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Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
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 more fully in Note 11, Stockholders’ Equity, to the consolidated financial statements included in our 2025 Annual Report.
In June 2026, the Company’s stockholders approved an amendment and restatement of the Ligand Pharmaceuticals Incorporated 2002 Stock Incentive Plan, which increased the number of shares of common stock available for issuance under the plan by 0.6 million shares.
The following is a summary of our stock options and restricted stock awards activities and related information:
Stock OptionsRestricted Stock Awards
SharesWeighted-Average Exercise PriceSharesWeighted-Average Grant Date Fair Value
Balance as of December 31, 2025
2,001,011 $84.48 455,547 $98.86 
Granted346,010 $204.55 268,467 $167.54 
Options exercised/RSUs vested(202,032)$78.68 (290,202)$95.57 
Forfeited— $— — $— 
Balance as of June 30, 2026
2,144,989 $104.39 433,812 $143.56 
As of June 30, 2026, outstanding options to purchase 1.1 million shares were exercisable with a weighted average exercise price of $78.00.
Employee Stock Purchase Plan
The purchase price of shares of common stock under the Amended Employee Stock Purchase Plan (“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, 2026, 17,424 shares remained available for future issuance under the ESPP.
At-the-Market Equity Offering Program
On February 27, 2026, we filed a registration statement on Form S-3 (the “Shelf Registration Statement”), which became automatically effective upon filing, covering the offering of common stock, preferred stock, debt securities, warrants and units.
On February 27, 2026, we also entered into an At-The-Market Equity Offering Sales Agreement (the “Sales Agreement”) with Leerink Partners LLC (the “Agent”), pursuant to which we may, from time to time, offer and sell shares of our common stock having an aggregate offering price of up to $100.0 million in “at the market” offerings through the Agent (the “ATM Offering”). The Shelf Registration Statement includes a prospectus covering the offer and sale of up to $100.0 million of our common stock from time to time pursuant to the ATM Offering. No shares of our common stock had been sold as of June 30, 2026.
Share Repurchases
In April 2023, our Board of Directors approved a stock repurchase program authorizing, but not requiring, the repurchase of up to $50.0 million of our common stock from time to time through April 2026. We may acquire shares, if at all, primarily through open-market transactions in accordance with all applicable requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing and amount of repurchase transactions will be determined by management based on its evaluation of market conditions, share price, legal requirements and other factors. During the three and six months ended June 30, 2026 and 2025, we did not repurchase any shares of common stock under the stock repurchase program. The stock repurchase program expired in April 2026.
In connection with the issuance of the 2031 Notes in June 2026, we used approximately $60.0 million of the net proceeds from the offering to repurchase 228,859 shares of our common stock at a price of $262.17 per share. Refer to Note 6, Debt, for additional information regarding the 2031 Notes offering.
In connection with the issuance of the 2030 Notes in August 2025, we used approximately $15.0 million of the net proceeds from the offering to repurchase 102,034 shares of our common stock at a price of $147.01 per share. Refer to Note 6, Debt, for additional information regarding the 2030 Notes offering.