Ligand Pharmaceuticals Incorporated · NASDAQ:LGND

Ligand Pharmaceuticals — Investor Presentation (August 2026)

23 slides from Ligand Pharmaceuticals's investor presentation, August 2026

  1. Slide 1: Corporate Presentation

    Corporate Presentation August 2026

  2. Slide 2: Ligand Overview

    Ligand Overview Scaled Investment Team Ample Deployable Capital 2 Platform Technologies Expanded investment capacity $150 - $250M annual investment target NITRICIL and Captisol® 15 Key Royalty Generating Assets Significant Investment Opportunities ~$225M+ in 2026 royalty revenue >160 investments revi

  3. Slide 3: Benefits of Royalty Investing

    Benefits of Royalty Investing What are biopharmaceutical royalties? A royalty is a Royalties are non- Royalty cash flows can Royalty acquisition percentage of top- dilutable and transfer be protected in requires minimal line pharmaceutical to a new marketer bankruptcy corporate infrastructure net reve

  4. Slide 4: Investment Tactics & Methods

    Investment Tactics & Methods Ligand utilizes multiple investment approaches to add late-stage programs to the portfolio Royalty Monetization Special Situations Project Finance Platforms Acquire existing royalty M&A and new company Fund late-stage clinical Focus on infrastructure- contracts formation

  5. Slide 5: Leadership Team

    Leadership Team Differentiated Relationships & Biopharma Investment Experience Deep network of biopharma relationships support deal sourcing and rigorous diligence CORPORATE MANAGEMENT INVESTMENTS CLINICAL OPERATIONS & TECHNOLOGY Karen Reeves, M.D. Todd Davis Paul Hadden SVP, Investments & Head of C

  6. Slide 6: Our Investment Process

    Our Investment Process Gated Diligence Approach Diligence Three stages to allocate time Key areas of focus: and resources: Clinical and Regulatory, CMC, 01 Preliminary, 03 Commercial, Intellectual 05 Term-Sheet Enabling, & Property, and Legal Confirmatory Diligence Strategic Investment Origination Pr

  7. Slide 7: XOMA Acquisition Strategic Rationale

    XOMA Acquisition Strategic Rationale Immediately Portfolio Significant IP and Strategic Accretive Diversification Royalty Rights Synergies Transaction adds ~$0.50 3 new key royalty Long dated royalties, some Improved access to capital and ~$1.50 to projected generating assets and into 2040+, increasin

  8. Slide 8: Ligand Investment Activity

    Ligand Investment Activity Ligand Investment Activity During the past 3 years, Ligand has committed over $1 B 1 across 19 investments, which reflect the diverse strategic approaches we can pursue Investment Approach & Counterparties Royalty Monetization Project Finance Special Situations Sept’23-Nov’

  9. Slide 9: Financial Update

    Financial Update Melanie Herman

  10. Slide 10: Second Quarter 2026 Financial Highlights

    Second Quarter 2026 Financial Highlights Q2 2026 Total Revenue Q2 2026 Royalties $64M $48M 34% increase vs 2025 32% increase vs 2025 Q2 2026 Adjusted EPS1 Cash & Investments $2.37 ~$1.4B 48% increase vs 2025 ~$700M in deployable capital after XOMA closed on July 14, 2026 10 1. Adjusted EPS represent

  11. Slide 11: Ligand's 2031 $700M / 0% / $524 Strike Convert Financing

    Ligand’s 2031 $700M / 0% / $524 Strike Convert Financing Took advantage of strong convertible debt market and executed a $700M transaction, including Issuance Size exercise of the greenshoe 0% Coupon and 27.5% Conversion Premium Convertible Terms Net Share Settlement reduces further dilution as we w

  12. Slide 12: XOMA Integration Update

    XOMA Integration Update Operational and Financial Synergies Tax Attributes 1 Significant operating cost synergies $110M+ in acquired Section 174 R&D tax credits and NOLs • XOMA operating expenses of ~$30M collapses to • Expected to be utilized over the next 3−5 years <$5M under Ligand • Resulting in

  13. Slide 13: 2026 Financial Guidance

    2026 Financial Guidance Tightening of EPS guidance range reflects increase in interest income and lower share count Royalty Revenue Total Revenue $225−250M $270−310M Includes: Ojemda, Vabysmo and Miplyffa (no change) (no change) Non- Royalty Revenue Adjusted EPS1 Captisol: $35–40M $9.00−9.50 Contract

  14. Slide 14: 5-Year Outlook To Be Updated In December

    5−Year Outlook To Be Updated In December Positive developments which are expected to drive an Ligand Expected Royalty Receipts1 increase to the long- term outlook include: Acquisition of XOMA is immediately accretive and is expected to drive Potential Incremental Growth To Be significant growth Share

  15. Slide 15: Portfolio Update

    Portfolio Update Lauren Hay LIGAND

  16. Slide 16: Key Partnered Commercial Programs

    Key Partnered Commercial Programs Marketer Program Indication Royalty Rate Filspari IgA Nephropathy; Focal Segmental Glomerulosclerosis 9% Kyprolis R/R Multiple Myeloma Tiered 1.5% to 3% Qarziba High-Risk Neuroblastoma Tiered Mid-Teen Vabysmo Wet AMD; Diabetic Macular Edema 0.5% Ohtuvayre Chronic Ob

  17. Slide 17: Key Pipeline Partnered Programs

    Key Pipeline Partnered Programs All key pipeline programs represent new or follow- on investment activity since 2022 Developer(s) Program Indication(s) Phase Royalty Rate Microcystic Lymphatic Malformations Pre-Reg QTORIN Rapamycin Tiered 8−9.8% Cutaneous Venous Malformations Phase 3 Ready Lasofoxif

  18. Slide 18: Ligand Potential Pipeline Opportunity

    Ligand Potential Pipeline Opportunity Qtorin Rapamycin AVIM Therapy Lasofoxifene Mezagitimab FDA Approval H1 ’27 Pivotal Results Q2 ’27 Phase 3 Results H2 ‘27 Ph 3 Results Late-’27 to MLM Hypertension ER+/HER2− mBC Early-’28 Peak Sales3: $1B+ Peak Sales4,5: $250M Peak Sales3: $1B ITP, IgAN Peak Roya

  19. Slide 19: Major 2026 Positive Catalyst: Filspari In FSGS

    Major 2026 Positive Catalyst: Filspari In FSGS Approval of Filspari in FSGS marks a major positive 2026 catalyst in LGND portfolio Broad Label • Full approval includes all FSGS patients age 8 and older without nephrotic syndrome Untapped Commercial Opportunity Filspari in FSGS • No FDA approved comp

  20. Slide 20: Major 2026 Positive Catalyst: Qtorin Rapamycin In MLM

    Major 2026 Positive Catalyst: Qtorin Rapamycin In MLM Palvella announced extremely positive Phase 3 results for Qtorin rapamycin in MLM in February • Phase 3 results far surpassed expectations and demonstrated compelling consistency of clinical results – Primary Endpoint: Mean change of +2.13 (p<0.0

  21. Slide 21: Near-Term Growth Driver: Qtorin Rapamycin

    Near-Term Growth Driver: Qtorin Rapamycin Multi- Billion Dollar Market Opportunity Near- Term Qtorin Rapamycin Catalysts in two lead indications alone H2 2026 Microcystic Lymphatic Cutaneous Venus MLM: Completion of NDA submission Malformations Malformations >30K diagnosed US patients >75K diagnosed

  22. Slide 22: Portfolio Potential Catalysts In Next 18-Months

    Portfolio Potential Catalysts In Next 18−Months Up To 7 Pivotal Trial Readouts Anticipated in Next 18−Months Pivotal Trial AVIM Phase 3 Trial Readouts Lasofoxifene Readouts Mezagitamab Osavampator2 Volixibat1 Ersodetug Potential FDA Approval for Potential Geographic Expansion Qtorin Rapamycin in MLM

  23. Slide 23: LIGAND

    LIGAND

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