4.8 5.0 A limited amount of performance-based restricted stock units (PSUs) contain a market condition based on our relative total shareholder return ranked on a percentile basis against the NASDAQ Biotechnology Index over a three-year performance period, with a range of 0% to 200% of the target amount granted to be issued under the award. Share-based compensation cost for these PSUs is measured using the Monte-Carlo simulation valuation model and is not adjusted for the achievement, or lack thereof, of the performance conditions. Net (Loss) Income Per Share Basic net (loss) income per share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed based on the sum of the weighted average number of common shares and potentially dilutive common shares outstanding during the period. Diluted net loss per share is computed based on the sum of the weighted average number of common shares outstanding during the period. Potentially dilutive common shares consist of shares issuable under the 2023 Notes, stock options and restricted stock. The 2023 Notes have a dilutive impact when the average market price of our common stock exceeds the maximum conversion price. It is our intent and policy to settle conversions through combination settlement, which involves payment in cash equal to the principal portion and delivery of shares of common stock for the excess of the conversion value over the principal portion. Potentially dilutive common shares from stock options and restricted stock are determined using the average share price for each period under the treasury stock method. In addition, the following amounts are assumed to be used to repurchase shares: proceeds from exercise of stock options and the average amount of unrecognized compensation expense for the awards. See Note 4, Convertible Senior Notes and Note 6, Stockholders’ Equity . The following table presents the calculation of weighted average shares used to calculate basic and diluted earnings per share (in thousands): Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Weighted average shares outstanding: 16,868 16,659 16,846 16,548 Dilutive potential common shares: Restricted stock — 69 — 90 Stock options — 444 — 572 Shares used to compute diluted income per share 16,868 17,172 16,846 17,210 Potentially dilutive shares excluded from calculation due to anti-dilutive effect 6,794 5,087 6,400 4,684 For the three months ended June 30, 2022, due to the net loss for the period, all of the 0.2 million weighted average equity awards and 0.9 million of potentially dilutive shares in connection with the adoption of ASU 2020-06 were anti-dilutive. For the six months ended June 30, 2022, due to the net loss for the period, all of the 0.3 million weighted average equity awards and 1.8 million of potentially dilutive shares in connection with the adoption of ASU 2020-06 were anti-dilutive. Under the new standard, we are required to reflect the dilutive effect of the 2023 Notes by application of the if-converted method.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information ASC 280, Segment reporting , establishes annual and interim reporting standards for an enterprise’s operating segments and related disclosures about its products, services, geographic areas and major customers. An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenue and incur expenses, and for which discrete financial information is regularly evaluated by the chief operating decision maker in deciding how to allocate resources and assess performance. We are a biopharmaceutical company focused on developing or acquiring technologies that help pharmaceutical companies discover and develop medicines. Our operating segments are identified in the same manner as they are reported internally and used by our chief operating decision maker for the purpose of evaluating performance and allocating resources. Historically, we have disclosed one reportable segment. On March 23, 2022, we entered into the Merger Agreement, pursuant to which APAC will combine with OmniAb, and acquire the OmniAb Business, in a Reverse Morris Trust transaction. Immediately prior to the Merger and pursuant to the Separation Agreement, we will, among other things, transfer the OmniAb Business, including but not limited to the equity interests of Ab Initio Biotherapeutics, Inc., Crystal Bioscience, Inc., Icagen, LLC, Taurus Biosciences, LLC and xCella Biosciences, Inc. to OmniAb (the “Reorganization”) and, in connection therewith, will distribute (the “Distribution”) to Ligand stockholders 100% of the common stock of OmniAb. Immediately following the Distribution, Merger Sub will merge with and into OmniAb (the “Merger”), with OmniAb continuing as the surviving company in the Merger and as a wholly owned subsidiary of APAC. In connection with the execution of the Merger Agreement, we have made organizational changes to better align our organizational structure with our strategy and operations, and management has reorganized the reportable segments to better reflect how the business is evaluated by the chief operating decision maker. Beginning in the first quarter of 2022, we operate the following two reportable segments: (1) OmniAb business and (2) Ligand core business. The OmniAb business segment is focused on enabling the discovery of therapeutic candidates for our partners by pairing antibody repertoires generated from our proprietary transgenic animals with our OmniAb business platform screening tools. The Ligand core business segment is a biopharmaceutical business focused on developing or acquiring technologies that help pharmaceutical companies deliver and develop medicines. Our chief operating decision maker relies on internal management reporting processes that provide revenue and operating income by reportable segment for making financial decisions and allocating resources. Segment operating income (loss) represents income (loss) before income taxes, interest income, interest expense, other income (expense), net, unallocated share-based compensation, and unallocated corporate overhead. Our management does not evaluate, manage or measure performance of segments using asset information; accordingly, asset information by segment is not prepared or disclosed. The following table provides a reconciliation of revenue and operating income by reportable segment to consolidated results and was derived from each segment’s internal financial information as used for corporate management purposes (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 OmniAb business revenue Royalties $ 139 $ — $ 402 $ — Contract 7,153 5,821 16,068 14,380 Total OmniAb business revenue 7,292 5,821 16,470 14,380 Ligand core business revenue Royalties 17,820 8,616 31,252 $ 15,728 Captisol - Core 3,325 9,682 9,551 10,935 Captisol - COVID 26,220 52,827 32,116 82,846 Contract 2,762 7,729 13,723 15,936 Total Ligand core business revenue 50,127 78,854 86,642 125,445 Total revenue $ 57,419 $ 84,675 $ 103,112 $ 139,825 Segment operating income (loss) OmniAb business $ (8,998) $ (7,806) $ (15,187) $ (12,410) Ligand core business 17,039 61,834 27,030 80,280 Total segment operating income 8,041 54,028 11,843 67,870 Unallocated corporate items Shared-based compensation 5,136 5,748 10,793 10,618 Other corporate expenses 3,374 2,541 10,825 6,798 Total unallocated corporate items 8,510 8,289 21,618 17,416 Income (loss) from operations $ (469) $ 45,739 $ (9,775) $ 50,454

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and Liabilities Measured on a Recurring Basis The following table presents the hierarchy for our assets and liabilities measured at fair value (in thousands): June 30, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Short-term investments, excluding Viking (1) $ 4,586 $ 118,533 $ 129 $ 123,248 $ 9,735 $ 280,553 $ 409 $ 290,697 Investment in Viking common stock 19,407 — — 19,407 30,889 — — 30,889 Total assets $ 23,993 $ 118,533 $ 129 $ 142,655 $ 40,624 $ 280,553 $ 409 $ 321,586 Liabilities: CyDex contingent liabilities $ — $ — $ 317 $ 317 $ — $ — $ 349 $ 349 Metabasis contingent liabilities (2) — 2,400 — 2,400 — 3,358 — 3,358 Icagen contingent liabilities (3) — — 5,542 5,542 — — 7,364 7,364 xCella contingent liabilities (4) — — 960 960 — — — — Amounts owed to former licensor 72 — — 72 86 — — 86 Total liabilities $ 72 $ 2,400 $ 6,819 $ 9,291 $ 86 $ 3,358 $ 7,713 $ 11,157 1. Excluding our investment in Viking, our short-term investments in marketable debt and equity securities are classified as available-for-sale securities based on management's intentions and are at level 2 of the fair value hierarchy, as these investment securities are valued based upon quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Short-term investments in mutual funds are valued at their net asset value (NAV) on the last day of the period. We have classified marketable securities with original maturities of greater than one year as short-term investments based upon our ability and intent to use any and all of those marketable securities to satisfy the liquidity needs of our current operations. In addition, we have investment in warrants resulting from Seelos Therapeutics Inc. milestone payments that were settled in shares during the first quarter of 2019 and are at level 3 of the fair value hierarchy, based on Black Scholes value estimated by management on the last day of the period. 2. In connection with our acquisition of Metabasis in January 2010, we issued Metabasis stockholders four tradable CVRs, one CVR from each of four respective series of CVR, for each Metabasis share. The CVRs entitle Metabasis stockholders to cash payments as frequently as every six months as cash is received by us from proceeds from the sale or partnering of any of the Metabasis drug development programs, among other triggering events. The liability for the CVRs is determined using quoted prices in a market that is not active for the underlying CVR. The carrying amount of the liability may fluctuate significantly based upon quoted market prices and actual amounts paid under the agreements may be materially different than the carrying amount of the liability. Several of the Metabasis drug development programs have been outlicensed to Viking, including VK2809. VK2809 is a novel selective TR-β agonist with potential in multiple indications, including hypercholesterolemia, dyslipidemia, NASH, and X-ALD. Under the terms of the agreement with Viking, we may be entitled to up to $375 million of development, regulatory and commercial milestones and tiered royalties on potential future sales including a $10 million payment upon initiation of a Phase 3 clinical trial. During the three and six months ended June 30, 2022, we adjusted the balance of the Metabasis CVR liability $(0.4) million and $(1.0) million to mark to market, respectively. 3. The fair value of Icagen contingent liabilities was determined using a probability weighted income approach. Most of the contingent payments are based on certain revenue milestones as defined in the asset purchase agreement with Icagen. The fair value is subjective and is affected by changes in inputs to the valuation model including management’s estimates regarding the timing and probability of achievement of certain developmental and regulatory milestones. Changes in these estimates may materially affect the fair value. During the six months ended June 30, 2022, we paid $1.5 million contingent liability based on revenue milestones to former Icagen shareholders, respectively. During the three and six months ended June 30, 2022, we adjusted the balance of the Icagen CVR liability $0.2 million and $(0.3) million to mark to market, respectively. 4. The fair value of xCella contingent liabilities is determined when it is probable that the earnout liability will occur and the amount can be reasonably estimated. Management concluded that no earnout liability would be recognized at the acquisition date in September 2020. During the three and six months ended June 30, 2022, management recorded $0.5 million and $1.0 million of earnout liability to be allocated to the cost of the acquired assets due to contingencies being met as part of the acquisition agreement, respectively. A reconciliation of the level 3 financial instruments as of June 30, 2022 is as follows (in thousands): Fair value of level 3 financial instruments as of December 31, 2021 $ 7,713 Payments to CVR holders and other contingent payments (1,545) Fair value adjustments to contingent liabilities (309) Contingent liabilities from xCella asset acquisition 960 Fair value of level 3 financial instruments as of June 30, 2022 $ 6,819 Assets Measured on a Non-Recurring Basis We apply fair value techniques on a non-recurring basis associated with valuing potential impairment losses related to our goodwill, indefinite-lived intangible assets and long-lived assets. We evaluate goodwill and indefinite-lived intangible assets annually for impairment and whenever circumstances occur indicating that goodwill might be impaired. We determine the fair value of our reporting unit based on a combination of inputs, including the market capitalization of Ligand, as well as Level 3 inputs such as discounted cash flows, which are not observable from the market, directly or indirectly. We determine the fair value of our indefinite-lived intangible assets using the income approach based on Level 3 inputs. In connection with the organizational changes to the Company’s reportable segments, we re-allocated goodwill between the two identified reporting units (OmniAb business and Ligand core business). We performed a goodwill impairment analysis immediately before and after the allocation of goodwill and concluded no impairment. At June 30, 2022, there were no indicators of impairment at either of the reporting units.

Convertible Senior Notes

Convertible Senior Notes	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Convertible Senior Notes	Convertible Senior Notes 0.75% Convertible Senior Notes due 2023 In May 2018, we issued $750.0 million aggregate principal amount of 0.75% convertible senior notes. The net proceeds from the offering, after deducting the initial purchasers' discount and offering expenses, were approximately $733.1 million. The 2023 Notes will be convertible into cash, shares of common stock, or a combination of cash and shares of common stock, at our election, based on an initial conversion rate, subject to adjustment, of 4.0244 shares per $1,000 principal amount of the 2023 Notes which represents an initial conversion price of approximately $248.48 per share. The maximum conversion rate of the 2023 Notes is 5.2317 per $1,000 principal amount of the 2023 Notes which represents a maximum conversion price of approximately $191.14. Holders of the 2023 Notes may convert the notes at any time prior to the close of business on the business day immediately preceding November 15, 2022, under any of the following circumstances: (1) during any fiscal quarter (and only during such fiscal quarter) commencing after September 30, 2018, if, for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on the last trading day of the immediately preceding fiscal quarter, the last reported sale price of our common stock on such trading day is greater than 130% of the conversion price on such trading day; (2) during the five business day period immediately following any 10 consecutive trading day period, in which the trading price per $1,000 principal amount of notes was less than 98% of the product of the last reported sale price of our common stock on such trading day and the conversion rate on each such trading day; or (3) upon the occurrence of certain specified corporate events as specified in the indenture governing the notes. The notes will have a dilutive effect to the extent the average market price per share of common stock for a given reporting period exceeds the conversion price of $248.48. In connection with the issuance of the 2023 Notes, we incurred $16.9 million of issuance costs, which primarily consisted of underwriting, legal and other professional fees, is amortized to interest expense using the effective interest method over the five year expected life of the 2023 Notes, and the effective interest rate as of June 30, 2022 is 0.5%. During the three months ended June 30, 2022 we recognized a total of $0.4 million in interest expense which includes $0.2 million in contractual interest expense and $0.2 million in amortized issuance costs. During the six months ended June 30, 2022 we recognized a total of $1.2 million in interest expense which includes $0.7 million in contractual interest expense and $0.5 million in amortized issuance costs. It is our intent and policy to settle conversions through combination settlement, which essentially involves payment in cash equal to the principal portion and delivery of shares of common stock for the excess of the conversion value over the principal portion. During 2021, we repurchased $152.0 million in principal of the 2023 Notes for $156.0 million in cash, including accrued interest of $0.3 million. After the repurchases, approximately $343.3 million in principal amount of the 2023 Notes were outstanding as of December 31, 2021. During the three months ended June 30, 2022, we repurchased $62.0 million in principal amount of the 2023 Notes for $60.0 million in cash, including accrued interest of $0.01 million. We accounted for the repurchase as a debt extinguishment, which resulted in a gain of $1.8 million reflected in other income (expense), net, in our condensed consolidated statement of operations for the three months ended June 30, 2022, and a $0.3 million reduction in debt discount. During the six months ended June 30, 2022, we repurchased $227.8 million in principal amount of the 2023 Notes for $223.7 million in cash, including accrued interest of $0.4 million. We accounted for the repurchase as a debt extinguishment, which resulted in a gain of $3.3 million reflected in other income (expense), net, in our condensed consolidated statement of operations for the six months ended June 30, 2022, and a $1.2 million reduction in debt discount. Convertible Bond Hedge and Warrant Transactions In conjunction with the 2023 Notes, in May 2018, we entered into convertible bond hedges and sold warrants covering 3,018,327 shares of our common stock to minimize the impact of potential dilution to our common stock and/or offset the cash payments we are required to make in excess of the principal amount upon conversion of the 2023 Notes. The convertible bond hedges have an exercise price of $248.48 per share and are exercisable when and if the 2023 Notes are converted. We paid $140.3 million for these convertible bond hedges. If upon conversion of the 2023 Notes, the price of our common stock is above the exercise price of the convertible bond hedges, the counterparties will deliver shares of common stock and/or cash with an aggregate value approximately equal to the difference between the price of common stock at the conversion date and the exercise price, multiplied by the number of shares of common stock related to the convertible bond hedge transaction being exercised. The convertible bond hedges and warrants described below are separate transactions entered into by us and are not part of the terms of the 2023 Notes. Holders of the 2023 Notes and warrants will not have any rights with respect to the convertible bond hedges. Concurrently with the convertible bond hedge transactions, we entered into warrant transactions whereby we sold warrants covering approximately 3,018,327 shares of common stock with an exercise price of approximately $315.38 per share, subject to certain adjustments. We received $90.0 million for these warrants. The warrants have various expiration dates ranging from August 15, 2023 to February 6, 2024. The warrants will have a dilutive effect to the extent the market price per share of common stock exceeds the applicable exercise price of the warrants, as measured under the terms of the warrant transactions. The common stock issuable upon exercise of the warrants will be in unregistered shares, and we do not have the obligation and do not intend to file any registration statement with the SEC registering the issuance of the shares under the warrants. In January 2021, in connection with the repurchases of approximately $20.3 million in principal of the 2023 Notes for approximately $19.1 million in cash, including accrued interest of $0.1 million, during the quarter ended December 31, 2020, we entered into amendments with Barclays Bank PLC, Deutsche Bank AG, London Branch, and Goldman Sachs & Co. LLC to the convertible note hedges transactions we initially entered into in connection with the issuance of the 2023 Notes. The amendments provide that the options under the convertible note hedges corresponding to such repurchased 2023 Notes will remain outstanding notwithstanding such repurchase. During the year ended December 31, 2021, in connection with the repurchases of $152.0 million in principal of the 2023 Notes for $156.0 million in cash, including accrued interest of $0.3 million, we entered into Warrant Early Unwind Agreements and Bond Hedge Unwind Agreements with Barclays Bank PLC, Deutsche Bank AG, and Goldman Sachs & Co. LLC to unwind a portion of the convertible note hedges transactions we initially entered into in connection with the issuance of the 2023 Notes. We paid $18.4 million as part of the Warrant Early Unwind Agreements reducing the number of shares covered by the warrants from 3,018,327 to 2,559,254. We received $18.9 million as part of the Bond Hedge Early Unwind Agreements reducing the number of options under the convertible bond hedges to 598,021. These unwind transactions resulted in a $0.5 million net increase in additional paid-in-capital in our condensed consolidated balance sheet as of December 31, 2021. The following table summarizes information about the 2023 Notes (in thousands): June 30, 2022 December 31, 2021 (1) Principal amount of the 2023 Notes outstanding $ 115,499 $ 343,301 Unamortized discount (including unamortized debt issuance cost) (525) (22,584) Total long-term portion of notes payable $ 114,974 $ 320,717 Fair value of the 2023 Notes outstanding (Level 2) $ 110,590 $ 341,801 (1) - Balances as of December 31, 2021 reported before the adoption of ASU 2020-06.

Income Tax

Income Tax	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Tax	Income TaxOur effective tax rate may vary from the U.S. federal statutory tax rate due to the change in the mix of earnings in various state jurisdictions with different statutory rates, benefits related to tax credits, and the tax impact of non-deductible expenses, stock award activities and other permanent differences between income before income taxes and taxable income. The effective tax rate for the three and six months ended June 30, 2022 and 2021 was (40.7)% and 7.7%, and 21.6% and (25.0)%, respectively. The variance from the U.S. federal statutory tax rate of 21% for the three and six months ended June 30, 2022 was due primarily to the tax deductions related to foreign derived intangible income tax credit as well as the research and development tax credits, which were partially offset by Section 162(m) limitation and non-deductible ISO related stock compensation expense during the period. The variance from the U.S. federal tax rate of 21% for the three and six months ended June 30, 2021 was significantly impacted by tax benefits related to (1) a $34.1 million Pfenex CVR adjustment recorded during Q2 2021 due to the lower probability of achieving the specific development and regulatory milestone by December 31, 2021 as defined by the Pfenex CVR, and (2) net excess tax benefits from share-based compensation resulting from increased stock option exercise activity, stock award vesting and appreciation of our stock price during the period.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity We grant options and awards to employees and non-employee directors pursuant to a stockholder approved stock incentive plan, which is described in further detail in Note 9, Stockholders’ Equity , of the Notes to Consolidated Financial Statements in our 2021 Annual Report. The following is a summary of our stock option and restricted stock activity and related information: Stock Options Restricted Stock Awards Shares Weighted-Average Exercise Price Shares Weighted-Average Grant Date Fair Value Balance as of December 31, 2021 2,199,598 $ 106.00 264,143 $ 138.21 Granted 734,218 $ 91.58 186,526 $ 87.32 Options exercised/RSUs vested (25,798) $ 20.53 (133,173) $ 120.66 Forfeited (30,417) $ 67.60 (1,378) $ 137.16 Balance as of June 30, 2022 2,877,601 $ 103.50 316,118 $ 115.58 As of June 30, 2022, outstanding options to purchase 1.6 million shares were exercisable with a weighted average exercise price per share of $102.10. Employee Stock Purchase Plan The price at which common stock is purchased under the Amended Employee Stock Purchase Plan, or ESPP, is equal to 85% of the fair market value of the common stock on the first or last day of the offering period, whichever is lower. As of June 30, 2022, 38,007 shares were available for future purchases under the ESPP. Share Repurchases

Commitment and Contingencies_ L

Commitment and Contingencies: Legal Proceedings	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitment and Contingencies: Legal Proceedings	Commitment and Contingencies: Legal Proceedings We record an estimate of a loss when the loss is considered probable and estimable. Where a liability is probable and there is a range of estimated loss and no amount in the range is more likely than any other number in the range, we record the minimum estimated liability related to the claim in accordance with ASC 450, Contingencies . As additional information becomes available, we assess the potential liability related to our pending litigation and revises our estimates. Revisions in our estimates of potential liability could materially impact our results of operations. On October 31, 2019, we received three civil complaints filed in the U.S. District Court for the Northern District of Ohio on behalf of several Indian tribes. The Northern District of Ohio is the Court that the Judicial Panel on Multi-District Litigation (“JPML”) has assigned more than one thousand civil cases which have been designated as a Multi-District Litigation (“MDL”) and captioned In Re: National Prescription Opiate Litigation. The allegations in these complaints focus on the activities of defendants other than the Company and no individualized factual allegations have been advanced against us in any of the three complaints. We reject all claims raised in the complaints and intend to vigorously defend these matters. CyDex and Baxter Healthcare Corp. (“Baxter”) are parties to a license agreement relating to Ligand’s Captisol technology and, more specifically, relating to Captisol-enabled Nexterone (amiodarone HCl premixed injection). Baxter contends that it has overpaid royalties for several years, and seeks both refunds of those overpayment and that its royalty payments end as of May 4, 2022, the expiration date of one of the patents licensed under the agreement. CyDex contends that Baxter has not paid the royalties due to CyDex under the terms of the license agreement. On April 6, 2021, Baxter initiated an arbitration with the American Arbitration Association pursuant to the arbitration provision of the license agreement. On April 21, 2021, CyDex filed an Answering Statement and Counterdemand. On December 2, 2021, Baxter filed an Amended Notice of Arbitration Demand also seeking a declaration limiting the “royalty term” of the license agreement to “the later of i) the expiration of the licensed patent; or ii) when there are no longer any CyDex patents listed in the Orange Book for Nexterone.” Baxter has subsequently clarified this position, and asserts that royalties ceased being due when CyDex’s U.S. Patent No. 6,869,939 expired on May 4, 2022. On December 16, 2021, CyDex filed an Answer to Baxter’s Amended Demand. The parties conducted a three-day arbitration hearing between May 24 and May 26, 2022, and subsequently submitted two sets of post-hearing briefs. The arbitrator’s decision is expected before the end of 2022. From time to time, we may also become subject to other legal proceedings or claims arising in the ordinary course of our business. We currently believe that none of the claims or actions pending against us is likely to have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations. Given the unpredictability inherent in litigation, however, we cannot predict the outcome of these matters.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Leases We lease certain office facilities and equipment primarily under various operating leases. Our leases have remaining contractual terms up to ten years, some of which include options to extend the leases for up to five years. Our lease agreements do not contain any material residual value guarantees, material restrictive covenants, or material termination options. Our operating lease costs are primarily related to facility leases for administration offices and research and development facilities, and our finance leases are immaterial. Lease assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate generally applicable to the location of the lease asset, unless the implicit rate is readily determinable. Lease assets also include any upfront lease payments made and adjusted for lease incentives and other items as prescribed by ASC Topic 842, Leases . Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. In addition to base rent, certain of our operating leases require variable payments, such as insurance and common area maintenance. These variable lease costs, other than those dependent upon an index or rate, are expensed when the obligation for those payments is incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term. The depreciable life of lease assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Operating and Finance Lease Assets and Liabilities (in thousands): Assets June 30, 2022 December 31, 2021 Operating lease assets $ 24,711 $ 16,542 Finance lease assets 15,032 16,207 Total lease assets $ 39,743 $ 32,749 Liabilities Current operating lease liabilities $ 2,501 $ 2,053 Current finance lease liabilities 50 46 2,551 2,099 Long-term operating lease liabilities 27,088 15,494 Long-term finance lease liabilities 27 58 Total lease liabilities $ 29,666 $ 17,651 Maturity of Operating and Finance Lease Liabilities as of June 30, 2022 (in thousands): Maturity Dates Operating Leases Remaining six months ending December 31, 2022 $ 2,459 2023 4,634 2024 3,873 2025 3,811 2026 4,024 2027 4,128 Thereafter 14,760 Total lease payments 37,689 Less estimated tenant improvement allowance: (1,358) Less imputed interest (6,742) Present value of lease liabilities $ 29,589
Leases	Leases We lease certain office facilities and equipment primarily under various operating leases. Our leases have remaining contractual terms up to ten years, some of which include options to extend the leases for up to five years. Our lease agreements do not contain any material residual value guarantees, material restrictive covenants, or material termination options. Our operating lease costs are primarily related to facility leases for administration offices and research and development facilities, and our finance leases are immaterial. Lease assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate generally applicable to the location of the lease asset, unless the implicit rate is readily determinable. Lease assets also include any upfront lease payments made and adjusted for lease incentives and other items as prescribed by ASC Topic 842, Leases . Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. In addition to base rent, certain of our operating leases require variable payments, such as insurance and common area maintenance. These variable lease costs, other than those dependent upon an index or rate, are expensed when the obligation for those payments is incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term. The depreciable life of lease assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Operating and Finance Lease Assets and Liabilities (in thousands): Assets June 30, 2022 December 31, 2021 Operating lease assets $ 24,711 $ 16,542 Finance lease assets 15,032 16,207 Total lease assets $ 39,743 $ 32,749 Liabilities Current operating lease liabilities $ 2,501 $ 2,053 Current finance lease liabilities 50 46 2,551 2,099 Long-term operating lease liabilities 27,088 15,494 Long-term finance lease liabilities 27 58 Total lease liabilities $ 29,666 $ 17,651 Maturity of Operating and Finance Lease Liabilities as of June 30, 2022 (in thousands): Maturity Dates Operating Leases Remaining six months ending December 31, 2022 $ 2,459 2023 4,634 2024 3,873 2025 3,811 2026 4,024 2027 4,128 Thereafter 14,760 Total lease payments 37,689 Less estimated tenant improvement allowance: (1,358) Less imputed interest (6,742) Present value of lease liabilities $ 29,589

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationOur condensed consolidated financial statements include the financial statements of Ligand and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. We have included all adjustments, consisting only of normal recurring adjustments, which we considered necessary for a fair presentation of our financial results. These unaudited condensed consolidated financial statements and accompanying notes should be read together with the audited consolidated financial statements included in our 2021 Annual Report. Interim financial results are not necessarily indicative of the results that may be expected for the full year.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results may differ from those estimates.
Reclassifications	Reclassifications Certain amounts in the prior period condensed consolidated financial statements have been reclassified to conform with the current period presentation. Specifically, “long-term deferred revenue” has been added to the condensed consolidated balance sheet, separated from “other long-term liabilities” in our prior period presentation.
Accounting Standards Updates, Recently Adopted	Accounting Standards Updates, Recently Adopted In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The guidance simplifies the complexity associated with applying U.S. GAAP for certain financial instruments with characteristics of liabilities and equity. More specifically, the amendments focus on the guidance for convertible instruments and derivative scope exception for contracts in an entity’s own equity. Consequently, a convertible debt instrument, such as the Company’s 2023 Notes, will be accounted for as a single liability measured at its amortized cost, if no other features require bifurcation and recognition as derivatives. The new guidance also requires the if-converted method to be applied for all convertible instruments and requires additional disclosures. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We adopted this guidance effective January 1, 2022 under the modified retrospective approach and the comparative information has not been restated and continues to be presented according to accounting standards in effect for those periods. The cumulative effect of the change was recognized as an adjustment to the opening balance of retained earnings at the date of adoption and our 2023 Notes are no longer bifurcated into separate liability and equity components. The principal amount of the 2023 Notes is classified as a single liability measured at amortized cost in the condensed consolidated balance sheet for the period ended June 30, 2022. Upon adoption of ASU 2020-06 on January 1 2022, we recorded an adjustment to the 2023 Notes liability component, deferred tax liabilities, additional paid-in-capital and retained earnings. This adjustment was calculated based on the carrying amount of the 2023 Notes as if it had always been treated as a single liability measured at amortized cost. Furthermore, we recorded an adjustment to the debt issuance costs contra liability and equity (additional paid-in-capital) components under the same premise, as if debt issuance costs had always been treated as a contra liability only. Under this transition method, the cumulative effect of the accounting change increased the carrying amount of the 2023 Notes by $20.4 million, reduced deferred tax liabilities by $4.4 million, reduced additional paid-in capital by $51.1 million and increased retained earnings by $35.1 million. The net balance of the 2023 Notes at January 1, 2022 was $341.1 million which included an unamortized discount of $2.2 million.
Revenue	Revenue Our revenue is generated primarily from royalties on sales of products commercialized by our partners, Captisol material sales, and contract revenue for services, license fees and development, regulatory and sales based milestone payments. We apply the following five-step model in accordance with ASC 606, Revenue from Contracts with Customers, in order to determine the revenue: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. Royalties We receive royalty revenue on sales by our partners of products covered by patents that we or our partners own under contractual agreements. We do not have future performance obligations under these license arrangements. We generally satisfy our obligation to grant intellectual property rights on the effective date of the contract. However, we apply the royalty recognition constraint required under the guidance for sales-based royalties which requires a royalty to be recorded no sooner than the underlying sale occurs. Therefore, royalties on sales of products commercialized by our partners are recognized in the quarter the product is sold. Our partners generally report sales information to us on a one quarter lag. Thus, we estimate the expected royalty proceeds based on an analysis of historical experience and interim data provided by our partners including their publicly announced sales. Differences between actual and estimated royalty revenues, which have not been material, are adjusted in the period in which they become known, typically the following quarter. Captisol Sales Revenue from Captisol sales is recognized when control of Captisol material is transferred or intellectual property license rights are granted to our customers in an amount that reflects the consideration we expect to receive from our customers in exchange for those products or rights. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identified in the contract. For Captisol material or intellectual property license rights, we consider our performance obligation satisfied once we have transferred control of the product or granted the intellectual property rights, meaning the customer has the ability to use and obtain the benefit of the Captisol material or intellectual property license right. We recognize revenue for satisfied performance obligations only when we determine there are no uncertainties regarding payment terms or transfer of control. Sales tax and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. We have elected to recognize the cost of freight and shipping when control over Captisol material has transferred to the customer as an expense in Cost of Captisol. We expense incremental costs of obtaining a contract when incurred if the expected amortization period of the asset that we would have recognized is one year or less or the amount is immaterial. We did not incur any incremental costs of obtaining a contract during the periods reported. Contract Revenue Our contracts with customers often include variable consideration in the form of contingent milestone payments. We include contingent milestone payments in the estimated transaction price when it is probable a significant reversal in the amount of cumulative revenue recognized will not occur. These estimates are based on historical experience, anticipated results and our best judgment at the time. If the contingent milestone payment is based on sales, we apply the royalty recognition constraint and record revenue when the underlying sale has taken place. Significant judgments must be made in determining the transaction price for our sales of intellectual property. Because of the risk that products in development with our partners will not reach development milestones or receive regulatory approval, we generally recognize any contingent payments that would be due to us upon the development milestone or regulatory approval. Depending on the terms of the arrangement, we may also defer a portion of the consideration received if we have to satisfy a future obligation, which typically occurs with our contracts for R&D services. For R&D services we recognize revenue over time and we measure our progress using an input method. The input methods we use are based on the effort we expend or costs we incur toward the satisfaction of our performance obligation. We estimate the amount of effort we expend, including the time it will take us to complete the activities, or the costs we may incur in a given period, relative to the estimated total effort or costs to satisfy the performance obligation. This results in a percentage that we multiply by the transaction price to determine the amount of revenue we recognize each period. This approach requires us to make numerous estimates and use significant judgement. If our estimates or judgements change over the course of the collaboration, they may affect the timing and amount of revenue that we recognize in the current and future periods. Some customer contracts are sublicenses which require that we make payments to an upstream licensor related to license fees, milestones and royalties which we receive from customers. In such cases, we evaluate the determination of gross revenue as a principal versus net revenue as an agent reporting based on each individual agreement. Deferred Revenue Depending on the terms of the arrangement, we may also defer a portion of the consideration received because we have to satisfy a future obligation.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit LossesOur accounts receivable arise primarily from sales on credit to customers. We establish an allowance for credit losses to present the net amount of accounts receivable expected to be collected. The allowance is determined by using the loss-rate method, which requires an estimation of loss rates based upon historical loss experience adjusted for factors that are relevant to determining the expected collectability of accounts receivable. Some of these factors include macroeconomic conditions that correlate with historical loss experience, delinquency trends, aging behavior of receivables and credit and liquidity quality indicators for industry groups, customer classes or individual customers.
Inventory	Inventory Inventory, which consists of finished goods, is stated at the lower of cost or net realizable value. We determine cost using the first-in, first-out method or the specific identification method.
Commercial License Rights	Commercial License Rights Commercial license rights consist of the following (in thousands): June 30, 2022 December 31, 2021 Gross Adjustments (1) Net Gross Adjustments (2) Net Aziyo and CorMatrix $ 17,696 $ (9,425) $ 8,271 $ 17,696 $ (9,461) $ 8,235 Selexis and Dianomi 10,602 (8,606) 1,996 10,602 (8,727) 1,875 Total $ 28,298 $ (18,031) $ 10,267 $ 28,298 $ (18,188) $ 10,110 (1) Amounts represent accumulated amortization to principal of $11.5 million and credit loss adjustments of $6.5 million as of June 30, 2022. (2) Amounts represent accumulated amortization to principal of $11.7 million and credit loss adjustments of $6.5 million as of December 31, 2021. Commercial license rights represent a portfolio of future milestone and royalty payment rights acquired from Selexis, S.A. (Selexis) in April 2013 and April 2015, CorMatrix Cardiovascular, Inc. (CorMatrix) in May 2016, which was later acquired by Aziyo in 2017, and Dianomi Therapeutics, Inc. in January 2019. Commercial license rights acquired are accounted for as financial assets in accordance with ASC 310, Receivables, as further discussed in Note 1, Basis of Presentation and Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in our 2021 Annual Report. We estimated the credit losses at the individual asset level by considering the performance against the programs, the company operating performance and the macroeconomic forecast. In addition, we have judgmentally applied credit loss risk factors to the future expected payments with consideration given to the timing of the payment. Given the higher inherent credit risk associated with longer term receivables, we applied a lower risk factor to the earlier years and progressively higher risk factors to the later years. During the three and six months ended June 30, 2022, we further considered the current and expected future economic and market conditions surrounding the novel coronavirus (COVID-19) pandemic and concluded no further adjustment was needed on the allowance for credit losses as of June 30, 2022.
Share-Based Compensation	Share-Based Compensation Share-based compensation expense for awards to employees and non-employee directors is a non-cash expense and is recognized on a straight-line basis over the vesting period. The following table summarizes share-based compensation expense recorded as components of research and development expenses and general and administrative expenses for the periods indicated (in thousands): Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 SBC - Research and development expenses $ 4,501 $ 4,556 $ 8,415 $ 8,495 SBC - General and administrative expenses 4,998 5,660 10,128 10,126 $ 9,499 $ 10,216 $ 18,543 $ 18,621 The fair-value for options that were awarded to employees and directors was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions: Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Risk-free interest rate 3.0% 0.9% 3.0% 0.5% Dividend yield — — — — Expected volatility 50% 54% 50% 62% Expected term (years) 4.8 5.5 4.8 5.0 A limited amount of performance-based restricted stock units (PSUs) contain a market condition based on our relative total shareholder return ranked on a percentile basis against the NASDAQ Biotechnology Index over a three-year performance period, with a range of 0% to 200% of the target amount granted to be issued under the award. Share-based compensation cost for these PSUs is measured using the Monte-Carlo simulation valuation model and is not adjusted for the achievement, or lack thereof, of the performance conditions.
Net (Loss) Income Per Share	Net (Loss) Income Per Share Basic net (loss) income per share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed based on the sum of the weighted average number of common shares and potentially dilutive common shares outstanding during the period. Diluted net loss per share is computed based on the sum of the weighted average number of common shares outstanding during the period. Potentially dilutive common shares consist of shares issuable under the 2023 Notes, stock options and restricted stock. The 2023 Notes have a dilutive impact when the average market price of our common stock exceeds the maximum conversion price. It is our intent and policy to settle conversions through combination settlement, which involves payment in cash equal to the principal portion and delivery of shares of common stock for the excess of the conversion value over the principal portion. Potentially dilutive common shares from stock options and restricted stock are determined using the average share price for each period under the treasury stock method. In addition, the following amounts are assumed to be used to repurchase shares: proceeds from exercise of stock options and the average amount of unrecognized compensation expense for the awards. See Note 4, Convertible Senior Notes and Note 6, Stockholders’ Equity .

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Revenue by Source	The following table represents disaggregation of royalties, Captisol and contract revenue (in thousands): Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Royalties Kyprolis $ 7,127 $ 5,440 $ 11,749 $ 9,727 Evomela 2,394 2,193 5,095 4,526 Teriparatide injection 5,502 264 8,413 264 Rylaze 2,317 — 3,966 — Other 619 719 2,431 1,211 $ 17,959 $ 8,616 $ 31,654 $ 15,728 Captisol Captisol - Core $ 3,325 $ 9,682 $ 9,551 $ 10,935 Captisol - COVID (1) 26,220 52,827 32,116 82,846 $ 29,545 $ 62,509 $ 41,667 $ 93,781 Contract revenue Service Revenue $ 5,453 $ 7,360 $ 10,599 $ 12,822 License Fees 1,608 1,050 4,694 2,093 Milestone 1,275 3,600 10,364 12,017 Other 1,579 1,540 4,134 3,384 $ 9,915 $ 13,550 $ 29,791 $ 30,316 Total $ 57,419 $ 84,675 $ 103,112 $ 139,825 (1) Captisol - COVID represents revenue on Captisol supplied for use in formulation with remdesivir, an antiviral treatment for COVID-19.
Schedule of Short-Term Investments	Our short-term investments consist of the following at June 30, 2022 and December 31, 2021 (in thousands): Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value June 30, 2022 Bank deposits $ 2,504 $ — $ (61) $ 2,443 Corporate bonds 4,904 — (121) 4,783 Corporate equity securities 5,807 307 (3,703) 2,411 Mutual fund 112,535 — (1,228) 111,307 US government securities 2,246 — (71) 2,175 Warrants — 129 — 129 $ 127,996 $ 436 $ (5,184) $ 123,248 Viking common stock 19,407 Total short-term investments $ 142,655 December 31, 2021 Bank deposits $ 63,389 $ 13 $ (21) $ 63,381 Corporate bonds 29,308 17 (38) 29,287 Commercial paper 36,008 2 (12) 35,998 Corporate equity securities 5,807 402 (2,027) 4,182 Mutual fund 152,136 — (249) 151,887 US government securities 5,577 — (23) 5,554 Warrants — 408 — 408 $ 292,225 $ 842 $ (2,370) $ 290,697 Viking common stock 30,889 Total short-term investments $ 321,586
Schedule of Available-for-Sale Debt Securities	The following table summarizes our available-for-sale debt securities by contractual maturity (in thousands): June 30, 2022 Amortized Cost Fair Value Within one year $ 6,423 $ 6,274 After one year through five years 3,230 3,127 Total $ 9,653 $ 9,401
Schedule of Goodwill and Other Identifiable Intangible Assets	Goodwill and other identifiable intangible assets consist of the following (in thousands): June 30, December 31, 2022 2021 Indefinite-lived intangible assets Goodwill $ 181,206 $ 181,206 Definite lived intangible assets Complete technology 281,578 280,617 Less: accumulated amortization (86,740) (78,991) Trade name 2,642 2,642 Less: accumulated amortization (1,510) (1,444) Customer relationships 40,700 40,700 Less: accumulated amortization (19,602) (18,267) Contractual relationships 362,000 362,000 Less: accumulated amortization (50,704) (36,217) Total goodwill and other identifiable intangible assets, net $ 709,570 $ 732,246
Schedule Of Goodwill Balance by Segment On Relative Fair Value Basis	The following table presents our allocation of goodwill balance by segment (in thousands): Fair Value Goodwill Ligand core business $ 105,673 OmniAb business 75,533 $ 181,206
Schedule of Commercial License Rights	Commercial license rights consist of the following (in thousands): June 30, 2022 December 31, 2021 Gross Adjustments (1) Net Gross Adjustments (2) Net Aziyo and CorMatrix $ 17,696 $ (9,425) $ 8,271 $ 17,696 $ (9,461) $ 8,235 Selexis and Dianomi 10,602 (8,606) 1,996 10,602 (8,727) 1,875 Total $ 28,298 $ (18,031) $ 10,267 $ 28,298 $ (18,188) $ 10,110 (1) Amounts represent accumulated amortization to principal of $11.5 million and credit loss adjustments of $6.5 million as of June 30, 2022. (2) Amounts represent accumulated amortization to principal of $11.7 million and credit loss adjustments of $6.5 million as of December 31, 2021.
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): June 30, December 31, 2022 2021 Compensation $ 4,669 $ 6,532 Professional fees 1,828 2,046 Amounts owed to former licensees 2,674 630 Royalties owed to third parties — 149 Return reserve — 2,420 Acquisition related liabilities — 1,000 Subcontractor 1,756 1,759 Supplier 1,995 848 Accrued interest — 291 Other 1,629 1,904 Total accrued liabilities $ 14,551 $ 17,579
Schedule of Accounting for Share-Based Compensation	The following table summarizes share-based compensation expense recorded as components of research and development expenses and general and administrative expenses for the periods indicated (in thousands): Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 SBC - Research and development expenses $ 4,501 $ 4,556 $ 8,415 $ 8,495 SBC - General and administrative expenses 4,998 5,660 10,128 10,126 $ 9,499 $ 10,216 $ 18,543 $ 18,621
Schedule of Fair-Value Options Awarded to Employees and Directors	The fair-value for options that were awarded to employees and directors was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions: Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Risk-free interest rate 3.0% 0.9% 3.0% 0.5% Dividend yield — — — — Expected volatility 50% 54% 50% 62% Expected term (years) 4.8 5.5 4.8 5.0
Schedule of Computation of Basic and Diluted Earnings per Share	The following table presents the calculation of weighted average shares used to calculate basic and diluted earnings per share (in thousands): Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Weighted average shares outstanding: 16,868 16,659 16,846 16,548 Dilutive potential common shares: Restricted stock — 69 — 90 Stock options — 444 — 572 Shares used to compute diluted income per share 16,868 17,172 16,846 17,210 Potentially dilutive shares excluded from calculation due to anti-dilutive effect 6,794 5,087 6,400 4,684

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of Reconciliation of Revenue from Segments to Consolidated	The following table provides a reconciliation of revenue and operating income by reportable segment to consolidated results and was derived from each segment’s internal financial information as used for corporate management purposes (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 OmniAb business revenue Royalties $ 139 $ — $ 402 $ — Contract 7,153 5,821 16,068 14,380 Total OmniAb business revenue 7,292 5,821 16,470 14,380 Ligand core business revenue Royalties 17,820 8,616 31,252 $ 15,728 Captisol - Core 3,325 9,682 9,551 10,935 Captisol - COVID 26,220 52,827 32,116 82,846 Contract 2,762 7,729 13,723 15,936 Total Ligand core business revenue 50,127 78,854 86,642 125,445 Total revenue $ 57,419 $ 84,675 $ 103,112 $ 139,825 Segment operating income (loss) OmniAb business $ (8,998) $ (7,806) $ (15,187) $ (12,410) Ligand core business 17,039 61,834 27,030 80,280 Total segment operating income 8,041 54,028 11,843 67,870 Unallocated corporate items Shared-based compensation 5,136 5,748 10,793 10,618 Other corporate expenses 3,374 2,541 10,825 6,798 Total unallocated corporate items 8,510 8,289 21,618 17,416 Income (loss) from operations $ (469) $ 45,739 $ (9,775) $ 50,454

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value	The following table presents the hierarchy for our assets and liabilities measured at fair value (in thousands): June 30, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Short-term investments, excluding Viking (1) $ 4,586 $ 118,533 $ 129 $ 123,248 $ 9,735 $ 280,553 $ 409 $ 290,697 Investment in Viking common stock 19,407 — — 19,407 30,889 — — 30,889 Total assets $ 23,993 $ 118,533 $ 129 $ 142,655 $ 40,624 $ 280,553 $ 409 $ 321,586 Liabilities: CyDex contingent liabilities $ — $ — $ 317 $ 317 $ — $ — $ 349 $ 349 Metabasis contingent liabilities (2) — 2,400 — 2,400 — 3,358 — 3,358 Icagen contingent liabilities (3) — — 5,542 5,542 — — 7,364 7,364 xCella contingent liabilities (4) — — 960 960 — — — — Amounts owed to former licensor 72 — — 72 86 — — 86 Total liabilities $ 72 $ 2,400 $ 6,819 $ 9,291 $ 86 $ 3,358 $ 7,713 $ 11,157 1. Excluding our investment in Viking, our short-term investments in marketable debt and equity securities are classified as available-for-sale securities based on management's intentions and are at level 2 of the fair value hierarchy, as these investment securities are valued based upon quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Short-term investments in mutual funds are valued at their net asset value (NAV) on the last day of the period. We have classified marketable securities with original maturities of greater than one year as short-term investments based upon our ability and intent to use any and all of those marketable securities to satisfy the liquidity needs of our current operations. In addition, we have investment in warrants resulting from Seelos Therapeutics Inc. milestone payments that were settled in shares during the first quarter of 2019 and are at level 3 of the fair value hierarchy, based on Black Scholes value estimated by management on the last day of the period. 2. In connection with our acquisition of Metabasis in January 2010, we issued Metabasis stockholders four tradable CVRs, one CVR from each of four respective series of CVR, for each Metabasis share. The CVRs entitle Metabasis stockholders to cash payments as frequently as every six months as cash is received by us from proceeds from the sale or partnering of any of the Metabasis drug development programs, among other triggering events. The liability for the CVRs is determined using quoted prices in a market that is not active for the underlying CVR. The carrying amount of the liability may fluctuate significantly based upon quoted market prices and actual amounts paid under the agreements may be materially different than the carrying amount of the liability. Several of the Metabasis drug development programs have been outlicensed to Viking, including VK2809. VK2809 is a novel selective TR-β agonist with potential in multiple indications, including hypercholesterolemia, dyslipidemia, NASH, and X-ALD. Under the terms of the agreement with Viking, we may be entitled to up to $375 million of development, regulatory and commercial milestones and tiered royalties on potential future sales including a $10 million payment upon initiation of a Phase 3 clinical trial. During the three and six months ended June 30, 2022, we adjusted the balance of the Metabasis CVR liability $(0.4) million and $(1.0) million to mark to market, respectively. 3. The fair value of Icagen contingent liabilities was determined using a probability weighted income approach. Most of the contingent payments are based on certain revenue milestones as defined in the asset purchase agreement with Icagen. The fair value is subjective and is affected by changes in inputs to the valuation model including management’s estimates regarding the timing and probability of achievement of certain developmental and regulatory milestones. Changes in these estimates may materially affect the fair value. During the six months ended June 30, 2022, we paid $1.5 million contingent liability based on revenue milestones to former Icagen shareholders, respectively. During the three and six months ended June 30, 2022, we adjusted the balance of the Icagen CVR liability $0.2 million and $(0.3) million to mark to market, respectively.
Schedule of Reconciliation of Level 3 Financial Instruments	A reconciliation of the level 3 financial instruments as of June 30, 2022 is as follows (in thousands): Fair value of level 3 financial instruments as of December 31, 2021 $ 7,713 Payments to CVR holders and other contingent payments (1,545) Fair value adjustments to contingent liabilities (309) Contingent liabilities from xCella asset acquisition 960 Fair value of level 3 financial instruments as of June 30, 2022 $ 6,819

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Carrying Values and Coupon Rates on Financing Arrangements	The following table summarizes information about the 2023 Notes (in thousands): June 30, 2022 December 31, 2021 (1) Principal amount of the 2023 Notes outstanding $ 115,499 $ 343,301 Unamortized discount (including unamortized debt issuance cost) (525) (22,584) Total long-term portion of notes payable $ 114,974 $ 320,717 Fair value of the 2023 Notes outstanding (Level 2) $ 110,590 $ 341,801 (1) - Balances as of December 31, 2021 reported before the adoption of ASU 2020-06.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Stock Option Plan Activity	The following is a summary of our stock option and restricted stock activity and related information: Stock Options Restricted Stock Awards Shares Weighted-Average Exercise Price Shares Weighted-Average Grant Date Fair Value Balance as of December 31, 2021 2,199,598 $ 106.00 264,143 $ 138.21 Granted 734,218 $ 91.58 186,526 $ 87.32 Options exercised/RSUs vested (25,798) $ 20.53 (133,173) $ 120.66 Forfeited (30,417) $ 67.60 (1,378) $ 137.16 Balance as of June 30, 2022 2,877,601 $ 103.50 316,118 $ 115.58
Schedule of Restricted Stock Activity	The following is a summary of our stock option and restricted stock activity and related information: Stock Options Restricted Stock Awards Shares Weighted-Average Exercise Price Shares Weighted-Average Grant Date Fair Value Balance as of December 31, 2021 2,199,598 $ 106.00 264,143 $ 138.21 Granted 734,218 $ 91.58 186,526 $ 87.32 Options exercised/RSUs vested (25,798) $ 20.53 (133,173) $ 120.66 Forfeited (30,417) $ 67.60 (1,378) $ 137.16 Balance as of June 30, 2022 2,877,601 $ 103.50 316,118 $ 115.58

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Operating and Finance Lease Assets and Liabilities	Operating and Finance Lease Assets and Liabilities (in thousands): Assets June 30, 2022 December 31, 2021 Operating lease assets $ 24,711 $ 16,542 Finance lease assets 15,032 16,207 Total lease assets $ 39,743 $ 32,749 Liabilities Current operating lease liabilities $ 2,501 $ 2,053 Current finance lease liabilities 50 46 2,551 2,099 Long-term operating lease liabilities 27,088 15,494 Long-term finance lease liabilities 27 58 Total lease liabilities $ 29,666 $ 17,651
Schedule of Maturity of Operating Lease Liabilities	Maturity of Operating and Finance Lease Liabilities as of June 30, 2022 (in thousands): Maturity Dates Operating Leases Remaining six months ending December 31, 2022 $ 2,459 2023 4,634 2024 3,873 2025 3,811 2026 4,024 2027 4,128 Thereafter 14,760 Total lease payments 37,689 Less estimated tenant improvement allowance: (1,358) Less imputed interest (6,742) Present value of lease liabilities $ 29,589

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) shares in Thousands		3 Months Ended			6 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($) segment	Jun. 30, 2022 USD ($) position shares	Mar. 22, 2022 segment	Jun. 30, 2021 USD ($) shares	Jun. 30, 2022 USD ($) reporting_unit position shares	Jun. 30, 2021 USD ($) shares	Dec. 31, 2021 USD ($) reporting_unit	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Property, Plant and Equipment [Line Items]
Deferred tax liabilities		$ 42,669,000			$ 42,669,000		$ 59,095,000
Stockholders' equity	$ 793,192,000	802,365,000		$ 786,517,000	802,365,000	$ 786,517,000	821,159,000	$ 745,840,000	$ 709,525,000
Revenue recognized that was previously deferred		$ 4,100,000		$ 10,300,000	$ 6,100,000	$ 16,100,000
Number of positions in an unrealized loss position | position		8			8
Credit losses related to available-for-sale debt securities		$ 0			$ 0
Additional allowance for credit losses recorded related to COVID-19		(100,000)			(200,000)
Inventory		$ 24,773,000			$ 24,773,000		$ 27,326,000
Number of reporting units | reporting_unit					2		1
Number of reportable segments | segment	2		1
Potentially dilutive shares excluded from calculation due to anti-dilutive effect (shares) | shares		6,794		5,087	6,400	4,684
Captisol
Property, Plant and Equipment [Line Items]
Inventory		$ 18,900,000			$ 18,900,000		$ 24,600,000
Share-based Compensation
Property, Plant and Equipment [Line Items]
Potentially dilutive shares excluded from calculation due to anti-dilutive effect (shares) | shares		200			300
Restricted Stock Awards
Property, Plant and Equipment [Line Items]
Performance period for awards					3 years
Minimum | Restricted Stock Awards
Property, Plant and Equipment [Line Items]
Payout range (as a percent)					0%
Maximum | Restricted Stock Awards
Property, Plant and Equipment [Line Items]
Payout range (as a percent)					200%
Adjustment
Property, Plant and Equipment [Line Items]
Stockholders' equity							(15,997,000)
Adjusted Balance
Property, Plant and Equipment [Line Items]
Convertible notes payable							341,100,000
Unamortized discount							2,200,000
Accounting Standards Update 2020-06
Property, Plant and Equipment [Line Items]
Potentially dilutive shares excluded from calculation due to anti-dilutive effect (shares) | shares		900			1,800
Accounting Standards Update 2020-06 | Adjustment
Property, Plant and Equipment [Line Items]
Convertible notes payable							20,400,000
Deferred tax liabilities							(4,400,000)
Additional paid in capital
Property, Plant and Equipment [Line Items]
Stockholders' equity	$ 325,368,000	$ 335,471,000		$ 346,578,000	$ 335,471,000	$ 346,578,000	372,969,000	336,621,000	318,358,000
Additional paid in capital | Adjustment
Property, Plant and Equipment [Line Items]
Stockholders' equity							(51,130,000)
Additional paid in capital | Accounting Standards Update 2020-06 | Adjustment
Property, Plant and Equipment [Line Items]
Stockholders' equity							(51,100,000)
Retained earnings
Property, Plant and Equipment [Line Items]
Stockholders' equity	$ 468,838,000	$ 467,943,000		$ 440,783,000	$ 467,943,000	$ 440,783,000	449,090,000	$ 410,058,000	$ 391,952,000
Retained earnings | Adjustment
Property, Plant and Equipment [Line Items]
Stockholders' equity							35,133,000
Retained earnings | Accounting Standards Update 2020-06 | Adjustment
Property, Plant and Equipment [Line Items]
Stockholders' equity							$ 35,100,000

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Revenue by Source (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 57,419	$ 84,675	$ 103,112	$ 139,825
Royalties
Disaggregation of Revenue [Line Items]
Total revenue	17,959	8,616	31,654	15,728
Kyprolis
Disaggregation of Revenue [Line Items]
Total revenue	7,127	5,440	11,749	9,727
Evomela
Disaggregation of Revenue [Line Items]
Total revenue	2,394	2,193	5,095	4,526
Teriparatide injection
Disaggregation of Revenue [Line Items]
Total revenue	5,502	264	8,413	264
Rylaze
Disaggregation of Revenue [Line Items]
Total revenue	2,317	0	3,966	0
Other
Disaggregation of Revenue [Line Items]
Total revenue	619	719	2,431	1,211
Captisol
Disaggregation of Revenue [Line Items]
Total revenue	29,545	62,509	41,667	93,781
Captisol - Core
Disaggregation of Revenue [Line Items]
Total revenue	3,325	9,682	9,551	10,935
Captisol - COVID
Disaggregation of Revenue [Line Items]
Total revenue	26,220	52,827	32,116	82,846
Contract
Disaggregation of Revenue [Line Items]
Total revenue	9,915	13,550	29,791	30,316
Service Revenue
Disaggregation of Revenue [Line Items]
Total revenue	5,453	7,360	10,599	12,822
License Fees
Disaggregation of Revenue [Line Items]
Total revenue	1,608	1,050	4,694	2,093
Milestone
Disaggregation of Revenue [Line Items]
Total revenue	1,275	3,600	10,364	12,017
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,579	$ 1,540	$ 4,134	$ 3,384

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Investment Categories (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized cost	$ 127,996	$ 292,225
Gross unrealized gains	436	842
Gross unrealized losses	(5,184)	(2,370)
Estimated fair value	123,248	290,697
Total short-term investments	142,655	321,586
Bank deposits
Debt Securities, Available-for-sale [Line Items]
Amortized cost	2,504	63,389
Gross unrealized gains	0	13
Gross unrealized losses	(61)	(21)
Estimated fair value	2,443	63,381
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized cost	4,904	29,308
Gross unrealized gains	0	17
Gross unrealized losses	(121)	(38)
Estimated fair value	4,783	29,287
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized cost		36,008
Gross unrealized gains		2
Gross unrealized losses		(12)
Estimated fair value		35,998
Corporate equity securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	5,807	5,807
Gross unrealized gains	307	402
Gross unrealized losses	(3,703)	(2,027)
Estimated fair value	2,411	4,182
Mutual fund
Debt Securities, Available-for-sale [Line Items]
Amortized cost	112,535	152,136
Gross unrealized gains	0	0
Gross unrealized losses	(1,228)	(249)
Estimated fair value	111,307	151,887
US government securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	2,246	5,577
Gross unrealized gains	0	0
Gross unrealized losses	(71)	(23)
Estimated fair value	2,175	5,554
Warrants
Debt Securities, Available-for-sale [Line Items]
Amortized cost	0	0
Gross unrealized gains	129	408
Gross unrealized losses	0	0
Estimated fair value	129	408
Common Stock
Debt Securities, Available-for-sale [Line Items]
Viking common stock	$ 19,407	$ 30,889

Basis of Presentation and Sum_7

Basis of Presentation and Summary of Significant Accounting Policies - Available-for-Sale Debt Securities by Contractual Maturity (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Amortized Cost
Within one year	$ 6,423
After one year through five years	3,230
Total	9,653
Fair Value
Within one year	6,274
After one year through five years	3,127
Total	$ 9,401

Basis of Presentation and Sum_8

Basis of Presentation and Summary of Significant Accounting Policies - Goodwill and Other Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Summary of Goodwill and Other Identifiable Intangible Assets
Goodwill	$ 181,206	$ 181,206
Total goodwill and other identifiable intangible assets, net	709,570	732,246
Complete technology
Summary of Goodwill and Other Identifiable Intangible Assets
Definite lived intangible assets	281,578	280,617
Less: accumulated amortization	(86,740)	(78,991)
Trade name
Summary of Goodwill and Other Identifiable Intangible Assets
Definite lived intangible assets	2,642	2,642
Less: accumulated amortization	(1,510)	(1,444)
Customer relationships
Summary of Goodwill and Other Identifiable Intangible Assets
Definite lived intangible assets	40,700	40,700
Less: accumulated amortization	(19,602)	(18,267)
Contractual relationships
Summary of Goodwill and Other Identifiable Intangible Assets
Definite lived intangible assets	362,000	362,000
Less: accumulated amortization	$ (50,704)	$ (36,217)

Basis of Presentation and Sum_9

Basis of Presentation and Summary of Significant Accounting Policies - Schedule Of Goodwill Balance by Segment On Relative Fair Value Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Basis of Presentation [Line Items]
Goodwill	$ 181,206	$ 181,206
Ligand Core Business
Basis of Presentation [Line Items]
Goodwill	105,673
OmniAb Technologies
Basis of Presentation [Line Items]
Goodwill	$ 75,533

Basis of Presentation and Su_10

Basis of Presentation and Summary of Significant Accounting Policies - Commercial License Rights (Details) - Commercial license rights - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Commercial License and Other Economic Rights
Gross	$ 28,298	$ 28,298
Adjustments	(18,031)	(18,188)
Net	10,267	10,110
Accumulated amortization on finite-lived intangible assets	11,500	11,700
Credit loss adjustments of finite-lived intangible assets	6,500	6,500
Aziyo and CorMatrix
Commercial License and Other Economic Rights
Gross	17,696	17,696
Adjustments	(9,425)	(9,461)
Net	8,271	8,235
Selexis and Dianomi
Commercial License and Other Economic Rights
Gross	10,602	10,602
Adjustments	(8,606)	(8,727)
Net	$ 1,996	$ 1,875

Basis of Presentation and Su_11

Basis of Presentation and Summary of Significant Accounting Policies - Accrued Liabilities and Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued Liabilities
Compensation	$ 4,669	$ 6,532
Professional fees	1,828	2,046
Amounts owed to former licensees	2,674	630
Royalties owed to third parties	0	149
Return reserve	0	2,420
Acquisition related liabilities	0	1,000
Subcontractor	1,756	1,759
Supplier	1,995	848
Accrued interest	0	291
Other	1,629	1,904
Total accrued liabilities	$ 14,551	$ 17,579

Basis of Presentation and Su_12

Basis of Presentation and Summary of Significant Accounting Policies - Accounting for Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basis of Presentation [Line Items]
Share-based compensation expense	$ 9,499	$ 10,216	$ 18,543	$ 18,621
SBC - Research and development expenses
Basis of Presentation [Line Items]
Share-based compensation expense	4,501	4,556	8,415	8,495
SBC - General and administrative expenses
Basis of Presentation [Line Items]
Share-based compensation expense	$ 4,998	$ 5,660	$ 10,128	$ 10,126

Basis of Presentation and Su_13

Basis of Presentation and Summary of Significant Accounting Policies - Fair Value Valuation Assumptions (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Risk-free interest rate (as a percent)	3%	0.90%	3%	0.50%
Dividend yield (as a percent)	0%	0%	0%	0%
Expected volatility (as a percent)	50%	54%	50%	62%
Expected term (years)	4 years 9 months 18 days	5 years 6 months	4 years 9 months 18 days	5 years

Basis of Presentation and Su_14

Basis of Presentation and Summary of Significant Accounting Policies - Earnings (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average shares outstanding (shares)	16,868	16,659	16,846	16,548
Dilutive potential common shares:
Shares used to compute diluted income per share (shares)	16,868	17,172	16,846	17,210
Potentially dilutive shares excluded from calculation due to anti-dilutive effect (shares)	6,794	5,087	6,400	4,684
Restricted stock
Dilutive potential common shares:
Dilutive potential common shares (shares)	0	69	0	90
Stock Options
Dilutive potential common shares:
Dilutive potential common shares (shares)	0	444	0	572

Segment Information (Details)

Segment Information (Details) $ in Thousands		3 Months Ended			6 Months Ended
	Mar. 31, 2022 segment	Jun. 30, 2022 USD ($)	Mar. 22, 2022 segment	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	2		1
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue		$ 57,419		$ 84,675	$ 103,112	$ 139,825
Total segment operating income		(636)		33,301	(20,776)	39,065
Total operating costs and expenses		57,888		38,936	112,887	89,371
Income (loss) from operations		(469)		45,739	(9,775)	50,454
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue		57,419		84,675	103,112	139,825
Total segment operating income		8,041		54,028	11,843	67,870
Corporate, Non-Segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Shared-based compensation		5,136		5,748	10,793	10,618
Other corporate expenses		3,374		2,541	10,825	6,798
Total operating costs and expenses		8,510		8,289	21,618	17,416
Royalties
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue		17,959		8,616	31,654	15,728
Captisol - Core
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue		3,325		9,682	9,551	10,935
Captisol - COVID
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue		26,220		52,827	32,116	82,846
Contract
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue		9,915		13,550	29,791	30,316
OmniAb Technologies | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue		7,292		5,821	16,470	14,380
Total segment operating income		(8,998)		(7,806)	(15,187)	(12,410)
OmniAb Technologies | Royalties | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue		139		0	402	0
OmniAb Technologies | Contract | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue		7,153		5,821	16,068	14,380
Ligand Core Business | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue		50,127		78,854	86,642	125,445
Total segment operating income		17,039		61,834	27,030	80,280
Ligand Core Business | Royalties | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue		17,820		8,616	31,252	15,728
Ligand Core Business | Contract | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue		$ 2,762		$ 7,729	$ 13,723	$ 15,936

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 31, 2010 contingent_value_right contingent_value_right_series	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of CVR Series | contingent_value_right_series	4
Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Viking common stock		$ 19,407,000	$ 19,407,000	$ 30,889,000
Transferred over Time | Phase 3 Clinical Trial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross contract asset		10,000,000	10,000,000
Maximum | Transferred over Time | Development, Regulatory, & Commercial Milestones and Tiered Royalties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		375,000,000	375,000,000
Metabasis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of CVRs issued per acquiree share | contingent_value_right	4
Number of CVRs issued from each CVR series | contingent_value_right	1
Frequency of cash payments to CVR holders	6 months
xCella | Earnout Rights for Partner Research and Development
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earnout rights recognized		500,000	1,000,000
Contingent liabilities - Metabasis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mark-to-market adjustment of CVR liability		(400,000)	(1,000,000)
Contingent liabilities - Icagen
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mark-to-market adjustment of CVR liability		200,000	(300,000)
Payment for contingent consideration liabilities		1,500,000
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		142,655,000	142,655,000	321,586,000
Liabilities, fair value		9,291,000	9,291,000	11,157,000
Recurring | Contingent liabilities - CyDex
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		317,000	317,000	349,000
Recurring | Contingent liabilities - Metabasis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		2,400,000	2,400,000	3,358,000
Recurring | Contingent liabilities - Icagen
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		5,542,000	5,542,000	7,364,000
Recurring | Contingent liabilities - xCella
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		960,000	960,000	0
Recurring | Amounts owed to former licensor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		72,000	72,000	86,000
Recurring | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		123,248,000	123,248,000	290,697,000
Recurring | Investment in Viking common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		19,407,000	19,407,000
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		23,993,000	23,993,000	40,624,000
Liabilities, fair value		72,000	72,000	86,000
Recurring | Level 1 | Contingent liabilities - CyDex
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		0	0	0
Recurring | Level 1 | Contingent liabilities - Metabasis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		0	0	0
Recurring | Level 1 | Contingent liabilities - Icagen
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		0	0	0
Recurring | Level 1 | Contingent liabilities - xCella
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		0	0	0
Recurring | Level 1 | Amounts owed to former licensor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		72,000	72,000	86,000
Recurring | Level 1 | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		4,586,000	4,586,000	9,735,000
Recurring | Level 1 | Investment in Viking common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value				30,889,000
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		118,533,000	118,533,000	280,553,000
Liabilities, fair value		2,400,000	2,400,000	3,358,000
Recurring | Level 2 | Contingent liabilities - CyDex
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		0	0	0
Recurring | Level 2 | Contingent liabilities - Metabasis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		2,400,000	2,400,000	3,358,000
Recurring | Level 2 | Contingent liabilities - Icagen
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		0	0	0
Recurring | Level 2 | Contingent liabilities - xCella
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		0	0	0
Recurring | Level 2 | Amounts owed to former licensor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		0	0	0
Recurring | Level 2 | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		118,533,000	118,533,000	280,553,000
Recurring | Level 2 | Investment in Viking common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		0	0	0
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		129,000	129,000	409,000
Liabilities, fair value		6,819,000	6,819,000	7,713,000
Recurring | Level 3 | Contingent liabilities - CyDex
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		317,000	317,000	349,000
Recurring | Level 3 | Contingent liabilities - Metabasis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		0	0	0
Recurring | Level 3 | Contingent liabilities - Icagen
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		5,542,000	5,542,000	7,364,000
Recurring | Level 3 | Contingent liabilities - xCella
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		960,000	960,000	0
Recurring | Level 3 | Amounts owed to former licensor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		0	0	0
Recurring | Level 3 | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		129,000	129,000	409,000
Recurring | Level 3 | Investment in Viking common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		$ 0	$ 0	$ 0

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Level 3 Financial Instruments (Details) - Level 3 $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Financial and Nonfinancial Liabilities, Fair Value Disclosure [Roll Forward]
Fair value of level 3 financial instruments as of December 31, 2021	$ 7,713
Payments to CVR holders and other contingent payments	(1,545)
Fair value adjustments to contingent liabilities	(309)
Contingent liabilities from xCella asset acquisition	960
Fair value of level 3 financial instruments as of June 30, 2022	$ 6,819

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - reporting_unit	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Number of reporting units	2	1

Convertible Senior Notes - Narr

Convertible Senior Notes - Narrative (Details)	1 Months Ended		3 Months Ended	6 Months Ended		12 Months Ended
	Jan. 31, 2021 USD ($)	May 31, 2018 USD ($) d $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) option shares
Debt Instrument [Line Items]
Gain on extinguishment of debt				$ 3,326,000	$ (7,175,000)
Adjustments to additional paid-in-capital from warrants						$ 500,000
Payments to unwind warrants						18,400,000
Proceeds from unwinding convertible bond hedges						$ 18,900,000
Number of options under convertible bond hedges | option						598,021
Convertible Notes | 2023 Convertible Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)		0.75%
Aggregate principal amount outstanding		$ 750,000,000	$ 115,499,000	115,499,000		$ 343,301,000
Proceeds from debt, net of issuance costs		$ 733,100,000
Initial conversion rate (shares per $1,000)		0.0040244
Initial conversion price (USD per share) | $ / shares		$ 248.48
Debt issuance costs			$ 16,900,000	$ 16,900,000
Term of debt instrument				5 years
Effective interest rate (as a percent)			0.50%	0.50%
Total interest expense			$ 400,000	$ 1,200,000
Contractual interest expense			200,000	700,000
Amortized issuance costs			200,000	500,000
Repurchased amount of debt instrument	$ 20,300,000		62,000,000	227,800,000		152,000,000
Repayments of notes	19,100,000		60,000,000	223,700,000		156,000,000
Accrued interest portion of repurchased amount of debt instrument	$ 100,000		10,000	400,000		300,000
Outstanding principal amount of debt						$ 343,300,000
Gain on extinguishment of debt			1,800,000	3,300,000
Increase (decrease) in debt discount			$ 300,000	$ 1,200,000
Warrants issued in public offering (shares) | shares		3,018,327				2,559,254
Payments for convertible bond hedges		$ 140,300,000
Warrant exercise price (USD per share) | $ / shares		$ 315.38
Adjustments to additional paid-in-capital from warrants		$ 90,000,000
Accrued Interest						$ 300,000
Convertible Notes | 2023 Convertible Senior Notes | Maximum
Debt Instrument [Line Items]
Initial conversion rate (shares per $1,000)		0.0052317
Initial conversion price (USD per share) | $ / shares		$ 191.14
Convertible Notes | 2023 Convertible Senior Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Threshold trading days | d		20
Consecutive trading days | d		30
Stock price trigger to classify convertible debt as current (as a percent)		130%
Convertible Notes | 2023 Convertible Senior Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Threshold trading days | d		5
Consecutive trading days | d		10
Maximum threshold of debt trading price trigger (as a percent)		98%

Convertible Senior Notes - Note

Convertible Senior Notes - Notes Payable (Details) - Convertible Notes - 2023 Convertible Senior Notes - USD ($)	Jun. 30, 2022	Dec. 31, 2021	May 31, 2018
Notes Payable, Current and Noncurrent [Abstract]
Principal amount of the 2023 Notes outstanding	$ 115,499,000	$ 343,301,000	$ 750,000,000
Unamortized discount (including unamortized debt issuance cost)	(525,000)	(22,584,000)
Total long-term portion of notes payable	114,974,000	320,717,000
Fair value of the 2023 Notes outstanding (Level 2)	$ 110,590,000	$ 341,801,000

Income Tax (Details)

Income Tax (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Contingency [Line Items]
Effective income tax rate (as a percent)	(40.70%)	7.70%	21.60%	(25.00%)
Pfenex
Income Tax Contingency [Line Items]
Pfenex CVR adjustment amount		$ 34.1

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Plan and Restricted Stock Activity (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Stock Options
Shares
Balance at beginning of period (shares) | shares	2,199,598
Granted (shares) | shares	734,218
Options exercised (shares) | shares	(25,798)
Forfeited (shares) | shares	(30,417)
Balance at end of period (shares) | shares	2,877,601
Weighted-Average Exercise Price
Balance at beginning of period (USD per share) | $ / shares	$ 106
Granted (USD per share) | $ / shares	91.58
Options exercised (USD per share) | $ / shares	20.53
Forfeited (USD per share) | $ / shares	67.60
Balance at end of period (USD per share) | $ / shares	$ 103.50
Restricted Stock Awards
Restricted Stock Awards
Nonvested at beginning of period (shares) | shares	264,143
Granted (shares) | shares	186,526
RSUs vested (shares) | shares	(133,173)
Forfeited (shares) | shares	(1,378)
Nonvested at end of period (shares) | shares	316,118
Weighted-Average Grant Date Fair Value
Nonvested at beginning of period (USD per share) | $ / shares	$ 138.21
Granted (USD per share) | $ / shares	87.32
RSUs vested (USD per share) | $ / shares	120.66
Forfeited (USD per share) | $ / shares	137.16
Nonvested at end of period (USD per share) | $ / shares	$ 115.58

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)		3 Months Ended	6 Months Ended
	Sep. 11, 2019	Jun. 30, 2022	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding options that are exercisable (shares)		1,600,000	1,600,000
Outstanding options that are exercisable, weighted average exercise price (USD per share)		$ 102.1	$ 102.1
Employee Stock Purchase Plan
Authorized stock repurchase amount	$ 500,000,000
Period in force of stock repurchase program	3 years
Stock repurchased during period		$ 0	$ 0
Remaining authorized stock repurchase amount		$ 248,800,000	$ 248,800,000
Employee Stock Purchase Plan
Employee Stock Purchase Plan
Share purchase price as percent of market price (as a percent)			85%
Shares available for future purchases (shares)			38,007

Commitment and Contingencies__2

Commitment and Contingencies: Legal Proceedings (Details)	Oct. 31, 2019 civil_complaint
US District Court for the Northern District of Ohio
Loss Contingencies [Line Items]
Number of civil complaints filed against entity	3

Leases - Narrative (Details)

Leases - Narrative (Details) - Maximum	Jun. 30, 2022
Lessee, Lease, Description [Line Items]
Remaining lease term of operating leases	10 years
Lease renewal term of operating leases	5 years

Leases - Operating and Finance

Leases - Operating and Finance Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Operating lease assets	$ 24,711	$ 16,542
Finance lease assets	15,032	16,207
Total lease assets	39,743	32,749
Current liabilities:
Current operating lease liabilities	2,501	2,053
Current financing lease liabilities	50	46
Current lease liabilities	2,551	2,099
Noncurrent liabilities:
Long-term operating lease liabilities	27,088	15,494
Long-term finance lease liabilities	27	58
Total lease liabilities	$ 29,666	$ 17,651

Leases - Maturity of Operating

Leases - Maturity of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Leases [Abstract]
Remaining six months ending December 31, 2022	$ 2,459
2023	4,634
2024	3,873
2025	3,811
2026	4,024
2027	4,128
Thereafter	14,760
Total lease payments	37,689
Less estimated tenant improvement allowance:	(1,358)
Less imputed interest	(6,742)
Present value of lease liabilities	$ 29,589