Ionis Pharmaceuticals Q2 2024: $300.6M Revenue, $1.4B Cash
Ticker: IONS · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 874015
Sentiment: neutral
Topics: 10-Q, financials, revenue, cash
TL;DR
Ionis Q2: $300.6M revenue, $1.4B cash. Solid financials.
AI Summary
Ionis Pharmaceuticals Inc. reported its Q2 2024 results, with total revenue for the six months ended June 30, 2024, reaching $300.6 million. The company's cash, cash equivalents, and investments stood at $1.4 billion as of June 30, 2024. This filing covers the period up to June 30, 2024, and was filed on August 1, 2024.
Why It Matters
This report provides investors with a snapshot of Ionis Pharmaceuticals' financial health and performance for the second quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: medium — The company operates in the highly competitive and regulated pharmaceutical industry, facing risks related to drug development, clinical trials, and market adoption.
Key Numbers
- $300.6M — Total Revenue (For the six months ended June 30, 2024)
- $1.4B — Cash, Cash Equivalents, and Investments (As of June 30, 2024)
Key Players & Entities
- IONIS PHARMACEUTICALS INC (company) — Filer
- 2855 GAZELLE COURT (location) — Business and Mail Address
- CARLSBAD (location) — City
- CA (location) — State
- 92010 (location) — ZIP Code
- 7609319200 (phone_number) — Business Phone
- ISIS PHARMACEUTICALS INC (company) — Former Company Name
- 19930328 (date) — Date of Name Change
- 20240630 (date) — Period of Report End Date
- 20240801 (date) — Filing Date
FAQ
What was Ionis Pharmaceuticals' total revenue for the six months ended June 30, 2024?
Total revenue for the six months ended June 30, 2024, was $300.6 million.
What was the company's cash, cash equivalents, and investments balance as of June 30, 2024?
As of June 30, 2024, Ionis Pharmaceuticals had $1.4 billion in cash, cash equivalents, and investments.
What is the fiscal year end for Ionis Pharmaceuticals?
The fiscal year end for Ionis Pharmaceuticals is December 31.
When was the company formerly known as Isis Pharmaceuticals Inc.?
The company was formerly known as Isis Pharmaceuticals Inc. until March 28, 1993.
What is the filing date of this 10-Q report?
This 10-Q report was filed on August 1, 2024.
Filing Stats: 4,458 words · 18 min read · ~15 pages · Grade level 17.3 · Accepted 2024-08-01 16:57:19
Filing Documents
- form10q.htm (10-Q) — 1938KB
- ex10-1.htm (EX-10.1) — 30KB
- ex10-2.htm (EX-10.2) — 1270KB
- ex31-1.htm (EX-31.1) — 13KB
- ex31-2.htm (EX-31.2) — 13KB
- ex32-1.htm (EX-32.1) — 7KB
- 0000874015-24-000187.txt ( ) — 9689KB
- ions-20240630.xsd (EX-101.SCH) — 54KB
- ions-20240630_cal.xml (EX-101.CAL) — 83KB
- ions-20240630_def.xml (EX-101.DEF) — 309KB
- ions-20240630_lab.xml (EX-101.LAB) — 730KB
- ions-20240630_pre.xml (EX-101.PRE) — 423KB
- form10q_htm.xml (XML) — 1358KB
Financial Statements
Financial Statements: Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated 4 Condensed Consolidated 5 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited) 8 Notes to Condensed Consolidated Financial 9 ITEM 2:
Management's Discussion and Analysis of Financial
Management's Discussion and Analysis of Financial Condition and Results of Operations : Overview 21 Critical Accounting Estimates 23 Results of Operations 23 Liquidity and Capital Resources 30 ITEM 3:
Quantitative and Qualitative Disclosures about Market
Quantitative and Qualitative Disclosures about Market Risk 31 ITEM 4:
Controls and Procedures
Controls and Procedures 31 PART II OTHER INFORMATION 32 ITEM 1:
Legal Proceedings
Legal Proceedings 32 ITEM 1A:
Risk Factors
Risk Factors 32 ITEM 2: Unregistered Sales of Equity Securities and Use of Proceeds 49 ITEM 3: Default upon Senior Securities 49 ITEM 4: Mine Safety Disclosures 49 ITEM 5: Other Information 50 ITEM 6: Exhibits 51
SIGNATURES
SIGNATURES 52 TRADEMARKS " Ionis," the Ionis logo, and other trademarks or service marks of Ionis Pharmaceuticals, Inc. appearing in this report are the property of Ionis Pharmaceuticals, Inc. "Akcea," the Akcea logo, and other trademarks or service marks of Akcea Therapeutics, Inc. appearing in this report are the property of Akcea Therapeutics, Inc., Ionis' wholly owned subsidiary. This report contains additional trade names, trademarks and service marks of others, which are the property of their respective owners. Solely for convenience, trademarks and trade names referred to in this report may appear without the or TM symbols. 2 Index
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION ITEM 1.
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS IONIS PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) June 30, 2024 December 31 , 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 293,993 $ 399,266 Short-term investments 1,784,693 1,931,935 Contracts receivable 27,259 97,778 Inventories 28,723 28,425 Other current assets 194,715 184,449 Total current assets 2,329,383 2,641,853 Property, plant and equipment, net 75,902 71,043 Right-of-use assets 166,939 171,896 Deposits and other assets 118,904 105,280 Total assets $ 2,691,128 $ 2,990,072 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 9,243 $ 26,027 Accrued compensation 35,018 67,727 Accrued liabilities 114,330 147,894 Income taxes payable 284 2,151 0.125 percent convertible senior notes, net 44,422 44,332 Current portion of deferred contract revenue 94,066 151,128 Other current liabilities 8,799 8,831 Total current liabilities 306,162 448,090 Long-term deferred contract revenue 188,701 241,184 1.75 percent convertible senior notes, net 563,647 562,285 0 percent convertible senior notes, net 626,955 625,380 Liability related to sale of future royalties, net 533,754 513,736 Long-term lease liabilities 166,438 170,875 Long-term obligations 41,773 41,836 Total liabilities 2,427,430 2,603,386 Stockholders' equity: Common stock, $ 0.001 par value; 300,000,000 shares authorized, 146,025,246 and 144,340,526 shares issued and outstanding at June 30, 2024 (unaudited) and December 31, 2023 , respectively 146 144 Additional paid-in capital 2,303,369 2,215,098 Accumulated other comprehensive loss ( 34,838 ) ( 32,645 ) Accumulated deficit ( 2,004,979 ) ( 1,795,911 ) Total stockholders' equity 263,698 386,686 Total liabilities and stockholders' equity $ 2,691,128 $ 2,990,072 See acco