Every 10-Q that Ionis Pharmaceuticals, Inc. (IONS) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow IONS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full IONS filings page.
Ionis Pharmaceuticals reported Q2 2026 revenue of $267.9 million, down from $452.0 million a year earlier as prior-year collaboration upfronts did not repeat. Commercial revenue grew 15% to $118.6 million, led by DAWNZERA and early TRYNGOLZA sales. The company posted a net loss of $114.6 million versus prior-year profit of $123.6 million, as operating expenses rose with multiple launches.
For the first half of 2026, revenue was $514.0 million and net loss $207.2 million. Cash and cash equivalents were 350,065 (in thousands) and short-term investments 1,704,520 (in thousands) at June 30. The company repaid $432.5 million of 0% 2026 notes while continuing significant R&D investment. The FDA approved TRYNGOLZA for severe hypertriglyceridemia, while a Phase 3 ATTR‑CM trial of eplontersen missed its primary endpoint. Multiple partners paid milestones contributing approximately $180 million of R&D revenue in the half.
Ionis Pharmaceuticals reported strong growth for the quarter ended March 31, 2026, with total revenue of $246.1 million, up from $131.6 million a year earlier, driven by new product launches and collaboration milestones. Product sales rose to $43.0 million, led by TRYNGOLZA and DAWNZERA, while royalty revenue was $58.3 million. Research and development revenue more than doubled to $138.3 million, helped by a $50 million milestone from Roche and $30 million of milestones from GSK. The company’s net loss narrowed to $92.5 million, compared with $146.9 million in the prior-year quarter, as higher revenue offset increased commercial and R&D spending. Ionis ended the quarter with $173.4 million in cash and cash equivalents and $1.75 billion in short-term investments, supporting ongoing launches and late-stage development, despite a large operating cash outflow related to funding the upcoming maturity of its 0% convertible notes due 2026.
Ionis Pharmaceuticals (IONS) filed its Q3 2025 10‑Q, reporting higher revenue and continued investment in launches and late‑stage programs. Total revenue was $156.7 million, up from $133.8 million a year ago, driven by $31.8 million in TRYNGOLZA product sales and higher royalties. Net loss was $128.6 million versus $140.5 million in the prior‑year quarter as operating expenses rose with commercialization activity.
For the nine months, revenue reached $740.4 million versus $478.6 million, reflecting recognition of the $278 million sapablursen license to Ono in Q2 and growing commercial and royalty streams. The company launched DAWNZERA in the U.S. in August 2025 following FDA approval, and continues to co‑commercialize WAINUA, with SPINRAZA royalties contributing $55.9 million in the quarter. Cash and cash equivalents were $338.3 million and short‑term investments were $1.90 billion as of September 30, 2025. Convertible notes outstanding include $575.0 million (1.75% due June 2028) and $632.5 million (0% due April 2026). Shares outstanding were 161,974,393 as of October 23, 2025.
Q2-25 results (ended 30 Jun 25): Ionis generated $452.0 M revenue, +101% YoY, fuelled by a $280 M upfront from Ono (sapablursen), a $30 M milestone from AstraZeneca and $19.3 M of first-time U.S. TRYNGOLZA sales. Royalty streams (mostly SPINRAZA & WAINUA) added $70.0 M.
Operating expenses rose 7% to $312.2 M as SG&A expanded with launches while R&D fell modestly; operating profit reached $139.8 M versus a $66.1 M loss. Net income swung to $123.6 M ($0.70 diluted EPS) from a $66.3 M loss.
H1-25: Revenue climbed 69% to $583.7 M; net loss narrowed to $23.4 M. Operating cash flow was essentially breakeven ( $0.6 M) versus a $269.8 M outflow a year earlier.
Balance sheet: Cash increased to $297.3 M; cash + short-term investments totalled ~$2.29 B. Shareholders’ equity improved to $631.7 M. Current liabilities grew to $897.2 M after the 0% convertible notes ($630.1 M) moved current; total liabilities stand at $2.35 B.
Strategic updates: 1) Ono deal brings up to $940 M future milestones; 2) AstraZeneca advanced opemalirsen into Phase 2b; 3) first independent commercial launch with FDA-approved TRYNGOLZA for FCS. Company maintains single-segment reporting and full valuation allowance on deferred tax assets.