LIGAND PHARMACEUTICALS 10K
PART II
PART I | Back to Ligand Listing
(a) Market Information
The Company's Class A Common Stock was traded in the over-the-counter market and prices were quoted on the Nasdaq National Market under the symbol "LGNDA" from its initial public offering on November 17, l992 until November 24, l994. On November 24, l994, each outstanding share of Class A Common Stock was automatically converted into 1.33 shares of Class B Common Stock ("Common Stock"), which is currently traded in the over-the-counter market. Since November 24, l994, all the Company's stock has traded under one class of Common Stock. Prices for the Company's Common Stock are quoted on the Nasdaq National Market under the symbol "LGND". The following table sets forth the high and low sales prices for the Company's previously traded Class A Common Stock and currently traded Common Stock on the Nasdaq National Market for the periods indicated.
CLASS A COMMON SALES PRICES
| High | Low | |
| Year Ended December 31, l994: | ||
| 1st Quarter | $14 1/2 | $11 |
| 2nd Quarter | 13 3/4 | 10 1/4 |
| 3rd Quarter | 13 1/4 | 10 1/2 |
| 4th Quarter (through Nov. 23) | 13 | 10 1/4 |
COMMON STOCK SALES PRICES
| High | Low | |
| Year Ended December 31, l994: | ||
| 4th Quarter (Nov. 25 through Dec 31) | $10 | $ 6 |
| High | Low | |
| Year Ended December 31, l995: | ||
| 1st Quarter | $ 8 1/2 | $ 6 |
| 2nd Quarter | 8 3/4 | 5 1/2 |
| 3rd Quarter | 10 1/4 | 7 3/4 |
| 4th Quarter | 11 3/8 | 7 3/4 |
(b) Holders
As of December 31, 1995, there were approximately 810 holders of record of the Company's Common Stock.
(c) Dividends
The Company has not paid any dividends since its inception and does not intend to pay any dividends in the foreseeable future. The Company currently intends to retain its earnings, if any, for future development of its business.
| Consolidated Statement of Operations Data: | |||||||
| Years Ended December 31, | |||||||
| 1995 | 1994 | 1993 | 1992 | 1991 | |||
| Revenues: | |||||||
| Collaborative research and development | |||||||
| Related parties | $ 11,972,253 | $ 8,341,829 | $ 9,974,361 | $ 2,128,097 | $ 1,525,584 | ||
| Unrelated party | 12,423,677 | 4,893,257 | 6,137,982 | 3,417,043 | - | ||
| Other | 120,103 | 73,597 | 150,044 | 338,338 | - | ||
| Total Revenues | 24,516,033 | 13,308,683 | 16,262,387 | 5,883,478 | 1,525,584 | ||
| Costs and expenses: | |||||||
| Research and development | 41,635,765 | 27,205,309 | 24,301,128 | 14,219,756 | 6,227,716 | ||
| Selling, general and administrative | 8,181,367 | 6,956,465 | 6,192,175 | 4,144,476 | 1,567,779 | ||
| Write-off of acquired in-process technology | 19,564,494 | - | - | - | - | ||
| ALRT contribution | 17,500,000 | - | - | - | - | ||
| Total Operating Expenses | 86,881,626 | 34,161,774 | 30,493,303 | 18,364,232 | 7,795,495 | ||
| Loss from operations | (62,365,593) | (20,853,091) | (14,230,916) | (12,480,754) | (6,269,911) | ||
| Interest income | 3,603,378 | 1,297,882 | 2,005,074 | 522,990 | 211,039 | ||
| Interest expense | (5,410,018) | (679,282) | (353,820) | (325,117) | (215,502) | ||
| Equity in operations of Joint Venture | - | (6,844,740) | (6,878,779) | (1,723,736) | - | ||
| Net loss | $ (64,172,233) | $ (27,079,231) | $ (19,458,441) | $ (14,006,617) | $ (6,274,374) | ||
| Net loss per share | $ (2.70) | $ (1.57) | $ (1.19) | $ (3.96) | $ (3.04) | ||
| Shares used in computing net loss per share | 23,791,542 | 17,240,535 | 16,356,656 | 3,537,494 | 2,066,789 | ||
| Consolidated Balance Sheet Data: | |||||
| December 31, | |||||
| 1995 | 1994 | 1993 | 1992 | 1991 | |
| Cash, cash equivalents, short term investments and restricted cash | $ 76,902,956 | $ 38,403,194 | $ 42,354,094 | $ 55,604,838 | $ 4,110,542 |
| Working capital | 57,348,935 | 33,567,004 | 40,587,896 | 55,116,521 | 3,124,111 |
| Total assets | 93,593,615 | 46,695,862 | 50,790,460 | 62,260,984 | 6,607,026 |
| Long-term debt | 18,585,485 | 12,284,861 | 2,324,008 | 1,749,649 | 1,180,056 |
| Convertible subordinated debentures | 31,278,752 | - | - | - | - |
| Accumulated deficit | (140,280,514) | (76,108,281) | (49,029,050) | (29,570,609) | (15,563,992) |
| Total stockholders' equity | 28,070,728 | 26,335,103 | 42,934,105 | 57,249,532 | 4,033,342 |