Ligand Pharmaceuticals Incorporated · NASDAQ:LGND
Ligand Pharmaceuticals — Investor Day (December 2025)
72 slides from Ligand Pharmaceuticals's investor day presentation, Dec 9, 2025
Slide 1: 2025 Investor Day
DECEMBER 9, 2025 2025 Investor Day
Slide 2: Safe Harbor Statement and Disclaimers
Safe Harbor Statement and Disclaimers • This presentation contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, by Ligand and its partners that involve risks and uncertainties and reflect Ligand’s and its partners’ judgment as of the date of this pres
Slide 3: Agenda
Agenda Program 10:30am -12:00 pm ET LIGAND STRATEGY Todd Davis Business Overview, Strategy & 2025 Accomplishments CEO FINANCIAL UPDATE Tavo Espinoza Financial Review & Growth Expectations CFO INVESTMENT ACTIVITY Paul Hadden Recent Transactions & Deal Pipeline SVP, Investments & Business Development
Slide 4: Ligand Strategy
Ligand Strategy Business Overview, Strategy, & 2025 Accomplishments
Slide 5: Ligand Overview
Ligand Overview 2 Platform Technologies $1B in Deployable Capital Scaling Investment Team NITRICIL and Captisol® including ~$665M in cash and investments expanding investment capacity 12 Major Royalty Generating Assets Significant Investment Opportunities estimated $150M+ in 20251 royalty revenue >1
Slide 6: Ligand 2022 to 2025 Comparison
Ligand 2022 to 2025 Comparison During the last three years, Ligand has transformed its business model to an operationally light strategy focused on profitable and compounding growth 2022 2023 2024 20251 Royalty Revenue $73M $85M $109M $147M – 157M Cash OpEx $92M $40M $38M $40M Adjusted EPS $2.444 $4
Slide 7: Updated 5-Year Outlook
Updated 5 -Year Outlook Expected Royalty Receipts CAGR 23% from 2025-2030 Current portfolio of commercial and late-stage $400 programs + new deals drive growth 3% • Updating long–term royalty receipt outlook to $350 Figures in $ millions, CAGR annual basis Future meet or exceed 23% CAGR. Investments
Slide 8: Benefits Of Royalty Investing
Benefits Of Royalty Investing A royalty is a percentage of a biopharmaceutical product net sales Royalty acquisition Royalties are non- Royalty cash flows can Royalties do not requires minimal dilutable and transfer be protected in assume P&L risk of corporate to a new marketer bankruptcy the develo
Slide 9: Attractive Business Model
Attractive Business Model LIGAND BIOTECH COMPANY ✓ Small infrastructure × Large infrastructure ✓ Therapeutically diverse × Narrow therapeutic focus ✓ Compounding strategy with uncapped upside × Capital intensive to scale ✓ Limited exposure to single asset PTRS × High exposure to single asset PTRS 9
Slide 10: Investment Tactics & Methods
Investment Tactics & Methods Ligand utilizes multiple investment approaches to add late-stage programs to the portfolio Royalty Monetization Project Finance Special Situations Platforms Acquire existing Fund late-stage clinical Identify companies with Focus on infrastructure- royalties trials for ro
Slide 11: Leadership Team
Leadership Team Differentiated Relationships & Biopharma Investment Experience Deep network of biopharma relationships enable proprietary deal sourcing and rigorous diligence CORPORATE MANAGEMENT INVESTMENTS CLINICAL OPERATIONS & TECHNOLOGY Karen Reeves, M.D. Todd Davis Paul Hadden SVP, Investments
Slide 12: Our Investment Process
Our Investment Process Gated Diligence Diligence Approach Key areas of focus: Three stages to allocate time and resources: Clinical and Regulatory, CMC, Commercial, Intellectual 01 Preliminary, 03 Property, and Legal 05 Term-Sheet Enabling, & Confirmatory Diligence Proprietary Investment Proposal Or
Slide 13: Investing In Products To Address High Unmet Clinical Needs
Investing In Products To Address High Unmet Clinical Needs AVIM Therapy & D-Fi Zelsuvmi Virtue SAB • Novel, high-impact, device-based • Cell-based gene therapy for treatment • First and only at home treatment hypertension and arterial disease of dystrophic epidermolysis bullosa option for molluscum
Slide 14: Biopharma Funding Landscape
Biopharma Funding Landscape Biopharma Industry Funding 2020-20241 Royalty Funding Market Size ($B)1 $29.4 Royalty financing is ~9% of total Private Debt industry funding 2.2x Convertible Debt $13.5 Total Funding: >$310B Licensing Follow-on Equity Deals Offerings IPOs 2015-2019 2020-2024 14 1Deloitte
Slide 15: Progress Since 2022 Investor Day
Progress Since 2022 Investor Day What we did in 2023… What we did in 2024 … What we did in 2025 … INVESTMENTS FINANCIALS Revenue $131M, Revenue $167M, Revenue $225M - 235M, 21% YoY increase2 27% YoY increase 38%1 YoY increase Increased guidance Increased guidance twice $62M committed $192M committed
Slide 16: Ligand's Track Record of Execution & Value Creation
Ligand's Track Record of Execution & Value Creation Performance vs. Market Indices Since Restructuring in 2022 EPS Growth 4Q22 to 3Q25 (1) Total Shareholder Returns 4Q22 to 3Q25(2) 44% 43% 22% 16% 13% 14% Ligand S&P 500 Russell 2000 Ligand S&P 500 Russell 2000 Ligand has consistently outperformed ac
Slide 17: Financial Update
Financial Update Financial Review & Growth Expectations
Slide 18: Overview
Overview 2025 review and Deep dive into our Balance sheet and 2026 outlook long-term 2030 capital capacity preview outlook 18
Slide 19: Proven Execution & Positioned For Continued Growth
Proven Execution & Positioned For Continued Growth Profits have tripled since 2022, driving strong share price performance $430 • Strong operating leverage driving margin Core Revenue2 expansion and sustained EPS growth 4 • Past catalysts include the OmniAb, Pelican and 4 $265 Pelthos spinouts, Apei
Slide 20: Financial Headlines – Reiterating 2025 Guidance
Financial Headlines – Reiterating 2025 Guidance ~$175M Total Core Revenue2 $225M - 235M Operating cash flow generation4 Royalty revenue ~$150M, growth of ~40%1 Adjusted Core EPS2 Cash & Investments3 $7.40 - 7.65 $665M ~30% growth over 20241 ~$1B in Deployable Capital as of 9/30/25 1. Growth % based
Slide 21: 2025 Financial Guidance
2025 Financial Guidance Projecting 40% Royalty Revenue Growth, 31% Adjusted Core EPS Growth 1 2024(A) 2025(G) % Change1 • Royalty revenue growth driven by Royalty Revenue $109M $147−157M 40% Filspari, Ohtuvayre, Qarziba, & Capvaxive Captisol Sales $31M $40M 29% • Contract revenue is event driven / n
Slide 22: Strong Tailwinds Heading into 2026
Strong Tailwinds Heading into 2026 ✓ Travere’s Filspari - Full FDA approval and label expansion; Ligand earns 9% royalty -Assumed 2026 product sales: ~$600 million (includes modest risk-adjusted assumption for FSGS) ✓ Merck’s Ohtuvayre – Acquisition of Verona by Merck in November −Consensus peak sal
Slide 23: 2026 Financial Guidance Preview
2026 Financial Guidance Preview Royalty Revenue1 Total Revenue $200 - 225M $245 - 285M Royalty revenue growth of 40% over 2025* Total revenue increase ~15% over 2025 Driven by Filspari, Ohtuvayre, Capvaxive and Zelsuvmi Non-Royalty Revenue Adjusted Core EPS*1 Captisol: $35 – 40M $8.00 - 9.00 Contrac
Slide 24: 2026 Financial Guidance Preview
2026 Financial Guidance Preview 2025 Guidance 2026 Guidance Reiterated Preview • Total Revenue up ~15% at the mid-point Total Revenue $225 − 235M $245 − 285M driven by royalty revenue growth COGS $15M $13 − 15M • Core Cash Opex reflects continued scaling of the BD and Investment teams Core Cash OpEx
Slide 25: 2026 Revenue Guidance Components
2026 Revenue Guidance Components Royalty revenue ~40% growth expected vs. 20251 Forecasting Total 2026 Revenue of $245-$285M (in millions) Royalty Revenue Forecast2 $35-40M Product 2025 2026 % Change Captisol Filspari $30-32M ~75% Ohtuvayre $10-11M ~150% Qarziba $23-25M - Capvaxive $8-9M ~70% $200-2
Slide 26: 5-Year Outlook Comparison − Then & Now
5-Year Outlook Comparison − Then & Now We exceeded our 2024-2025 royalty outlook and raised our long-term CAGR expectations • Royalty receipts over the last two years have exceeded our prior outlook − Stronger than expected performance from Capvaxive, Ohtuvayre, & Filspari − Driven by accretive acqu
Slide 27: Updated 5-Year Outlook
Updated 5 -Year Outlook Expected Royalty Receipts CAGR 23% from 2025-2030 Current portfolio of commercial and late-stage $400 programs + new deals drive growth 3% • Updating long–term royalty receipt outlook to $350 Figures in $ millions, CAGR annual basis Future meet or exceed 23% CAGR. Investments
Slide 28: Filspari & Ohtuvayre – Key Drivers of Long-Term Royalty Growth
Filspari & Ohtuvayre – Key Drivers of Long-Term Royalty Growth Based on sell-side consensus sales forecasts Consensus points to combined royalties of ~$200 million by 2030 Ligand Potential Royalty Receipts $133 Filspari-9% royalty Ohtuvayre-3% royalty $100 $111 $42 $90 $32 $68M $23 $58M IgAN FSGS $7
Slide 29: Balance Sheet Strength & Deployable Capital
Balance Sheet Strength & Deployable Capital Positioned to drive long-term royalty growth through disciplined allocation ~$1B Deploying Capital to Drive Long-Term Growth Deployable Capital Cash & ST Investments: ~$665M, Royalty Portfolio Equity Monetization Strong Internal Cash Credit Facility: $200M
Slide 30: Investment Activity
Investment Activity Recent Transactions & Deal Pipeline
Slide 31: Investment Strategy & Execution Progress
Investment Strategy & Execution Progress 2022 2026 Investment Team 3 people 18 people (projected) Deployable Capital ~$200 Million ~$1 Billion Operating Cash Flow ~$50 Million1 ~$200 Million 31 1 Operating cash flow excluding impact of Captisol sales for Covid-19
Slide 32: Origination Strengths
Origination Strengths 01 Seasoned investment team with decades of experience 02 Robust outbound efforts driven by focused investment criteria 03 Relationships with numerous potential royalty sellers 04 Structural flexibility to participate across the capital structure 05 Nimble organization with abi
Slide 33: Investment Criteria
Investment Criteria Clinical Differentiation Structural Alignment Data supports ability to Competent counterparty address high unmet need with structural alignment and strong safety profile to Ligand Time to Cash Flow Exclusivity Risk-Reward No more than a few Favorable market Superior risk- years f
Slide 34: Diligence Process
Diligence Process ✓ Ligand’s scientific expertise is supplemented with therapeutic area-specific consultant input on PTRS Clinical & ✓ KOLs are interviewed to understand the treatment paradigm, product selection drivers, competitive Regulatory landscape, unmet needs, and asset opportunity ✓ Ligand e
Slide 35: 2025 Investment Activity
2025 Investment Activity Leveraged team’s extensive experience across 175+ Investments therapeutic categories and technologies to facilitate Reviewed quick kills and focus on highest value opportunities Initiated in-depth research and engaged external consultants to rapidly identify and 69 CDAs Sign
Slide 36: Ligand Investment Activity
Ligand Investment Activity During the past 2 years, Ligand has committed over $400M into 11 investments which reflect the diverse strategic approaches we can pursue Investment Approach and Counterparties Royalty Monetization Project Finance Special Situations Sept’23-Nov’25 Jan’24 – Jan’25 ($19M) Se
Slide 37: Castle Creek Investment Overview
Castle Creek Investment Overview Provides royalty on global net sales of Castle Creek’s Phase 3 D-Fi in DEB Investment proceeds will be used to fund Phase 3 trial through topline data results Transaction Highlights D-Fi Overview Transaction Value • $50M Ligand investment Indication • Dystrophic Epid
Slide 38: Orchestra BioMed Investment Overview
Orchestra BioMed Investment Overview Provides royalty on revenues received by Orchestra on AVIM and Virtue SAB therapies Transaction Highlights AVIM Therapy & Virtue SAB Overview • $40M Ligand investment • AVIM therapy in uncontrolled − $20M initial investment hypertension and increased Indication T
Slide 39: 2026 Investment Outlook
2026 Investment Outlook INVESTMENT PIPELINE 2026 OUTLOOK Ligand’s Q4 pipeline has over Ligand is well positioned and 30+ actionable opportunities resourced to close multiple representing in excess of $1B investments in 2026, of potential investments depending on the size and quality of the opportuni
Slide 40: Ligand Special Situations Approach, Pelthos, & NITRICIL
Ligand Special Situations Approach, Pelthos, & NITRICIL
Slide 41: Ligand Special Situations Investment Approach
Ligand Special Situations Investment Approach MANAGEMENT TEAM • Attract sophisticated and RESULTS experienced team & BOD • Mitigate execution risk • Unlock asset values PRODUCT • Validate investment thesis • Broaden investment • Differentiated assets opportunities & technologies • Create proprietary
Slide 42: Pelthos Past…
Pelthos Past… 1 2 3 4 5 6 7 8 9 Q2: Q3-Q4: Q1-Q2: Q3-Q4: July: August: Sept: Oct 2025: Nov 2025: LGND Novan Zelsuvmi LGND Channel Zelsuvmi Pelthos Pelthos Pelthos initial $12M bankruptcy receives rebrands Therapeutic US explores closes reports royalty LGND DIP & FDA Novan as Merger & launch financin
Slide 43: Pelthos Present…
Pelthos Present… In ~2-years, Ligand: • Took Pelthos from insolvency to a standalone, NYSE American listed, ~$300M market cap (fully diluted) • Executed a complex, highly complementary, product acquisition with Xepi • Created immense operating leverage, option value, potential for future capital gai
Slide 44: Pelthos & Zelsuvmi Launch Update
Pelthos & Zelsuvmi Launch Update Scott Plesha - Pelthos CEO
Slide 45: Molluscum Contagiosum
Molluscum Contagiosum A highly infectious viral condition primarily affecting children 1 year of age or older Point prevalence of Molluscum Contagiosum 3-6 million children MC can take up to (ages 0-16) in the is caused by a pox virus and is five years to resolve characterized by small, round, U.S.
Slide 46: Zelsuvmi Has Potential To Shift MC Treatment Paradigm
Zelsuvmi Has Potential To Shift MC Treatment Paradigm Current Options Zelsuvmi • Other available topical treatment • Daily application that can be started requires in-office visits every 3 weeks2 immediately Breakthrough Product, • Attractive safety profile • Painful, destructive treatments3 Breakth
Slide 47: Commercial Launch Overview
Commercial Launch Overview Sales Force of 50 Territory Managers Reaching Highest Molluscum Treaters Fully built out commercial team: Territory managers supported by Sales Training, Marketing, Commercial Operations & Market Access teams 47
Slide 48: Strong Uptake of Zelsuvmi In Early Launch Phase
Strong Uptake of Zelsuvmi In Early Launch Phase Zelsuvmi Prescription (TRx) Units Zelsuvmi Prescriber Count 2,500 1,200 2,189 1,060 2,000 1,000 1,546 797 800 1,500 600 530 1,000 935 400 500 235 200 146 0 0 Jul-25 Aug-25 Sep-25 Oct-25 Jul-25 Aug-25 Sep-25 Oct-25 Total of 4,905 Prescribed Units Total
Slide 49: Xepi for Treatment of Impetigo
Xepi for Treatment of Impetigo Impetigo & Xepi Clinical Value Acquisition Strategic Fit • Impetigo is a highly contagious bacterial skin • Strong synergy with existing commercial infection affecting the superficial layers of skin, infrastructure for Zelsuvmi most often caused by Staphylococcus aureu
Slide 50: Portfolio Update
Portfolio Update Commercial Portfolio, Pipeline Progress, & Operational Updates
Slide 51: Portfolio Management Process
Portfolio Management Process Ligand’s robust process efficiently manages and identifies new opportunities within the company’s portfolio of over 100 therapeutic assets Portfolio Management Objectives Monitor & Discuss Track Product Sales News Flow & vs. Forecast Upcoming Catalysts Identify New Impro
Slide 52: Key Commercial Partnered Programs
Key Commercial Partnered Programs Marketer Program Therapeutic Area Royalty Rate % of 2025 YTD Royalties Kyprolis Oncology Tiered 1.5% to 3% 23% Qarziba Oncology Tiered Mid-Teen 20% Filspari Nephrology 9% 19% Rylaze Oncology Tiered Low Single-Digit 9% Ohtuvayre Pulmonology 3% 6% Capvaxive Infectious
Slide 53: Key Pipeline Partnered Programs
Key Pipeline Partnered Programs Developer Program Indication Phase Royalty Rate Filspari Focal Segmental Glomerulosclerosis Registration 9% Microcystic Lymphatic Malformations Phase 3 QTORIN Rapamycin Tiered 8% to 9.8% Cutaneous Venous Malformations Phase 2 D-Fi Dystrophic Epidermolysis Bullosa Phas
Slide 54: Qarziba Background
Qarziba Background High-risk neuroblastoma Indication Ewing sarcoma Phase of Development Ex-US approval May 2017 Ligand acquired Apeiron Biologics through a special Investment Background situations investment in July 2024 for ~$100M and received rights to Qarziba royalties Royalty Rate Tiered mid-te
Slide 55: Qarziba Updates
Qarziba Updates • Very high unmet need in rare pediatric indication Product Value • Well-established in ex-US treatment paradigm Proposition • Geographically well-diversified across >35 countries • Strong commercial partner in Recordati Rare Disease Recent News Key Upcoming Catalysts • Orphan Drug D
Slide 56: Ohtuvayre Background
Ohtuvayre Background Maintenance treatment of COPD Indication Non-cystic fibrosis bronchiectasis Fixed-dose combination with a LAMA in COPD Phase of Development US approval June 2024 Ligand acquired Vernalis in 2018 Investment Background Ligand acquired additional rights from Ohtuvayre inventors dur
Slide 57: Ohtuvayre Investment History
Ohtuvayre Investment History • Ligand acquires Vernalis for ~$10M and through this investment, acquires rights to development milestones and a 2% Oct 2018 royalty on Verona’s Ohtuvayre • Ligand divests Vernalis research operations for $25M, retaining economic rights to Ohtuvayre and other developmen
Slide 58: Near-Term Growth Drivers – Ohtuvayre
Near-Term Growth Drivers – Ohtuvayre • First inhaled product with novel mechanism of action in over 20 years for COPD, addressing high unmet need for patients uncontrolled on current therapies • Strongest launch in COPD history. Significant sales potential with ~8.6M Product Value maintenance treate
Slide 59: Filspari Background
Filspari Background Primary Immunoglobulin A Nephropathy (IgAN) Indications Focal Segmental Glomerulosclerosis (FSGS) IgAN: Full FDA approval September 2024 Phase of Development / Approval Date FSGS: PDUFA date January 13, 2026 Investment Background Pharmacopeia acquisition Royalty Rate 9% Recent Sa
Slide 60: Near-Term Growth Drivers – Filspari
Near-Term Growth Drivers – Filspari Approved: IgA Nephropathy (IgAN) • First non-immunosuppressive therapy approved for IgAN, a rare kidney disease that leads to diminished kidney filtering, proteinuria, and progressive kidney function loss Product Value • Analyst Consensus Peak Sales: $1B ($90M pot
Slide 61: Filspari FSGS PDUFA: January 13, 2026
Filspari FSGS PDUFA: January 13, 2026 CLINICAL REGULATORY COMMERCIAL Two large clinical studies FDA Division Director was Revenue potential at least demonstrated rapid, closely involved with as large as IgAN, likely strong, sustained PARASOL working group larger reduction in proteinuria Travere noti
Slide 62: Qtorin Rapamycin Background
Qtorin Rapamycin Background QTORIN rapamycin 3.9% Microcystic Lymphatic Malformations (MLM) Indications Venous Malformations (VM) Clinically Significant Angiokeratomas (CSA) MLM: Phase 3 Phase of Development / Approval Date VM: Phase 2 CSA: Phase 2 ready Project Finance (2018, 2023) Investment Backg
Slide 63: Near-Term Growth Drivers – Qtorin Rapamycin
Near-Term Growth Drivers – Qtorin Rapamycin • Received FDA Breakthrough Therapy Designation • If approved, would be the first FDA-approved therapy for microcystic lymphatic Product Value malformations (MLM, Phase 3), cutaneous venous malformations (CVM, Phase 2), & Proposition clinically significant
Slide 64: QTORIN Rapamycin MLM Commercial Opportunity
QTORIN Rapamycin MLM Commercial Opportunity QTORIN rapamycin in MLM presents several attractive commercial dynamics Large Orphan Concentrated FDA Approval Strong Pricing Power Addressable Market Prescriber Base Claims analyses verified If approved, would be Orphan analogs and Concentrated > 30K esti
Slide 65: QTORIN Rapamycin Franchise Strategy
QTORIN Rapamycin Franchise Strategy Phase Phase 3 Phase 2 Starting Phase 2 TBD 30K Patients 75K Patients 50K Patients 200K+ Patients Microcystic Cutaneous Venous Clinically Significant Potential Future Lymphatic Malformations Angiokeratomas Indications Malformations Potential 2027 2029 2031+ 2032+ A
Slide 66: Captisol Platform Technology
Captisol Captisol Platform Technology
Slide 67: Captisol Overview
Captisol Overview Ligand owns and operates the Captisol technology platform with a lean and Infrastructure Light experienced scientific and commercial operational team Captisol requires only 8 FTEs and ~$5M of annual operational spend Captisol addresses a consistent and enduring industry need: formu
Slide 68: Captisol Platform Technology
Captisol Platform Technology The Captisol Team continuously focuses on quality, consistency, and customer service 17 Approved Captisol Products* Highly productive technology platform • Significant royalty revenue generated across multiple programs • Minimal cash operating expense • Strong breadth of
Slide 69: Closing Remarks
Closing Remarks LIGAND
Slide 70: Ligand's Future Is Bright
Ligand’s Future Is Bright Advantageous Business Model • Favorable Operating Leverage: Lean corporate cost structure scales into a very large business opportunity – $5M of Core Revenue1 and $4M of Cash Operating Profit per employee based on 2025 guidance • Substantial Growth in Key Areas: – Diversifi
Slide 71: Investor & Analyst Q&A
Investor & Analyst Q&A LIGAND
Slide 72: Non-GAAP Reconciliation – 2025 & 2026 Guidance
Non-GAAP Reconciliation – 2025 & 2026 Guidance ( in millions) 20 25 Guidance 20 26 Guidance Low High Low High Adjusted Net Income $150 $160 $170 $20 0 Adjustments: Share- based compensation expense 1 44 44 50 50 Non- cash interest expense 1 3 3 3 3 Amortization of intangible assets1 33 33 32 32 Amor
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