Ligand Pharmaceuticals Inc. Files Definitive Proxy Statement

TL;DR

<b>Ligand Pharmaceuticals Inc. has filed its definitive proxy statement for the fiscal year ending December 31, 2023, detailing executive compensation and equity awards.</b>

AI Summary

LIGAND PHARMACEUTICALS INC (LGNZZ) filed a Proxy Statement (DEF 14A) with the SEC on April 25, 2024. Ligand Pharmaceuticals Inc. filed a Definitive Proxy Statement (DEF 14A) on April 25, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 3911 Sorrento Valley Blvd, Suite 110, San Diego, CA 92121. The filing includes information related to executive compensation, including equity awards for Named Executive Officers (NEOs) and Non-NEOs. Specific details on the fair value of equity awards granted, outstanding, and vested are provided for the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking LIGAND PHARMACEUTICALS INC, this filing contains several important signals. This filing provides shareholders with crucial information regarding executive compensation, including the structure and value of equity awards, which is essential for informed voting on executive pay matters. The detailed breakdown of equity awards, including changes in fair value and vesting conditions, allows shareholders to assess the alignment of executive incentives with company performance and long-term value creation.

Risk Assessment

Risk Level: — LIGAND PHARMACEUTICALS INC shows moderate risk based on this filing. The filing is a routine DEF 14A, which is standard for public companies and does not contain new material financial or operational information that would significantly alter risk assessment.

Analyst Insight

Review the executive compensation details and equity award structures to understand how executive incentives are aligned with shareholder interests and company performance.

Executive Compensation

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting Period)
• 2024-04-25 — Filing Date (DEF 14A Filing)

Key Players & Entities

• LIGAND PHARMACEUTICALS INC (company) — Registrant
• Todd C. Davis (person) — Member of the Board
• John L. Higgins (person) — Member of the Board
• 2023-12-31 (date) — Fiscal Year End
• 2024-04-25 (date) — Filing Date
• 3911 Sorrento Valley Blvd, Suite 110, San Diego, CA 92121 (address) — Business Address

FAQ

Risk Factors

• Proxy Statement Filing [low — regulatory]: The company is required to file a Definitive Proxy Statement (DEF 14A) annually to provide shareholders with information for voting on corporate matters, including executive compensation.

Key Dates

• 2024-04-25: Filing of DEF 14A — Provides details on executive compensation and corporate governance for the fiscal year 2023.
• 2023-12-31: Fiscal Year End — The period covered by the proxy statement's financial and compensation disclosures.

Glossary

DEF 14A

Definitive Proxy Statement filed with the SEC. (This filing provides shareholders with essential information for voting on matters such as executive compensation and director elections.)

Equity Awards

Awards of stock options, restricted stock units, or other equity-based compensation granted to employees. (Key component of executive compensation, used to incentivize performance and align executive interests with shareholders.)

Key Financial Figures

• $83.9 million — , 2023: Royalty revenue grew by 16% to $83.9 million compared to $72.5 million in 2022. We
• $72.5 million — rew by 16% to $83.9 million compared to $72.5 million in 2022. We reduced operating costs an
• $71.7 m — reduced operating costs and expenses by $71.7 million, from $193.2 million in fiscal ye
• $193.2 million — sts and expenses by $71.7 million, from $193.2 million in fiscal year 2022 compared to $121.5
• $121.5 million — million in fiscal year 2022 compared to $121.5 million in fiscal year 2023. Our balance sheet
• $170 million — balance sheet ended the year with over $170 million of cash, cash equivalents and short-ter
• $1 billion — gies. Since 2007, we have deployed over $1 billion of capital to build our diverse portfol
• $2.5 million — s on our ESG efforts. We progressed our $2.5 million solar investment at Kansas University I

Filing Documents

• lngd-20240424.htm (DEF 14A) — 1291KB
• lngd-20240424_g1.gif (GRAPHIC) — 9KB
• lngd-20240424_g10.jpg (GRAPHIC) — 244KB
• lngd-20240424_g2.jpg (GRAPHIC) — 99KB
• lngd-20240424_g3.gif (GRAPHIC) — 43KB
• lngd-20240424_g4.gif (GRAPHIC) — 12KB
• lngd-20240424_g5.jpg (GRAPHIC) — 57KB
• lngd-20240424_g6.jpg (GRAPHIC) — 91KB
• lngd-20240424_g7.jpg (GRAPHIC) — 82KB
• lngd-20240424_g8.jpg (GRAPHIC) — 63KB
• lngd-20240424_g9.jpg (GRAPHIC) — 247KB
• 0000886163-24-000020.txt (&nbsp;) — 4248KB
• lngd-20240424.xsd (EX-101.SCH) — 2KB
• lngd-20240424_def.xml (EX-101.DEF) — 3KB
• lngd-20240424_lab.xml (EX-101.LAB) — 3KB
• lngd-20240424_pre.xml (EX-101.PRE) — 2KB
• lngd-20240424_htm.xml (XML) — 91KB

Security Ownership of Certain Beneficial Owners, Directors and Management

Security Ownership of Certain Beneficial Owners, Directors and Management 43 Delinquent Section 16(a) Reports 45

Executive Compensation and Other Information

Executive Compensation and Other Information 4 6 Human Capital Management and Compensation Committee Report 64 Compensation Tables 65 Pay Ratio Disclosure 71 Pay Versus Performance Disclosure 72 Compensation Committee Interlocks and Insider Participation 76 Equity Compensation Plans 76 Certain Relationships and Related Transactions 76 Other Information 77 Appendix A: Amendment and Restatement of the Ligand Pharmaceuticals Incorporated 2002 Stock Incentive Plan 80 PROXY STATEMENT SUMMARY The annual meeting of stockholders of Ligand Pharmaceuticals Incorporated ("Ligand" or the "Company") will be held on June 14, 2024 at 11:30 a.m. Eastern Time. You will be able to attend and participate in the annual meeting virtually, vote your shares electronically and submit your questions during the meeting by visiting: www.meetnow.global/M9M96C9 o n the meeting date and at the time as described elsewhere in this proxy statement. There is no physical location for the annual meeting. Our proxy statement and related materials are first being made available to our stockholders on or about April 19, 2024. We encourage you to read the entire proxy statement before casting your vote. BUSINESS HIGHLIGHTS We are a biopharmaceutical company enabling scientific advancement through supporting the clinical development of high-value medicines. Ligand does this by providing financing, licensing our technologies or both. Our business model seeks to generate value for stockholders by creating a diversified portfolio of biopharmaceutical product revenue streams that are supported by an efficient and low corporate cost structure. Our goal is to offer investors an opportunity to participate in the promise of the biotech industry in a profitable and diversified manner. Our business model focuses on funding programs in mid-to late-stage drug development in return for economic rights, purchasing royalty rights in development stage or commercial biopharmaceutical

: Gender Identity

Part I: Gender Identity Directors 2 6

: Demographic Background

Part II: Demographic Background Asian 0 1 White 2 5 3 The illustration below summarizes the key experience, qualifications, and attributes for each director nominee and highlights the balanced mix of experience of our Board as a whole. This is a high-level summary that is not intended to be an exhaustive list of each director nominee's skills or contributions to the Board. The details of each nominee's competencies are included in each nominee's biography. Experience/Skills Kozarich Aryeh Davis Gray Haas LaMattina Sabba Zimmermann Life Science Industry Science/Technology C-Suite Leadership Regulatory Compliance Financial/Accounting Government/Public Policy 2023 ESG HIGHLIGHTS We aim to deliver long-term sustainable value to our stakeholders by promoting a diverse, inclusive and supportive culture; inspiring innovation; and fostering trust throughout our organization and within the communities we serve. Our corporate sustainability program continually identifies, assesses and manages the environmental, social and governance ("ESG") factors that are relevant to our long-term performance. Our sustainability program takes into account the interests of our key stakeholders including employees, partners, our communities and our stockholders. Our ESG priorities include energy and resource efficiency, employee and board diversity, workplace health and safety, waste management, human capital management, leadership with vendors and partners on environmental goals, business ethics and compliance, and data privacy and protection. The Board reviews and assesses our ESG programs to ensure we are meeting our commitments to all of our stakeholders. In addition, our directors have committed themselves to various environmental and social diversity initiatives such as founding a non-profit conservation company, volunteering on boards of multiple non-profit organizations dedicated to social equality and meeting the needs of members of underrepresented groups,

View Full Filing

View this DEF 14A filing on SEC EDGAR