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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ionis Pharmaceuticals Inc | NASDAQ:IONS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.75 | 4.24% | 43.01 | 41.91 | 44.34 | 43.60 | 41.05 | 41.29 | 1,066,646 | 00:55:10 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
33-0336973
|
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification No.)
|
2855 Gazelle Court, Carlsbad, California
|
92010
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Title of each class
|
Trading symbol
|
Name of each exchange on which registered
|
||
Common Stock, $.001 Par Value
|
“IONS”
|
The Nasdaq Stock Market LLC
|
Large Accelerated Filer ☒
|
Accelerated Filer ☐
|
Non-accelerated Filer ☐
|
Smaller Reporting Company ☐
|
Emerging Growth Company ☐
|
|
September 30,
2021
|
December 31,
2020
|
||||||
(as revised*)
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
632,953
|
$
|
397,664
|
||||
Short-term investments
|
1,354,146
|
1,494,711
|
||||||
Contracts receivable
|
9,068
|
76,204
|
||||||
Inventories
|
22,930
|
21,965
|
||||||
Other current assets
|
136,643
|
140,163
|
||||||
Total current assets
|
2,155,740
|
2,130,707
|
||||||
Property, plant and equipment, net
|
180,144
|
181,077
|
||||||
Patents, net
|
30,038
|
27,937
|
||||||
Deposits and other assets
|
48,971
|
50,034
|
||||||
Total assets
|
$
|
2,414,893
|
$
|
2,389,755
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
8,357
|
$
|
17,199
|
||||
Accrued compensation
|
32,320
|
65,728
|
||||||
Accrued liabilities
|
75,681
|
90,161
|
||||||
Income taxes payable
|
450
|
1,324
|
||||||
1 percent convertible senior notes, net
|
61,936
|
308,809
|
||||||
Current portion of long-term obligations
|
3,109
|
7,301
|
||||||
Current portion of deferred contract revenue
|
97,925
|
108,376
|
||||||
Total current liabilities
|
279,778
|
598,898
|
||||||
Long-term deferred contract revenue
|
362,887
|
424,046
|
||||||
0 percent convertible senior notes, net
|
618,341
|
—
|
||||||
0.125 percent convertible senior notes, net
|
541,768
|
540,136
|
||||||
Long-term obligations, less current portion
|
21,628
|
23,409
|
||||||
Long-term mortgage debt
|
59,955
|
59,984
|
||||||
Total liabilities
|
1,884,357
|
1,646,473
|
||||||
Stockholders’ equity:
|
||||||||
Common stock, $0.001 par value; 300,000,000 shares authorized, 141,184,026 and 140,365,594 shares issued and outstanding at September 30, 2021 (unaudited) and December 31, 2020, respectively
|
141
|
140
|
||||||
Additional paid-in capital
|
1,942,348
|
1,895,519
|
||||||
Accumulated other comprehensive loss
|
(27,437
|
)
|
(21,071
|
)
|
||||
Accumulated deficit
|
(1,384,516
|
)
|
(1,131,306
|
)
|
||||
Total stockholders’ equity
|
530,536
|
743,282
|
||||||
Total liabilities and stockholders’ equity
|
$
|
2,414,893
|
$
|
2,389,755
|
* |
We revised our 2020 amounts to reflect the simplified convertible instruments accounting guidance, which we adopted retrospectively. Refer to Note 2, Significant Accounting Policies, for further information.
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(as revised*)
|
(as revised*)
|
|||||||||||||||
Revenue:
|
||||||||||||||||
Commercial revenue:
|
||||||||||||||||
SPINRAZA royalties
|
$
|
66,572
|
$
|
74,171
|
$
|
198,726
|
$
|
211,925
|
||||||||
TEGSEDI and WAYLIVRA revenue, net
|
15,519
|
19,040
|
46,901
|
50,562
|
||||||||||||
Licensing and other royalty revenue
|
2,729
|
2,129
|
9,502
|
6,548
|
||||||||||||
Total commercial revenue
|
84,820
|
95,340
|
255,129
|
269,035
|
||||||||||||
Research and development revenue under collaborative agreements
|
48,273
|
64,739
|
115,321
|
169,948
|
||||||||||||
Total revenue
|
133,093
|
160,079
|
370,450
|
438,983
|
||||||||||||
Expenses:
|
||||||||||||||||
Cost of sales
|
3,079
|
3,086
|
8,616
|
8,646
|
||||||||||||
Research, development and patent
|
184,770
|
125,083
|
463,878
|
364,298
|
||||||||||||
Selling, general and administrative
|
31,093
|
68,447
|
148,747
|
215,455
|
||||||||||||
Total operating expenses
|
218,942
|
196,616
|
621,241
|
588,399
|
||||||||||||
Loss from operations
|
(85,849
|
)
|
(36,537
|
)
|
(250,791
|
)
|
(149,416
|
)
|
||||||||
Other income (expense):
|
||||||||||||||||
Investment income
|
872
|
6,454
|
8,236
|
25,913
|
||||||||||||
Interest expense
|
(2,340
|
)
|
(2,428
|
)
|
(7,111
|
)
|
(7,076
|
)
|
||||||||
Gain on investments
|
4,013
|
835
|
4,885
|
10,722
|
||||||||||||
Loss on early retirement of debt
|
—
|
—
|
(8,627
|
)
|
—
|
|||||||||||
Other income (expenses)
|
(469
|
)
|
126
|
(656
|
)
|
(122
|
)
|
|||||||||
Loss before income tax benefit (expense)
|
(83,773
|
)
|
(31,550
|
)
|
(254,064
|
)
|
(119,979
|
)
|
||||||||
Income tax benefit (expense)
|
1,307
|
(5,064
|
)
|
854
|
(4,077
|
)
|
||||||||||
Net loss
|
(82,466
|
)
|
(36,614
|
)
|
(253,210
|
)
|
(124,056
|
)
|
||||||||
Net loss attributable to noncontrolling interest in Akcea Therapeutics, Inc.
|
—
|
12,147
|
—
|
34,325
|
||||||||||||
Net loss attributable to Ionis Pharmaceuticals, Inc. common stockholders
|
$
|
(82,466
|
)
|
$
|
(24,467
|
)
|
$
|
(253,210
|
)
|
$
|
(89,731
|
)
|
||||
Basic and diluted net loss per share
|
$
|
(0.58
|
)
|
$
|
(0.18
|
)
|
$
|
(1.80
|
)
|
$
|
(0.64
|
)
|
||||
Shares used in computing basic and diluted net loss per share
|
141,139
|
139,708
|
140,958
|
139,497
|
* |
We revised our 2020 amounts to reflect the simplified convertible instruments accounting guidance, which we adopted retrospectively. Refer to Note 2, Significant Accounting Policies, for further information.
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(as revised*)
|
(as revised*)
|
|||||||||||||||
Net loss
|
$
|
(82,466
|
)
|
$
|
(36,614
|
)
|
$
|
(253,210
|
)
|
$
|
(124,056
|
)
|
||||
Unrealized gains (losses) on debt securities, net of tax
|
(1,618
|
)
|
(3,448
|
)
|
(6,321
|
)
|
5,803
|
|||||||||
Currency translation adjustment
|
(23
|
)
|
275
|
(45
|
)
|
357
|
||||||||||
Comprehensive loss
|
(84,107
|
)
|
(39,787
|
)
|
(259,576
|
)
|
(117,896
|
)
|
||||||||
Comprehensive loss attributable to noncontrolling interest in Akcea Therapeutics, Inc.
|
—
|
(12,188
|
)
|
—
|
(33,883
|
)
|
||||||||||
Comprehensive loss attributable to Ionis Pharmaceuticals, Inc. common stockholders
|
$
|
(84,107
|
)
|
$
|
(27,599
|
)
|
$
|
(259,576
|
)
|
$
|
(84,013
|
)
|
* |
We revised our 2020 amounts to reflect the simplified convertible instruments accounting guidance, which we adopted retrospectively. Refer to Note 2, Significant Accounting Policies, for further information.
|
|
Common Stock
|
Additional
|
Accumulated Other
|
Accumulated
|
Total Ionis
Stockholders’
|
Noncontrolling
Interest in Akcea
|
Total
Stockholders’
|
|||||||||||||||||||||||||
Description
|
Shares
|
Amount
|
Paid in Capital
|
Comprehensive Loss
|
Deficit
|
Equity
|
Therapeutics, Inc.
|
Equity
|
||||||||||||||||||||||||
Balance at June 30, 2020 (as revised*)
|
139,489
|
$
|
139
|
$
|
2,053,502
|
$
|
(16,440
|
)
|
$
|
(752,308
|
)
|
$
|
1,284,893
|
$
|
217,620
|
$
|
1,502,513
|
|||||||||||||||
Net loss
|
—
|
—
|
—
|
—
|
(24,467
|
)
|
(24,467
|
)
|
—
|
(24,467
|
)
|
|||||||||||||||||||||
Change in unrealized losses, net of tax
|
—
|
—
|
—
|
(3,448
|
)
|
—
|
(3,448
|
)
|
—
|
(3,448
|
)
|
|||||||||||||||||||||
Foreign currency translation
|
—
|
—
|
—
|
275
|
—
|
275
|
—
|
275
|
||||||||||||||||||||||||
Issuance of common stock in connection with employee stock plans
|
321
|
1
|
12,997
|
—
|
—
|
12,998
|
—
|
12,998
|
||||||||||||||||||||||||
Stock-based compensation expense
|
—
|
—
|
45,845
|
—
|
—
|
45,845
|
—
|
45,845
|
||||||||||||||||||||||||
Payments of tax withholdings related to vesting of employee stock awards and exercise of employee stock options
|
(16
|
)
|
—
|
(990
|
)
|
—
|
—
|
(990
|
)
|
—
|
(990
|
)
|
||||||||||||||||||||
Noncontrolling interest in Akcea Therapeutics, Inc.
|
—
|
—
|
(17,803
|
)
|
41
|
—
|
(17,762
|
)
|
5,615
|
(12,147
|
)
|
|||||||||||||||||||||
Balance at September 30, 2020 (as revised*)
|
139,794
|
$
|
140
|
$
|
2,093,551
|
$
|
(19,572
|
)
|
$
|
(776,775
|
)
|
$
|
1,297,344
|
$
|
223,235
|
$
|
1,520,579
|
|||||||||||||||
Balance at June 30, 2021
|
141,022
|
$
|
141
|
$
|
1,910,379
|
$
|
(25,796
|
)
|
$
|
(1,302,050
|
)
|
$
|
582,674
|
$
|
—
|
$
|
582,674
|
|||||||||||||||
Net loss
|
—
|
—
|
—
|
—
|
(82,466
|
)
|
(82,466
|
)
|
—
|
(82,466
|
)
|
|||||||||||||||||||||
Change in unrealized losses, net of tax
|
—
|
—
|
—
|
(1,618
|
)
|
—
|
(1,618
|
)
|
—
|
(1,618
|
)
|
|||||||||||||||||||||
Foreign currency translation
|
—
|
—
|
—
|
(23
|
)
|
—
|
(23
|
)
|
—
|
(23
|
)
|
|||||||||||||||||||||
Issuance of common stock in connection with employee stock plans
|
176
|
—
|
1,922
|
—
|
—
|
1,922
|
—
|
1,922
|
||||||||||||||||||||||||
Stock-based compensation expense
|
—
|
—
|
30,537
|
—
|
—
|
30,537
|
—
|
30,537
|
||||||||||||||||||||||||
Payments of tax withholdings related to vesting of employee stock awards and exercise of employee stock options
|
(14
|
)
|
—
|
(490
|
)
|
—
|
—
|
(490
|
)
|
—
|
(490
|
)
|
||||||||||||||||||||
Balance at September 30, 2021
|
141,184
|
$
|
141
|
$
|
1,942,348
|
$
|
(27,437
|
)
|
$
|
(1,384,516
|
)
|
$
|
530,536
|
$
|
—
|
$
|
530,536
|
* |
We revised our 2019 and 2020 amounts to reflect the simplified convertible instruments accounting guidance, which we adopted retrospectively. Refer to Note 2, Significant Accounting Policies, for further information.
|
|
Common Stock
|
Additional
|
Accumulated Other
|
Accumulated
|
Total Ionis
Stockholders’
|
Noncontrolling
Interest in Akcea
|
Total
Stockholders’
|
|||||||||||||||||||||||||
Description
|
Shares
|
Amount
|
Paid in Capital
|
Comprehensive Loss
|
Deficit
|
Equity
|
Therapeutics, Inc.
|
Equity
|
||||||||||||||||||||||||
Balance at December 31, 2019 (as revised*)
|
140,340
|
$
|
140
|
$
|
1,985,650
|
$
|
(25,290
|
)
|
$
|
(596,495
|
)
|
$
|
1,364,005
|
$
|
213,453
|
$
|
1,577,458
|
|||||||||||||||
Net loss
|
—
|
—
|
—
|
—
|
(89,731
|
)
|
(89,731
|
)
|
—
|
(89,731
|
)
|
|||||||||||||||||||||
Change in unrealized gains, net of tax
|
—
|
—
|
—
|
5,803
|
—
|
5,803
|
—
|
5,803
|
||||||||||||||||||||||||
Foreign currency translation
|
—
|
—
|
—
|
357
|
—
|
357
|
—
|
357
|
||||||||||||||||||||||||
Issuance of common stock in connection with employee stock plans
|
1,141
|
1
|
29,449
|
—
|
—
|
29,450
|
—
|
29,450
|
||||||||||||||||||||||||
Repurchases and retirements of common stock
|
(1,478
|
)
|
(1
|
)
|
—
|
—
|
(90,549
|
)
|
(90,550
|
)
|
—
|
(90,550
|
)
|
|||||||||||||||||||
Stock-based compensation expense
|
—
|
—
|
135,077
|
—
|
—
|
135,077
|
—
|
135,077
|
||||||||||||||||||||||||
Payments of tax withholdings related to vesting of employee stock awards and exercise of employee stock options
|
(209
|
)
|
—
|
(12,960
|
)
|
—
|
—
|
(12,960
|
)
|
—
|
(12,960
|
)
|
||||||||||||||||||||
Noncontrolling interest in Akcea Therapeutics, Inc.
|
—
|
—
|
(43,665
|
)
|
(442
|
)
|
—
|
(44,107
|
)
|
9,782
|
(34,325
|
)
|
||||||||||||||||||||
Balance at September 30, 2020 (as revised*)
|
139,794
|
$
|
140
|
$
|
2,093,551
|
$
|
(19,572
|
)
|
$
|
(776,775
|
)
|
$
|
1,297,344
|
$
|
223,235
|
$
|
1,520,579
|
|||||||||||||||
Balance at December 31, 2020 (as revised*)
|
140,366
|
$
|
140
|
$
|
1,895,519
|
$
|
(21,071
|
)
|
$
|
(1,131,306
|
)
|
$
|
743,282
|
$
|
—
|
$
|
743,282
|
|||||||||||||||
Net loss
|
—
|
—
|
—
|
—
|
(253,210
|
)
|
(253,210
|
)
|
—
|
(253,210
|
)
|
|||||||||||||||||||||
Change in unrealized losses, net of tax
|
—
|
—
|
—
|
(6,321
|
)
|
—
|
(6,321
|
)
|
—
|
(6,321
|
)
|
|||||||||||||||||||||
Foreign currency translation
|
—
|
—
|
—
|
(45
|
)
|
—
|
(45
|
)
|
—
|
(45
|
)
|
|||||||||||||||||||||
Issuance of common stock in connection with employee stock plans
|
1,094
|
1
|
11,563
|
—
|
—
|
11,564
|
—
|
11,564
|
||||||||||||||||||||||||
Issuance of warrants
|
—
|
—
|
89,752
|
—
|
—
|
89,752
|
—
|
89,752
|
||||||||||||||||||||||||
Purchase of note hedges
|
—
|
—
|
(136,620
|
)
|
—
|
—
|
(136,620
|
)
|
—
|
(136,620
|
)
|
|||||||||||||||||||||
Stock-based compensation expense
|
—
|
—
|
98,419
|
—
|
—
|
98,419
|
—
|
98,419
|
||||||||||||||||||||||||
Payments of tax withholdings related to vesting of employee stock awards and exercise of employee stock options
|
(276
|
)
|
—
|
(16,285
|
)
|
—
|
—
|
(16,285
|
)
|
—
|
(16,285
|
)
|
||||||||||||||||||||
Balance at September 30, 2021
|
141,184
|
$
|
141
|
$
|
1,942,348
|
$
|
(27,437
|
)
|
$
|
(1,384,516
|
)
|
$
|
530,536
|
$
|
—
|
$
|
530,536
|
* |
We revised our 2019 and 2020 amounts to reflect the simplified convertible instruments accounting guidance, which we adopted retrospectively. Refer to Note 2, Significant Accounting Policies, for further information.
|
|
Nine Months Ended
September 30,
|
|||||||
2021
|
2020
|
|||||||
(as revised*)
|
||||||||
Operating activities:
|
||||||||
Net loss
|
$
|
(253,210
|
)
|
$
|
(124,056
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation
|
11,665
|
9,713
|
||||||
Amortization of right-of-use operating lease assets
|
1,171
|
1,356
|
||||||
Amortization of patents
|
1,740
|
1,526
|
||||||
Amortization of premium on investments, net
|
13,515
|
7,812
|
||||||
Amortization of debt issuance costs
|
3,586
|
2,388
|
||||||
Stock-based compensation expense
|
98,419
|
135,077
|
||||||
Gain on investments
|
(933
|
)
|
(10,722
|
)
|
||||
Loss on early retirement of debt
|
8,627
|
—
|
||||||
Non-cash losses related to patents
|
1,150
|
616
|
||||||
Provision for deferred income taxes
|
—
|
1,649
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Contracts receivable
|
67,136
|
24,057
|
||||||
Inventories
|
(965
|
)
|
(1,468
|
)
|
||||
Other current and long-term assets
|
10,358
|
(5,647
|
)
|
|||||
Income taxes (payable) receivable
|
134
|
(23,674
|
)
|
|||||
Accounts payable
|
(10,737
|
)
|
(10,970
|
)
|
||||
Accrued compensation
|
(33,408
|
)
|
(8,967
|
)
|
||||
Accrued liabilities and other current liabilities
|
(19,526
|
)
|
13,195
|
|||||
Deferred contract revenue
|
(71,610
|
)
|
(73,970
|
)
|
||||
Net cash used in operating activities
|
(172,888
|
)
|
(62,085
|
)
|
||||
Investing activities:
|
||||||||
Purchases of short-term investments
|
(930,963
|
)
|
(1,376,631
|
)
|
||||
Proceeds from sale of short-term investments
|
1,051,857
|
1,497,433
|
||||||
Purchases of property, plant and equipment
|
(9,453
|
)
|
(29,971
|
)
|
||||
Acquisition of patents, net
|
(4,459
|
)
|
(4,203
|
)
|
||||
Purchase of Bicycle Therapeutics plc common stock
|
(7,185
|
)
|
—
|
|||||
Net cash provided by investing activities
|
99,797
|
86,628
|
||||||
Financing activities:
|
||||||||
Proceeds from equity, net
|
11,564
|
29,450
|
||||||
Payments of tax withholdings related to vesting of employee stock awards and exercise of employee stock options
|
(16,285
|
)
|
(12,960
|
)
|
||||
Proceeds from issuance of 0 percent convertible senior notes
|
632,500
|
—
|
||||||
0 percent convertible senior notes issuance costs
|
(15,525
|
)
|
—
|
|||||
Repurchase of $247.9 million principal amount of 1 percent convertible senior notes
|
(256,963
|
)
|
—
|
|||||
Proceeds from issuance of warrants
|
89,752
|
—
|
||||||
Purchase of note hedges
|
(136,620
|
)
|
—
|
|||||
Repurchases and retirements of common stock
|
—
|
(90,548
|
)
|
|||||
Payments of transaction costs for Akcea merger
|
—
|
(1,071
|
)
|
|||||
Net cash provided by (used in) financing activities
|
308,423
|
(75,129
|
)
|
|||||
Effects of exchange rates on cash
|
(43
|
)
|
358
|
|||||
Net increase (decrease) in cash and cash equivalents
|
235,289
|
(50,228
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
397,664
|
683,287
|
||||||
Cash and cash equivalents at end of period
|
$
|
632,953
|
$
|
633,059
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Interest paid
|
$
|
3,527
|
$
|
3,700
|
||||
Income taxes paid
|
$
|
3
|
$
|
23,532
|
||||
Supplemental disclosures of non-cash investing and financing activities:
|
||||||||
Amounts accrued for capital and patent expenditures
|
$
|
1,811
|
$
|
6,576
|
||||
Amounts accrued for Akcea merger transaction costs
|
$
|
—
|
$
|
8,103
|
* |
We revised our 2020 amounts to reflect the simplified convertible instruments accounting guidance, which we adopted retrospectively. Refer to Note 2, Significant Accounting Policies, for further information.
|
1. |
Identify the contract
|
● |
We and our partner approved the contract and we are both committed to perform our obligations;
|
● |
We have identified our rights, our partner’s rights and the payment terms;
|
● |
We have concluded that the contract has commercial substance, meaning that the risk, timing, or amount of our future cash flows is expected to change as a result of the contract; and
|
● |
We believe collectability of the consideration is probable.
|
2. |
Identify the performance obligations
|
3. |
Determine the transaction price
|
4. |
Allocate the transaction price
|
● |
Estimated future product sales;
|
● |
Estimated royalties we may receive from future product sales;
|
● |
Estimated contractual milestone payments we may receive;
|
● |
Estimated expenses we may incur;
|
● |
Estimated income taxes; and
|
● |
A discount rate.
|
● |
The estimated number of internal hours we will spend performing these services;
|
● |
The estimated cost of work we will perform;
|
● |
The estimated cost of work that we will contract with third parties to perform; and
|
● |
The estimated cost of API we will use.
|
5. |
Recognize revenue
|
1) |
If the additional goods and/or services are distinct from the other performance obligations in the original agreement; and
|
2) |
If the goods and/or services are sold at a stand-alone selling price.
|
● |
Whether the agreements were negotiated together with a single objective;
|
● |
Whether the amount of consideration in one contract depends on the price or performance of the other agreement; or
|
● |
Whether the goods and/or services promised under the agreements are a single performance obligation.
|
|
September 30, 2021
|
December 31, 2020
|
||||||
Raw materials:
|
||||||||
Raw materials- clinical
|
$
|
11,993
|
$
|
9,206
|
||||
Raw materials- commercial
|
4,147
|
7,502
|
||||||
Total raw materials
|
16,140
|
16,708
|
||||||
Work in process
|
6,183
|
2,252
|
||||||
Finished goods
|
607
|
3,005
|
||||||
Total inventory
|
$
|
22,930
|
$
|
21,965
|
Three months ended September 30, 2020
|
Weighted
Average Shares
Owned in Akcea
|
Akcea’s
Net Loss
Per Share
|
Basic
Net Loss Per
Share Calculation
(as revised*)
|
|||||||||
Ionis’ portion of Akcea’s net loss
|
77,095
|
$
|
(0.49
|
)
|
$
|
(37,822
|
)
|
|||||
Akcea’s net loss attributable to our ownership
|
$
|
(37,822
|
)
|
|||||||||
Ionis’ stand-alone net income
|
13,251
|
|||||||||||
Net loss available to Ionis common stockholders
|
$
|
(24,571
|
)
|
|||||||||
Weighted average shares outstanding
|
139,708
|
|||||||||||
Basic net loss per share
|
$
|
(0.18
|
)
|
Nine months ended September 30, 2020
|
Weighted
Average Shares
Owned in Akcea
|
Akcea’s
Net Loss
Per Share
|
Basic
Net Loss Per
Share Calculation
(as revised*)
|
|||||||||
Ionis’ portion of Akcea’s net loss
|
77,095
|
$
|
(1.40
|
)
|
$
|
(108,176
|
)
|
|||||
Akcea’s net loss attributable to our ownership
|
$
|
(108,176
|
)
|
|||||||||
Ionis’ stand-alone net income
|
18,235
|
|||||||||||
Net loss available to Ionis common stockholders
|
$
|
(89,941
|
)
|
|||||||||
Weighted average shares outstanding
|
139,497
|
|||||||||||
Basic net loss per share
|
$
|
(0.64
|
)
|
* |
We revised our 2020 amounts to reflect the simplified convertible instruments accounting guidance, which we adopted retrospectively. Refer to Note 2, Significant Accounting Policies, for further information.
|
● |
0.125 percent convertible senior notes, or 0.125% Notes;
|
● |
Note hedges related to the 0.125% Notes;
|
● |
1 percent convertible senior notes, or 1% Notes;
|
● |
Dilutive stock options;
|
● |
Unvested restricted stock units, or RSUs;
|
● |
Unvested performance restricted stock units, or PRSUs; and
|
● |
Employee Stock Purchase Plan, or ESPP.
|
● |
0 percent convertible senior notes, or 0% Notes; and
|
● |
Note hedges related to the 0% Notes.
|
|
December 31, 2020
|
|||||||||||
As Previously
Reported
|
ASU 2020-06
Adjustment
|
As Revised
|
||||||||||
1 percent convertible senior notes
|
$
|
293,161
|
$
|
15,648
|
$
|
308,809
|
||||||
0.125 percent convertible senior notes
|
$
|
455,719
|
$
|
84,417
|
$
|
540,136
|
||||||
Additional paid-in-capital
|
$
|
2,113,646
|
$
|
(218,127
|
)
|
$
|
1,895,519
|
|||||
Accumulated deficit
|
$
|
(1,249,368
|
)
|
$
|
118,062
|
$
|
(1,131,306
|
)
|
|
Three Months Ended September 30, 2020
|
|||||||||||
As Previously
Reported
|
ASU 2020-06
Adjustment
|
As Revised
|
||||||||||
Interest expense
|
$
|
(11,321
|
)
|
$
|
8,893
|
$
|
(2,428
|
)
|
||||
Loss before income tax expense
|
$
|
(40,443
|
)
|
$
|
8,893
|
$
|
(31,550
|
)
|
||||
Income tax expense
|
$
|
(2,648
|
)
|
$
|
(2,416
|
)
|
$
|
(5,064
|
)
|
|||
Net loss
|
$
|
(43,091
|
)
|
$
|
6,477
|
$
|
(36,614
|
)
|
||||
Net loss attributable to Ionis Pharmaceuticals, Inc. common stockholders
|
$
|
(30,944
|
)
|
$
|
6,477
|
$
|
(24,467
|
)
|
||||
Basic and diluted net loss per share
|
$
|
(0.22
|
)
|
$
|
0.04
|
$
|
(0.18
|
)
|
|
Nine Months Ended September 30, 2020
|
|||||||||||
As Previously
Reported
|
ASU 2020-06
Adjustment
|
As Revised
|
||||||||||
Interest expense
|
$
|
(33,484
|
)
|
$
|
26,408
|
$
|
(7,076
|
)
|
||||
Loss before income tax benefit (expense)
|
$
|
(146,387
|
)
|
$
|
26,408
|
$
|
(119,979
|
)
|
||||
Income tax benefit (expense)
|
$
|
1,047
|
$
|
(5,124
|
)
|
$
|
(4,077
|
)
|
||||
Net loss
|
$
|
(145,340
|
)
|
$
|
21,284
|
$
|
(124,056
|
)
|
||||
Net loss attributable to Ionis Pharmaceuticals, Inc. common stockholders
|
$
|
(111,015
|
)
|
$
|
21,284
|
$
|
(89,731
|
)
|
||||
Basic and diluted net loss per share
|
$
|
(0.80
|
)
|
$
|
0.16
|
$
|
(0.64
|
)
|
|
December 31, 2020
|
|||||||||||
As Previously
Reported
|
ASU 2020-06
Adjustment
|
As Revised
|
||||||||||
Additional paid-in-capital
|
$
|
2,113,646
|
$
|
(218,127
|
)
|
$
|
1,895,519
|
|||||
Accumulated deficit
|
$
|
(1,249,368
|
)
|
$
|
118,062
|
$
|
(1,131,306
|
)
|
||||
Total stockholders’ equity
|
$
|
843,347
|
$
|
(100,065
|
)
|
$
|
743,282
|
|
December 31, 2019
|
|||||||||||
As Previously
Reported
|
ASU 2020-06
Adjustment
|
As Revised
|
||||||||||
Additional paid-in-capital
|
$
|
2,203,778
|
$
|
(218,128
|
)
|
$
|
1,985,650
|
|||||
Accumulated deficit
|
$
|
(707,534
|
)
|
$
|
111,039
|
$
|
(596,495
|
)
|
||||
Total stockholders’ equity
|
$
|
1,684,547
|
$
|
(107,089
|
)
|
$
|
1,577,458
|
|
Nine Months Ended
September 30,
|
|||||||
2021
|
2020
|
|||||||
Risk-free interest rate
|
0.5
|
%
|
1.5
|
%
|
||||
Dividend yield
|
0.0
|
%
|
0.0
|
%
|
||||
Volatility
|
54.3
|
%
|
58.8
|
%
|
||||
Expected life
|
4.9 years
|
4.7 years
|
|
Nine Months Ended
September 30,
|
|||||||
2021
|
2020
|
|||||||
Risk-free interest rate
|
1.2
|
%
|
0.5
|
%
|
||||
Dividend yield
|
0.0
|
%
|
0.0
|
%
|
||||
Volatility
|
55.9
|
%
|
57.6
|
%
|
||||
Expected life
|
7.3 years
|
6.7 years
|
|
Nine Months Ended
September 30,
|
|||||||
2021
|
2020
|
|||||||
Risk-free interest rate
|
0.1
|
%
|
0.8
|
%
|
||||
Dividend yield
|
0.0
|
%
|
0.0
|
%
|
||||
Volatility
|
42.4
|
%
|
47.9
|
%
|
||||
Expected life
|
6 months
|
6 months
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Cost of sales
|
$
|
111
|
$
|
315
|
$
|
293
|
$
|
902
|
||||||||
Research, development and patent expense
|
23,332
|
25,359
|
71,979
|
76,931
|
||||||||||||
Selling, general and administrative expense
|
7,094
|
20,171
|
26,147
|
57,244
|
||||||||||||
Total non-cash stock-based compensation expense
|
$
|
30,537
|
$
|
45,845
|
$
|
98,419
|
$
|
135,077
|
One year or less
|
58
|
%
|
||
After one year but within two years
|
26
|
%
|
||
After two years but within three and a half years
|
16
|
%
|
||
Total
|
100
|
%
|
|
Gross Unrealized
|
Estimated
|
||||||||||||||
September 30, 2021
|
Cost (1)
|
Gains
|
Losses
|
Fair Value
|
||||||||||||
Available-for-sale securities:
|
||||||||||||||||
Corporate debt securities (2)
|
$
|
447,173
|
$
|
1,338
|
$
|
(50
|
)
|
$
|
448,461
|
|||||||
Debt securities issued by U.S. government agencies
|
83,630
|
96
|
(7
|
)
|
83,719
|
|||||||||||
Debt securities issued by the U.S. Treasury (2)
|
89,267
|
10
|
(2
|
)
|
89,275
|
|||||||||||
Debt securities issued by states of the U.S. and political subdivisions of the states
|
141,161
|
103
|
(30
|
)
|
141,234
|
|||||||||||
Other municipal debt securities
|
5,028
|
—
|
(2
|
)
|
5,026
|
|||||||||||
Total securities with a maturity of one year or less
|
766,259
|
1,547
|
(91
|
)
|
767,715
|
|||||||||||
Corporate debt securities
|
366,907
|
1,181
|
(475
|
)
|
367,613
|
|||||||||||
Debt securities issued by U.S. government agencies
|
73,028
|
1
|
(120
|
)
|
72,909
|
|||||||||||
Debt securities issued by the U.S. Treasury
|
98,499
|
245
|
(88
|
)
|
98,656
|
|||||||||||
Debt securities issued by states of the U.S. and political subdivisions of the states
|
41,167
|
8
|
(65
|
)
|
41,110
|
|||||||||||
Other municipal debt
|
6,169
|
—
|
(26
|
)
|
6,143
|
|||||||||||
Total securities with a maturity of more than one year
|
585,770
|
1,435
|
(774
|
)
|
586,431
|
|||||||||||
Total available-for-sale securities
|
$
|
1,352,029
|
$
|
2,982
|
$
|
(865
|
)
|
$
|
1,354,146
|
|||||||
Equity securities:
|
||||||||||||||||
Total equity securities included in other current assets (3)
|
$
|
11,897
|
$
|
1,935
|
$
|
(663
|
)
|
$
|
13,169
|
|||||||
Total equity securities included in deposits and other assets (4)
|
15,615
|
16,707
|
—
|
32,322
|
||||||||||||
Total equity securities
|
27,512
|
18,642
|
(663
|
)
|
45,491
|
|||||||||||
Total available-for-sale and equity securities
|
$
|
1,379,541
|
$
|
21,624
|
$
|
(1,528
|
)
|
$
|
1,399,637
|
|
Gross Unrealized
|
Estimated
|
||||||||||||||
December 31, 2020
|
Cost (1)
|
Gains
|
Losses
|
Fair Value
|
||||||||||||
Available-for-sale securities:
|
||||||||||||||||
Corporate debt securities (2)
|
$
|
514,182
|
$
|
2,194
|
$
|
(41
|
)
|
$
|
516,335
|
|||||||
Debt securities issued by U.S. government agencies
|
94,234
|
354
|
(2
|
)
|
94,586
|
|||||||||||
Debt securities issued by the U.S. Treasury (2)
|
307,576
|
233
|
(9
|
)
|
307,800
|
|||||||||||
Debt securities issued by states of the U.S. and political subdivisions of the states
|
104,271
|
196
|
(12
|
)
|
104,455
|
|||||||||||
Other municipal debt securities
|
5,191
|
—
|
(7
|
)
|
5,184
|
|||||||||||
Total securities with a maturity of one year or less
|
1,025,454
|
2,977
|
(71
|
)
|
1,028,360
|
|||||||||||
Corporate debt securities
|
325,079
|
4,941
|
(40
|
)
|
329,980
|
|||||||||||
Debt securities issued by U.S. government agencies
|
80,099
|
185
|
(9
|
)
|
80,275
|
|||||||||||
Debt securities issued by the U.S. Treasury
|
50,318
|
383
|
(4
|
)
|
50,697
|
|||||||||||
Debt securities issued by states of the U.S. and political subdivisions of the states
|
31,779
|
91
|
(16
|
)
|
31,854
|
|||||||||||
Other municipal debt securities
|
1,041
|
—
|
—
|
1,041
|
||||||||||||
Total securities with a maturity of more than one year
|
488,316
|
5,600
|
(69
|
)
|
493,847
|
|||||||||||
Total available-for-sale securities
|
$
|
1,513,770
|
$
|
8,577
|
$
|
(140
|
)
|
$
|
1,522,207
|
|||||||
Equity securities:
|
||||||||||||||||
Total equity securities included in other current assets (3)
|
$
|
4,712
|
$
|
—
|
$
|
(2,681
|
)
|
$
|
2,031
|
|||||||
Total equity securities included in deposits and other assets (4)
|
15,062
|
15,938
|
—
|
31,000
|
||||||||||||
Total equity securities
|
19,774
|
15,938
|
(2,681
|
)
|
33,031
|
|||||||||||
Total available-for-sale and equity securities
|
$
|
1,533,544
|
$
|
24,515
|
$
|
(2,821
|
)
|
$
|
1,555,238
|
(1) |
We hold our available-for-sale securities at amortized cost.
|
(2) |
Includes investments classified as cash equivalents on our condensed consolidated balance sheet.
|
(3) |
Our equity securities included in other current assets consisted of our investments in two publicly traded companies, ProQR and Bicycle, which we classify as Level 1 and Level 3 investments, respectively. We recognize publicly traded equity securities at fair value. In the nine months ended September 30, 2021, we recognized a $1.9 million unrealized gain and a $0.7 million unrealized loss on our condensed consolidated statement of operations related to our investments in Bicycle and ProQR, respectively. In the nine months ended September 30, 2020, our equity securities included in other current assets only consisted of ProQR.
|
(4) |
Our equity securities included in deposits and other assets consisted of our investments in privately held companies. We recognize our private company equity securities at cost minus impairments, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer.
|
|
Number of
Investments
|
Estimated
Fair Value
|
Unrealized
Losses
|
|||||||||
Corporate debt securities
|
158
|
$
|
334,828
|
$
|
(525
|
)
|
||||||
Debt securities issued by U.S. government agencies
|
13
|
103,460
|
(127
|
)
|
||||||||
Debt securities issued by the U.S. Treasury
|
10
|
75,009
|
(90
|
)
|
||||||||
Debt securities issued by states of the U.S. and political subdivisions of the states
|
432
|
123,489
|
(95
|
)
|
||||||||
Other municipal debt securities
|
3
|
11,168
|
(28
|
)
|
||||||||
Total temporarily impaired securities
|
616
|
$
|
647,954
|
$
|
(865
|
)
|
|
At
September 30, 2021
|
Quoted Prices in
Active Markets
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Significant
Unobservable Inputs
(Level 3)
|
||||||||||||
Cash equivalents (1)
|
$
|
545,339
|
$
|
545,339
|
$
|
—
|
$
|
—
|
||||||||
Corporate debt securities (2)
|
816,074
|
—
|
816,074
|
—
|
||||||||||||
Debt securities issued by U.S. government agencies (2)
|
156,628
|
—
|
156,628
|
—
|
||||||||||||
Debt securities issued by the U.S. Treasury (2)
|
187,931
|
187,931
|
—
|
—
|
||||||||||||
Debt securities issued by states of the U.S. and political subdivisions of the states
|
182,344
|
—
|
182,344
|
—
|
||||||||||||
Other municipal debt securities (2)
|
11,169
|
—
|
11,169
|
—
|
||||||||||||
Investment in Bicycle Therapeutics plc (3)
|
9,120
|
—
|
—
|
9,120
|
||||||||||||
Investment in ProQR Therapeutics N.V. (3)
|
4,049
|
4,049
|
—
|
—
|
||||||||||||
Total
|
$
|
1,912,654
|
$
|
737,319
|
$
|
1,166,215
|
$
|
9,120
|
|
At
December 31, 2020
|
Quoted Prices in
Active Markets
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
|||||||||
Cash equivalents (1)
|
$
|
221,125
|
$
|
221,125
|
$
|
—
|
||||||
Corporate debt securities (4)
|
846,315
|
—
|
846,315
|
|||||||||
Debt securities issued by U.S. government agencies (2)
|
174,861
|
—
|
174,861
|
|||||||||
Debt securities issued by the U.S. Treasury (5)
|
358,497
|
358,497
|
—
|
|||||||||
Debt securities issued by states of the U.S. and political subdivisions of the states (2)
|
136,309
|
—
|
136,309
|
|||||||||
Other municipal debt securities (2)
|
6,225
|
—
|
6,225
|
|||||||||
Investment in ProQR Therapeutics N.V. (3)
|
2,031
|
2,031
|
—
|
|||||||||
Total
|
$
|
1,745,363
|
$
|
581,653
|
$
|
1,163,710
|
(1) |
Included in cash and cash equivalents on our condensed consolidated balance sheet.
|
(2) |
Included in short-term investments.
|
(3) |
Included in other current assets on our condensed consolidated balance sheet.
|
(4) |
$10.0 million was included in cash and cash equivalents, with the difference included in short-term investments.
|
(5) |
$17.5 million included in cash and cash equivalents on our condensed consolidated balance sheet, with the difference included in short-term investments on our condensed consolidated balance sheet.
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
SPINRAZA royalties (commercial revenue)
|
$
|
66.6
|
$
|
74.2
|
$
|
198.7
|
$
|
211.9
|
||||||||
R&D revenue
|
17.4
|
51.2
|
63.4
|
98.6
|
||||||||||||
Total revenue from our relationship with Biogen
|
$
|
84.0
|
$
|
125.4
|
$
|
262.1
|
$
|
310.5
|
||||||||
Percentage of total revenue
|
63
|
%
|
78
|
%
|
71
|
%
|
71
|
%
|
|
0% Notes
|
|||
Outstanding principal balance
|
$
|
632.5
|
||
Unamortized debt issuance costs
|
$
|
14.2
|
||
Maturity date
|
April 2026
|
|||
Interest rate
|
0 percent
|
|||
Effective interest rate
|
0.5 percent
|
|||
Conversion price per share
|
$
|
57.84
|
||
Effective conversion price per share with call spread
|
$
|
76.39
|
||
Total shares of common stock subject to conversion
|
10.9
|
|
0.125% Notes
|
|||
Outstanding principal balance
|
$
|
548.8
|
||
Unamortized debt issuance costs
|
$
|
7.1
|
||
Maturity date
|
December 2024
|
|||
Interest rate
|
0.125 percent
|
|||
Effective interest rate
|
0.5 percent
|
|||
Conversion price per share
|
$
|
83.28
|
||
Effective conversion price per share with call spread
|
$
|
123.38
|
||
Total shares of common stock subject to conversion
|
6.6
|
|
1% Notes
|
|||
Outstanding principal balance
|
$
|
62.0
|
||
Unamortized debt issuance costs
|
$
|
0.03
|
||
Maturity date
|
November 2021
|
|||
Interest rate
|
1 percent
|
|||
Effective interest rate
|
1.4 percent
|
|||
Conversion price per share
|
$
|
66.81
|
||
Total shares of common stock subject to conversion
|
0.9
|
|
Severance and
Retention Expenses
|
|||
Total estimated expenses
|
$
|
27.2
|
||
Expenses incurred from inception to September 30, 2021
|
27.0
|
|||
Remaining estimated expenses to be recognized through October 2021
|
$
|
0.2
|
|
Three Months Ended
September 30, 2021
|
Nine Months Ended
September 30, 2021
|
||||||
Research, development and patent expenses
|
$
|
1.3
|
$
|
5.1
|
||||
Selling, general and administrative expenses
|
0.6
|
6.6
|
||||||
Total
|
$
|
1.9
|
$
|
11.7
|
|
Nine Months Ended
September 30, 2021
|
|||
Beginning balance as of January 1, 2021
|
$
|
14.7
|
||
Amounts expensed during the period
|
13.5
|
|||
Reserve adjustments during the period
|
(1.8
|
)
|
||
Net amount expensed during the period
|
11.7
|
|||
Amounts paid during the period
|
(20.6
|
)
|
||
Ending balance as of September 30, 2021
|
$
|
5.8
|
|
Severance and
Retention Expenses
|
|||
Total estimated expenses
|
$
|
14.2
|
||
Expenses incurred from inception to September 30, 2021
|
14.0
|
|||
Remaining estimated expenses to be recognized through October 2021
|
$
|
0.2
|
|
Three Months Ended
September 30, 2021
|
Nine Months Ended
September 30, 2021
|
||||||
Research, development and patent expenses
|
$
|
0.5
|
$
|
0.6
|
||||
Selling, general and administrative expenses
|
0.1
|
1.1
|
||||||
Total
|
$
|
0.6
|
$
|
1.7
|
|
Nine Months Ended
September 30, 2021
|
|||
Beginning balance as of January 1, 2021
|
$
|
12.4
|
||
Amounts expensed during the period
|
2.5
|
|||
Reserve adjustments during the period
|
(0.8
|
)
|
||
Net amount expensed during the period
|
1.7
|
|||
Amounts paid during the period
|
(13.4
|
)
|
||
Ending balance as of September 30, 2021
|
$
|
0.7
|
|
Three Months Ended
June 30, 2021
|
|||
Research, development and patent expenses
|
$
|
2.3
|
||
Selling, general and administrative expenses
|
7.1
|
|||
Total
|
$
|
9.4
|
|
Nine Months Ended
September 30, 2021
|
|||
Beginning balance as of January 1, 2021
|
$
|
—
|
||
Amounts expensed during the period
|
9.4
|
|||
Amounts paid during the period
|
(9.2
|
)
|
||
Ending balance as of September 30, 2021
|
$
|
0.2
|
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
● |
Tofersen: In October 2021, Biogen reported that tofersen did not meet the primary clinical endpoint in the Phase 3 VALOR study; however, trends favoring tofersen were seen across multiple secondary and exploratory measures of disease activity and clinical function
|
o |
Given the high unmet medical need, Biogen will expand its ongoing early access program, or EAP, to the broader SOD1-ALS population
|
o |
Biogen is actively engaging with regulators, the medical community, patient advocacy groups and other key stakeholders around the world to determine potential next steps
|
o |
The Phase 3 ATLAS study in patients with presymptomatic SOD1-ALS is ongoing
|
● |
Eplontersen: We achieved full enrollment in the NEURO-TTRansform Phase 3 study with data expected mid-2022 and enrollment is ongoing in the CARDIO-TTRansform Phase 3 study
|
● |
Pelacarsen: In August 2021, Novartis achieved 50 percent enrollment in Novartis’ Lp(a) HORIZON Phase 3 cardiovascular outcome study
|
● |
ION363: In April 2021, we initiated a Phase 3 study in patients with FUS-ALS, the most common cause of juvenile-onset ALS
|
● |
Olezarsen: Enrollment is ongoing in the BALANCE Phase 3 study in patients with FCS and in October 2021, we initiated the Phase 3 CORE study in patients with sHTG
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(as revised*)
|
(as revised*)
|
|||||||||||||||
Total revenue
|
$
|
133.1
|
$
|
160.1
|
$
|
370.5
|
$
|
439.0
|
||||||||
Total operating expenses
|
$
|
218.9
|
$
|
196.6
|
$
|
621.2
|
$
|
588.4
|
||||||||
Loss from operations
|
$
|
(85.8
|
)
|
$
|
(36.5
|
)
|
$
|
(250.8
|
)
|
$
|
(149.4
|
)
|
||||
Net loss
|
$
|
(82.5
|
)
|
$
|
(36.6
|
)
|
$
|
(253.2
|
)
|
$
|
(124.1
|
)
|
* |
We revised our 2020 amounts to reflect the simplified convertible instruments accounting guidance, which we adopted retrospectively. Refer to Note 2, Significant Accounting Policies, for further information.
|
● |
SPINRAZA®: the global market leader for the treatment of spinal muscular atrophy (SMA) patients of all ages
|
o |
$444 million in worldwide sales in the third quarter
|
o |
More than 11,000 patients worldwide on therapy at the end of the third quarter across commercial, expanded access and clinical trial settings
|
o |
Biogen plans to initiate the Phase 3b ASCEND study evaluating the potential benefit of an investigational higher dose of nusinersen in children, teens and adults with later-onset SMA previously treated with Evrysdi® (risdiplam)
|
● |
TEGSEDI® and WAYLIVRA®: important medicines approved for the treatment of patients with severe rare diseases
|
o |
TEGSEDI achieved innovative drug pricing in Brazil reflecting the significant unmet medical need and prevalence of TTR polyneuropathy in Brazil
|
o |
WAYLIVRA was approved in Brazil as the first and only treatment for patients with familial chylomicronemia syndrome
|
● |
Advancing Ionis’ leading cardiovascular and metabolic disease pipeline
|
o |
Initiated the Phase 3 CORE study of olezarsen (IONIS-APOCIII-LRx) in patients with severe hypertriglyceridemia (sHTG)
|
o |
Reached 50 percent enrollment in the Phase 3 Lp(a) HORIZON outcome study of pelacarsen for patients with established cardiovascular disease and elevated Lp(a), resulting in a $25 million payment from Novartis
|
o |
Achieved full enrollment in the Bayer Phase 2b RE-THINc ESRD study of fesomersen (IONIS-FXI-LRx), with data expected in the first half of 2022
|
o |
Achieved proof-of-mechanism, a strong indication of proof-of-concept and good safety and tolerability in a Phase 2 study and a preliminary assessment from an open-label extension study of cimdelirsen (IONIS-GHR-LRx) in acromegaly patients uncontrolled on standard of care therapy, supporting continued development. Data from the ongoing open-label extension study and monotherapy study are expected in 2022. The results from the Phase 2 study of cimdelirsen are posted to Ionis’ website
|
● |
Addressing substantial unmet medical need with Ionis’ broad neurological disease pipeline
|
o |
The Biogen Phase 3 VALOR study of tofersen in patients with SOD1-ALS did not meet the primary endpoint of change from baseline to week 28 in the ALS Functional Rating Scale-Revised (ALSFRS-R); however, signs of reduced disease progression across multiple secondary and exploratory endpoints were observed
|
o |
Achieved full enrollment in the Phase 3 NEURO-TTRansform study of eplontersen in patients with TTR polyneuropathy, with data expected in mid-2022
|
o |
Reported data from the Biogen Phase 1/2 study of IONIS-MAPTRx in patients with Alzheimer’s disease, demonstrating durable, time and dose-dependent reductions in CSF tau protein; IONIS-MAPTRx was generally well tolerated
|
● |
Investing in expanding the reach of Ionis’ technology
|
o |
Entered a license agreement with Bicycle Therapeutics for exclusive rights to Bicycle’s peptide technology targeting transferrin receptor 1 to expand the capabilities of Ionis’ LICA technology
|
o |
Entered a license agreement with Flamingo Therapeutics for the development and commercialization of programs from Ionis’ oncology pipeline
|
● |
Assessing the propriety of revenue recognition and associated deferred revenue; and
|
● |
Determining the appropriate cost estimates for unbilled preclinical studies and clinical development activities
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Revenue:
|
||||||||||||||||
Commercial revenue:
|
||||||||||||||||
SPINRAZA royalties
|
$
|
66.6
|
$
|
74.2
|
$
|
198.7
|
$
|
211.9
|
||||||||
TEGSEDI and WAYLIVRA revenue, net
|
15.5
|
19.0
|
46.9
|
50.6
|
||||||||||||
Licensing and other royalty revenue
|
2.7
|
2.1
|
9.5
|
6.5
|
||||||||||||
Total commercial revenue
|
84.8
|
95.3
|
255.1
|
269.0
|
||||||||||||
R&D revenue:
|
||||||||||||||||
Amortization from upfront payments
|
16.7
|
18.9
|
56.8
|
68.0
|
||||||||||||
Milestone payments
|
28.4
|
43.5
|
48.5
|
73.4
|
||||||||||||
License fees
|
—
|
—
|
—
|
14.7
|
||||||||||||
Other services
|
3.2
|
2.4
|
10.1
|
13.9
|
||||||||||||
Total R&D revenue
|
48.3
|
64.8
|
115.4
|
170.0
|
||||||||||||
Total revenue
|
$
|
133.1
|
$
|
160.1
|
$
|
370.5
|
$
|
439.0
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Operating expenses, excluding non-cash compensation expense related to equity awards
|
$
|
185.5
|
$
|
150.8
|
$
|
498.3
|
$
|
453.3
|
||||||||
Restructuring expenses
|
2.8
|
—
|
24.4
|
—
|
||||||||||||
Total operating expenses, excluding non-cash compensation expense related to equity awards
|
188.3
|
150.8
|
522.7
|
453.3
|
||||||||||||
Non-cash compensation expense related to equity awards
|
30.6
|
45.8
|
98.5
|
135.1
|
||||||||||||
Total operating expenses
|
$
|
218.9
|
$
|
196.6
|
$
|
621.2
|
$
|
588.4
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Cost of sales, excluding non-cash compensation expense related to equity awards
|
$
|
3.0
|
$
|
2.8
|
$
|
8.3
|
$
|
7.7
|
||||||||
Non-cash compensation expense related to equity awards
|
0.1
|
0.3
|
0.3
|
0.9
|
||||||||||||
Total cost of sales
|
$
|
3.1
|
$
|
3.1
|
$
|
8.6
|
$
|
8.6
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Research, development and patent expenses, excluding non-cash compensation expense related to equity awards
|
$
|
159.6
|
$
|
99.7
|
$
|
383.9
|
$
|
287.4
|
||||||||
Restructuring expenses
|
1.8
|
—
|
8.0
|
—
|
||||||||||||
Total research, development and patent expenses, excluding non-cash compensation expense related to equity awards
|
161.4
|
99.7
|
391.9
|
287.4
|
||||||||||||
Non-cash compensation expense related to equity awards
|
23.4
|
25.4
|
72.0
|
76.9
|
||||||||||||
Total research, development and patent expenses
|
$
|
184.8
|
$
|
125.1
|
$
|
463.9
|
$
|
364.3
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Antisense drug discovery expenses, excluding non-cash compensation expense related to equity awards
|
$
|
55.9
|
$
|
20.0
|
$
|
105.7
|
$
|
57.1
|
||||||||
Non-cash compensation expense related to equity awards
|
5.9
|
6.2
|
17.5
|
18.6
|
||||||||||||
Total antisense drug discovery expenses
|
$
|
61.8
|
$
|
26.2
|
$
|
123.2
|
$
|
75.7
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
TEGSEDI
|
$
|
2.2
|
$
|
3.5
|
$
|
5.3
|
$
|
11.4
|
||||||||
WAYLIVRA
|
1.3
|
1.3
|
2.1
|
4.6
|
||||||||||||
Eplontersen
|
23.0
|
9.0
|
52.2
|
21.4
|
||||||||||||
Olezarsen
|
4.9
|
0.9
|
10.4
|
4.0
|
||||||||||||
ION363
|
2.0
|
0.2
|
5.7
|
0.2
|
||||||||||||
Other antisense development projects
|
26.9
|
23.2
|
75.3
|
65.6
|
||||||||||||
Development overhead expenses
|
20.9
|
18.2
|
61.3
|
54.0
|
||||||||||||
Restructuring expenses
|
1.5
|
—
|
7.2
|
—
|
||||||||||||
Total antisense drug development, excluding non-cash compensation expense related to equity awards
|
82.7
|
56.3
|
219.5
|
161.2
|
||||||||||||
Non-cash compensation expense related to equity awards
|
10.2
|
12.4
|
32.4
|
38.2
|
||||||||||||
Total antisense drug development expenses
|
$
|
92.9
|
$
|
68.7
|
$
|
251.9
|
$
|
199.4
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Manufacturing and development chemistry expenses, excluding non-cash compensation expense related to equity awards
|
$
|
10.9
|
$
|
13.0
|
$
|
31.3
|
$
|
38.8
|
||||||||
Restructuring expenses
|
0.2
|
—
|
0.8
|
—
|
||||||||||||
Total manufacturing and development chemistry expenses, excluding non-cash compensation expense related to equity awards
|
11.1
|
13.0
|
32.1
|
38.8
|
||||||||||||
Non-cash compensation expense related to equity awards
|
2.9
|
2.5
|
9.1
|
8.2
|
||||||||||||
Total manufacturing and development chemistry expenses
|
$
|
14.0
|
$
|
15.5
|
$
|
41.2
|
$
|
47.0
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Personnel costs
|
$
|
4.7
|
$
|
3.4
|
$
|
13.2
|
$
|
10.8
|
||||||||
Occupancy
|
3.2
|
2.5
|
9.6
|
7.4
|
||||||||||||
Patent expenses
|
1.0
|
1.0
|
3.1
|
2.2
|
||||||||||||
Insurance
|
0.8
|
0.6
|
2.4
|
1.8
|
||||||||||||
Computer software and licenses
|
0.3
|
0.8
|
1.4
|
2.1
|
||||||||||||
Other
|
1.6
|
2.1
|
4.8
|
5.9
|
||||||||||||
Restructuring expenses
|
0.1
|
—
|
0.1
|
—
|
||||||||||||
Total R&D support expenses, excluding non-cash compensation expense related to equity awards
|
11.7
|
10.4
|
34.6
|
30.2
|
||||||||||||
Non-cash compensation expense related to equity awards
|
4.4
|
4.3
|
13.0
|
12.0
|
||||||||||||
Total R&D support expenses
|
$
|
16.1
|
$
|
14.7
|
$
|
47.6
|
$
|
42.2
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Selling, general and administrative expenses, excluding non-cash compensation expense related to equity awards
|
$
|
23.0
|
$
|
48.2
|
$
|
106.1
|
$
|
158.3
|
||||||||
Restructuring expenses
|
1.0
|
—
|
16.4
|
—
|
||||||||||||
Total selling, general and administrative expenses, excluding non-cash compensation related to equity awards
|
24.0
|
48.2
|
122.5
|
158.3
|
||||||||||||
Non-cash compensation expense related to equity awards
|
7.1
|
20.2
|
26.2
|
57.2
|
||||||||||||
Total selling, general and administrative expenses
|
$
|
31.1
|
$
|
68.4
|
$
|
148.7
|
$
|
215.5
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Convertible notes:
|
(as revised*)
|
(as revised*)
|
||||||||||||||
Non-cash amortization of the debt discount and debt issuance costs
|
$
|
1.4
|
$
|
0.9
|
$
|
3.5
|
$
|
2.4
|
||||||||
Interest expense payable in cash
|
0.3
|
0.9
|
1.7
|
2.8
|
||||||||||||
Interest on mortgages for primary R&D and manufacturing facilities
|
0.6
|
0.6
|
1.8
|
1.8
|
||||||||||||
Other
|
—
|
—
|
0.1
|
0.1
|
||||||||||||
Total interest expense
|
$
|
2.3
|
$
|
2.4
|
$
|
7.1
|
$
|
7.1
|
* |
We revised our 2020 amounts to reflect the simplified convertible instruments accounting guidance, which we adopted retrospectively. Refer to Note 2, Significant Accounting Policies, for further information.
|
Contractual Obligations
|
Payments Due by Period (in millions)
|
|||||||||||
(selected balances described below)
|
Total
|
Less than 1 year
|
More than 1 year
|
|||||||||
0% Notes (principal payable)
|
$
|
632.5
|
$
|
—
|
$
|
632.5
|
||||||
0.125% Notes (principal and interest payable)
|
$
|
551.2
|
$
|
0.7
|
$
|
550.5
|
||||||
1% Notes (principal and interest payable)
|
$
|
62.3
|
$
|
62.3
|
$
|
—
|
||||||
Building mortgage payments (principal and interest payable)
|
$
|
74.0
|
$
|
2.5
|
$
|
71.5
|
||||||
Operating leases
|
$
|
27.6
|
$
|
3.7
|
$
|
23.9
|
||||||
Other obligations (principal and interest payable)
|
$
|
1.0
|
$
|
0.1
|
$
|
0.9
|
||||||
Total
|
$
|
1,348.6
|
$
|
69.3
|
$
|
1,279.3
|
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4. |
CONTROLS AND PROCEDURES
|
ITEM 1. |
LEGAL PROCEEDINGS
|
ITEM 1A. |
RISK FACTORS
|
● |
the impact on our operations and financial condition from the effects of the current COVID-19 pandemic;
|
● |
our ability to generate substantial revenue from the sale of our medicines;
|
● |
our and our partners’ ability to compete effectively;
|
● |
the availability of adequate coverage and payment rates for our medicines;
|
● |
our ability to successfully manufacture our medicines;
|
● |
our ability to successfully develop and obtain marketing approvals for our medicines;
|
● |
our ability to secure and maintain effective corporate partnerships;
|
● |
our ability to sustain cash flows and achieve consistent profitability;
|
● |
our ability to protect our intellectual property;
|
● |
our ability to maintain the effectiveness of our personnel; and
|
● |
the other factors set forth below.
|
● |
we have experienced some impact on clinical site initiation and patient enrollment due to restrictions imposed as a result of the COVID-19 Pandemic;
|
o |
For example, in March 2020, we instituted a temporary suspension of enrollment for new subjects in our Phase 3 studies of eplontersen based on advice from our trial advisory committee; however, enrollment has resumed.
|
● |
some patients have not been able to meet protocol requirements, as quarantines have impeded patient movement and interrupted healthcare services;
|
● |
we have experienced some delays in site initiations due to principle investigators and site staff focusing on and prioritizing COVID-19 patient care; and
|
● |
we have experienced some delays in necessary interactions with regulators, ethics committees and other important agencies and contractors due to limitations in employee resources or forced furlough of government or contractor personnel.
|
● |
receipt and scope of marketing authorizations;
|
● |
establishment and demonstration in the medical and patient community of the efficacy and safety of our medicines and their potential advantages over competing products;
|
● |
cost and effectiveness of our medicines compared to other available therapies;
|
● |
patient convenience of the dosing regimen for our medicines; and
|
● |
reimbursement policies of government and third-party payers.
|
● |
priced lower than our medicines;
|
● |
reimbursed more favorably by government and other third-party payers than our medicines;
|
● |
safer than our medicines;
|
● |
more effective than our medicines; or
|
● |
more convenient to use than our medicines.
|
● |
Onasemnogene abeparvovec and risdiplam compete with SPINRAZA;
|
● |
Patisiran, tafamidis and tafamidis meglumine compete with TEGSEDI;
|
● |
Vutrisiran and acoramidis could compete with TEGSEDI and eplontersen;
|
● |
ARO-APOC3, lomitapide and gemcabene could compete with WAYLIVRA and olezarsen; and
|
● |
Arimoclomol, ultomiris, mastinib and trehalose could compete with tofersen and ION363.
|
● |
in the U.S., TEGSEDI’s label contains a boxed warning for thrombocytopenia and glomerulonephritis;
|
● |
TEGSEDI requires periodic blood and urine monitoring; and
|
● |
in the U.S., TEGSEDI is available only through a REMS program.
|
● |
fund our development activities for SPINRAZA;
|
● |
seek and obtain regulatory approvals for SPINRAZA; and
|
● |
successfully commercialize SPINRAZA.
|
● |
In April 2021, we entered into a distribution agreement with Sobi to commercialize TEGSEDI in the U.S. and Canada;
|
● |
In December 2020, we entered into a distribution agreement with Sobi to commercialize TEGSEDI and WAYLIVRA in Europe; and
|
● |
In August 2018, we granted PTC the exclusive right to commercialize TEGSEDI and WAYLIVRA in Latin America and certain Caribbean countries.
|
● |
such authorities may disagree with the design or implementation of our clinical studies;
|
● |
we or our partners may be unable to demonstrate to the satisfaction of the FDA or other regulatory authorities that a medicine is safe and effective for any indication;
|
● |
such authorities may not accept clinical data from studies conducted at clinical facilities that have deficient clinical practices or that are in countries where the standard of care is potentially different from the U.S.;
|
● |
we or our partners may be unable to demonstrate that our medicine’s clinical and other benefits outweigh its safety risks to support approval;
|
● |
such authorities may disagree with the interpretation of data from preclinical or clinical studies;
|
● |
such authorities may find deficiencies in the manufacturing processes or facilities of third-party manufacturers who manufacture clinical and commercial supplies for our medicines, or may delay the inspection of such facilities due to restrictions related to the COVID-19 Pandemic; and
|
● |
the approval policies or regulations of such authorities or their prior guidance to us or our partners during clinical development may significantly change in a manner rendering our clinical data insufficient for approval.
|
● |
the clinical study may produce negative or inconclusive results;
|
● |
regulators may require that we hold, suspend or terminate clinical research for noncompliance with regulatory requirements;
|
● |
we, our partners, the FDA or foreign regulatory authorities could suspend or terminate a clinical study due to adverse side effects of a medicine on subjects or lack of efficacy in the trial;
|
● |
we, or our partners, may decide, or regulators may require us, to conduct additional preclinical testing or clinical studies;
|
● |
enrollment in our clinical studies may be slower than we anticipate;
|
● |
we or our partners, including our independent clinical investigators, contract research organizations and other third-party service providers on which we rely, may not identify, recruit and train suitable clinical investigators at a sufficient number of study sites or timely enroll a sufficient number of study subjects in the clinical study;
|
● |
the institutional review board for a prospective site might withhold or delay its approval for the study;
|
● |
enrollment in our clinical studies may be slower than we anticipate;
|
● |
people who enroll in the clinical study may later drop out due to adverse events, a perception they are not benefiting from participating in the study, fatigue with the clinical study process or personal issues;
|
● |
a clinical study site may deviate from the protocol for the study;
|
● |
the cost of our clinical studies may be greater than we anticipate;
|
● |
our partners may decide not to exercise any existing options to license and conduct additional clinical studies for our medicines; and
|
● |
the supply or quality of our medicines or other materials necessary to conduct our clinical studies may be insufficient, inadequate or delayed.
|
● |
Roche for development and funding of tominersen;
|
● |
Novartis for development and funding of pelacarsen; and
|
● |
Biogen for development and funding of tofersen.
|
● |
conduct clinical studies;
|
● |
seek and obtain marketing authorizations; and
|
● |
manufacture, market and sell our medicines.
|
● |
pursue alternative technologies or develop alternative products that may be competitive with the medicine that is part of the collaboration with us;
|
● |
pursue higher-priority programs or change the focus of its own development programs; or
|
● |
choose to devote fewer resources to our medicines than it does for its own medicines.
|
● |
successful commercialization of SPINRAZA, TEGSEDI and WAYLIVRA;
|
● |
additional marketing approvals for WAYLIVRA and TEGSEDI;
|
● |
the profile and launch timing of our medicines, including TEGSEDI and WAYLIVRA;
|
● |
changes in existing collaborative relationships and our ability to establish and maintain additional collaborative arrangements;
|
● |
continued scientific progress in our research, drug discovery and development programs;
|
● |
the size of our programs and progress with preclinical and clinical studies;
|
● |
the time and costs involved in obtaining marketing authorizations;
|
● |
competing technological and market developments, including the introduction by others of new therapies that address our markets; and
|
● |
our manufacturing requirements and capacity to fulfill such requirements.
|
● |
failure to successfully manage relationships with partners, customers, distributors and suppliers;
|
● |
disruptions to Akcea’s commercial operations;
|
● |
potential incompatibility of technologies and systems;
|
● |
failure to leverage the capabilities of the combined company quickly and effectively;
|
● |
potential difficulties integrating and harmonizing business systems and processes;
|
● |
tax benefits of the combined structure may not be available or in the expected amounts; and
|
● |
the loss of key employees.
|
● |
interruption of our research, development and manufacturing efforts;
|
● |
injury to our employees and others;
|
● |
environmental damage resulting in costly clean up; and
|
● |
liabilities under federal, state and local laws and regulations governing health and human safety, as well as the use, storage, handling and disposal of these materials and resultant waste products.
|
● |
compliance with differing or unexpected regulatory requirements for our medicines and foreign employees;
|
● |
complexities associated with managing multiple payer reimbursement regimes, government payers or patient self-pay systems;
|
● |
difficulties in staffing and managing foreign operations;
|
● |
in certain circumstances, increased dependence on the commercialization efforts and regulatory compliance of third-party distributors or strategic partners;
|
● |
foreign government taxes, regulations and permit requirements;
|
● |
U.S. and foreign government tariffs, trade restrictions, price and exchange controls and other regulatory requirements;
|
● |
anti-corruption laws, including the Foreign Corrupt Practices Act, or the FCPA, and its equivalent in foreign jurisdictions;
|
● |
economic weakness, including inflation, natural disasters, war, events of terrorism, political instability or public health issues or pandemics, such as the current COVID-19 Pandemic, in particular foreign countries or globally;
|
● |
fluctuations in currency exchange rates, which could result in increased operating expenses and reduced revenue, and other obligations related to doing business in another country;
|
● |
compliance with tax, employment, privacy, immigration and labor laws, regulations and restrictions for employees living or traveling abroad;
|
● |
workforce uncertainty in countries where labor unrest is more common than in the U.S.; and
|
● |
changes in diplomatic and trade relationships.
|
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
ITEM 3. |
DEFAULT UPON SENIOR SECURITIES
|
ITEM 4. |
MINE SAFETY DISCLOSURES
|
ITEM 5. |
OTHER INFORMATION
|
ITEM 6. |
EXHIBITS
|
a. |
Exhibits
|
Exhibit Number
|
Description of Document
|
|
10.1
|
Amended and Restated Neurology Drug Discovery and Development Collaboration, Option and License Agreement by and between the Registrant and Biogen MA Inc. dated July 12, 2021. Portions of this exhibit have been omitted because they are both (i) not material and (ii) would be competitively harmful if publicly disclosed.
|
|
10.2
|
Collaboration and License Agreement by and between the Registrant and BicycleTX Limited dated July 9, 2021. Portions of this exhibit have been omitted because they are both (i) not material and (ii) would be competitively harmful if publicly disclosed.
|
|
31.1
|
Certification by Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.
|
|
31.2
|
Certification by Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.
|
|
32.1*
|
Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101
|
The following financial statements from the Ionis Pharmaceuticals, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) condensed consolidated balance sheets, (ii) condensed consolidated statements of operations, (iii) condensed consolidated statements of comprehensive income (loss), (iv) condensed consolidated statements of stockholders’ equity, (v) condensed consolidated statements of cash flows and (vi) notes to condensed consolidated financial statements (detail tagged).
|
|
104
|
Cover Page Interactive Data File (formatted in iXBRL and included in exhibit 101).
|
* |
This certification is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
|
Signatures
|
Title
|
Date
|
||
/s/ BRETT P. MONIA
|
Director and Chief Executive Officer
|
|||
Brett P. Monia, Ph.D.
|
(Principal executive officer)
|
November 3, 2021
|
||
/s/ ELIZABETH L. HOUGEN
|
Executive Vice President, Finance and Chief Financial Officer
|
|||
Elizabeth L. Hougen
|
(Principal financial and accounting officer)
|
November 3, 2021
|
1 Year Ionis Pharmaceuticals Chart |
1 Month Ionis Pharmaceuticals Chart |
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