Operator

Hello, everyone. Thank you for joining us, and welcome to Ligand's First Quarter 2026 Earnings Call. [Operator Instructions] I will now hand the conference over to Melanie Herman, head of [Technical Difficulty]. Please go ahead.

Melanie Herman
Executive Director of Investor Relations and Financial Planning & Analysis

Good morning, everyone, and welcome to Ligand's First Quarter 2026 Earnings Call. With me on the call today are CEO, Todd Davis; Chief Financial Officer, Octavio Espinoza, Vice President of Portfolio Strategy and Investments, Lauren Hay; and Vice President of Investments and Business Development, Michael Vigilante.

During the call today, we will review the financial results released earlier today and provide commentary on our partner portfolio and business development activities, followed by a question-and-answer session.

Before we get started, I would like to point out that we will be discussing non-GAAP results, which exclude certain items such as stock-based compensation, amortization of intangible assets, amortization or impairment of financial assets and gains or losses from derivative assets, amongst others. I encourage you to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP measures, which can be found in today's release available on our website. We believe these adjusted measures provide valuable insight into our core operating performance, both historically and moving forward. Our earnings