Ligand Pharmaceuticals Incorporated (LGND) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by and welcome to Ligon 4th Quarter 2025 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press the star followed by the number one on your telephone keypad. If you would like to withdraw your question, please press the star one again. Thank you. I would now like to turn the conference over to Melanie Herrmann, who may begin. Good morning everyone and welcome to Ligand's fourth quarter and full year 2025 earnings call. With me on the call today are CEO Todd Davis, Chief Financial Officer Tavo Espinoza, and Vice President of Portfolio Strategy and Investments Lauren Hay. During the call today, we will review the financial results released earlier today and provide commentary on our partnered portfolio and business development activity, followed by a question and answer session. Before we get started, I would like to point out that we will be discussing non-GAAP results, which exclude certain items such as stock-based compensation, amortization of intangible assets, amortization or impairment of financial assets, gains or losses from derivative assets, and gain on the sale of the Paltos business, amongst others. I encourage you to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP measures, which can be found in today's release available on our website. We believe these suggested measures provide valuable insight into our core operating performance, both historically and moving forward. Our release today and a link to today's webcast can be found in the investor relations section of our website at ligand.com. This call is being recorded and...