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Stockholders' Equity
 9 Months Ended
Sep. 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, our 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 table summarizes our stock option and restricted stock award activity 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 
Granted355,130 $206.75 269,115 $167.82 
Options exercised/RSUs vested(282,307)$76.10 (290,963)$95.47 
Forfeited— $— — $— 
Balance as of September 30, 2026
2,073,834 $106.56 433,699 $143.92 
As of September 30, 2026, outstanding options to purchase 1.2 million shares were exercisable with a weighted average exercise price of $83.58.
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 September 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 an automatic shelf registration statement on Form S-3 (the “Shelf Registration Statement”) 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 offer and sell shares of our common stock having an aggregate offering price of up to $100.0 million from time to time through the Agent in at-the-market offerings (the “ATM Program”). The Shelf Registration Statement includes a prospectus covering the offer and sale of up to $100.0 million of our common stock pursuant to the ATM Program. No shares had been sold under the ATM Program as of September 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 through April 2026. Repurchases, if any, would have been made primarily through open-market transactions in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. No shares were repurchased under the program, and the 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 7, 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 7, Debt, for additional information regarding the 2030 Notes offering.