IONIS PHARMACEUTICALS INC
For the period ended Jun 4, 2026. Filed Apr 23, 2026.
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Jun 4, 2026 · Filed Apr 23, 2026
Contents
Appendix CC-1
Appendix C
Reconciliation of GAAP to Non-GAAP Basis
As illustrated in the table below, non-GAAP operating expenses, non-GAAP loss from operations, and non-GAAP net loss were adjusted from GAAP to exclude compensation expense related to equity awards and the related tax effects. Compensation expense related to equity awards are non-cash. These measures are provided as supplementary information and are not a substitute for financial measures calculated in accordance with GAAP. Ionis reports these non-GAAP results to better enable financial statement users to assess and compare its historical performance and project its future operating results and cash flows. Further, the presentation of Ionis’ non-GAAP results is consistent with how Ionis’ management internally evaluates the performance of its operations.
Reconciliation of GAAP to Non-GAAP Basis:
Condensed Consolidated Operating Expenses, Loss From Operations, and Net Loss
(In Millions)
| Three months endedDecember 31, · Year endedDecember 31, | ||||
|---|---|---|---|---|
| 2025 · 2024 · 2025 · 2024 | ||||
| (unaudited) | ||||
| As reported research, development and patent expenses according to GAAP | $280 | $245 | $916 | $902 |
| Excluding compensation expense related to equity awards | (29) | (25) | (90) | (92) |
| Non-GAAP research, development and patent expenses | $251 | $220 | $826 | $810 |
| As reported selling, general and administrative expenses according to GAAP | $130 | $88 | $394 | $267 |
| Excluding compensation expense related to equity awards | (13) | (11) | (42) | (37) |
| Non-GAAP selling, general and administrative expenses | $117 | $77 | $352 | $230 |
| As reported operating expenses according to GAAP | $418 | $337 | $1,326 | $1,180 |
| Excluding compensation expense related to equity awards | (43) | (36) | (134) | (130) |
| Non-GAAP operating expenses | $375 | $301 | $1,192 | $1,050 |
| As reported loss from operations according to GAAP | ($215) | ($110) | ($382) | ($475) |
| Excluding compensation expense related to equity awards | (43) | (36) | (134) | (130) |
| Non-GAAP loss from operations | ($172) | ($74) | ($248) | ($345) |
| As reported net loss according to GAAP | ($229) | ($104) | ($381) | ($454) |
| Excluding compensation expense related to equity awards and related tax effects | (43) | (36) | (134) | (130) |
| Non-GAAP net loss | ($186) | ($68) | ($247) | ($324) |
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