Ionis Pharmaceuticals SEC Filings

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.

Ionis Pharmaceuticals (IONS) furnished an 8-K announcing financial results for the quarter ended September 30, 2025. The press release (Exhibit 99.1) presents both GAAP and non-GAAP figures. Non-GAAP results exclude non-cash compensation expense related to equity awards and the related tax effects, which the company says helps users assess and compare performance and project future results and cash flows. The information and exhibit are furnished under Item 2.02 and are not deemed filed under Section 18 of the Exchange Act.

Ionis Pharmaceuticals (IONS) reported insider transactions by EVP Research Eric Swayze on a Form 4. On 10/15/2025, 125 shares of common stock were acquired at $0.00 upon vesting of a Restricted Stock Unit award, held indirectly by his son. On 10/16/2025, 53 shares were sold at $73.6213 pursuant to an automatic sale to cover required tax withholding.

Following these transactions, 256 shares were indirectly held by his son and 30,453 shares were held directly. Derivative holdings included 497 Restricted Stock Units indirectly held.

Ionis Pharmaceuticals (IONS) director B. Lynne Parshall reported a sale of common stock. On 10/15/2025, the reporting person sold 5,000 shares of Ionis common stock at a weighted average price of $71.7443, with individual trade prices ranging from $71.265 to $72.06.

The transaction was conducted under a Rule 10b5-1 trading plan adopted on May 6, 2025. Following the sale, the reporting person beneficially owns 61,344 shares, held directly.

Ionis Pharmaceuticals (IONS) — Form 4: EVP and Chief Human Resources Officer Shannon L. Devers exercised options for 6,000 shares at $48.51 on 10/15/2025, then sold 6,000 shares the same day at a weighted average price of $72.9423 pursuant to a Rule 10b5-1 trading plan adopted on September 3, 2024. Also on 10/15/2025, 2,820 shares were acquired upon RSU vesting at no cost, and on 10/16/2025, 1,263 shares were sold at $73.6213 to cover tax withholding.

Following these transactions, Devers directly owned 17,494 shares of common stock. RSUs vest in four equal annual installments; each RSU represents a right to one share or its cash equivalent. The stock option exercised was originally granted on 04/05/2021 and expires on 04/04/2027.

Ionis Pharmaceuticals (IONS) disclosed insider transactions by EVP, Corp and Development Ops Brian Birchler. On 10/14/2025 and 10/15/2025, he exercised non-qualified stock options at $53.77 for 11,475 and 12,425 shares (codes M) and sold the same amounts at weighted average prices of $72.0339 and $72.2252 (codes S) pursuant to a Rule 10b5-1 trading plan adopted on August 12, 2024. After these trades, he directly owned 56,826 shares.

Officer sale under 10b5-1 plan reduced direct holdings. An executive, Eric Swayze, reported the sale of 6,849 shares of Ionis Pharmaceuticals common stock on 10/06/2025 at a weighted-average price of $69.02. The filing states these sales were executed pursuant to a Rule 10b5-1 trading plan adopted on 08/14/2024, meaning they were pre-arranged instructions rather than discretionary trades.

After the transactions, the reporting person beneficially owns 30,453 shares directly and an additional 184 shares indirectly through a family member. The filer offers to provide detailed per-trade price information to the company, shareholders, or the SEC on request.

Insider transactions by Patrick R. O'Neil, EVP, CLO & General Counsel at Ionis Pharmaceuticals (IONS). On 10/06/2025 the reporting person exercised 10,200 non‑qualified stock options with an exercise price of $52.87 and immediately sold those shares under a Rule 10b5‑1 plan. The Form 4 reports two separate block sales that day: 10,200 shares sold at a weighted average price of $69.8872 and 3,241 shares sold at a weighted average price of $69.2651, reflecting multiple executions within disclosed price ranges.

Following these transactions the reporting person’s beneficial ownership of common stock declined from 67,330 shares to 53,889, and the number of options/derivative securities held after the activity is reported as 17,000 exercisable into common stock. The sales were made pursuant to a 10b5‑1 trading plan adopted on 05/02/2025, and the filer offers to provide transaction‑level price details on request.

Brett P. Monia, Chief Executive Officer and Director of Ionis Pharmaceuticals (IONS), reported a sale of common stock under a pre-established Rule 10b5-1 trading plan. The report shows 437 shares were sold on 10/06/2025 at $69.2637 per share, leaving the reporting person with 179,572 shares beneficially owned after the transaction. The filing notes the 10b5-1 plan was adopted on 08/13/2024 and the Form 4 was signed via attorney-in-fact on 10/08/2025. The transaction is described as executed pursuant to the trading plan.