Ligand Pharmaceuticals Inc. - LGND STOCK NEWS

OmniAb, Inc. reports Q2 2023 financial results, highlighting growth and progress in business development and partner programs. Revenue for Q2 2023 was $6.9 million, compared to $7.2 million in Q2 2022. Net loss for Q2 2023 was $14.7 million. OmniAb added four new partners, bringing the total active partner count to 74. The company's partners have a total of 305 active programs, with 29 in the clinical stage or later. Important milestones include the acceptance of the Biologics License Application for batoclimab in China and the initiation of Phase 1 clinical trials for Immunovant's IMVT-1402 and Gloria's GLS-012. OmniAb achieved a research progression milestone and received a payment of $2.0 million from GSK. Cash, cash equivalents, and short-term investments as of June 30, 2023, were $103.1 million.

Ligand Pharmaceuticals and Merck announce positive results from Phase 3 trials of V116 pneumococcal conjugate vaccine, potentially the first vaccine for adults. Results show statistically significant immune responses and a safety profile comparable to the comparator. Ligand is entitled to a royalty on worldwide net sales if approved.

Ligand Pharmaceuticals has offered to acquire the assets of Novan for $15 million in cash and provide up to $15 million in debtor-in-possession financing. The transaction aims to preserve the value of Novan's business and berdazimer gel development assets. Ligand plans to out license or sell Novan's existing programs and commercial assets if the bid is successful. The proposed transaction is subject to court approval and is expected to close in Q3 2023.

Ligand Pharmaceuticals (NASDAQ: LGND) will report its first quarter 2023 financial results after the U.S. financial markets close on May 4, 2023. A conference call is scheduled for 4:30 p.m. Eastern Time on the same day, featuring CEO Todd Davis, President Matt Korenberg, and CFO Tavo Espinoza. The call will provide insights into financial performance and general business updates.

Ligand's business model focuses on supporting mid to late-stage drug development through financing and licensing of its platform technologies, such as Captisol and Pelican. The company collaborates with leading pharmaceutical firms including Amgen, Merck, and Pfizer to generate revenue while maintaining a low corporate cost structure.

OmniAb, Inc. (NASDAQ: OABI) reported strong financial results for Q4 and full-year 2022, with Q4 revenue of $35.3 million, up from $15.3 million in Q4 2021, driven by a $25 million milestone from TECVAYLI™ sales. Full-year revenue reached $59.1 million, an increase from $34.7 million in 2021. Despite net losses of $22.3 million for 2022, improved from a loss of $27 million in 2021, the company ended the year with $88.3 million in cash. OmniAb also signed 13 new partnerships and has 69 active partners pursuing 291 programs. The company anticipates recognizing $10 million more in milestone payments in 2023, showcasing a robust pipeline and growth potential.

Ligand Pharmaceuticals (NASDAQ: LGND) reported its financial results for Q4 and full-year 2022, noting total revenues of $50.4 million in Q4 compared to $56.4 million in 2021. Royalties increased to $22 million due to Pelican platform sales. However, core Captisol sales dropped to $3.3 million, and net loss from continuing operations was $14.5 million, or $0.86 per share. For 2023, Ligand raised its financial guidance, expecting total revenues of $120 to $124 million and adjusted EPS of $3.30 to $3.45. The company anticipates significant revenue growth while maintaining a lean cost structure following the spin-out of OmniAb, which occurred on November 1, 2022.