Ionis Pharmaceuticals(IONS) - 2025 Q1 - Quarterly Report

Financial Performance - Total revenue for Q1 2025 was $131.6 million, an increase from $119.5 million in Q1 2024, representing a growth of approximately 17.6%[116] - Total operating expenses for Q1 2025 were $278.5 million, compared to $269.0 million in Q1 2024, reflecting an increase of about 3.9%[116] - The net loss for Q1 2025 was $146.9 million, slightly higher than the net loss of $142.8 million in Q1 2024[116] - Total revenue for Q1 2025 was $131.6 million, a 10.5% increase from $119.5 million in Q1 2024[117] - Commercial revenue increased by 28% year-over-year, driven by U.S. product sales from the launch of TRYNGOLZA and higher royalties from SPINRAZA and WAINUA[117] - Total royalty revenue rose to $64.2 million in Q1 2025 from $49.4 million in Q1 2024, with SPINRAZA royalties increasing from $38.5 million to $48.0 million[117] - The company reported a net loss of $146.9 million for Q1 2025, compared to a net loss of $142.8 million in Q1 2024, with net loss per share of $0.93[147] - Investment income decreased to $24.7 million in Q1 2025 from $26.3 million in Q1 2024, primarily due to lower interest rates[141] - Working capital decreased from December 31, 2024, to March 31, 2025, as cash and short-term investments declined[150] - The company recorded a net loss on investments of $2.2 million in Q1 2025, compared to a net gain of $2.3 million in Q1 2024[144] Research and Development - TRYNGOLZA is the first FDA-approved treatment for familial chylomicronemia syndrome, significantly reducing triglyceride levels and acute pancreatitis events[100] - Donidalorsen is under regulatory review in the U.S. with a PDUFA action date of August 21, 2025, following positive Phase 2 and Phase 3 results[107] - Zilganersen completed enrollment in its Phase 3 study for Alexander disease in July 2024 and received Fast Track designation from the FDA[108] - ION582 is set to advance into Phase 3 development in Q2 2025 based on positive results from its Phase 1/2 study[109] - The company is positioned for multiple independent launches in the next two years, including donidalorsen and olezarsen for severe hypertriglyceridemia[98] Expenses - Operating expenses, excluding non-cash compensation, increased to $248.8 million in Q1 2025 from $237.7 million in Q1 2024[122] - Total research and development expenses decreased to $200.8 million in Q1 2025 from $214.2 million in Q1 2024, reflecting the end of several late-stage studies[128] - Medical affairs expenses increased to $5.9 million in Q1 2025 from $5.6 million in Q1 2024, as the company advanced its late-stage pipeline[134] - Manufacturing and development chemistry expenses rose to $16.4 million in Q1 2025 from $13.7 million in Q1 2024, attributed to the timing of manufacturing for late-stage programs[136] - Total drug development expenses, excluding non-cash compensation, decreased to $112.9 million in Q1 2025 from $125.8 million in Q1 2024[131] - SG&A expenses for Q1 2025 totaled $76.3 million, up from $52.6 million in Q1 2024, reflecting a 45% increase due to new product launches[140] - The company expects operating expenses to continue to rise in 2025 as commercialization activities advance[122] Collaborations and Partnerships - WAINUA has generated over $545 million in revenues since inception, including approximately $30 million in royalties[101] - SPINRAZA has earned more than $2.3 billion in revenues, with over $1.9 billion in royalties from its collaboration with Biogen[102] - The WAINUA collaboration with AstraZeneca involves AstraZeneca covering 55% of the costs for the ongoing Phase 3 development program[119] Debt and Financial Obligations - Total interest expense for Q1 2025 was $4.1 million, slightly down from $4.2 million in Q1 2024[142] - Interest expense related to the sale of future royalties was $18.8 million in Q1 2025, compared to $18.0 million in Q1 2024[143] - The company has raised approximately $2.6 billion from equity securities and $2.7 billion from long-term debt since inception[148] - Contractual obligations as of March 31, 2025, totaled $1.5 billion, with $31.6 million due within one year[151]