Operator
Thanks for standing by. Welcome to Ligand Third Quarter 2025 Earnings Name. [Operator Instructions]
I’d now like to show the convention over to Melanie Herman. Please go forward.
Melanie Herman
Good morning, everybody, and welcome to Ligand’s Third Quarter 2025 Earnings Name. Throughout the name as we speak, we’ll evaluate the monetary outcomes we launched earlier as we speak and supply commentary on our companion pipeline and enterprise improvement exercise, adopted by a question-and-answer session.
Earlier than we get began, I want to level out that we’ll be discussing non-GAAP outcomes, which excludes sure gadgets corresponding to stock-based compensation, amortization of intangible belongings, amortization or impairment of monetary belongings, losses from by-product belongings and acquire from the sale of the Pelthos enterprise, amongst others. I encourage you to evaluate the reconciliation of those non-GAAP measures to their most straight comparable GAAP measures, which might be present in as we speak’s launch accessible on our web site.
We imagine these adjusted measures present helpful perception into our core working efficiency, each traditionally and transferring ahead. Our earnings launch and a hyperlink to as we speak’s webcast might be discovered within the Investor Relations part of our web site at ligand.com. With me on the decision as we speak are CEO, Todd Davis; Chief Monetary Officer, Tavo Espinoza; and Vice President of Strategic Planning and Funding Analytics, Lauren Hay.
This name is being recorded, and the audio portion can be archived within the Traders part of our web site. On as we speak’s