Reported positive eplontersen ATTRv-PN data,
on track to file NDA in H2:22
Tofersen NDA under priority review, PDUFA
January 25, 2023
Completed enrollment in pelacarsen Lp(a)
HORIZON and olezarsen BALANCE Phase 3 studies
On track to achieve 2022 financial
guidance
Webcast today, August 9, 2022, at 11:30
a.m. Eastern Time
CARLSBAD, Calif., Aug. 9, 2022
/PRNewswire/ -- Ionis Pharmaceuticals, Inc. (Nasdaq: IONS) today
reported financial results for the second quarter of 2022 and
recent business achievements.
"Over the first half of this year, we moved significantly closer
to delivering an abundance of new medicines to the market. We
reported positive Phase 3 data from the NEURO-TTRansform study of
eplontersen in patients with hereditary ATTR polyneuropathy and we
are on track to file an NDA in the second half of this year. We
were also pleased that the FDA accepted the NDA for tofersen and
granted priority review, enabling tofersen to potentially be the
first disease modifying treatment approved for a genetic form of
ALS. These achievements mean eplontersen and tofersen could be our
next marketed products as early as next year," said Brett P. Monia, Ph.D., chief executive officer
of Ionis. "We also significantly advanced our late- and mid-stage
pipeline. The pelacarsen Lp(a) HORIZON and olezarsen BALANCE Phase
3 studies recently completed enrollment. Additionally, we reported
positive data from six mid-stage programs, positioning us to grow
our rich Phase 3 pipeline to at least eight medicines across 10
indications. We are looking forward to continuing our positive
momentum in the second half of this year by presenting Phase 3
eplontersen data at the International Symposium on Amyloidosis in
September, filing our eplontersen NDA, and reporting data from
several important programs. These upcoming catalysts, together with
our recent achievements, position us well to drive increasing value
for all stakeholders."
Second Quarter 2022 Summary Financial Results
On track to achieve 2022 financial guidance, based on the
following second quarter results:
- $134 million in total
revenues
- $195 million of operating
expenses on a non-GAAP basis(1) and $220 million on a GAAP basis
- $80 million net loss on a
non-GAAP basis(1) and $105
million on a GAAP basis
- $2.0 billion of cash and
short-term investments
"We had a strong first half with year-over-year revenue growth
of more than 15 percent. We continued to generate revenue from
multiple diverse sources, with just over half from our marketed
products and the balance from our numerous advancing partnered
medicines. Additionally, our financial results reflect our
accelerating investments in our rich late-stage pipeline and in our
commercial readiness activities for eplontersen, olezarsen and
donidalorsen," said Elizabeth L.
Hougen, chief financial officer of Ionis. "With $2 billion of cash and investments, we have the
financial resources to achieve our goal of bringing
transformational medicines to the market. These results for the
first half of the year keep us on track to meet our 2022 financial
guidance."
Recent Marketed Products Highlights
SPINRAZA®: the global market leader for the treatment
of spinal muscular atrophy (SMA) patients of all ages
- $431 million in worldwide
SPINRAZA sales in the second quarter
- Biogen reported new results from the RESPOND study of SPINRAZA,
stating the results indicate there are residual unmet clinical
needs in infants and toddlers with SMA who were previously treated
with gene therapy
- Biogen reported final data from Part A of the ongoing,
three-part DEVOTE study demonstrating that a higher dosing regimen
of SPINRAZA leads to higher levels of the drug in the cerebrospinal
fluid and is generally well-tolerated
TEGSEDI® and WAYLIVRA®: important
medicines approved for the treatment of patients with
polyneuropathy caused by hereditary TTR amyloidosis (ATTRv-PN) and
familial chylomicronemia syndrome (FCS), respectively
- Continued to expand into new markets in Europe and Latin
America through Swedish Orphan Biovitrum AB (Sobi) and PTC
Therapeutics, respectively
Second Quarter 2022 and Recent Events
Advancing Ionis' next two potential marketed products
- Reported eplontersen met the co-primary and key secondary
endpoints in the interim analysis of the Phase 3 NEURO-TTRansform
study in patients with ATTRv-PN; on track to file the New Drug
Application (NDA) with the U.S. Food and Drug Administration (FDA)
in the second half of this year
- Biogen reported longer-term data from the Phase 3 VALOR study
and ongoing open-label extension study of tofersen showing clinical
benefit in patients with SOD1-ALS at the European Network to Cure
ALS (ENCALS) meeting
- Biogen reported that an NDA for tofersen was accepted and
granted priority review by the FDA with a Prescription Drug User
Fee Act (PDUFA) action date of January 25,
2023
Advancing Ionis' late-stage pipeline
- Novartis achieved full enrollment in the Phase 3 Lp(a) HORIZON
cardiovascular outcomes study of pelacarsen in patients with
established cardiovascular disease and elevated Lp(a) with data
expected in 2025
- Achieved full enrollment in the Phase 3 BALANCE study of
olezarsen in patients with FCS with data expected in 2023
Advancing Ionis' mid-stage pipeline
- GSK presented positive data from the Phase 2b B-Clear study of bepirovirsen in patients with
chronic hepatitis B at the European Association for the Study of
the Liver's (EASL) International Liver Congress™. Based on these
results, GSK plans to advance bepirovirsen into a Phase 3
monotherapy study in the first half of 2023
- Roche reported positive data from the Phase 2 study of
IONIS-FB-LRx in patients with immunoglobulin A
nephropathy (IgAN). Based on these results, Roche licensed and
plans to advance IONIS-FB-LRx into a Phase 3 study
- Bayer reported fesomersen met the primary endpoint in the Phase
2b RE-THINc ESRD study in patients
with end-stage renal disease. Fesomersen also demonstrated
substantial and statistically significant reductions in Factor XI
activity levels
- Achieved full enrollment in the Phase 2b study of IONIS-AGT-LRx in patients
with treatment-resistant hypertension, with data expected in the
second half of 2022
- Initiated a Phase 2 study of ION904, a follow-on medicine to
IONIS-AGT-LRx in patients with treatment-resistant
hypertension
- Granted orphan drug designation and rare pediatric disease
designation by the FDA for ION582 for the treatment of patients
with Angelman syndrome
2022 Pipeline Milestones(2)
Anticipated 2022 Regulatory
Updates
|
Program
|
Regulatory Action
|
Anticipated Indication
|
H1
|
H2
|
Tofersen
|
NDA
acceptance
|
SOD1-ALS
|
|
✓
|
Eplontersen
(TTR)
|
NDA filing
|
ATTRv
polyneuropathy
|
|
•
|
|
Anticipated Key 2022 Data
Readouts
|
Program
|
Data Readout
|
Anticipated Indication
|
H1
|
H2
|
Eplontersen
(TTR)
|
Phase 3
|
ATTRv
polyneuropathy
|
✓
|
|
Tofersen
|
Phase 3 OLE
|
SOD1-ALS
|
✓
|
|
Tominersen
(HTT)
|
Phase 3 post
hoc
|
Huntington's
disease
|
✓
|
|
ION449
(PCSK9)
|
Phase 2b
(ETESIAN)
|
Cardiovascular
disease
|
✓
|
|
Bepirovirsen
(HBV)
|
Phase 2b
|
Hepatitis B virus
infection
|
✓
|
|
Donidalorsen
(PKK)
|
Phase 2
|
HAE
|
✓
|
|
IONIS-C9Rx
(BIIB078)
|
Phase 1/2
|
C9-ALS
|
✓
|
|
Fesomersen
(FXI)
|
Phase 2b
|
Thrombosis
|
|
✓
|
IONIS-FB-LRx
|
Phase 2
|
Immunoglobulin A
nephropathy
|
|
✓
|
IONIS-AGT-LRx
|
Phase 2b
|
Treatment-resistant
hypertension
|
|
•
|
Donidalorsen
(PKK)
|
Phase 2 OLE
|
HAE
|
|
•
|
Cimdelirsen
(GHR)
|
Phase 2
(monotherapy)
|
Acromegaly
|
|
•
|
|
Anticipated Key 2022 Study
Initiations
|
Program
|
Phase
|
Anticipated Indication
|
H1
|
H2
|
Sapablursen
(TMPRSS6)
|
2
|
Polycythemia
vera
|
✓
|
|
ION904 (AGT)
|
2
|
Uncontrolled
hypertension
|
✓
|
|
IONIS-MAPTRx
(BIIB080)
|
2
|
Alzheimer's
disease
|
|
•
|
ION717
(PRNP)
|
1/2
|
Prion
disease
|
|
•
|
|
Anticipated Key 2022 Technology
Advancements
|
Program
|
Anticipated Advancement
|
H1
|
H2
|
SMA
|
Advance follow-on
program
|
✓
|
|
Muscle LICA
|
Advance into
preclinical development (IND-supporting)
|
|
•
|
MsPA
Backbone
|
Advance into
preclinical development (IND-supporting)
|
|
•
|
|
|
✓ =
achieved • = planned
|
|
|
(1)
|
All non-GAAP amounts
referred to in this press release exclude non-cash compensation
expense related to equity awards and the related tax effects. In
2021 all non-GAAP amounts also excluded expenses related to the
Akcea Merger and restructured commercial operations and the related
tax effects. Please refer to the detailed reconciliation of
non-GAAP and GAAP measures, which is provided later in this press
release.
|
|
|
(2)
|
Timing expectations
based on current assumptions and subject to change.
|
Second Quarter 2022 Financial Results
Revenue
Ionis' revenue was comprised of the following (amounts in
millions):
|
|
Three months
ended
|
|
Six months
ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Revenue:
|
|
|
|
|
|
|
|
Commercial
revenue:
|
|
|
|
|
|
|
|
|
|
SPINRAZA
royalties
|
|
$60
|
|
$72
|
|
$113
|
|
$132
|
|
TEGSEDI and WAYLIVRA
revenue, net
|
|
10
|
|
12
|
|
17
|
|
31
|
|
Licensing and royalty
revenue
|
|
8
|
|
2
|
|
20
|
|
7
|
|
Total commercial
revenue
|
|
78
|
|
86
|
|
150
|
|
170
|
|
Research and
development revenue:
|
|
|
|
|
|
|
|
|
|
Amortization from
upfront payments
|
|
18
|
|
20
|
|
36
|
|
40
|
|
Milestone
payments
|
|
18
|
|
15
|
|
45
|
|
20
|
|
License
fees
|
|
-
|
|
-
|
|
2
|
|
-
|
|
Other
services
|
|
3
|
|
5
|
|
6
|
|
7
|
|
Collaborative
agreement revenue
|
|
39
|
|
40
|
|
89
|
|
67
|
|
Eplontersen joint
development revenue
|
|
17
|
|
-
|
|
37
|
|
-
|
|
Total Research and
development revenue
|
|
56
|
|
40
|
|
126
|
|
67
|
|
Total
revenue
|
|
$134
|
|
$126
|
|
$276
|
|
$237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company's revenue in the first half of 2022 increased more
than 15 percent compared to the same period last year. The increase
was driven by significant partner payments Ionis earned across
multiple partnered programs, including $37
million from AstraZeneca for its share of the global Phase 3
development costs for eplontersen. Refer to the detailed table of
costs and reimbursements for the eplontersen collaboration provided
later in this release. The Company also earned $57 million from Biogen for advancing several
neurology disease programs and $22
million from Roche for advancing IONIS-FB-LRx.
Already in the third quarter of 2022, the Company has earned nearly
$45 million from Roche and
Biogen.
The Company's commercial revenue in the first half of 2022
decreased 12 percent compared to the same period last year.
SPINRAZA royalties decreased primarily due to competition outside
of the U.S. In the U.S., SPINRAZA sales stabilized in the first
half of 2022 compared to the same period last year, increasing two
percent. TEGSEDI and WAYLIVRA revenue decreased due to the shift
from product sales to distribution fees based on net sales
generated by Sobi. The Company successfully completed the
transition of its TEGSEDI and WAYLIVRA operations in the EU and
North America to Sobi in the first
and second quarters of 2021, respectively. As part of the
transition, Ionis restructured its commercial operations in 2021
resulting in substantial cost savings. These decreases were
partially offset by increasing licensing and royalty revenue.
Operating Expenses
Ionis is advancing a large late-stage pipeline and as a result,
its non-GAAP operating expenses increased in the first half of 2022
compared to the same period in 2021. Higher R&D expenses were
driven by the expanded number of Phase 3 studies the Company is
conducting, which doubled from three to six studies in 2021. Lower
SG&A expenses were largely due to the substantial savings Ionis
achieved from integrating Akcea and restructuring its commercial
operations in 2021. Ionis is redeploying these savings to advance
its pipeline and go-to-market activities for eplontersen,
donidalorsen and olezarsen.
Net Loss
Ionis' non-GAAP net loss in the first half of 2022 increased
compared to the same period in 2021, primarily related to higher
R&D expenses, partially offset by higher revenue and lower
SG&A expenses, as discussed above.
Balance Sheet
As of June 30, 2022, Ionis had
cash, cash equivalents and short-term investments of $2.0 billion, compared with $2.1 billion at December
31, 2021. Ionis' debt obligations and working capital did
not change significantly from December 31,
2021 to June 30, 2022.
Webcast
Ionis will conduct a webcast today at 11:30 a.m. Eastern time to discuss this
announcement and related activities. Interested parties may access
the webcast here. A webcast replay will be available for a limited
time at the same address.
About Ionis Pharmaceuticals, Inc.
For more than 30 years, Ionis has been the leader in
RNA-targeted therapy, pioneering new markets and changing the
standards of care with its novel antisense technology. Ionis
currently has three marketed medicines and a premier late-stage
pipeline highlighted by industry leading cardiovascular and
neurological franchises. Our scientific innovation began and
continues with the knowledge that sick people depend on us, which
fuels our vision of becoming a leading, fully integrated
biotechnology company.
To learn more about Ionis visit www.ionispharma.com or
follow us on Twitter @ionispharma.
Ionis' Forward-looking Statement
This press release includes forward-looking statements regarding
Ionis' business, financial guidance and the therapeutic and
commercial potential of SPINRAZA (nusinersen), TEGSEDI (inotersen),
WAYLIVRA (volanesorsen), eplontersen, olezarsen, donidalorsen,
ION363, pelacarsen, tofersen, Ionis' technologies and Ionis' other
products in development. Any statement describing Ionis' goals,
expectations, financial or other projections, intentions or beliefs
is a forward-looking statement and should be considered an at-risk
statement. Such statements are subject to certain risks and
uncertainties, including those related to the impact COVID-19 could
have on our business, and including those inherent in the process
of discovering, developing and commercializing medicines that are
safe and effective for use as human therapeutics, and in the
endeavor of building a business around such medicines. Ionis'
forward-looking statements also involve assumptions that, if they
never materialize or prove correct, could cause its results to
differ materially from those expressed or implied by such
forward-looking statements. Although Ionis' forward-looking
statements reflect the good faith judgment of its management, these
statements are based only on facts and factors currently known by
Ionis. As a result, you are cautioned not to rely on these
forward-looking statements. These and other risks concerning Ionis'
programs are described in additional detail in Ionis' annual report
on Form 10-K for the year ended December 31,
2021, and most recent Form 10-Q, which are on file with
the Securities and Exchange Commission. Copies of these and other
documents are available from the Company.
In this press release, unless the context requires otherwise,
"Ionis," "Company," "we," "our" and "us" all refer to Ionis
Pharmaceuticals and its subsidiaries.
Ionis Pharmaceuticals® is a registered trademark of
Ionis Pharmaceuticals, Inc. Akcea Therapeutics® is a
registered trademark of Akcea Therapeutics, Inc.
TEGSEDI® is a registered trademark of Akcea
Therapeutics, Inc. WAYLIVRA® is a registered trademark
of Akcea Therapeutics, Inc. SPINRAZA® is a
registered trademark of Biogen.
IONIS
PHARMACEUTICALS, INC.
|
SELECTED FINANCIAL
INFORMATION
|
Condensed
Consolidated Statements of Operations
|
(In Millions, Except
Per Share Data)
|
|
|
|
Three months
ended,
|
|
Six months
ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
(unaudited)
|
Revenue:
|
|
|
|
|
|
|
|
|
Commercial
revenue:
|
|
|
|
|
|
|
|
|
SPINRAZA
royalties
|
|
$60
|
|
$72
|
|
$113
|
|
$132
|
TEGSEDI and WAYLIVRA
revenue, net
|
|
10
|
|
12
|
|
17
|
|
31
|
Licensing and royalty
revenue
|
|
8
|
|
2
|
|
20
|
|
7
|
Total commercial
revenue
|
|
78
|
|
86
|
|
150
|
|
170
|
Research and
development revenue:
|
|
|
|
|
|
|
|
|
Collaborative
agreement revenue
|
|
39
|
|
40
|
|
89
|
|
67
|
Eplontersen joint
development revenue
|
|
17
|
|
-
|
|
37
|
|
-
|
Total research and
development revenue
|
|
56
|
|
40
|
|
126
|
|
67
|
Total
revenue
|
|
134
|
|
126
|
|
276
|
|
237
|
Expenses:
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
5
|
|
3
|
|
9
|
|
6
|
Research, development and patent
|
|
181
|
|
139
|
|
342
|
|
279
|
Selling, general and administrative
|
|
34
|
|
57
|
|
68
|
|
117
|
Total operating
expenses
|
|
220
|
|
199
|
|
419
|
|
402
|
Loss from
operations
|
|
(86)
|
|
(73)
|
|
(143)
|
|
(165)
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
(17)
|
|
(8)
|
|
(24)
|
|
(5)
|
Loss before income tax
expense
|
|
(103)
|
|
(81)
|
|
(167)
|
|
(170)
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(2)
|
|
-
|
|
(3)
|
|
(1)
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
($105)
|
|
($81)
|
|
($170)
|
|
($171)
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share
|
|
($0.74)
|
|
($0.57)
|
|
($1.20)
|
|
($1.21)
|
Shares used in
computing basic and diluted net loss per share
|
|
142
|
|
141
|
|
142
|
|
141
|
IONIS
PHARMACEUTICALS, INC.
|
Reconciliation of
GAAP to Non-GAAP Basis:
|
Condensed
Consolidated Operating Expenses, Loss From Operations, and Net
Loss
|
(In
Millions)
|
|
|
|
Three months
ended
June
30,
|
|
Six months
ended
June 30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
(unaudited)
|
As reported
research, development and patent
expenses according to GAAP
|
|
$181
|
|
$139
|
|
$342
|
|
$279
|
Excluding compensation expense related to equity
awards
|
|
(19)
|
|
(23)
|
|
(38)
|
|
(49)
|
Excluding Akcea merger and restructured commercial
operation costs*
|
|
-
|
|
(4)
|
|
-
|
|
(6)
|
Non-GAAP research,
development and patent
expenses
|
|
$162
|
|
$112
|
|
$304
|
|
$224
|
|
|
|
|
|
|
|
|
|
As reported selling,
general and administrative
expenses according to GAAP
|
|
$34
|
|
$57
|
|
$68
|
|
$117
|
Excluding compensation expense related to equity
awards
|
|
(6)
|
|
(7)
|
|
(13)
|
|
(19)
|
Excluding Akcea merger and restructured commercial
operation costs*
|
|
-
|
|
(11)
|
|
-
|
|
(16)
|
Non-GAAP selling,
general and administrative
expenses
|
|
$28
|
|
$39
|
|
$55
|
|
$82
|
|
|
|
|
|
|
|
|
|
As reported
operating expenses according to GAAP
|
|
$220
|
|
$199
|
|
$419
|
|
$402
|
Excluding compensation
expense related to equity
awards
|
|
(25)
|
|
(30)
|
|
(51)
|
|
(68)
|
Excluding Akcea merger and restructured commercial
operation costs*
|
|
-
|
|
(15)
|
|
-
|
|
(22)
|
Non-GAAP operating
expenses
|
|
$195
|
|
$154
|
|
$368
|
|
$312
|
|
|
|
|
|
|
|
|
|
As reported loss
from operations according to GAAP
|
|
($86)
|
|
($73)
|
|
($143)
|
|
($165)
|
Excluding compensation expense related to equity
awards
|
|
(25)
|
|
(30)
|
|
(51)
|
|
(68)
|
Excluding Akcea merger and restructured commercial
operation costs*
|
|
-
|
|
(15)
|
|
-
|
|
(22)
|
Non-GAAP loss from
operations
|
|
($61)
|
|
($28)
|
|
($92)
|
|
($75)
|
|
|
|
|
|
|
|
|
|
As reported net loss
according to GAAP
|
|
($105)
|
|
($81)
|
|
($170)
|
|
($171)
|
Excluding compensation expense related to equity
awards
|
|
(25)
|
|
(30)
|
|
(51)
|
|
(68)
|
Excluding Akcea merger and restructured commercial
operation costs*
|
|
-
|
|
(15)
|
|
-
|
|
(22)
|
Non-GAAP net
loss
|
|
($80)
|
|
($36)
|
|
($119)
|
|
($81)
|
|
*In October 2020, Ionis
completed a merger transaction with Akcea such that following the
completion of the merger Akcea became a wholly owned subsidiary of
Ionis. Additionally, in December 2020 and April 2021, Ionis
restructured its European operations and its North American TEGSEDI
operations, respectively, as a result of entering into distribution
agreements with Sobi. The Company excluded the Akcea merger
and restructured commercial operation costs from its non-GAAP
amounts for the applicable periods.
|
Reconciliation of GAAP to Non-GAAP Basis
As illustrated in the Selected Financial Information in this
press release, non-GAAP operating expenses, non-GAAP loss from
operations, and non-GAAP net loss were adjusted from GAAP to
exclude compensation expense related to equity awards and costs
related to the Akcea merger and restructured commercial operations
and the related tax effects. Compensation expense related to equity
awards are non-cash. Costs related to the Akcea merger and
restructured commercial operations included: severance costs,
retention costs and other costs related to commercial operations.
Ionis has regularly reported non-GAAP measures for operating
results as non-GAAP results. These measures are provided as
supplementary information and are not a substitute for financial
measures calculated in accordance with GAAP. Ionis reports these
non-GAAP results to better enable financial statement users to
assess and compare its historical performance and project its
future operating results and cash flows. Further, the presentation
of Ionis' non-GAAP results is consistent with how Ionis' management
internally evaluates the performance of its operations.
IONIS
PHARMACEUTICALS, INC.
|
Summary of the
Financial Impacts of the Eplontersen Collaboration with
AstraZeneca
|
For the Six Months
Ended, June 30, 2022
|
(Unaudited)
|
|
Collaboration
Activities
|
|
Financial
Statement Line
|
|
Impact of
Cost-Sharing Provisions on Ionis' Statement of Operations
|
|
|
|
|
|
|
|
Phase 3
Development:
Ionis leads and conducts
|
|
Eplontersen
Joint Development
Revenue (R&D
Revenue)
|
|
$37M
|
|
55% of Total Phase
3
development expenses,
including
internal+external costs &
CMC costs, net of Ionis'
share of AstraZeneca's
Phase 3 development
expenses
|
|
|
|
|
|
|
|
Development
Expenses (R&D
Expenses)
|
|
$71M
|
|
100% of Ionis' Phase
3
development expenses
|
Ionis' financial results for the first half of 2022 reflected
the cost-sharing provisions related to its collaboration with
AstraZeneca to develop and commercialize eplontersen for the
treatment of ATTR. Under the terms of the collaboration agreement,
AstraZeneca is paying 55 percent of the costs associated with the
ongoing global Phase 3 development program. Because Ionis is
leading and conducting the Phase 3 development program, Ionis is
recognizing the 55 percent of cost-share funding AstraZeneca is
responsible for, net of Ionis' share of AstraZeneca's development
expenses, as R&D revenue in the same period Ionis incurs the
related development expenses. In the first half of 2022, Ionis
earned $37 million in joint
development revenue under this collaboration.
Because AstraZeneca is responsible for the majority of the
medical affairs and commercial costs in the U.S. and all costs
associated with bringing eplontersen to market outside the U.S.,
Ionis is recognizing cost-share funding it receives from
AstraZeneca related to these activities as a reduction of its
medical affairs (R&D expenses) and commercialization expenses
(SG&A expenses). In the first half of 2022, Ionis recognized
$0.8 million and $0.7 million of medical affairs expenses and
commercialization expenses for eplontersen, respectively, net of
cost-share funding from AstraZeneca. Ionis expects its medical
affairs and commercialization expenses to increase as this
collaboration progresses.
IONIS
PHARMACEUTICALS, INC.
|
|
Condensed
Consolidated Balance Sheets
|
|
(In
Millions)
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
2022
|
|
2021
|
|
|
|
(unaudited)
|
|
|
|
Assets:
|
|
|
|
|
|
Cash, cash
equivalents and short-term investments
|
|
$2,022
|
|
$2,115
|
|
Contracts
receivable
|
|
7
|
|
62
|
|
Other current
assets
|
|
163
|
|
168
|
|
Property, plant
and equipment, net
|
|
177
|
|
178
|
|
Other
assets
|
|
87
|
|
89
|
|
Total assets
|
|
$2,456
|
|
$2,612
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity:
|
|
|
|
|
|
Other current
liabilities
|
|
$175
|
|
$143
|
|
Current portion
of deferred contract revenue
|
|
93
|
|
98
|
|
0% convertible
senior notes, net
|
|
621
|
|
619
|
|
0.125%
convertible senior notes, net
|
|
543
|
|
542
|
|
Long-term
obligations, less current portion
|
|
84
|
|
86
|
|
Long-term
deferred contract revenue
|
|
315
|
|
352
|
|
Total
stockholders' equity
|
|
625
|
|
772
|
|
Total liabilities and stockholders' equity
|
|
$2,456
|
|
$2,612
|
|
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SOURCE Ionis Pharmaceuticals, Inc.