Subsequent Events	9 Months Ended
Sep. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 30, 2026, we agreed to purchase $3.7 million of 8.5% Convertible Promissory Notes due March 31, 2027 (the “CCB Notes”) issued by Castle Creek which notes are convertible into the most senior series of preferred stock of Castle Creek outstanding at the time of conversion (the “Financing”). The Financing is part of Pelthos’ concurrently announced acquisition of Castle Creek. At the same time, we entered into a securities purchase agreement with Pelthos and certain other investors whereby we agreed to buy 33,750 shares of Pelthos’s Series B Convertible Preferred Stock and warrants to purchase 291,688 shares of Pelthos common stock for aggregate consideration of approximately $33.8 million (the “Equity Purchase”), subject to certain customary conditions. The Equity Purchase is expected to close immediately prior to the closing of Pelthos’s acquisition of Castle Creek. A portion of consideration for the Equity Purchase will be paid by transferring the CCB Notes to Pelthos, which notes will be extinguished upon such transfer. Todd Davis, our CEO, and Richard Baxter, our Senior Vice President of Investment Operations, are each members of both our Investment Committee and Pelthos’ Board of Directors. Mr. Davis and Mr. Baxter each recused themselves from the consideration of the transaction by both Pelthos’s Board of Directors and our Investment Committee. The process of evaluating and approving the transaction for Ligand was conducted by our Strategic Transaction Committee.

Subsequent Events

9 Months Ended

Sep. 30, 2026

On October 30, 2026, we agreed to purchase $3.7 million of 8.5% Convertible Promissory Notes due March 31, 2027 (the “CCB Notes”) issued by Castle Creek which notes are convertible into the most senior series of preferred stock of Castle Creek outstanding at the time of conversion (the “Financing”). The Financing is part of Pelthos’ concurrently announced acquisition of Castle Creek. At the same time, we entered into a securities purchase agreement with Pelthos and certain other investors whereby we agreed to buy 33,750 shares of Pelthos’s Series B Convertible Preferred Stock and warrants to purchase 291,688 shares of Pelthos common stock for aggregate consideration of approximately $33.8 million (the “Equity Purchase”), subject to certain customary conditions. The Equity Purchase is expected to close immediately prior to the closing of Pelthos’s acquisition of Castle Creek. A portion of consideration for the Equity Purchase will be paid by transferring the CCB Notes to Pelthos, which notes will be extinguished upon such transfer.

Todd Davis, our CEO, and Richard Baxter, our Senior Vice President of Investment Operations, are each members of both our Investment Committee and Pelthos’ Board of Directors. Mr. Davis and Mr. Baxter each recused themselves from the consideration of the transaction by both Pelthos’s Board of Directors and our Investment Committee. The process of evaluating and approving the transaction for Ligand was conducted by our Strategic Transaction Committee.