LGND (Ligand Pharmaceuticals Incorporated) stock: $290.47, $5.79B market cap, $1.36B cash, $5.56B EV, $7.23B fully diluted market cap. Data from Fully Diluted's biotech stocks database.
Pipeline assets
Kyprolis (royalty interest)
Approved · Active Modality: small molecule (Captisol-enabled)
Aliases carfilzomib
Partnerships Amgen (exclusive product-specific license; Captisol material sales plus 1.5%-3.0% royalty on annual net sales)
Indications- Multiple myeloma (Approved)
Status note Captisol technology royalty asset.
Filspari (royalty interest)
Approved · Active Modality: small molecule (oral)
Aliases sparsentan
Partnerships Travere Therapeutics (licensed 2012; 9% worldwide royalty plus milestones)
Indications- IgA nephropathy (IgAN) (Approved)
- Focal segmental glomerulosclerosis (FSGS) (Approved)
Status note Accelerated FDA approval for IgAN February 2023; full approval September 2024; EU approval February 2024. FSGS approval April 13, 2026 (ages 8+).
Ohtuvayre (royalty interest)
Approved · Active Modality: small molecule (inhaled)
Aliases ensifentrine
Target PDE3 / PDE4
Partnerships Merck/Verona Pharma (royalty acquired via Vernalis plus inventor purchases; total 3% of global net sales)
Indications- COPD (maintenance) (Approved)
Status note FDA approved June 2024. Phase 2 trials ongoing for non-CF bronchiectasis and ensifentrine+LAMA combination.
Qarziba (royalty interest)
Approved · Active Modality: monoclonal antibody
Aliases dinutuximab beta
Target GD2
Partnerships Recordati (tiered mid-teen worldwide royalty; >$25M potential milestones)
Indications- High-risk neuroblastoma (Approved)
Status note EMA approved 2017. Recordati met with FDA mid-2025 to establish a potential U.S. BLA pathway (BEACON-2 trial in Europe); evaluating Qarziba + chemotherapy in GD2-positive Ewing sarcoma (FDA orphan drug designation).
Capvaxive (royalty interest)
Approved · Active Modality: vaccine
Aliases V116
Target Streptococcus pneumoniae
Partnerships Merck (low single-digit worldwide royalty; $2M approval milestone earned)
Indications- Pneumococcal invasive disease (Approved)
Status note FDA approved June 2024 (adults 18+); indication expanded June 2026 to children and adolescents aged 2-17 with chronic conditions. CRM197 carrier produced via Pelican Expression Technology.
Zelsuvmi (royalty interest)
Approved · Active Modality: topical (NITRICIL platform)
Target nitric oxide
Partnerships Pelthos Therapeutics (13% worldwide royalty; up to $5M commercial sales milestones; $5M milestone earned on commercial launch)
Indications- Molluscum contagiosum (Approved)
Status note FDA approved for molluscum contagiosum.
volixibat (royalty interest)
Phase 2 · Active Modality: small molecule (oral)
Target IBAT
Indications- Cholestatic pruritus due to primary sclerosing cholangitis (PSC) (Phase 2)
- Cholestatic pruritus due to primary biliary cholangitis (PBC) (Phase 2)
Status note VISTAS Phase 2b in PSC (May 2026); granted Breakthrough Therapy Designation for cholestatic pruritus due to PSC (August 2026); pre-NDA meeting held.
D-Fi (royalty interest)
Phase 3 · Active Modality: gene-modified cell therapy (autologous human fibroblasts expressing COL7)
Aliases dabocemagene autoficel (FCX-007), D-Fi
Target COL7
Partnerships Castle Creek Biosciences ($50M royalty financing, February 2025; mid-single-digit worldwide royalty plus portion of FDA-approval milestone)
Indications- Dystrophic epidermolysis bullosa (DEB) (Phase 3)
Status note Phase 3 clinical study underway.
Orchestra BioMed programs (royalty interest)
Phase 3 · Active
Aliases AVIM therapy, Virtue SAB
Partnerships Orchestra BioMed (up to $40M invested; low double-digit royalty on first $100M annual revenues related to AVIM therapy and Virtue SAB; mid-single-digit above $100M)
Indications- Uncontrolled hypertension / increased cardiovascular risk (Phase 3)
- Coronary artery disease (Phase 3)
Catalysts- — third quarter of 2026
- — second quarter of 2027
Status note Royalty-based financing agreement (August 2025): low double-digit royalty on the first $100M of annual revenues related to the AVIM therapy and Virtue SAB programs across all indications. AVIM therapy: BACKBEAT pivotal study in uncontrolled hypertension in patients indicated for dual-chamber pacemakers; FDA Breakthrough Device Designation. Virtue SAB: extended-release sirolimus delivery balloon for coronary artery disease. Enrollment completion targeted Q3 2026; topline targeted Q2 2027.
Qtorin (royalty interest)
Phase 3 · Active Modality: small molecule (topical)
Aliases Qtorin rapamycin
Target mTOR
Partnerships Palvella Therapeutics
Indications- Clinically significant angiokeratomas (Phase 2)
- Microcystic lymphatic malformations (Phase 3)
- Cutaneous venous malformations (Phase 3)
Catalysts- — second half of 2026
- — fourth quarter of 2026
- — second half of 2027
Status note First LOTU Phase 2 patients dosed (May 2026); first module of rolling NDA submitted June 29, 2026; Phase 3 in cutaneous venous malformations planned Q4 2026.
Rezolute program (royalty interest)
Phase 3 · Active
Partnerships Rezolute
Indications- Tumor hyperinsulinism (Phase 3)
Status note Phase 3 Uplift study in tumor hyperinsulinism; interim data announced June 2, 2026; topline results expected second half of 2026.
botensilimab/balstilimab (royalty interest)
Phase 3 · Active Modality: antibody combination (anti-CTLA-4 + anti-PD-1)
Target CTLA-4 / PD-1
Partnerships Agenus (May 2024 agreement; Ligand entitled to 2.625% royalty on future global net sales)
Indications- Microsatellite-stable (MSS) colorectal cancer (Phase 3)
Status note BATTMAN Phase 3 trial in late-line MSS colorectal cancer discontinued July 2026; Agenus aligned with FDA on key elements of the new ROBBIN Phase 3 trial design for neoadjuvant treatment of MSS colon cancer.
lasofoxifene (royalty interest)
Phase 3 · Active Modality: selective estrogen receptor modulator
Target estrogen receptor
Partnerships LeonaBio (acquired global rights ex-Asia/Middle East from Sermonix, December 2025; tiered 6-10% royalty on future net sales); Henlius (China development and commercialization)
Indications- ER+/HER2- breast cancer with ESR1 mutation (Phase 3)
Catalysts- — fourth quarter of 2026
- — second half of 2027
Status note Selective estrogen receptor modulator in combination with abemaciclib. Phase 3 ELAINE-3 trial ongoing, over 50% enrolled at the time of the LeonaBio transaction.
AT292 (royalty interest)
Stage not disclosed · Active Modality: antibody
Aliases efdoralprin alfa, SAR447537, INBRX-101
Partnerships Sanofi (partnered program; Ligand holds financial royalty asset on non-accrual status and is obligated for up to $3M in contingent consideration tied to commercial milestones); rights acquired via Arecor transaction
Indications- Not disclosed (Stage not disclosed)
Status note Partnered program with Sanofi. Financial royalty asset accounted for on non-accrual status as the program remains in development and future cash flows cannot be reliably estimated.
Per-asset detail extracted from the 10-Q filed 2026-08-07. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.