cost structure. Ligand's goal is to offer investors an opportunity to participate in the promise of the biotech industry in a profitable, diversified, and lower-risk business than a typical biotech company. Ligand business model is based on doing what we do best: drug discovery, early-stage drug development, product reformulation, and partnering. Ligand partner with other pharmaceutical companies to leverage what they do best (late-stage development, regulatory management, and commercialization) to ultimately generate Ligand revenue.