IONIS PHARMACEUTICALS INC

Listed Company

IONSCIK 0000874015NasdaqLarge AcceleratedPharmaceutical PreparationsCaliforniaFY ends Dec 31

Period

FY 2025

Revenue

$943.71M

Net Income

$-381.39M

Total Assets

$3.52B

Equity

$489.09M

Shares Out

165.26M

Op. Cash Flow

$-268.58M

Business

IONIS PHARMACEUTICALS INC invents and develops RNA‑targeted therapeutics using antisense, siRNA and advancing platforms such as LICA, MsPA backbone chemistry and gene‑editing collaborations. It offers marketed medicines including TRYNGOLZA, WAINUA, SPINRAZA, QALSODY, TEGSEDI and WAYLIVRA and advances investigational programs such as olezarsen, donidalorsen, zilganersen and ION582. Key business activities comprise independent commercial launches, partnered development and commercialization collaborations, research and development, manufacturing and medical affairs. Products are distributed globally via direct U.S. commercialization, co‑commercial partnerships, distributors and licensees.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	944	705	788	587	810
Cost of sales	16	11	9	14	11
Research, development and patent	916	902	900	—	—
Selling, general and administrative	394	267	233	150	186
Total operating expenses	1,325	1,180	1,141	998	841
Loss from operations	−382	−475	−354	−410	−30
Investment income	98	107	89	25	10
Interest expense	−17	−17	−13	−8	−9
Interest expense related to sale of future royalties	−73	−73	−69	0	0
Gain (loss) on investments, net	10	−3	−2	−7	10
Other income (expense), net	−15	1	14	−7	−10
Loss before income tax benefit (expense)	−380	−460	−334	−258	−29
Income tax benefit (expense)	−2	6	−32	−12	551,000
Net loss	−381	−454	−366	−270	−29
Basic net loss per share (in Dollars per share)	−2.38	−3.04	−2.56	−1.9	−0.2
Diluted net loss per share (in Dollars per share)	−2.38	−3.04	−2.56	−1.9	−0.2
Shares used in computing basic net loss per share (in Shares)	160	150	143	142	141
Shares used in computing diluted net loss per share (in Shares)	160	150	143	142	141

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	372	242	399	276	869
Short-term investments	2,305	2,056	1,932	1,710	1,246
Contracts receivable	66	92	98	26	62
Inventories	10	13	7	22	25
Other current assets	237	218	205	168	143
Total current assets	2,991	2,620	2,642	2,203	2,345
Property, plant and equipment, net	123	94	71	74	178
Right-of-use assets	239	162	172	182	18
Deposits and other assets	172	127	105	75	71
Total assets	3,524	3,004	2,990	2,534	2,612
Accounts payable	28	43	26	18	12
Accrued compensation	116	70	68	49	39
Accrued liabilities	106	108	148	140	89
Income taxes payable	3	34,000	2	6	36,000
0 percent convertible senior notes due 2026, net	432	0	44	0	0
Current portion of deferred contract revenue	74	79	151	91	98
Other current liabilities	23	9	9	8	4
Total current liabilities	782	309	448	312	241
Long-term deferred contract revenue	92	157	241	288	352
Liability related to sale of future royalties, net	551	542	—	—	—
Long-term lease liabilities	262	162	171	179	19
Long-term obligations	28	52	42	16	60
Total liabilities	3,035	2,415	2,603	1,961	1,840
Common stock, $0.001 par value; 300,000,000 shares authorized, 163,304,875 and 157,908,815 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	163,000	158,000	144,000	142,000	141,000
Additional paid-in capital	3,145	2,869	2,215	2,060	1,964
Accumulated other comprehensive loss	−25	−31	−33	−57	−33
Accumulated deficit	−2,631	−2,250	−1,796	−1,430	−1,160
Total stockholders' equity	489	588	387	573	772
Total liabilities and stockholders equity	3,524	3,004	2,990	2,534	2,612

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	10	10	10	14	15
Amortization of right-of-use operating lease assets	10	10	10	5	2
Amortization of other assets	2	2	3	2	2
Amortization of discount on investments, net	−24	−38	−29	7	18
Amortization of debt issuance costs	7	7	6	5	5
Non-cash royalty revenue related to sale of royalties	−52	−45	−45	0	0
Non-cash interest related to sale of future royalties	73	73	68	0	0
Stock-based compensation expense	134	130	106	100	121
Gain on early retirement of debt	0	0	−13	0	9
Inducement expense related to early retirement of debt	16	0	0	—	—
Non-cash losses (gains) related to disposal of property, plant and equipment	−4	7	17	531,000	0
Loss (gain) on investments, net	−9	3	2	224,000	−1
Non-cash losses related to other assets	986,000	3	2	2	3
Contracts receivable	26	6	−72	36	14
Inventories	−14	−5	−2	5	−3
Other current and long-term assets	−33	−26	−34	−27	−877,000
Accounts payable	−15	16	8	1	−6
Income taxes	3	−2	−4	6	−280,000
Accrued compensation	47	2	19	10	−27
Accrued liabilities and other liabilities	5	−43	−6	47	−8
Deferred contract revenue	−70	−157	14	−71	−83
Net cash used in operating activities	−269	−501	−308	−274	31
Purchases of short-term investments	−1,919	−1,853	−1,771	−1,486	−1,124
Proceeds from sale of short-term investments	1,698	1,769	1,585	989	1,344
Purchases of property, plant and equipment	−51	−45	−24	−16	−12
Acquisition of licenses and other assets, net	−6	−5	−4	−4	−6
Net cash used in investing activities	−278	−134	−214	−263	195
Proceeds from issuance of common stock through equity plans, net	193	34	49	6	12
Proceeds from issuance of common stock in public offering, net	0	489	0	0	—
Proceeds from sale of future royalties	0	0	500	0	0
Payments of transaction costs related to sale of future royalties	0	0	−10	−29,000	0
Proceeds from real estate transaction	0	0	32	0	0
Principal payments on mortgage debt	−175,000	−167,000	−160,000	−51	0
Net cash provided by financing activities	676	478	644	−55	246
Repurchase of $200 million principal amount of 0 percent convertible senior notes due 2026	−268	0	0	0	−257
Repayment of 0.125 percent convertible senior notes due 2024	0	−45	−488	0	−62
Effects of exchange rates on cash	702,000	−273,000	352,000	—	—
Net increase (decrease) in cash and cash equivalents	130	−157	123	−593	472
Interest paid	11	11	7	3	5
Income taxes paid (refunds received), net	−639,000	−6	48	5	—
Right-of-use assets obtained in exchange for lease obligations	87	0	0	169	7
Amounts accrued for capital and patent expenditures	478,000	947,000	172,000	—	—

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