LGND

Ligand reported strong Q3 2025 performance with royalty revenue growth and raised its full-year guidance. The company reported robust financial performance for the full year 2025, driven by royalty revenue growth, and reiterated its 2026 financial guidance. Ligand expanded its business development team, signaling strategic ambition in royalty financing. The full FDA approval of Filspari for FSGS was a significant positive catalyst. Ligand announced an agreement to acquire XOMA Royalty Corporation, expected to diversify and scale the business. Ligand reported strong royalty revenue growth for Q1 2026, but a GAAP net loss led to a stock plunge, though the company reaffirmed its full-year guidance. Overall, Ligand's stock has seen significant appreciation.