Ligand Pharmaceuticals Incorporated (LGND) Balance Sheet
LGND balance sheet, 2025
December 31, 2025 · U.S. dollars$1.56B assets = $543.4M liabilities + $1.02B equity
Both columns are drawn to the same scale: what LGND owns equals what it owes plus shareholders’ equity. Hover a block for its value.
LGND financial health
Descriptive bands, not a rating. Fiscal 2025.
LGND balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $601.6M2016 | $1.56B2025 | +11.2%/yr | |
| Total liabilities | $230.7M2016 | $543.4M2025 | +10.0%/yr | |
| Shareholders’ equity | $370.9M2016 | $1.02B2025 | +11.9%/yr | |
| Cash & short-term investments | $141.0M2016 | $733.5M2025 | +20.1%/yr | |
| Total debt | $242.5M2016 | $451.5M2025 | +7.2%/yr | |
| Net cash (debt) | −$101.4M2016 | $282.0M2025 | +$383.5M | |
| Working capital | −$64.1M2016 | $794.8M2025 | +$858.9M | |
| Book value per share | $17.802016 | $50.122025 | +12.2%/yr | |
| Debt / equity | 0.652016 | 0.442025 | −0.21 | |
| Shares outstanding | 20.8M2016 | 20.3M2025 | −0.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LGND assets
LGND liabilities and equity
LGND debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
LGND balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $733.5M | $256.2M | $170.3M | $211.9M | $341.1M | $411.2M | $1.07B | $764.6M | $201.7M | $141.0M |
| Cash & equivalents | $174.9M | $72.3M | $23.0M | $45.0M | $19.5M | $47.6M | $71.5M | $718.4M | $201.7M | $141.0M |
| Short-term investments | $558.6M | $183.9M | $147.4M | $166.9M | $321.6M | $363.6M | $998.3M | $46.2M | $181.0M | $122.3M |
| Receivables | $61.0M | $42.4M | $39.3M | $35.0M | $91.6M | $59.1M | $41.7M | $55.9M | $29.5M | $17.9M |
| Inventory | $9.1M | $14.1M | $24.0M | $13.3M | $27.3M | $26.5M | $7.3M | $7.1M | $4.4M | $1.9M |
| Other current assets | $28.6M | $18.8M | $3.8M | $3.4M | $4.7M | $3.8M | $4.7M | $43.0M | $1.5M | $2.2M |
| Total current assets | $832.3M | $331.6M | $237.4M | $263.6M | $464.8M | $500.6M | $1.12B | $870.5M | $237.0M | $163.1M |
| Property, plant & equipment (net) | $10.8M | $24.8M | $25.1M | $27.5M | $32.6M | $37.2M | $17.6M | $5.4M | $4.2M | $1.8M |
| Goodwill & intangible assets | $523.9M | $371.9M | $403.0M | $458.3M | $492.5M | $796.0M | $325.8M | $337.9M | $334.1M | $302.7M |
| Long-term investments | $364.8M | $195.9M | $48.3M | $3.0M | $0 | $0 | $0 | $0 | $6.4M | $8.3M |
| Other non-current assets | $0 | $17.6M | $73.4M | $10.3M | $307.8M | $28.6M | $27.9M | $47.0M | $89.3M | $125.6M |
| Total assets | $1.56B | $941.8M | $787.2M | $762.7M | $1.30B | $1.36B | $1.49B | $1.26B | $671.0M | $601.6M |
| Liabilities | ||||||||||
| Accounts payable | $3.2M | $5.2M | $2.4M | $5.3M | $8.4M | $3.8M | $2.4M | $4.2M | $9.6M | $9.1M |
| Short-term debt | $1.1M | $1.3M | $410,000 | $77.4M | $1.4M | $8.5M | $1.3M | $26.4M | $224.5M | $212.9M |
| Deferred revenue | $621,000 | $1.9M | $1.8M | $976,000 | $654,000 | $29.4M | $2.1M | $3.3M | $173,000 | — |
| Total current liabilities | $37.4M | $37.1M | $16.8M | $98.8M | $41.7M | $100.1M | $17.0M | $82.2M | $238.9M | $227.1M |
| Long-term debt | $446.2M | $0 | $0 | $0 | $320.7M | $442.3M | $639.0M | $609.9M | $18.9M | $29.6M |
| Lease obligations | $5.3M | $7.1M | $6.2M | $11.1M | $15.5M | $12.2M | $11.2M | — | — | — |
| Other long-term liabilities | $59.8M | $74.2M | $69.5M | $66.4M | $114.0M | $110.4M | $71.7M | $7.8M | $0 | $0 |
| Total liabilities | $543.4M | $111.3M | $86.3M | $165.2M | $476.4M | $652.8M | $727.7M | $699.9M | $252.4M | $230.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $20,000 | $20,000 | $18,000 | $17,000 | $17,000 | $16,000 | $17,000 | $21,000 | $798.2M | $769.7M |
| Retained earnings (deficit) | $608.1M | $499.0M | $503.0M | $450.9M | $449.1M | $392.0M | $400.1M | −$229.2M | −$400.9M | −$431.1M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $8.5M | −$5.9M | −$817,000 | −$984,000 | −$917,000 | −$801,000 | −$216,000 | −$1.0M | $2.5M | $2.7M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $1.02B | $830.4M | $700.9M | $597.5M | $821.2M | $709.5M | $767.2M | $560.9M | $418.6M | $370.9M |
| Key figures | ||||||||||
| Total debt | $451.5M | $7.1M | $6.2M | $87.7M | $324.4M | $456.4M | $650.2M | $636.3M | $243.4M | $242.5M |
| Net cash (debt) | $282.0M | $249.1M | $164.1M | $124.1M | $16.7M | −$45.2M | $419.7M | $128.3M | −$41.7M | −$101.4M |
| Working capital | $794.8M | $294.4M | $220.6M | $164.8M | $423.1M | $400.4M | $1.11B | $788.3M | −$1.8M | −$64.1M |
| Tangible book value | $493.4M | $458.5M | $297.9M | $139.2M | $328.7M | −$86.4M | $441.5M | $223.0M | $84.6M | $68.1M |
| Book value per share | $50.12 | $45.40 | $39.47 | $35.42 | $47.61 | $43.84 | $38.83 | $23.31 | $17.83 | $17.80 |
| Shares outstanding | 20.3M | 18.3M | 17.8M | 16.9M | 17.2M | 16.2M | 19.8M | 24.1M | 23.5M | 20.8M |
| Current ratio | 22.23 | 8.93 | 14.15 | 2.67 | 11.15 | 5.00 | 66.09 | 10.58 | 0.99 | 0.72 |
| Quick ratio | 21.22 | 8.05 | 12.49 | 2.50 | 10.39 | 4.70 | 65.38 | 9.97 | 0.97 | 0.70 |
| Debt / equity | 0.44 | 0.01 | 0.01 | 0.15 | 0.40 | 0.64 | 0.85 | 1.13 | 0.58 | 0.65 |
| Equity / assets | 65.2% | 88.2% | 89.0% | 78.3% | 63.3% | 52.1% | 51.3% | 44.5% | 62.4% | 61.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.36B | $779.4M | $733.5M | $664.5M | $255.3M | $208.9M | $256.2M | $219.6M | $226.9M | $310.6M | $170.3M | $190.5M |
| Cash & equivalents | $1.01B | $115.1M | $174.9M | $139.4M | $67.7M | $48.0M | $72.3M | $63.6M | $18.1M | $50.1M | $23.0M | $19.3M |
| Short-term investments | $351.1M | $664.3M | $558.6M | $525.1M | $187.6M | $160.9M | $183.9M | $156.0M | $208.8M | $260.5M | $147.4M | $171.2M |
| Receivables | $69.9M | $54.8M | $61.0M | $58.1M | $42.1M | $42.8M | $42.4M | $42.1M | $37.5M | $28.4M | $39.3M | $36.0M |
| Inventory | $10.3M | $13.3M | $9.1M | $11.9M | $12.9M | $11.8M | $14.1M | $13.4M | $14.5M | $21.3M | $24.0M | $25.4M |
| Other current assets | $19.2M | $17.9M | $28.6M | $19.4M | $42.6M | $45.8M | $18.8M | $34.2M | $33.4M | $8.5M | $3.8M | $2.1M |
| Total current assets | $1.46B | $865.4M | $832.3M | $753.9M | $352.9M | $309.3M | $331.6M | $309.4M | $312.3M | $368.9M | $237.4M | $254.0M |
| Property, plant & equipment (net) | $6.4M | $10.3M | $10.8M | $11.1M | $11.6M | $10.5M | $24.8M | $25.2M | $25.5M | $24.4M | $25.1M | $26.0M |
| Goodwill & intangible assets | $310.8M | $512.4M | $523.9M | $335.1M | $351.7M | $359.9M | $371.9M | $380.2M | $388.4M | $396.7M | $403.0M | $425.2M |
| Long-term investments | $351.1M | $312.8M | $364.8M | $355.1M | $204.5M | $199.2M | $195.9M | $212.4M | $93.7M | $112.7M | $48.3M | $47.2M |
| Other non-current assets | $60.4M | $0 | $0 | $21.6M | $27.9M | $26.5M | $17.6M | $27.7M | $46.6M | $11.2M | $73.4M | $16.9M |
| Total assets | $2.19B | $1.53B | $1.56B | $1.48B | $948.6M | $905.4M | $941.8M | $954.9M | $866.4M | $913.9M | $787.2M | $769.2M |
| Liabilities | ||||||||||||
| Accounts payable | $9.4M | $5.3M | $3.2M | $27.8M | $8.6M | $5.4M | $5.2M | $4.7M | $1.8M | $1.9M | $2.4M | $2.5M |
| Short-term debt | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $883,000 | $1.3M | $1.1M | $1.2M | $1.0M | $410,000 | $497,000 |
| Deferred revenue | $621,000 | $621,000 | $621,000 | $135,000 | $732,000 | $722,000 | $1.9M | $1.8M | $1.8M | $1.8M | $1.8M | $621,000 |
| Total current liabilities | $46.7M | $40.7M | $37.4M | $30.5M | $64.7M | $58.7M | $37.1M | $24.8M | $18.6M | $17.8M | $16.8M | $15.7M |
| Long-term debt | $1.13B | $446.9M | $446.2M | $445.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $4.9M | $5.1M | $5.3M | $5.5M | $5.7M | $4.4M | $7.1M | $7.4M | $7.6M | $6.2M | $6.2M | $6.3M |
| Other long-term liabilities | $45.0M | $47.2M | $59.8M | $50.6M | $55.3M | $51.2M | $74.2M | $88.9M | $72.6M | $89.5M | $69.5M | $85.6M |
| Total liabilities | $1.22B | $534.8M | $543.4M | $526.6M | $120.1M | $109.9M | $111.3M | $113.7M | $91.2M | $107.3M | $86.3M | $101.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $19,000 | $19,000 | $18,000 | $18,000 | $18,000 |
| Retained earnings (deficit) | $583.3M | $594.7M | $608.1M | $578.2M | $461.4M | $456.5M | $499.0M | $530.1M | $537.2M | $589.2M | $503.0M | $484.8M |
| Accumulated other comprehensive income | $4.5M | $5.4M | $8.5M | $9.3M | $8.5M | −$1.6M | −$5.9M | $1.7M | −$935,000 | −$910,000 | −$817,000 | −$944,000 |
| Total shareholders' equity | $967.5M | $997.3M | $1.02B | $950.2M | $828.5M | $795.5M | $830.4M | $841.2M | $775.2M | $806.5M | $700.9M | $667.9M |
| Key figures | ||||||||||||
| Total debt | $1.13B | $452.0M | $451.5M | $451.0M | $5.7M | $4.4M | $7.1M | $7.4M | $7.6M | $6.2M | $6.2M | $6.3M |
| Net cash (debt) | $226.3M | $327.4M | $282.0M | $213.5M | $249.6M | $204.5M | $249.1M | $212.3M | $219.3M | $304.4M | $164.1M | $184.2M |
| Working capital | $1.41B | $824.7M | $794.8M | $723.4M | $288.2M | $250.6M | $294.4M | $284.6M | $293.7M | $351.1M | $220.6M | $238.3M |
| Tangible book value | $656.7M | $484.9M | $493.4M | $615.1M | $476.9M | $435.6M | $458.5M | $461.0M | $386.8M | $409.9M | $297.9M | $242.7M |
| Book value per share | $44.31 | $50.16 | $48.12 | $47.11 | $41.58 | $41.45 | $43.77 | $45.67 | $43.00 | $44.51 | $39.65 | $38.43 |
| Shares outstanding | 21.8M | 19.9M | 21.1M | 20.2M | 19.9M | 19.2M | 19.0M | 18.4M | 18.0M | 18.1M | 17.7M | 17.4M |
| Current ratio | 31.18 | 21.28 | 22.23 | 24.69 | 5.45 | 5.27 | 8.93 | 12.49 | 16.82 | 20.70 | 14.15 | 16.15 |
| Quick ratio | 30.55 | 20.51 | 21.22 | 23.66 | 4.59 | 4.29 | 8.05 | 10.57 | 14.24 | 19.03 | 12.49 | 14.40 |
| Debt / equity | 1.17 | 0.45 | 0.44 | 0.47 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Equity / assets | 44.3% | 65.1% | 65.2% | 64.3% | 87.3% | 87.9% | 88.2% | 88.1% | 89.5% | 88.3% | 89.0% | 86.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
LGND financial position
At the end of fiscal 2025 (December 31, 2025), Ligand Pharmaceuticals had total assets of $1.6 billion (up 65.7% from a year earlier), total liabilities of $543.4 million and shareholders' equity of $1.0 billion. It held $733.5 million in cash and short-term investments against $451.5 million of debt, a net cash position of $282.0 million. Its current ratio was 22.23. In the latest quarter (ended June 30, 2026) total assets were $2.2 billion and equity $967.5 million.
Related: LGND income statement, LGND cash flow statement, LGND key metrics. See the LGND stock overview for the latest quote and news.
LGND balance sheet FAQ
What are Ligand Pharmaceuticals's total assets?
Ligand Pharmaceuticals reported total assets of $1.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $941.8 million a year earlier.
How much debt does Ligand Pharmaceuticals have?
Ligand Pharmaceuticals had $451.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.44.
How much cash does Ligand Pharmaceuticals have?
Ligand Pharmaceuticals held $733.5 million in cash and short-term investments at the end of fiscal 2025; with $451.5 million of debt that is net cash of $282.0 million.
What is Ligand Pharmaceuticals's book value?
Ligand Pharmaceuticals's shareholders' equity (book value) was $1.0 billion at the end of fiscal 2025, or $50.12 per share.
What is Ligand Pharmaceuticals's current ratio?
Ligand Pharmaceuticals had current assets of $832.3 million and current liabilities of $37.4 million, a current ratio of 22.23 (it can cover its short-term obligations).
How much goodwill does Ligand Pharmaceuticals have?
Ligand Pharmaceuticals carried $523.9 million of goodwill and intangible assets, 33.6% of total assets, at the end of fiscal 2025.