UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2026

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission file number 000-19125

Ionis Pharmaceuticals, Inc.

(Exact name of Registrant as specified in its charter)

Delaware		33-0336973
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

2855 Gazelle Court, Carlsbad, California		92010
(Address of Principal Executive Offices)		(Zip Code)

760-931-9200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, $.001 Par Value	“IONS”	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer ☒	Accelerated Filer ☐

Non-accelerated Filer ☐	Smaller Reporting Company ☐
	Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12(b)-2 of the Securities Exchange Act of 1934). Yes ☐ No ☒

The number of shares of voting common stock outstanding as of July 23, 2026 was 166,184,322.

IONIS PHARMACEUTICALS, INC.

FORM 10-Q

INDEX


PART I	FINANCIAL INFORMATION

ITEM 1:	Financial Statements:

	Condensed Consolidated Balance Sheets as of June 30, 2026 (unaudited) and December 31, 2025	3

	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (unaudited)	4

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2026 and 2025 (unaudited)	5

	Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2026 and 2025 (unaudited)	6

	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (unaudited)	8

	Notes to Condensed Consolidated Financial Statements (unaudited)	9

ITEM 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations:

	Overview	27

	Critical Accounting Estimates	30

	Results of Operations	30

	Liquidity and Capital Resources	36

ITEM 3:	Quantitative and Qualitative Disclosures about Market Risk	38

ITEM 4:	Controls and Procedures	38

PART II	OTHER INFORMATION	39

ITEM 1:	Legal Proceedings	39

ITEM 1A:	Risk Factors	39

ITEM 2:	Unregistered Sales of Equity Securities and Use of Proceeds	58

ITEM 3:	Default upon Senior Securities	58

ITEM 4:	Mine Safety Disclosures	58

ITEM 5:	Other Information	58

ITEM 6:	Exhibits	59

SIGNATURES		60

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.

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

IONIS PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)


		June 30,			December 31,
		2026			2025
		(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	350,065		$	372,260
Short-term investments		1,704,520			2,305,176
Contracts receivable		58,845			66,059
Inventories		50,833			10,048
Other current assets		327,011			237,092
Total current assets		2,491,274			2,990,635
Property, plant and equipment, net		155,131			123,048
Right-of-use assets		231,560			238,549
Deposits and other assets		116,536			171,604
Total assets	$	2,994,501		$	3,523,836

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	47,704		$	28,082
Accrued compensation		50,293			116,236
Accrued liabilities		115,778			106,089
Income taxes payable		2,877			2,713
0 percent convertible senior notes due April 2026, net		-			431,948
Current portion of deferred contract revenue		73,837			73,761
Other current liabilities		25,149			22,738
Total current liabilities		315,638			781,567
Long-term deferred contract revenue		63,030			92,001
0 percent convertible senior notes due 2030, net		753,356			751,495
1.75 percent convertible senior notes due 2028, net		569,255			567,830
Liability related to sale of future royalties, net		562,574			551,353
Long-term lease liabilities		262,476			262,383
Long-term obligations		28,435			28,118
Total liabilities		2,554,764			3,034,747
Stockholders’ equity:
Common stock, $0.001 par value; 300,000,000 shares authorized, 165,636,792 and 163,304,875 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively		166			163
Additional paid-in capital		3,311,837			3,145,402
Accumulated other comprehensive loss		(33,897	)		(25,281	)
Accumulated deficit		(2,838,369	)		(2,631,195	)
Total stockholders' equity		439,737			489,089
Total liabilities and stockholders’ equity	$	2,994,501		$	3,523,836

See accompanying notes.

IONIS PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,