IONIS PHARMACEUTICALS INC

For the period ended Dec 31, 2024. Filed Feb 19, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 19, 2025

IONS$28.19-9.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2024	2023	2022
Operating activities:
Net loss	$(453,897)	$(366,286)	$(269,722)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	9,614	10,292	14,328
Amortization of right-of-use operating lease assets	10,040	9,647	5,362
Amortization of other assets	2,336	2,559	2,415
Amortization of premium (discount) on investments, net	(37,733)	(28,885)	7,389
Amortization of debt issuance costs	6,690	6,330	5,373
Non-cash royalty revenue related to sale of royalties	(44,981)	(44,628)	—
Non-cash interest related to sale of future royalties	72,846	68,238	—
Stock-based compensation expense	130,200	105,809	100,264
Gain on early retirement of debt	—	(13,389)	—
Non-cash losses related to disposal of property, plant and equipment	7,404	16,649	531
Loss (gain) on sale of real estate assets	—	161	(150,135)
Loss on investments	2,892	1,589	224
Non-cash losses related to other assets	3,032	1,661	2,030
Changes in operating assets and liabilities:
Contracts receivable	5,590	(72,059)	36,358
Inventories	(5,071)	(2,469)	5,326
Other current and long-term assets	(25,857)	(33,763)	(27,235)
Accounts payable	15,990	8,119	1,094
Income taxes	(2,117)	(4,098)	6,213
Accrued compensation	1,887	18,549	10,368
Accrued liabilities and other current liabilities	(42,993)	(5,506)	46,695
Deferred contract revenue	(156,819)	13,967	(71,248)
Net cash used in operating activities	(500,947)	(307,513)	(274,370)
Investing activities:
Purchases of short-term investments	(1,852,858)	(1,770,814)	(1,485,772)
Proceeds from sale of short-term investments	1,769,172	1,584,676	989,152
Purchases of property, plant and equipment	(45,280)	(23,805)	(15,721)
Proceeds from sale of real estate assets	—	22	254,083
Acquisition of licenses and other assets, net	(5,061)	(4,206)	(4,378)
Net cash used in investing activities	(134,027)	(214,127)	(262,636)
Financing activities:
Proceeds from issuance of common stock through equity plans, net	33,609	49,442	6,373
Proceeds from issuance of common stock in public offering, net	489,120	—	—
Repayment of 0.125 percent convertible senior notes	(44,504)	(487,943)	—
Proceeds from issuance of 1.75 percent convertible senior notes	—	575,000	—
1.75 percent convertible senior notes issuance costs	—	(14,175)	—
Proceeds from sale of future royalties	—	500,000	—
Payments of transaction costs related to sale of future royalties	—	(10,434)	(29)
Proceeds from real estate transaction	—	32,352	—
Principal payments on mortgage debt	(167)	(160)	(50,686)
Payments of tax withholdings related to vesting of employee stock awards and exercise of employee stock options	—	—	(10,953)
Net cash provided by (used in) financing activities	478,058	644,082	(55,295)
Effects of exchange rates on cash	(273)	352	(418)
Net increase (decrease) in cash and cash equivalents	(157,189)	122,794	(592,719)
Cash and cash equivalents at beginning of year	399,266	276,472	869,191
Cash and cash equivalents at end of year	$242,077	$399,266	$276,472

Supplemental disclosures of cash flow information:
Interest paid	$10,869	$6,512	$2,898
Income taxes paid (refunds received)	$(5,620)	$48,334	$5,010
Supplemental disclosures of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for lease liabilities	$—	$—	$168,931
Amounts accrued for capital and patent expenditures	$947	$172	$4,767

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