Ligand is highly dependent on its Captisol-based partners for revenue. If any of the company’s partners fails to receive regulatory approval or terminates a deal, Ligand’s future prospects would be severely hampered. The company derives a substantial portion of its revenues from royalties associated with the sales of Promacta and Kyprolis. Any setback related to either of these two products could leave a substantial impact. Moreover, Ligand’s dependence on a single supplier to obtains Captisol is alos concerning. However, the company’s entry into the Medical Devices Segment with the acquisition of multiple programs owned by CorMatrix is encouraging. Also, with regard to Ligand’s internal pipeline, there are several candidates in development that could bring in future licensing opportunities. Shares of Ligand have outperformed the broader industry in the last one year.