IONIS PHARMACEUTICALS INC Fair Value Disclosure
| At | Quoted Prices in Active Markets | Significant Other Observable Inputs | |||||||||
| December 31, 2025 | (Level 1) | (Level 2) | |||||||||
| Cash equivalents (1) | $ | 213,579 | $ | 213,579 | $ | - | |||||
| Corporate debt securities (2) | 1,184,608 | - | 1,184,608 | ||||||||
| Debt securities issued by U.S. government agencies (3) | 148,631 | - | 148,631 | ||||||||
| Debt securities issued by the U.S. Treasury (3) | 1,012,746 | 1,012,746 | - | ||||||||
| Debt securities issued by states of the U.S. and political subdivisions of the states (3) | 6,943 | - | 6,943 | ||||||||
| Publicly traded equity securities included in other current assets (4) | 3,012 | 3,012 | - | ||||||||
| Total | $ | 2,569,519 | $ | 1,229,337 | $ | 1,340,182 |
| At | Quoted Prices in Active Markets | Significant Other Observable Inputs | |||||||||
| December 31, 2024 | (Level 1) | (Level 2) | |||||||||
| Cash equivalents (1) | $ | 180,445 | $ | 180,445 | $ | - | |||||
| Corporate debt securities (3) | 1,032,066 | - | 1,032,066 | ||||||||
| Debt securities issued by U.S. government agencies (3) | 208,998 | - | 208,998 | ||||||||
| Debt securities issued by the U.S. Treasury (3) | 806,724 | 806,724 | - | ||||||||
| Debt securities issued by states of the U.S. and political subdivisions of the states (3) | 7,524 | - | 7,524 | ||||||||
| Other municipal debt securities (3) | 696 | - | 696 | ||||||||
| Publicly traded equity securities included in other current assets (4) | 5,263 | 5,263 | - | ||||||||
| Total | $ | 2,241,716 | $ | 992,432 | $ | 1,249,284 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.