Ligand Holds Investor and Analyst Day; Provides Update on Portfolio Progress and Recent Transactions; Introduces 2024 Guidance

Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) hosted an Investor and Analyst Day in New York City earlier today. CEO Todd Davis and other members of Ligand’s senior management team provided an overview of the company’s business model and investment selection process, reviewed the progress of the portfolio including near-term partner milestones, and introduced 2024 guidance. A copy of the presentation and a replay of the webcast are available at investor.ligand.com.

Business Model: Management reviewed Ligand’s differentiated strategy, unique market position and business model, which is focused on investing in late-clinical stage assets and maintaining and licensing the company’s Captisol technology platform to generate royalties and revenues for shareholders.

Investment Process: Management provided an overview of Ligand’s investment criteria and due diligence process to source assets with superior risk-reward profiles.

Restructuring of Business: Management highlighted several key 2023 developments stemming from the company’s decision to focus on a lean infrastructure and high-margin business:

• Increased investment activity with 300+ deals reviewed, and five investments closed
• Expanded the senior management team with additional experienced investment professionals
• Opened a new office in Boston, MA
• Spun-out the company’s Pelican subsidiary
• Decreased cash operating expenses

Late-Stage Assets: Management highlighted a selection of the most advanced late-stage assets in its portfolio and reviewed seven potential major pipeline events expected in 2024, including:

• PDUFA target date for our berdazimer gel (acquired from Novan), January 2024
• PDUFA target date for Verona Pharma’s ensifentrine, June 2024
• Phase 2b, 52-week biopsy data on Viking Therapeutics’ VK-2809, H1 2024
• Additional Phase 3 data on Merck’s V116
• Phase 3 data on Takeda’s soticlestat
• Phase 3 data on Marinus Pharmaceutical’s ganaxolone-IV, Q2 2024
• Initiation of Phase 3 trial for Palvella’s PTX-022

Portfolio Highlights: Management highlighted the development status and market opportunity for select commercial stage and pipeline programs including Travere Therapeutics’ FILSPARI, Verona Pharma’s ensifentrine, and our berdazimer gel.