Ligand Pharmaceuticals Incorporated (LGND) Q2 2025 Earnings Call

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WEBVTT 00:00:00.000 -- 00:00:04.820 Good day and welcome to the Ligand second quarter 2025 earnings call. 00:00:04.820 -- 00:00:08.260 All lines have been placed on mute to prevent any background noise. 00:00:08.260 -- 00:00:11.600 After the speaker's remarks, there will be a question and answer session. 00:00:11.600 -- 00:00:15.280 If you would like to ask a question during this time, simply press star followed by the 00:00:15.280 -- 00:00:19.300 number one on your telephone keypad. If you would like to withdraw your question, press 00:00:19.300 -- 00:00:23.760 the star one again. For operator assistance throughout the call, please press star zero 00:00:23.760 -- 00:00:27.700 and finally I would like to advise all participants that this call is being recorded. 00:00:27.700 -- 00:00:32.180 Thank you. I'd now like to welcome Melanie Herman, the executive director of investor 00:00:32.180 -- 00:00:36.880 relations to begin the conference. Melanie, over to you. 00:00:37.440 -- 00:00:42.080 Good morning, everyone, and welcome to Ligand second quarter 2025 earnings call. 00:00:42.080 -- 00:00:45.880 During the call today, we will review the financial results we released earlier today 00:00:45.880 -- 00:00:50.220 and provide commentary on our partner pipeline and business development activity, followed 00:00:50.220 -- 00:00:54.400 by a question and answer session. Before we get started, I would like to point out that 00:00:54.400 -- 00:00:58.800 we will be discussing non-GAP results, which excludes certain items such as stock-based 00:00:58.800 -- 00:01:00.280 compensation, 00:01:00.280 -- 00:01:05.700 amortization of intangible assets, amortization or impairment of financial assets, 00:01:05.700 -- 00:01:10.020 losses from derivative assets, and expenses incurred to incub...