On a GAAP basis, Ligand reported a first-quarter diluted EPS loss of $0.67, compared to a loss of $2.21 in the year-ago period. Espinoza said the 2026 GAAP loss was “primarily driven by fair value adjustments on our equity holdings,” while the prior-year loss “largely reflects a one-time $44 million accounting charge” tied to Castle Creek’s funding of a Phase III study.CFO Tavo Espinoza said Ligand’s first-quarter total revenue was $52 million, up 14% year-over-year, with royalty revenue of $43 million, up ...