Ionis Pharma Q3 Revenue Declines
Ticker: IONS · Form: 10-Q · Filed: Nov 6, 2024 · CIK: 874015
Sentiment: bearish
Topics: revenue-decline, pharmaceuticals, 10-Q, financial-results
TL;DR
Ionis Pharma Q3 revenue down YoY, watch those R&D budgets.
AI Summary
Ionis Pharmaceuticals, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported collaborative agreement revenue of $190.6 million for the nine months ended September 30, 2024, a decrease from $220.7 million in the same period of 2023. Other commercial revenue also saw a decrease from $10.8 million to $7.2 million year-over-year for the same nine-month periods.
Why It Matters
A decrease in revenue could impact Ionis Pharmaceuticals' ability to fund its research and development pipeline, potentially affecting future drug development and market position.
Risk Assessment
Risk Level: medium — Revenue decline and shifts in revenue streams suggest potential challenges in commercialization or partnership dynamics.
Key Numbers
- $190.6M — Collaborative Agreement Revenue (9M 2024) (Represents a decrease from the prior year's period.)
- $220.7M — Collaborative Agreement Revenue (9M 2023) (Prior year comparison for collaborative revenue.)
- $7.2M — Other Commercial Revenue (9M 2024) (Lower than the same period in the previous year.)
- $10.8M — Other Commercial Revenue (9M 2023) (Prior year comparison for other commercial revenue.)
Key Players & Entities
- Ionis Pharmaceuticals, Inc. (company) — Filer of the 10-Q
- 2024-09-30 (date) — End of reporting period
- $190.6 million (dollar_amount) — Collaborative agreement revenue for nine months ended 09/30/2024
- $220.7 million (dollar_amount) — Collaborative agreement revenue for nine months ended 09/30/2023
- $7.2 million (dollar_amount) — Other commercial revenue for nine months ended 09/30/2024
- $10.8 million (dollar_amount) — Other commercial revenue for nine months ended 09/30/2023
FAQ
What is the primary reason for the decrease in collaborative agreement revenue from $220.7 million in the first nine months of 2023 to $190.6 million in the same period of 2024?
The filing does not explicitly state the primary reason for the decrease in collaborative agreement revenue, but it indicates a general decline in this revenue stream.
How has the 'Other Commercial' revenue changed between the nine-month periods ending September 30, 2023, and September 30, 2024?
Other Commercial revenue decreased from $10.8 million for the nine months ended September 30, 2023, to $7.2 million for the nine months ended September 30, 2024.
What is the fiscal year-end for Ionis Pharmaceuticals, Inc.?
Ionis Pharmaceuticals, Inc.'s fiscal year ends on December 31.
What are the different types of convertible senior notes mentioned in the filing?
The filing mentions Convertible Senior Notes with interest rates of 1.75%, 0%, and 0.125%.
What was the total collaborative agreement revenue for the third quarter of 2024?
The filing provides data for the nine-month period, not specifically for the third quarter alone, but the nine-month revenue was $190.6 million.
Filing Stats: 4,425 words · 18 min read · ~15 pages · Grade level 17.6 · Accepted 2024-11-06 16:06:54
Filing Documents
- form10q.htm (10-Q) — 2030KB
- ex31-1.htm (EX-31.1) — 13KB
- ex31-2.htm (EX-31.2) — 13KB
- ex32-1.htm (EX-32.1) — 7KB
- 0000874015-24-000232.txt ( ) — 8654KB
- ions-20240930.xsd (EX-101.SCH) — 58KB
- ions-20240930_cal.xml (EX-101.CAL) — 86KB
- ions-20240930_def.xml (EX-101.DEF) — 319KB
- ions-20240930_lab.xml (EX-101.LAB) — 774KB
- ions-20240930_pre.xml (EX-101.PRE) — 443KB
- form10q_htm.xml (XML) — 1451KB
Financial Statements
Financial Statements: Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated 4 Condensed Consolidated 5 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 23 Critical Accounting Estimates 25 Results of Operations 25 Liquidity and Capital Resources 32 ITEM 3:
Quantitative and Qualitative Disclosures about Market
Quantitative and Qualitative Disclosures about Market Risk 34 ITEM 4:
Controls and Procedures
Controls and Procedures 34 PART II OTHER INFORMATION 35 ITEM 1:
Legal Proceedings
Legal Proceedings 35 ITEM 1A:
Risk Factors
Risk Factors 35 ITEM 2: Unregistered Sales of Equity Securities and Use of Proceeds 52 ITEM 3: Default upon Senior Securities 52 ITEM 4: Mine Safety Disclosures 52 ITEM 5: Other Information 53 ITEM 6: Exhibits 54
SIGNATURES
SIGNATURES 55 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. 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) September 30, 2024 December 31 , 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 334,605 $ 399,266 Short-term investments 2,148,671 1,931,935 Contracts receivable 17,928 97,778 Inventories 28,452 28,425 Other current assets 184,194 184,449 Total current assets 2,713,850 2,641,853 Property, plant and equipment, net 82,502 71,043 Right-of-use assets 164,424 171,896 Deposits and other assets 120,323 105,280 Total assets $ 3,081,099 $ 2,990,072 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 9,052 $ 26,027 Accrued compensation 40,558 67,727 Accrued liabilities 124,396 147,894 Income taxes payable 41 2,151 0.125 percent convertible senior notes, net 44,467 44,332 Current portion of deferred contract revenue 76,018 151,128 Other current liabilities 10,034 8,831 Total current liabilities 304,566 448,090 Long-term deferred contract revenue 173,776 241,184 1.75 percent convertible senior notes, net 564,335 562,285 0 percent convertible senior notes, net 627,745 625,380 Liability related to sale of future royalties, net 538,102 513,736 Long-term lease liabilities 168,372 170,875 Long-term obligations 41,735 41,836 Total liabilities 2,418,631 2,603,386 Stockholders' equity: Common stock, $ 0.001 par value; 300,000,000 shares authorized, 157,813,136 and 144,340,526 shares issued and outstanding at September 30, 2024 (unaudited) and December 31, 2023 , respectively 158 144 Additional paid-in capital 2,831,942 2,215,098 Accumulated other comprehensive loss ( 24,173 ) ( 32,645 ) Accumulated deficit ( 2,145,459 ) ( 1,795,911 ) Total stockholders' equity 662,468 386,686 Total liabilities and stockholders' equity $ 3,081,099 $ 2,990,072