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Ligand
Reports Fourth Quarter and Full Year 2023 Financial Results
2024-02-27
·
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Conference Call and Webcast at 8:30 a.m. Eastern Time Today SAN DIEGO--(BUSINESS WIRE)--
Ligand Pharmaceuticals Inc.
(Nasdaq: LGND) today reported financial results for the three and twelve months ended December 31, 2023, and provided an operating forecast and business updates.
Ligand
management will host a conference call and webcast today beginning at 8:30 a.m. Eastern time to discuss this announcement and answer questions. “2023 was a transformative year for
Ligand
, both operationally and financially. We refocused the company to be a lean-infrastructure, high-margin business,” said Todd Davis, CEO of
Ligand
. “We enhanced our deal making capabilities with the strengthening of our senior team and opening of a Boston office. These initiatives will help us execute on a larger scale and continue to expand our portfolio through a focus on life science royalty opportunities. We are now well positioned and resourced to close on multiple new investments. We also saw important clinical and regulatory events across our existing partnered assets and expect this momentum will continue in 2024 and beyond.” Fourth Quarter 2023 Financial Results Total revenues for the fourth quarter of 2023 were $28.1 million. Revenues for the same period in 2022 excluding sales related to
COVID-19
were to $26.8 million. Total revenues for the fourth quarter of 2022 including
COVID-19
related sales were $50.4 million. Royalties for the fourth quarter of 2023 were $22.5 million, compared with $22.0 million for the same period in 2022. Core
Captisol
Captisol
® sales (excluding sales of
Captisol
Captisol
related to
COVID-19
) were $3.9 million for the fourth quarter of 2023, compared with $3.3 million for the same period in 2022. There were no
Captisol
Captisol
sales related to treatments for
COVID-19
for the fourth quarter of 2023, compared with $23.5 million for the same period in 2022. Contract revenue was $1.7 million for the fourth quarter of 2023, compared with $1.5 million for the same period in 2022, with the difference due to the timing of partner milestone events. Costs of
Captisol
Captisol
sales were $1.6 million for the fourth quarter of 2023, compared with $21.6 million for the same period in 2022, with the decrease due to lower total
Captisol
Captisol
sales during the fourth quarter of 2023 and $9.8 million in accelerated depreciation on
Captisol
Captisol
manufacturing equipment during the fourth quarter of 2022. Amortization of intangibles was $8.3 million for the fourth quarter of 2023, compared with $8.5 million for the same period in 2022. Research and development expenses were $5.5 million for the fourth quarter of 2023, compared with $9.2 million for the same period in 2022, with the decrease attributed to lower stock-based compensation, employee related expenses and lab supply expenses. General and administrative expenses were $16.0 million for the fourth quarter of 2023, compared with $31.1 million for the same period in 2022, with the decrease primarily attributed to lower stock-based compensation and employee related expenses for the fourth quarter of 2023 and a one-time stock compensation expense associated with the retirement of our former CEO in the fourth quarter of 2022. Net income from continuing operations for the fourth quarter of 2023 was $18.2 million, or $1.03 per diluted share, compared to a net loss of $14.5 million, or $0.86 per share, for the same period in 2022. Net income from continuing operations for the fourth quarter of 2023 included a $16.0 million gain in short term investment primarily driven by an increase in the value of our holdings in
Viking Therapeutics
(Nasdaq: VKTX) stock. The net loss for the fourth quarter of 2022 was impacted by the aforementioned
Captisol
equipment accelerated depreciation, a one-time stock compensation expense and a $24.8 million deferred tax asset valuation allowance during the fourth quarter of 2022, which was partially offset by a non-cash gain of $44.2 million from the value of
Ligand
's short-term investments. Adjusted net income from continuing operations for the fourth quarter of 2023 was $24.4 million, or $1.38 per diluted share, compared to $23.5 million, or $1.36 per diluted share, for the same period in 2022. Excluding the impact of gains from sales of
Viking Therapeutics
stock and gross profit from
Captisol
Captisol
sales related to
COVID-19
, core adjusted net income for the fourth quarter of 2023 was $18.6 million, or $1.05 per diluted share, compared with $13.0 million, or $0.75 per diluted share, for the same period in 2022. The table below shows a reconciliation of net income (loss) from continuing operations to adjusted net income from continuing operations. As of December 31, 2023,
Ligand
had cash, cash equivalents and short-term investments of $170.3 million. Full Year 2023 Financial Results Total revenues for 2023 were $131.3 million. Revenues for 2022, excluding
Captisol
Captisol
sales related to
COVID-19
, were $108.2 million. Total revenues for 2022 including
COVID-19
related sales were $196.2 million. Royalties for 2023 were $83.9 million, compared with $72.5 million for 2022, with the increase primarily attributable to the increase in sales of
Kyprolis
®,
Rylaze
®,
Vaxneuvance
™ and
Pneumosil
®. Core
Captisol
Captisol
sales were $28.4 million for 2023, compared with $16.4 million for 2022. The difference in sales was due to the timing of customer orders. There were no
Captisol
Captisol
sales related to
COVID-19
in 2023, compared with $88.1 million in 2022. Contract revenue for 2023 was $19.0 million, compared to $19.2 million for 2022. Cost of
Captisol
Captisol
sales were $10.5 million for 2023, compared to $52.8 million for 2022, with the decrease due to lower total sales of
Captisol
Captisol
during 2023 and $9.8 million in accelerated depreciation on
Captisol
Captisol
manufacturing equipment during 2022. Amortization of intangibles was $33.7 million for 2023, compared with $34.2 million for 2022. Research and development expenses were $24.5 million for 2023, compared with $36.1 million for 2022, with the decrease primarily attributed to lower share-based compensation and employee-related expenses, partially offset by an increase in R&D expenses due to the
Novan
acquisition. General and administrative expenses were $52.8 million for 2023, compared with $70.1 million for 2022, with the decrease primarily attributable to decreases in share-based compensation expenses including a one-time charge associated with the retirement of our former CEO in the fourth quarter of 2022, and employee-related expenses. In September 2023,
Ligand
spun out its
Pelican
subsidiary through a merger with
Primordial Genetics
, to form a privately held company,
Primrose Bio
, which resulted in a gain on the sale of
Pelican
in the amount of $2.1 million for 2023. Net income from continuing operations for 2023 was $53.8 million, or $3.03 per diluted share, compared to a net loss from continuing operations of $5.2 million, or $0.31 per share for 2022. The increase in net income from the prior year is due primarily to the aforementioned
Captisol
equipment accelerated depreciation in 2022, a one-time stock compensation expense and a $24.8 million deferred tax asset valuation allowance during 2022; partially offset by an increase in gain from short-term investments which increased to $46.4 million in 2023 from $28.5 million in 2022. Adjusted net income from continuing operations for 2023 was $107.4 million or $6.09 per diluted share, compared with $82.2 million, or $4.79 per diluted share for 2022. Excluding the impact of gains from sales of
Viking Therapeutics
stock and gross profit from
Captisol
Captisol
sales related to
COVID-19
, core adjusted net income for 2023 was $71.7 million, or $4.06 per diluted share, compared with $41.9 million, or $2.44 per diluted share, for 2022. The table below shows a reconciliation of net income (loss) from continuing operations to adjusted net income from continuing operations. 2024 Financial Guidance
Ligand
is reaffirming 2024 financial guidance introduced at its Investor and Analyst Day held on December 12, 2023. The Company expects 2024 royalties ranging from $90 million to $95 million, sales of
Captisol
Captisol
ranging from $25 million to $27 million and contract revenue ranging from $15 million to $20 million. These revenue components result in total revenue forecast of $130 million to $142 million.
Ligand
notes that with total revenue of $130 million to $142 million, adjusted earnings per diluted share are expected to range from approximately $4.25 to $4.75. Fourth Quarter 2023 and Recent Business Highlights On January 5, 2024, the
U.S. Food and Drug Administration (FDA)
approved
ZELSUVMI
™ (
berdazimer
topical gel, 10.3%) as a first-in-class medication for the treatment of
molluscum contagiosum
in adults and pediatric patients one year of age or older.
Ligand
acquired
ZELSUVMI
through its acquisition of assets from
Novan
, along with other assets.
ZELSUVMI
is the first and only topical prescription medication that can be applied by patients, parents, or caregivers at home to treat this highly contagious
viral skin infection
.
Merck
(NYSE: MRK) announced the FDA accepted for priority review a new BLA for
V116
, its investigational 21-valent pneumococcal conjugate vaccine specifically designed to help prevent invasive pneumococcal disease and
pneumonia
in adults. The FDA grants priority review to medicines and vaccines that, if approved, would provide a significant improvement in the safety or effectiveness of the treatment or prevention of a serious condition. The FDA has set a Prescription Drug User Fee Act (PDUFA) target action date of June 17, 2024. If approved,
Ligand
is entitled to a low single digit royalty on worldwide net sales.
Sermonix Pharmaceuticals
(private) announced it entered into a strategic collaboration and exclusive license agreement with
Henlius
for the rights to develop, manufacture and commercialize
Sermonix
's lead investigational drug,
lasofoxifene
, in China. Under the terms of the agreement,
Henlius
will receive exclusive rights and sublicenses to
lasofoxifene
for at least two estrogen receptor-positive (ER+)/HER2- breast cancer indications in the territory, with
Sermonix
retaining all other global rights.
Sermonix
plans to work with
Henlius
to accelerate the clinical development of the Phase 3 ELAINE-3 multi-regional clinical trial in China, making
lasofoxifene
available to Chinese patients as soon as possible.
Travere Therapeutics
(Nasdaq: TVTX) announced a successful pre-NDA meeting for
FILSPARI
® in
IgA Nephropathy (IgAN)
. After meeting with the FDA,
Travere
plans to submit a supplemental New Drug Application (sNDA) in the first quarter of 2024 for conversion of the existing U.S. Accelerated Approval of
FILSPARI
to full approval.
Travere
also completed regulatory engagement on
focal segmental glomerulosclerosis (FSGS)
in which the FDA communicated that the Phase 3 DUPLEX study results alone are not sufficient to support an sNDA submission for an FSGS indication for
FILSPARI
. As a result,
Travere
plans to conduct additional analyses of FSGS data with plans to re-engage the FDA in 2024 and is implementing a strategic reorganization to focus near-term resources on the ongoing
FILSPARI
launch in
IgAN
.
Travere
also announced fourth quarter 2023 results reporting that it received 459 new patient start forms for
FILSPARI
in the fourth quarter of 2023 and net product sales of $14.9 million for the fourth quarter.
Eisai Co., Ltd.
has obtained marketing authorization approval from the Japanese Ministry of Health, Labour and Welfare for the
Captisol
Captisol
-enabled™ injection formulation of its antiepileptic drug (AED)
Fycompa
® (
perampanel
) in Japan as an alternative therapy when oral administration is temporarily not possible.
Fycompa
is a first-in-class AED discovered and developed by
Eisai
.
Aldeyra Therapeutics
(Nasdaq: ALDX) announced receipt of a Complete Response Letter (CRL) from the FDA for the NDA of
reproxalap
, an investigational drug candidate, for the treatment of
dry eye disease
. The potential NDA resubmission is anticipated in the first half of 2024, pending FDA special protocol assessment (SPA) feedback and positive results from the proposed trial.
Aldeyra
intends to include in the potential NDA resubmission a draft label describing chronic and acute symptomatic benefit, in addition to acute reduction in ocular redness of
reproxalap
. The review period for the potential NDA resubmission is expected to be six months.
Palvella Therapeutics
(private) announced that the FDA has granted Breakthrough Therapy Designation to
QTORIN rapamycin
™ for the treatment of
microcystic lymphatic malformations (Microcystic LMs)
. Microcystic LMs is a chronically debilitating and lifelong
genetic disease
affecting an estimated more than 30,000 patients in the U.S. There are currently no FDA-approved treatments for Microcystic LMs. In November,
Viking Therapeutics, Inc.
(Nasdaq: VKTX) announced the presentation of new results from the ongoing Phase 2b clinical trial of
VK2809
, a novel liver-selective
thyroid hormone receptor beta agonist
thyroid hormone receptor beta
agonist, in patients with biopsy-confirmed
non-alcoholic steatohepatitis (NASH)
. The latest findings from the VOYAGE study were featured in a late breaking poster presentation at the Liver Meeting® 2023, the annual meeting of the American Association for the Study of
Liver Diseases
(AASLD). The newly reported findings demonstrated robust and comparable liver fat reductions among patients with or without
Type 2 diabetes
, as well as patients with either
F2 or F3 fibrosis
.
Verona Pharma
(Nasdaq: VRNA) announced they have entered into a debt financing facility providing the company with access to up to $400 million from funds managed by
Oxford Finance LLC
and Hercules Capital, Inc. The debt facility provides non-dilutive capital and further financial flexibility to support
Verona Pharma
’s continued growth, including the planned commercial launch of
ensifentrine
. The debt facility replaces the existing facility of up to $150 million with an affiliate of Oxford. Adjusted Financial Measures
Ligand
reports adjusted net income and adjusted net income per diluted share in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company’s financial measures under GAAP include share-based compensation expense, amortization of debt-related costs, amortization related to acquisitions and intangible assets, changes in contingent liabilities, mark-to-market adjustments for amounts relating to its equity investments in public companies, excess tax benefit from share-based compensation, transaction costs, income tax affect of adjusted reconciling items and others that are listed in the itemized reconciliations between GAAP and adjusted financial measures included at the end of this press release. However, the Company does not provide reconciliations of such forward-looking adjusted measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for changes in contingent liabilities, changes in the market value of its investments in public companies, share-based compensation expense and the effects of any discrete income tax items. Management has excluded the effects of these items in its adjusted measures to assist investors in analyzing and assessing the Company’s past and future core operating performance. Additionally, adjusted earnings per diluted share is a key component of the financial metrics utilized by the Company’s board of directors to measure, in part, management’s performance and determine significant elements of management’s compensation. Conference Call
Ligand
management will host a conference call and webcast today beginning at 8:30 a.m. Eastern time (5:30 a.m. Pacific time) to discuss this announcement and answer questions. To participate via telephone, please dial (800) 715-9871 (North America toll-free number) using the conference ID 875533. International participants outside of Canada may use the toll number (647) 932-3411 and use the same conference ID. To participate via live or replay webcast, a link is available at . About
Ligand Pharmaceuticals
Ligand
is a biopharmaceutical company enabling scientific advancement through supporting the clinical development of high-value medicines.
Ligand
does this by providing financing, licensing our technologies or both. Our business model seeks to generate value for stockholders by creating a diversified portfolio of biotech and pharmaceutical product revenue streams that are supported by an efficient and low corporate cost structure. Our goal is to offer investors an opportunity to participate in the promise of the biotech industry in a profitable and diversified manner. Our business model is based on funding programs in mid- to late-stage drug development in return for economic rights and licensing our technology to help partners discover and develop medicines. We partner with other pharmaceutical companies to attempt to leverage what they do best (late-stage development, regulatory management and commercialization) in order to generate our revenue. Our
Captisol
Captisol
® platform technology is a chemically modified cyclodextrin with a structure designed to optimize the solubility and stability of drugs. We have established multiple alliances, licenses and other business relationships with the world’s leading pharmaceutical companies including
Amgen
,
Merck
,
Pfizer
, Jazz,
Takeda
,
Gilead Sciences
and
Baxter International
. For more information, please visit . Follow
Ligand
on X (f/k/a Twitter) @Ligand_LGND. We use our investor relations website and X as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Investors should monitor our website and our X account, in addition to following our press releases, SEC filings, public conference calls and webcasts. Forward-Looking Statements This news release contains forward-looking statements by
Ligand
that involve risks and uncertainties and reflect
Ligand
's judgment as of the date of this release. Words such as “plans,” “believes,” “expects,” “anticipates,” and “will,” and similar expressions, are intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements regarding:
Ligand
’s ability to expand its portfolio with life sciences royalty opportunities; the timing of clinical and regulatory events of
Ligand
’s partners; the timing of the initiation or completion of preclinical studies and clinical trials by
Ligand
and its partners; the timing of product launches by
Ligand
or its partners; and guidance regarding the full-year 2024 financial results. Actual events or results may differ from
Ligand
's expectations due to risks and uncertainties inherent in
Ligand
’s business, including, without limitation:
Ligand
relies on collaborative partners for milestone payments, royalties, materials revenue, contract payments and other revenue projections and may not receive expected revenue;
Ligand
may not receive expected revenue from
Captisol
material sales;
Ligand
and its partners may not be able to timely or successfully advance any product(s) in its internal or partnered pipeline or receive regulatory approval and there may not be a market for the product(s) even if successfully developed and approved;
Ligand
may not achieve its guidance for 2024;
Ligand
faces competition in acquiring royalties and locating suitable royalties to acquire;
Ligand
may not be able to create future revenues and cash flows through the acquisition of royalties or by developing innovative therapeutics; products under development by
Ligand
or its partners may not receive regulatory approval; the total addressable market for our partners’ products may be smaller than estimated;
Ligand
faces competition with respect to its technology platforms which may demonstrate greater market acceptance or superiority;
Ligand
is currently dependent on a single source sole supplier for
Captisol
and failures by such supplier may result in delays or inability to meet the
Captisol
demands of its partners;
Ligand
’s partners may change their development focus and may not execute on their sales and marketing plans for marketed products for which
Ligand
has an economic interest;
Ligand
’s and its partners’ products may not be proved to be safe and efficacious and may not perform as expected and uncertainty regarding the commercial performance of such products;
Ligand
or its partners may not be able to protect their intellectual property and patents covering certain products and technologies may be challenged or invalidated;
Ligand
's partners may terminate any of its agreements or development or commercialization of any of its products;
Ligand
and its partners may experience delays in the commencement, enrollment, completion or analysis of clinical testing for its product candidates, or significant issues regarding the adequacy of its clinical trial designs or the execution of its clinical trials, challenges, costs and charges associated with integrating acquisitions with
Ligand
’s existing businesses;
Ligand
may not be able to successfully commercialize
Novan
's berdazimer program and may not be able to outlicense or sell
Novan
's programs or assets;
Ligand
may not be able to successfully implement its strategic growth plan and continue the development of its proprietary programs; restrictions under
Ligand
's credit agreement may limit its flexibility in operating its business and a default under the agreement could result in a foreclosure of the collateral securing such obligations; changes in general economic conditions, including as a result of war, conflict or epidemic diseases and ongoing or future litigation could expose
Ligand
to significant liabilities and have a material adverse effect on the company. The failure to meet expectations with respect to any of the foregoing matters may reduce
Ligand
's stock price. Additional information concerning these and other risk factors affecting
Ligand
can be found in prior press releases available at as well as in
Ligand
's public periodic filings with the Securities and Exchange Commission available at .
Ligand
disclaims any intent or obligation to update these forward-looking statements beyond the date of this release, including the possibility of additional license fees and milestone revenues we may receive. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Other Disclaimers and Trademarks The information in this press release regarding certain third-party products and programs, including
V116
, a
Merck
product candidate,
FILSPARI
, a
Travere Therapeutics
product, Fycompa, an
Eisai Co. Ltd.
, product,
reproxalap
, an
Aldeyra Therapeutics
product candidate, and
QTORIN
, a
Palvella Therapeutics
product candidate, comes from information publicly released by the owners of such products and programs.
Ligand
is not responsible for, and has no role in, the development of such products or programs.
Ligand
owns or has rights to trademarks and copyrights that it uses in connection with the operation of its business including its corporate name, logos and websites. Other trademarks and copyrights appearing in this press release are the property of their respective owners. The trademarks
Ligand
owns include
Ligand
®,
Captisol
Captisol
® , and
ZELSUVMI
, a
Novan
product. Solely for convenience, some of the trademarks and copyrights referred to in this press release are listed without the ®, © and ™ symbols, but
Ligand
will assert, to the fullest extent under applicable law, its rights to its trademarks and copyrights. LIGAND PHARMACEUTICALS INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share amounts) Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Revenues: Royalties $ 22,463 $ 22,019 $ 83,910 $ 72,527
Captisol
- Core 3,922 3,347 28,372 16,429
Captisol
- COVID — 23,533 — 88,066 Contract revenue 1,716 1,483 19,032 19,223 Total revenues 28,101 50,382 131,314 196,245 Operating costs and expenses: Cost of
Captisol
1,641 21,614 10,512 52,827 Amortization of intangibles 8,338 8,539 33,654 34,237 Research and development 5,488 9,197 24,537 36,082 General and administrative 15,992 31,131 52,790 70,062 Total operating costs and expenses 31,459 70,481 121,493 193,208 Gain on sale of
Pelican
— — (2,121 ) — (Loss) income from operations (3,358 ) (20,099 ) 11,942 3,037 Gain from short-term investments 16,025 44,248 46,365 28,540 Interest income, net 1,562 783 7,055 247 Gain on derivative instruments 250 — 250 — Other income (expense), net 2,618 (792 ) (1,952 ) 4,187 Total other income, net 20,455 44,239 51,718 32,974 Income before income taxes 17,097 24,140 63,660 36,011 Income tax benefit (expense) 1,091 (38,674 ) (9,841 ) (41,230 ) Net income (loss) from continuing operations 18,188 (14,534 ) 53,819 (5,219 ) Net loss from discontinued operations — (2,951 ) (1,665 ) (28,142 ) Net income (loss): $ 18,188 $ (17,485 ) $ 52,154 $ (33,361 ) Basic net income (loss) from continuing operations per share $ 1.04 $ (0.86 ) $ 3.11 $ (0.31 ) Basic net loss from discontinued operations per share $ — $ (0.17 ) $ (0.10 ) $ (1.67 ) Basic net income (loss) per share $ 1.04 $ (1.04 ) $ 3.02 $ (1.98 ) Shares used in basic per share calculation 17,466 16,890 17,298 16,868 Diluted net income (loss) from continuing operations per share $ 1.03 $ (0.86 ) $ 3.03 $ (0.31 ) Diluted net loss from discontinued operations per share $ — $ (0.17 ) $ (0.09 ) $ (1.67 ) Diluted net income (loss) per share $ 1.03 $ (1.04 ) $ 2.94 $ (1.98 ) Shares used in diluted per share calculation 17,676 16,890 17,757 16,868 LIGAND PHARMACEUTICALS INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in thousands) December 31, 2023 December 31, 2022 Assets Current assets: Cash and cash equivalents $ 22,954 $ 45,006 Short-term investments 147,355 166,864 Accounts receivable, net 32,917 30,424 Inventory 23,969 13,294 Income tax receivable 6,395 4,614 Prepaid expenses 1,182 1,132 Other current assets 2,657 2,267 Total current assets 237,429 263,601 Deferred income taxes, net 46,062 8,530 Goodwill and other identifiable intangible assets, net 402,976 448,128 Commercial license and other economic rights, net 67,291 10,182 Operating lease right-of-use assets 6,062 10,914 Finance lease 3,393 4,095 Equity method investment in
Primrose Bio
12,595 — Other investments 35,726 3,000 Other assets 21,530 14,218 Total assets $ 833,064 $ 762,668 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 14,894 $ 20,988 Current contingent liabilities 256 57 Current operating lease liabilities 403 670 Current finance lease liabilities 7 45 Deferred revenue 1,222 355 2023 convertible senior notes, net — 76,695 Total current liabilities 16,782 98,810 Long-term contingent liabilities 2,942 3,456 Long-term operating lease liabilities 5,755 10,336 Long-term deferred revenue 1,444 44 Deferred income taxes, net 77,470 30,615 Other long-term liabilities 27,758 21,922 Total liabilities 132,151 165,183 Total stockholders' equity 700,913 597,485 Total liabilities and stockholders' equity $ 833,064 $ 762,668 LIGAND PHARMACEUTICALS INCORPORATED ADJUSTED FINANCIAL MEASURES (Unaudited, in thousands, except per share amounts) Three months ended December 31, Year ended December 31, 2023 2022 2023 2022 Net income (loss) from continuing operations $ 18,188 $ (14,534 ) $ 53,819 $ (5,219 ) Adjustments: Share-based compensation expense 5,721 27,664 25,743 50,881 Finance lease impairment charge and other — 10,821 — 10,821 Non-cash interest expense (1) 81 95 240 734 Amortization related to acquisitions and intangible assets 8,338 8,539 33,654 34,237 Amortization of commercial license and other economic rights (2) (23 ) (32 ) (1,049 ) (355 ) Change in contingent liabilities (3) (397 ) 698 (265 ) (144 )
Novan
operating loss 5,183 — 5,520 — Transaction costs (210 ) — 3,078 — Gain from short-term investments (16,025 ) (44,248 ) (46,365 ) (28,540 ) Realized gain (loss) from short-term investments 7,180 — 44,377 (288 ) Gain on sale of
Pelican
— — (2,121 ) — Credit losses and impairment charges for commercial license rights 405 — 4,519 — Loss from equity method investment in
Primrose Bio
1,761 1,829 Other (4) (156 ) 1,904 530 (34 ) Income tax effect of adjusted reconciling items above 816 8,093 (9,144 ) (4,561 ) Tax benefit related to decrease in unrecognized tax benefits (5) (7,206 ) — (7,206 ) — Tax expense related to increase in valuation allowance (6) — 24,799 — 24,799 Excess tax benefit (shortfall) from share-based compensation (7) 757 (267 ) 228 (138 ) Adjusted net income from continuing operations $ 24,413 $ 23,532 $ 107,387 $ 82,193 Realized gains from sales of VKTX stock, net of tax (5,780 ) — (35,720 ) —
Captisol
- COVID gross profit, net of tax (8) — (10,514 ) — (40,268 ) Core adjusted net income from continuing operations $ 18,633 $ 13,018 $ 71,667 $ 41,925 Diluted per-share amounts attributable to common shareholders: Diluted net income (loss) per share from continuing operations $ 1.03 $ (0.86 ) $ 3.03 $ (0.31 ) Adjustments: Share-based compensation expense 0.32 1.60 1.46 2.96 Finance lease impairment charge and other — 0.63 — 0.63 Non-cash interest expense (1) — 0.01 0.01 0.04 Amortization related to acquisitions and intangible assets 0.47 0.49 1.91 1.99 Amortization of commercial license and other economic rights (2) — — (0.06 ) (0.02 ) Change in contingent liabilities (3) (0.02 ) 0.04 (0.02 ) (0.01 )
Novan
operating loss 0.29 0.31 Transaction costs (0.01 ) — 0.17 — Loss (gain) from short-term investments (0.91 ) (2.56 ) (2.63 ) (1.66 ) Realized gain from short-term investments 0.41 — 2.52 (0.02 ) Gain on sale of
Pelican
— — (0.12 ) — Credit losses and impairment charges for commercial license rights 0.02 — 0.26 — Loss from equity method investment in
Primrose Bio
0.10 — 0.10 — Other (4) — 0.10 0.04 0.01 Income tax effect of adjusted reconciling items above 0.05 0.48 (0.49 ) (0.27 ) Tax benefit related to decrease in unrecognized tax benefits (5) (0.41 ) — (0.41 ) — Tax expense related to increase in valuation allowance (6) — 1.44 — 1.44 Excess tax benefit (shortfall) from share-based compensation (7) 0.04 (0.02 ) 0.01 (0.01 ) Adjustment for shares excluded due to anti-dilution effect on GAAP net loss — 0.01 — 0.02 Adjusted diluted net income per share from continuing operations $ 1.38 $ 1.36 $ 6.09 $ 4.79 Realized gains from sales of VKTX stock, net of tax (0.33 ) — (2.03 ) —
Captisol
- COVID gross profit, net of tax (8) — (0.61 ) — (2.35 ) Core adjusted diluted net income per share from continuing operations $ 1.05 $ 0.75 $ 4.06 $ 2.44 GAAP - weighted average number of common shares - diluted 17,676 16,890 17,757 16,868 Shares excluded due to anti-dilutive effect on GAAP net loss — 390 — 298 Diluted effect of the 2023 Notes (9) — — (119 ) — Adjusted weighted average number of common shares - diluted 17,676 17,280 17,638 17,166 (1) Amounts represent non-cash debt related costs that are calculated in accordance with the authoritative accounting guidance for convertible debt instruments that may be settled in cash and for revolving credit facility. (2) Amounts represent the amortization of commercial license and other economic rights to revenue. (3) Amounts represent changes in fair value of contingent consideration related to CyDex and Metabasis transactions. (4) Amounts primarily relate to restructuring costs, losses associated with our equity investment in
Nucorion
, gain or loss from change in fair value or derivative assets as well as gain on debt extinguishment in the prior year period. (5) Amounts represent discrete tax benefit related to the release of FIN48 reserves associated with certain R&D tax credits during the fourth quarter of 2023 due to the lapse of applicable statute of limitation. (6) Amounts represent discrete tax expense related to the valuation allowance established during the fourth quarter of 2022 against deferred tax asset for California research and development credits and net operating losses. (7) Excess tax benefits from share-based compensation are recorded as a discrete item within the provision for income taxes on the consolidated statements of operations as a result of the adoption of an accounting pronouncement (ASU 2016-09) on January 1, 2017. Prior to the adoption, the amount was recognized in additional paid-in capital on the consolidated statement of stockholders' equity. (8)
Captisol
Captisol
-
COVID
gross profit, net of tax, represents gross profit, net of tax, for
Captisol
Captisol
supplied for use in formulation with
remdesivir
, an antiviral treatment for
COVID-19
. (9) Excluding the impact from the adoption of accounting pronouncement (ASU 2020-06) on January 1, 2022, as the Company has intended to settle the principal balance in cash. Under the standard, the Company is required to reflect the dilutive effect of the 2023 Notes by application of the if-converted method, The 2023 Notes were fully paid off on May 15, 2023, the debt maturity date.
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机构
Ligand Pharmaceuticals, Inc.
CyDex Pharmaceuticals, Inc.
Viking Therapeutics, Inc.
[+20]
适应症
新型冠状病毒感染
传染性软疣
病毒性皮肤病
[+10]
靶点
THR-β
药物
瑞德西韦
卡非佐米
克立他酶
[+12]
标准版
¥
16800
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