IONIS PHARMACEUTICALS INC
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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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.
FY2025 · Filed Feb 26, 2026
IONS$31.00-21.4%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations
(In thousands, except for per share amounts)
| Year Ended December 31, | |||||
|---|---|---|---|---|---|
| 2025 · 2024 · 2023 | |||||
| Revenue: | |||||
| Commercial revenue: | |||||
| Product sales, net | $115,315 | $ | - | $ | - |
| Royalty revenue | 285,529 | 257,307 | 272,803 | ||
| Other commercial revenue | 35,004 | 35,769 | 35,788 | ||
| Total commercial revenue | 435,848 | 293,076 | 308,591 | ||
| Research and development revenue: | |||||
| Collaborative agreement revenue | 465,785 | 332,647 | 352,657 | ||
| WAINUA joint development revenue | 42,078 | 79,415 | 126,399 | ||
| Total research and development revenue | 507,863 | 412,062 | 479,056 | ||
| Total revenue | 943,711 | 705,138 | 787,647 | ||
| Expenses: | |||||
| Cost of sales | 15,909 | 11,215 | 9,133 | ||
| Research, development and patent | 915,619 | 901,530 | 899,625 | ||
| Selling, general and administrative | 393,867 | 267,474 | 232,619 | ||
| Total operating expenses | 1,325,395 | 1,180,219 | 1,141,377 | ||
| Loss from operations | (381,684) | (475,081) | (353,730) | ||
| Other income (expense): | |||||
| Investment income | 97,765 | 107,022 | 89,041 | ||
| Interest expense | (17,262) | (16,994) | (12,660) | ||
| Interest expense related to sale of future royalties | (73,282) | (73,457) | (68,797) | ||
| Gain (loss) on investments, net | 10,220 | (2,889) | (1,914) | ||
| Other income (expense), net | (15,358) | 1,331 | 14,095 | ||
| Loss before income tax benefit (expense) | (379,601) | (460,068) | (333,965) | ||
| Income tax benefit (expense) | (1,786) | 6,171 | (32,321) | ||
| Net loss | $(381,387) | $(453,897) | $(366,286) | ||
| Basic and diluted net loss per share | $(2.38) | $(3.04) | $(2.56) | ||
| Shares used in computing basic and diluted net loss per share | 160,010 | 149,514 | 143,190 | ||
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