Ionis Pharmaceuticals(US:IONS)2025-10-29 20:43Financial Performance - Total revenue for the three months ended September 30, 2025, was $156.7 million, an increase of 17.0% compared to $133.8 million for the same period in 2024[14] - Product sales for the three months ended September 30, 2025, were $31.8 million, compared to $0 for the same period in 2024[14] - Royalty revenue increased to $75.7 million for the three months ended September 30, 2025, from $66.8 million in the same period of 2024, representing a growth of 13.3%[14] - Net loss for the three months ended September 30, 2025, was $128.6 million, compared to a net loss of $140.5 million for the same period in 2024, reflecting a decrease of 8.5%[15] - Total revenue for the nine months ended September 30, 2025, was $740,381, an increase of 54.7% compared to $478,562 in the same period of 2024[41] - The consolidated net loss for the nine months ended September 30, 2025, was $152.0 million, a decrease of 56.6% from a net loss of $349.5 million for the same period in 2024[111] Assets and Liabilities - Total assets as of September 30, 2025, were $3.03 billion, a slight increase from $3.00 billion as of December 31, 2024[12] - Total liabilities as of September 30, 2025, were $2.42 billion, compared to $2.42 billion as of December 31, 2024, indicating stability in the company's financial obligations[12] - Stockholders' equity increased to $618.0 million as of September 30, 2025, from $588.4 million as of December 31, 2024, marking a growth of 5.4%[12] - Total current assets as of September 30, 2025, were $2.52 billion, a slight decrease from $2.62 billion as of December 31, 2024[12] Cash Flow and Investments - Cash and cash equivalents as of September 30, 2025, were $338.3 million, an increase from $242.1 million as of December 31, 2024[12] - Net cash used in operating activities for the nine months ended September 30, 2025, was $130,874 thousand, down from $384,808 thousand in 2024, indicating a 66% reduction[21] - The company reported a net cash provided by investing activities of $141,729 thousand for the nine months ended September 30, 2025, contrasting with a net cash used of $202,240 thousand in 2024[21] Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $636.0 million, slightly down from $656.0 million for the same period in 2024[14] - Research and development revenue for the nine months ended September 30, 2025, was $445.858 million, significantly up from $271.202 million in the same period of 2024, marking a 64.3% increase[14] - The company recognized $278 million in R&D revenue for the license of sapablursen to Ono, completing the performance obligation upon delivery of the license[65] Collaborations and Revenue Sources - The collaboration with AstraZeneca generated $27.1 million in revenue for the three months ended September 30, 2025, representing 17% of total revenue, compared to 15% in the same period of 2024[62] - The company received a $200 million upfront payment from AstraZeneca in 2021 for the WAINUA collaboration, with total revenue from this collaboration exceeding $960 million through September 30, 2025[60] - Revenue from the relationship with Ono for the three months ended September 30, 2025, was $2,979,000, representing 2% of total revenue, while for the nine months, it was $282,979,000, accounting for 38% of total revenue[66] Stock and Equity - The company issued 3,229 thousand shares of common stock in connection with employee stock plans, generating $84,787 thousand in net proceeds[21] - The total unrecognized estimated stock-based compensation expense related to non-vested stock options, RSUs, and PRSUs was $138.3 million as of September 30, 2025[81] - The weighted-average grant date fair value of stock options granted to employees for the nine months ended September 30, 2025, was $17.21 per share, compared to $24.73 per share in 2024[84] Securities and Investments - The total available-for-sale debt securities amounted to $1,983,725,000 as of September 30, 2025, with an amortized cost of $1,980,492,000[74] - The company recorded a net unrealized loss of $2.0 million related to publicly traded equity securities in the nine months ended September 30, 2025[77] - The company invests in debt securities with strong credit ratings, maintaining an investment grade rating at or above A-1, P-1, or F-1[71] Other Financial Metrics - The company reported a basic and diluted net loss per share of $0.80 for the three months ended September 30, 2025, compared to $0.95 for the same period in 2024[14] - Total operating expenses for the three months ended September 30, 2025, were $316.901 million, up from $282.470 million in the same quarter of 2024, representing a 12.2% increase[14] - The company recorded a nominal income tax expense for the three and nine months ended September 30, 2025, compared to an income tax benefit of $3.6 million and $3.5 million for the same periods in 2024[88]