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Ligand Pharmaceuticals cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$27.7M in Q3 2026 · $90.6M over twelve months

Operating cash flow−$27.6M
Capital spending−$142K
Free cash flow−$27.7M

Analysis

In Q3 2026, Ligand Pharmaceuticals generated −$27.6M of operating cash flow and spent $142K on capital projects, leaving free cash flow of −$27.7M. That is $40.8M less than in Q3 2025 ($13.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $91.0M; the largest uses were acquisitions ($783M), other financing ($104M), buybacks ($60.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($700M), other investing ($114M); the cash balance fell by $36.0M.

Operating cash flow was −$27.6M against net income of −$28.5M. The largest differences: stock-based pay +$18.2M, receivables −$16.3M, depreciation & amortization +$10.3M.

Free cash flow

Ligand Pharmaceuticals: free cash flow by quarterLigand Pharmaceuticals: free cash flow by quarter$27.8MQ4 2024−$25.7MQ1 2025$15.6MQ2 2025$13.1MQ3 2025$45.9MQ4 2025$48.5MQ1 2026$24.0MQ2 2026−$27.7MQ3 2026
Operating cash flow less capital spending.
Ligand Pharmaceuticals: operating cash flow against capital spendingLigand Pharmaceuticals: operating cash flow against capital spendingOperating cash flowCapital spending$28.5M$712KQ4 2024−$25.4M$214KQ1 2025$15.8M$214KQ2 2025$13.1M$15KQ3 2025$45.9M$9KQ4 2025$48.7M$228KQ1 2026$24.0M$26KQ2 2026−$27.6M$142KQ3 2026
Latest (Q3 2026): Operating cash flow −$27.6M, Capital spending $142K.

Capital allocation, year by year

Ligand Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearLigand Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $78.8MFY2021: Net borrowing −$165MFY2021: Shares issued $33.8MFY2021: Capital spending −$8.8M$113MFY2021FY2022: Operating cash flow $138MFY2022: Net borrowing −$261MFY2022: Shares issued $3.2MFY2022: Capital spending −$17.9M$141MFY2022FY2023: Operating cash flow $49.6MFY2023: Net borrowing −$76.9MFY2023: Shares issued $22.4MFY2023: Capital spending −$3.5MFY2023: Acquisitions −$10.4M$72.0MFY2023FY2024: Operating cash flow $97.0MFY2024: Net borrowing −$25KFY2024: Shares issued $103MFY2024: Capital spending −$1.8M$200MFY2024FY2025: Operating cash flow $49.4MFY2025: Net borrowing $460MFY2025: Shares issued $47.5MFY2025: Capital spending −$452KFY2025: Buybacks −$15.0M$557MFY2025
Over these 5 years operating cash flow totalled $413M; the largest uses were net borrowing ($503M) and capital spending ($32.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$447M
Debt$1.1B
Net debt$681M
Due within a year$448M

Ligand Pharmaceuticals funds itself: free cash flow was $90.6M over the last twelve months, and $447M of cash and investments stands against $1.1B of debt ($448M due within a year, 1.0× covered by cash).

Where the cash came from and went

Ligand Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Ligand Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$903MOther investing−$878MOperating cash flow−$27.6MShares issued$5.6MExchange rates−$1.8MOther financing−$1.5MCapital spending−$142KTaxes on employees’ shares−$35KNet borrowing (+) / repaid (−)−$6K
Ligand Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Ligand Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Acquisitions−$783MNet borrowing (+) / repaid (−)$700MOther investing$114MOther financing−$104MOperating cash flow$91.0MBuybacks−$60.0MCash drawn (+) / kept (−)$36.0MShares issued$31.2MTaxes on employees’ shares−$22.5MExchange rates−$2.4MCapital spending−$405K

From profit to cash

Ligand Pharmaceuticals: net income to operating cash flow, Q3 2026Ligand Pharmaceuticals: net income to operating cash flow, Q3 2026Net income−$28.5MDepreciation & amortization$10.3MStock-based pay$18.2MGains on investments$3.8MReceivables−$16.3MInventory−$4.2MPayables−$4.4MDeferred revenue−$4KOther operating capital−$852KOperating cash flow−$27.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$27.6M−$142K—−$6K$5.6M$903M−$27.7M
Q2 2026$24.0M−$26K—−$7K$8.6M−$892M$24.0M
Q1 2026$48.7M−$228K—−$7K$7.7M$59.8M$48.5M
Q4 2025$45.9M−$9K—−$7K$9.3M−$35.6M$45.9M
Q3 2025$13.1M−$15K−$15.0M$460M$25.7M−$71.7M$13.1M
Q2 2025$15.8M−$214K—−$7K$8.2M−$19.7M$15.6M
Q1 2025−$25.4M−$214K—−$7K$4.2M$24.3M−$25.7M
Q4 2024$28.5M−$712K—−$6K$22.4M−$8.7M$27.8M

Ligand Pharmaceuticals: income statement and cash flow

Ligand Pharmaceuticals, Q3 2026: revenue $78.7M (-32% year over year), operating margin -20.0%. The chart follows the revenue to costs, profit and cash.

Ligand Pharmaceuticals: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.