Analyst Conference Summary

biotechnology

conference date: August 6, 2026 @ 5:30 AM Pacific Time
for quarter ending: June 30, 2026 (second quarter, Q2 2026)

I took an initial position 5/7/2026 Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ million, down % sequentially from $51.7 million, and up % from $ million year-earlier.

Net Income was $ million, down sequentially from negative $13.3 million, and up from negative $ million year-earlier.

EPS (Earnings per Share), diluted, were $, down sequentially from negative $0.67, and up from negative $ year-earlier.

Guidance:

Conference Highlights:

CEO Todd Davis said, ""

Predicts a 23% CAGR (compound growth rate) for royalty receipts through 2030.

Revenue consisted of $ million for royalty assets; $ million from financial royalty assets; $ million Captisol; and $ million contract and other. Ligand has a pure royalty aggregation model.

On April 27, 2026 announced Ligand will acquire XOMA, also a biotech royalty aggregtor, for $39 pershare plus a CVR.

In Q2 2026, Filspari (sparsentan) for proteinuria from primary immunoglobin A nephropathy was approved by the FDA. Ligand licenced to Travere, with Renalys. Chugai is purchasing Renalys, and so rights to commercialize in Japan, S. Korea, and Taiwan. In November 2025 topline positive results for IgAN were announced. Plans to submit an NDA in Japan. Product sales in the U.S. reached $105 million in Q1 2026. The SPARX Study evaluating Filspari in post-transplant patients with recurrent IgAN or FSGS is on track to complete enrollment in Q2 2026

In April 2026 Sanofi announced the FDA approved Tzield to delay the progression of stage 3 type 1 diabetes in adults and pediatric patients eight years of age and older recently diagnosed with stage 3 T1D. And in January 2026 the EU granted approval.

In Q2 2026 Agenus enrolled its first patient in the Phase 3 botensilimab plus balstilimab trial ofr microsatellite stable (MSS) metastatic colorectal cancer. Ligand has a stake in bot/bal.

Cash and equivalents ended at $ million, up sequentially from $na million.

Non-GAAP diluted EPS was $, down sequentially from $1.63, and up from $ year-earlier. Adjusted net income was $ million, up y/y from $ million.

Operating costs of $ million consisted of: $ million cost of goods sold, $ million amortization of intangibles, $ million R&D, $ million G&A, $0 million fair value adjustments. Leaving income from operations of $ million. Gain from short-term investments $ million; loss in equity investments $ million; interest $ million; other expense $ million. Income tax benefit $ million.

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