Ionis Pharmaceuticals Files 2023 Annual Report on Form 10-K

TL;DR

**Ionis Pharmaceuticals filed its 2023 10-K, detailing its fiscal year performance and financial standing.**

AI Summary

IONIS PHARMACEUTICALS INC (IONS) filed a Annual Report (10-K) with the SEC on February 21, 2024. Ionis Pharmaceuticals, Inc. filed its 2023 Form 10-K on February 21, 2024, reporting on its fiscal year ending December 31, 2023. The company is incorporated in California and operates in the Pharmaceutical Preparations industry (SIC 2834). Key dates include the fiscal year end of December 31, 2023, and the filing date of February 21, 2024. The filing references various financial statement items and disclosures, including convertible senior notes and revenue segments. Ionis Pharmaceuticals was formerly known as ISIS PHARMACEUTICALS INC, with a name change on March 28, 1993.

Why It Matters

For investors and stakeholders tracking IONIS PHARMACEUTICALS INC, this filing contains several important signals. The 10-K filing provides a comprehensive overview of Ionis Pharmaceuticals' financial health, operational activities, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. This filing includes detailed financial statements, risk factors, and executive compensation, offering transparency and insights into the company's management and its approach to business challenges and opportunities.

Risk Assessment

Risk Level: IONS — IONIS PHARMACEUTICALS INC shows moderate risk based on this filing. The filing is a standard 10-K annual report, which is a routine disclosure for publicly traded companies and does not contain immediate, significant new information that would alter the company's risk profile.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Ionis Pharmaceuticals' performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-21 — Filing Date (FILED AS OF DATE)
• 2834 — Standard Industrial Classification (SIC CODE FOR PHARMACEUTICAL PREPARATIONS)
• 000-19125 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• IONIS PHARMACEUTICALS INC (company) — FILER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240221 (date) — FILED AS OF DATE
• 2855 GAZELLE COURT (address) — BUSINESS ADDRESS STREET 1
• CARLSBAD (location) — BUSINESS ADDRESS CITY
• CA (state) — BUSINESS ADDRESS STATE
• 92010 (zip_code) — BUSINESS ADDRESS ZIP
• ISIS PHARMACEUTICALS INC (company) — FORMER COMPANY
• 19930328 (date) — DATE OF NAME CHANGE

FAQ

Risk Factors

• Convertible Senior Notes [medium — financial]: The filing details various series of convertible senior notes, including those with 0%, 0.125%, and 1.75% interest rates, as of December 31, 2023, and December 31, 2022.

Industry Context

Ionis Pharmaceuticals operates within the pharmaceutical preparations industry, focusing on the discovery, development, and commercialization of RNA-targeted therapeutics.

Regulatory Implications

As a pharmaceutical company, Ionis is subject to regulatory oversight from bodies like the FDA, governing drug development, approval, and marketing processes.

What Investors Should Do

1. Review the detailed financial statements for revenue, net income, and other key performance indicators.
2. Analyze the risk factors section for potential challenges and uncertainties facing the company.
3. Examine executive compensation details to understand management incentives and remuneration.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 2023 fiscal year.
• 2024-02-21: Filing Date — Date the 10-K report was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides a detailed overview of the company's financial health and operations for the fiscal year.)

Convertible Senior Notes

Debt securities that can be converted into shares of the issuing company's common stock. (Represents a form of financing for the company and can impact its capital structure and potential dilution.)

Year-Over-Year Comparison

This 10-K filing for the fiscal year ending December 31, 2023, provides the company's annual financial and operational overview, superseding previous filings for the prior fiscal year.

Key Financial Figures

• $788 million — d all of this while earning revenues of $788 million for 2023 and ending the year with a cas
• $2.3 billion — sh and short-term investment balance of $2.3 billion. Our multiple sources of revenue and ca
• $2.1 billion — mber 31, 2023, we have earned more than $2.1 billion in revenues from our SPINRAZA collabora
• $1.6 billion — RAZA collaboration, including more than $1.6 billion in royalties on sales of SPINRAZA. QAL

Filing Documents

• form10k.htm (10-K) — 3544KB
• exhibit10-3.htm (EX-10.3) — 33KB
• exhibit10-25.htm (EX-10.25) — 18KB
• exhibit10-80.htm (EX-10.80) — 1080KB
• exhibit21-1.htm (EX-21.1) — 3KB
• exhibit23-1.htm (EX-23.1) — 3KB
• exhibit31-1.htm (EX-31.1) — 12KB
• exhibit31-2.htm (EX-31.2) — 12KB
• exhibit32-1.htm (EX-32) — 7KB
• exhibit97.htm (EX-97) — 32KB
• image01.jpg (GRAPHIC) — 110KB
• image02.jpg (GRAPHIC) — 14KB
• image03.jpg (GRAPHIC) — 34KB
• image04.jpg (GRAPHIC) — 23KB
• image05.jpg (GRAPHIC) — 98KB
• image06.jpg (GRAPHIC) — 51KB
• image07.jpg (GRAPHIC) — 75KB
• image08.jpg (GRAPHIC) — 53KB
• image09.jpg (GRAPHIC) — 19KB
• image10.jpg (GRAPHIC) — 23KB
• image11.jpg (GRAPHIC) — 2KB
• image12.jpg (GRAPHIC) — 36KB
• image13.jpg (GRAPHIC) — 3KB
• image14.jpg (GRAPHIC) — 3KB
• 0000874015-24-000116.txt ( ) — 18659KB
• ions-20231231.xsd (EX-101.SCH) — 108KB
• ions-20231231_cal.xml (EX-101.CAL) — 137KB
• ions-20231231_def.xml (EX-101.DEF) — 710KB
• ions-20231231_lab.xml (EX-101.LAB) — 1551KB
• ions-20231231_pre.xml (EX-101.PRE) — 932KB
• form10k_htm.xml (XML) — 2664KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report on Form 10-K and the information incorporated herein by reference includes forward-looking statements regarding our business and the therapeutic and commercial potential of our commercial medicines, additional medicines in development and technologies. Any statement describing our goals, expectations, financial or other projections, intentions or beliefs, is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties and particularly those inherent in the process of discovering, developing and commercializing medicines that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such medicines. Our forward-looking statements also involve assumptions that, if they never materialize or prove correct, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this report on Form 10-K, including those identified in Item 1A entitled "Risk Factors". Although our forward-looking statements reflect the good faith judgment of our management, these statements are based only on facts and factors currently known by us. Except as required by law, we undertake no obligation to update any forward-looking statements for any reason. As a result, you are cautioned not to rely on these forward-looking statements. In this report, unless the context requires otherwise, "Ionis," "Company," "we," "our," and "us" refers to Ionis Pharmaceuticals, Inc. and its subsidiaries. Summary of Risk Factors There are a number of risks related to our business and our securities. Below is a summary of material factors that make an investment in our securities speculative or risky. Importantly, this summary does not address all of the risks that we face. Additional discussion

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 49 Item 1B. Unresolved Staff Comments 65 Item 1C. Cybersecurity 65 Item 2.

Properties

Properties 67 Item 3.

Legal Proceedings

Legal Proceedings 67 Item 4. Mine Safety Disclosures 67 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 68 Item 6. Reserved 69 Item 7.

Management's Discussion and Analysis of Financial Condition and

Management's Discussion and Analysis of Financial Condition and Results of Operations 69 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 79 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 79 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 79 Item 9A.

Controls and Procedures

Controls and Procedures 80 Item 9B. Other Information 82 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 82 PART III Item 10. Directors, Executive Officers and Corporate Governance 82 Item 11.

Executive Compensation

Executive Compensation 82 Item 12.

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 83 Item 13. Certain Relationships and Related Transactions, and Director Independence 83 Item 14. Principal Accountant Fees and Services 83 PART IV Item 15. Exhibits, Financial Statement Schedules 83

Signatures

Signatures 91 3 Table of Contents PART I

Business

Item 1. Business Overview For three decades as a pioneer in RNA-targeted medicines, we have focused on bringing better futures to people with serious diseases. Today, we continue to drive innovation in RNA therapies. A deep understanding of disease biology and an industry-leading drug discovery technology propels our work, coupled with a passion and urgency to deliver better futures for patients. We currently have five marketed medicines to treat serious diseases: SPINRAZA (nusinersen), QALSODY (tofersen), WAINUA (eplontersen), TEGSEDI (inotersen) and WAYLIVRA (volanesorsen). We also have a rich innovative late- and mid-stage pipeline in neurology, cardiology and other areas of high patient need. We currently have nine medicines in Phase 3 development and multiple additional medicines in early and mid-stage development. Over the past year, we made important progress executing on our vision to bring next-level value to patients and all stakeholders. We achieved this progress by focusing on a clear vision to prioritize and expand the Ionis wholly owned pipeline, deliver Ionis medicines directly to patients and enhance our technology leadership, all underscored by continued financial strength and responsibility. The United States, or U.S., Food and Drug Administration, or FDA, approved two Ionis-discovered medicines, QALSODY and WAINUA. We delivered positive Phase 3 data readouts for WAINUA, olezarsen and donidalorsen. Our Phase 3 pipeline expanded with study starts for bepirovirsen, IONIS-FB-L Rx and zilganersen and we reported five additional positive data readouts from our mid- and late-stage pipeline. Our recent achievements position us to continue to deliver a steady cadence of potentially transformational medicines to patients in need in the near and mid-term. We also advanced our go-to-market plans for our near-term commercial opportunities, WAINUA, olezarsen and donidalorsen. And we expanded and diversified our technology when we advanced our first cardiac

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View this 10-K filing on SEC EDGAR