Ligand Pharmaceuticals Incorporated (LGND)

Debt-to-equity ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	—	—	—	—	0	0	0	176,540	320,717	316,889	315,318	352,313	442,293	454,973	449,672	444,432	638,959	631,533	624,209	616,987
Total stockholders’ equity	US$ in thousands	700,913	667,896	664,892	646,317	597,485	816,298	802,365	793,192	821,159	812,066	786,517	745,840	709,525	697,824	695,003	661,896	767,232	850,581	1,041,450	1,079,970
Debt-to-equity ratio		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.22	0.39	0.39	0.40	0.47	0.62	0.65	0.65	0.67	0.83	0.74	0.60	0.57

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $—K ÷ $700,913K
= 0.00

The debt-to-equity ratio of Ligand Pharmaceuticals, Inc. has exhibited a relatively stable trend over the past eight quarters. In the most recent quarter (Q4 2023), the ratio stood at 0.00, indicating that the company had no debt in relation to its equity. This trend of minimal debt levels is consistent with the previous three quarters (Q3 2023, Q2 2023, and Q1 2023), where the debt-to-equity ratio also remained at 0.00.

However, a slight increase in leverage was observed in Q1 2023, with the ratio at 0.12, suggesting the company had a higher level of debt compared to equity during that period. This uptick in leverage was followed by a similar ratio of 0.13 in Q4 2022, indicating a continued but marginal increase in debt relative to equity.

It is noteworthy that the company had higher debt levels in the earlier quarters of 2022, with ratios of 0.14 in Q3 2022 and 0.22 in Q1 2022. These higher ratios suggest that Ligand Pharmaceuticals, Inc. had higher levels of debt compared to equity at those points in time.

Overall, the recent trend of consistently low debt-to-equity ratios indicates that the company has been maintaining a conservative capital structure with reduced reliance on debt financing, which could potentially signify a lower financial risk and enhanced financial stability for the organization.