Analyst Conference Summary

biotechnology

conference date: November 6, 2025 @ 5:30 AM Pacific Time
for quarter ending: September 30, 2025 (third quarter, Q3 2025)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ million, sequentially from $47.6 million, and up % from $ million year-earlier.

Net Income was $ million, sequentially from $4.8 million, and up from negative $ million year-earlier.

EPS (Earnings per Share), diluted, were $, sequentially from $0.24, and up from negative $ year-earlier.

Guidance:

Conference Highlights:

CEO Todd Davis said, ""

Cash and equivalents ended at $ million, down sequentially from $245 million (including $26.5 million in Viking Therapeutics stock). Combined with credit available, has $450 million in deployable capital.

Revenue consisted of $ million for intangible royalty assets; $ million from financial royalty assets; $ million Captisol; and $ million contract and other.

In Q3 2025 Ligand completed its merger of Pelthos with a subsidiary of Channel Therapeutics, to operate as Pelthos Therapeutics (PTHS). Pelthos raised $50 million capital. In July 2025 Pelthos launched Zelsumvmi (berdazimer) topical gel for molluscum contagiosum, and Ligand earned at $5 million milestone payment. Will also get a 13% royalty on sales and $5 million in possible milestones.

In August 2025 Ligand invested $25 million to fund Orchestra BioMed's cardiopathy device programs.

In July (Q3 2025) Merck announced it would, through a subsidiary, acquire Verona for $107 per American Depository Share (ADS), each representing eight Verona ordinary shares, for a total transaction value of approximately $10 billion. Verona's portfolio includes Ohtuvayre, approved by the FDA for the maintenance treatment of COPD in adult patients. Ligand receives a 3% royalty on Ohtuvayre sales.

In July (Q3 2025) Agenus announced its botensilimab and balstilimab (BOT/BAL) combination achieved a two-year survival rate of 42%, along with a more mature 21-month median overall survival, in an expanded cohort of 123 patients with microsatellite-stable (MSS) metastatic colorectal cancer (mCRC) without active liver metastases (NLM). An agreement was reached with the FDA for the Phase 3 trial design. Agenus also, in June, partnered with Zydus, trading its biologics facility for $75 million upfront and a possible $50 million milestone.

In Q2 2025 Palvella Therapeutics fully enrolled, a Phase 3 trial of Qtorin 3.9% rapamycin anhydrous gel for the treatment of microcystic lymphatic malformations. Top-line results from are expected Q1 2026, and a NDA submission is planned for the second half of 2026.

In Q2 2025 Vifor announced that NICE recommended that Filspari can be used in in England as an option to treat primary IgA nephropathy in adults with a urine protein excretion of 1.0 g/day or more, or a urine protein-to-creatinine ratio of 0.75 g/g or more.

In Q2, 2025, the FDA accepted the Travere sNDA for approval of Filspari (sparsentan) for the treatment of focal segmental glomerulosclerosis (FSGS). PDUFA target action date is January 13, 2026. An advisory committee meeting to discuss the application is planned. Additionally, the PDUFA date is August 28, 2025 for the sNDA for modification of liver monitoring, and removal of embryo-fetal toxicity monitoring REMS, for Filspari for adults with primary immunoglobulin A nephropathy (IgAN) at risk for disease progression.

Operating costs of $ million consisted of: $ million cost of goods sold, $ million amortizationof intangibles, $ million G&A, $ million fair value adjustments. Leaving income from operations of $ million. Other income $ million. Income tax $ million.

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