0000874015-26-000177 | 10-Q | XBRL Viewer | Ionis Pharmaceuticals INC

$ 1,117,571

$ 1,577,325

766

1,937

(594)

(45)

1,117,743

1,579,217

632,469

771,627

339

2,285

(2,139)

(201)

630,669

773,711

1,750,040

2,348,952

1,105

4,222

(2,733)

(246)

1,748,412

2,352,928

21,897

16,802

65,671

54,430

(9,802)

(16,011)

77,766

55,221

1,771,937

2,365,754

66,776

58,652

(12,535)

(16,257)

Corporate Debt Securities [Member]

1,826,178

2,408,149

^[1]

574,026

746,814

424

991

(288)

(27)

574,162

747,778

363,131

435,350

279

1,586

(1,084)

(106)

Debt Securities Issued by U.S. Government Agencies [Member]

362,326

436,830

41,038

55,768

(11)

(5)

41,095

55,855

76,885

92,770

100

(350)

(94)

Debt Securities Issued by the U.S. Treasury [Member]

76,549

92,776

^[1]

497,599

769,034

272

843

(295)

(13)

497,576

769,864

191,229

242,288

595

(704)

(1)

Debt Securities Issued by States of the U.S. and Political Subdivisions of the States [Member]

190,570

242,882

4,908

5,709

4,910

5,720

1,224

(1)

Publicly Traded Equity Securities [Member]

1,224

^[2]

11,897

55,855

(9,802)

(8,920)

Unrealized gain on equity securities

57,950

3,012

23,400

Unrealized loss on equity securities

900

Privately Held Equity Securities [Member]

^[3]

10,000

4,905

^[2]

9,816

54,395

(7,091)

Other Municipal Debt Securities [Member]

19,816

52,209

1,219

Equity Securities of Privately Held Investee that Became Publicly Traded Entity [Member]

$ 1,223

Supplemental Financial Data [Abstract]

$ 55,800

[1]	Includes investments classified as cash equivalents in our condensed consolidated balance sheets.
[2]	Our publicly traded equity securities are included in other current assets. We recognize publicly traded equity securities at fair value. In the first quarter of 2026, one of our privately held investees became a publicly traded entity after completing an initial public offering. As a result, we recorded a $23.4 million unrealized gain in our condensed consolidated statements of operations, which reflects the difference between the carrying value of this investment as of December 31, 2025 and its fair value of $55.8 million as of March 31, 2026. This investment is subject to a 12-month contractual sale restriction that ends in January 2027. In the three months ended March 31, 2026, we recorded a $0.9 million net unrealized loss in our condensed consolidated statements of operations related to changes in the fair value of our other investments in publicly traded companies.
[3]	Our privately held equity securities are included in deposits and other assets. We recognize our privately held equity securities at cost minus impairments, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer, which are Level 3 inputs. In the three months ended March 31, 2026, there were no changes to the carrying value of our privately held equity securities.

Basic and Diluted Net Loss Per Share	3 Months Ended
Basic and Diluted Net Loss Per Share	Mar. 31, 2026
Basic and Diluted Net Loss Per Share [Abstract]
Basic and Diluted Net Loss Per Share	6. Basic and Diluted Net Loss Per Share Basic net loss per share We calculated our basic net loss per share for the three months ended March 31, 2026 and 2025 by dividing our net loss by our weighted-average number of common shares outstanding during the period. Diluted net loss per share For the three months ended March 31, 2026 and 2025, we incurred a net loss; therefore, we did not include dilutive common equivalent shares in the computation of diluted net loss per share because the effect would have been anti-dilutive. Common stock from the following would have had an anti-dilutive effect on net loss per share: ● 1.75 percent convertible senior notes due 2028, or 1.75% Notes due 2028; ● 0 percent convertible senior notes due 2026, or 0% Notes due 2026; ● Note hedges related to the 0% Notes due 2026; ● Warrants related to the 0% Notes due 2026; ● Dilutive stock options; ● Unvested restricted stock units, or RSUs; ● Unvested performance restricted stock units, or PRSUs; and ● Employee Stock Purchase Plan, or ESPP. For the three months ended March 31, 2026, common stock underlying the 0 percent convertible senior notes due 2030, or 0% Notes due 2030 would also have had an anti-dilutive effect on net loss per share.

Supplemental Financial Data (Tables)

3 Months Ended

Mar. 31, 2026

Inventories

Our inventories consisted of the following (in thousands):



		March 31, 2026		December 31, 2025
Raw materials	$	490	$	1,039
Work in process		24,678		24,051
Finished goods		990		1,096
Total	$	26,158	$	26,186
Reported as:
Inventories	$	5,557	$	10,048
Deposits and other assets		20,601		16,138
Total	$	26,158	$	26,186

Accrued Liabilities

Our accrued liabilities consisted of the following (in thousands):


		March 31, 2026		December 31, 2025
Clinical expenses	$	53,325	$	53,659
In-licensing expenses		6,655		8,588
Commercial expenses, including gross-to-net product accruals		40,468		15,556
Other miscellaneous expenses		26,101		28,286
Total accrued liabilities	$	126,549	$	106,089

Stock-based Compensation Expense (Tables)

3 Months Ended

Mar. 31, 2026

Stock-based Compensation Expense [Abstract]

Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended
	March 31,
		2026		2025
Cost of sales	$	147	$	100
Research, development and patent expense		24,706		20,298
Selling, general and administrative expense		18,422		9,320
Stock-based compensation expense, net of amounts capitalized		43,275		29,718
Capitalized stock-based compensation expense		18		491
Total stock-based compensation expense	$	43,293	$	30,209

Weighted-Average Assumptions for Stock Options

Employee Stock Options:


	Three Months Ended
	March 31,
		2026		2025
Risk-free interest rate		3.9	%	4.5	%
Dividend yield		0.0	%	0.0	%
Volatility		43.1	%	41.9	%
Expected life		6.3 years		6.3 years

Weighted-Average Assumptions for ESPP

ESPP:


	Three Months Ended
	March 31,
		2026		2025
Risk-free interest rate		3.6	%	4.3	%
Dividend yield		0.0	%	0.0	%
Volatility		51.7	%	41.3	%
Expected life		6 months		6 months

Collaborative Arrangements and Licensing Agreements - Roche (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) Agreement	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Roche [Member]
Collaborative Arrangements and Licensing Agreements [Abstract]
Number of collaboration agreements (in Agreement) \| Agreement	3
Revenue	$ 50,000	$ 1,965
Deferred contract revenue	0		$ 0
Roche [Member] \| Minimum [Member]
Collaborative Arrangements and Licensing Agreements [Abstract]
Cumulative payments received	$ 405,000
HD [Member]
Collaborative Arrangements and Licensing Agreements [Abstract]
Number of collaboration agreements (in Agreement) \| Agreement	1
Sefaxersen [Member]
Collaborative Arrangements and Licensing Agreements [Abstract]
Number of collaboration agreements (in Agreement) \| Agreement	1
RNA-targeted Programs for AD and HD [Member]
Collaborative Arrangements and Licensing Agreements [Abstract]
Number of collaboration agreements (in Agreement) \| Agreement	1
Revenue	$ 50,000
Next payment to be achieved	$ 10,000

Supplemental Financial Data - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory [Abstract]
Raw materials	$ 490	$ 1,039
Work in process	24,678	24,051
Finished goods	990	1,096
Total	26,158	26,186
Reported as:
Inventories	5,557	10,048
Deposits and Other Assets [Member]
Reported as:
Inventories	$ 20,601	$ 16,138

Collaborative Arrangements and Licensing Agreements - Revenue from Collaborative Relationship with GSK (Details) - GSK [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Collaborative Arrangements and Licensing Agreements [Abstract]
Revenue	$ 30,000	$ 0
Revenue [Member] \| Strategic Partner [Member]
Collaborative Arrangements and Licensing Agreements [Abstract]
Concentration percentage	12.00%	0.00%

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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0% Notes due 2030 [Member]

Revenues (Details) $ in Millions	3 Months Ended	12 Months Ended
Revenues (Details) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2021 USD ($) Component PerformanceObligation	Aug. 31, 2025
DAWNZERA [Member]
Revenues [Abstract]
Age of pediatric patients approved to use medicine				12 years
WAINUA (Eplontersen) Collaboration with AstraZeneca [Member]
Revenues [Abstract]
Upfront payment received (in Dollars)			$ 200
Number of material components (in Component) \| Component			4
Number of performance obligations (in PerformanceObligation) \| PerformanceObligation			1
Transaction price (in Dollars)			$ 200
Percentage of costs associated with ongoing global Phase 3 development program paid by AstraZeneca		55.00%
Percentage of costs for development activities intended solely to support U.S. regulatory approvals paid by AstraZeneca	75.00%
Percentage of costs for development activities intended to support global regulatory approvals paid by AstraZeneca	87.50%

Supplemental Financial Data - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accrued Liabilities [Abstract]
Clinical expenses	$ 53,325	$ 53,659
In-licensing expenses	6,655	8,588
Commercial expenses, including gross-to-net product accruals	40,468	15,556
Other miscellaneous expenses	26,101	28,286
Total accrued liabilities	$ 126,549	$ 106,089

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2026
Significant Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Our significant accounting policies have not changed substantially from those included in our Annual Report on Form 10-K for the year ended December 31, 2025. Recent Accounting Standards In July 2025, the FASB issued ASU 2025-05, which amended the guidance in ASC 326 to simplify the estimation of credit losses on accounts receivable and contract assets from revenue transactions. The amended guidance allows companies to elect a practical expedient to assume that conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when estimating the expected credit losses of the asset. This update is effective for annual periods beginning after December 15, 2025 and interim periods within those annual periods. Companies that elect the practical expedient are required to apply the amendments prospectively. We adopted this update in the first quarter of 2026 on a prospective basis and elected the practical expedient. The updated guidance did not have a material impact on our condensed consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, which amended and simplified the existing guidance for software costs. The amended guidance removes references to software development stages and allows companies to begin capitalizing software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed with the software performing the intended function. This update is effective for annual periods beginning after December 15, 2027 and interim periods within those annual periods. Early adoption of this guidance is permitted at the beginning of an annual reporting period. The guidance may be applied on a prospective or retrospective basis. We early adopted this update in the first quarter of 2026 on a prospective basis. The updated guidance did not have a material impact on our condensed consolidated financial statements. We do not expect any recently issued accounting standards other than the standards mentioned above and those included in our Annual Report on Form 10-K for the year ended December 31, 2025 to have a material impact to our financial results.

Convertible Debt (Tables)

3 Months Ended

Mar. 31, 2026

1.75% Notes due 2028 [Member]

Convertible Senior Notes

At March 31, 2026, we had the following 0% Notes due 2030 outstanding (in millions except interest rate and price per share data):

		0% Notes due 2030
Outstanding principal balance	$	770.0
Unamortized debt issuance costs	$	17.6
Maturity date		December 2030
Interest rate		0	%
Effective interest rate		0.5	%
Conversion price per share	$	98.10
Total shares of common stock subject to conversion		7.8

0% Notes due 2026 [Member]

Convertible Senior Notes

At March 31, 2026, we had the following 1.75% Notes due 2028 outstanding (in millions except interest rate and price per share data):


		1.75% Notes due 2028
Outstanding principal balance	$	575.0
Unamortized debt issuance costs	$	6.5
Maturity date		June 2028
Interest rate		1.75	%
Effective interest rate		2.3	%
Conversion price per share	$	53.73
Total shares of common stock subject to conversion		10.7

Convertible Senior Notes

At March 31, 2026, we had the following 0% Notes due 2026 outstanding (in millions except interest rate and price per share data):


		0% Notes due 2026
Outstanding principal balance	$	432.5
Unamortized debt issuance costs	$	-
Maturity date		April 2026
Interest rate		0	%
Effective interest rate		0.5	%
Conversion price per share	$	57.84
Effective conversion price per share with call spread	$	76.39
Total shares of common stock subject to conversion		7.5

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Collaborative Arrangements and Licensing Agreements - Otsuka (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) Country	Mar. 31, 2025 USD ($)
Collaborative Arrangements and Licensing Agreements [Abstract]
Revenue	$ 246,091	$ 131,612
Number of major European countries (in Country) \| Country	5
Otsuka [Member]
Collaborative Arrangements and Licensing Agreements [Abstract]
Revenue	$ 19,932	6,528
Deferred contract revenue	3,400	$ 4,300
Otsuka [Member] \| Minimum [Member]
Collaborative Arrangements and Licensing Agreements [Abstract]
Cumulative payments received	125,000
DAWNZERA [Member]
Collaborative Arrangements and Licensing Agreements [Abstract]
Revenue	15,000
Next payment to be achieved	$ 20,000
Number of major European countries required to receive reimbursement approval (in Country) \| Country	3

Investments (Details)	3 Months Ended
Investments (Details)	Mar. 31, 2026 Company
Investments [Abstract]
Percentage of available-for-sale securities with a maturity of less than two years	94.00%
Maximum contract maturity period, range 2	2 years
Number of private companies in which there is an equity ownership interest of less than 20%	4
Number of public companies in which there is an equity ownership interest of less than 20%	4
Equity Securities of Privately Held Investee that Became Publicly Traded Entity [Member]
Investments [Abstract]
Term of contractual sale restriction	12 months

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Assets Measured at Fair Value on a Recurring Basis

The following tables present the major security types we held at March 31, 2026 and December 31, 2025 that we regularly measure and carry at fair value. The following tables segregate each security type by the level within the fair value hierarchy of the valuation techniques we utilized to determine the respective security’s fair value (in thousands):


		At		Quoted Prices in Active Markets		Significant Other Observable Inputs
		March 31, 2026		(Level 1)		(Level 2)
Cash equivalents (1)	$	85,534	$	85,534	$	-
Corporate debt securities (2)		936,488		-		936,488
Debt securities issued by U.S. government agencies (3)		117,644		-		117,644
Debt securities issued by the U.S. Treasury (3)		688,146		688,146		-
Debt securities issued by states of the U.S. and political subdivisions of the states (3)		6,134		-		6,134
Publicly traded equity securities included in other current assets (4)		57,950		57,950		-
Total	$	1,891,896	$	831,630	$	1,060,266


		At		Quoted Prices in Active Markets		Significant Other Observable Inputs
		December 31, 2025		(Level 1)		(Level 2)
Cash equivalents (1)	$	213,579	$	213,579	$	-
Corporate debt securities (5)		1,184,608		-		1,184,608
Debt securities issued by U.S. government agencies (3)		148,631		-		148,631
Debt securities issued by the U.S. Treasury (3)		1,012,746		1,012,746		-
Debt securities issued by states of the U.S. and political subdivisions of the states (3)		6,943		-		6,943
Publicly traded equity securities included in other current assets (4)		3,012		3,012		-
Total	$	2,569,519	$	1,229,337	$	1,340,182

(1) Included in cash and cash equivalents.

(2) $2.7 million was included in cash and cash equivalents, with the difference included in short-term investments.

(3) Included in short-term investments.

(4) Included in other current assets.

(5) $47.8 million was included in cash and cash equivalents, with the difference included in short-term investments.

Segment Information - Segment Information (Details) - Ionis Operations [Member] - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Segment Information [Abstract]

Revenue

$ 246,091

$ 131,612

Cost of sales

2,836

1,363

Drug discovery

28,557

26,989

Drug development

104,182

112,946

Medical affairs

9,989

5,642

Manufacturing and development chemistry

20,308

14,281

R&D support

22,431

20,553

Selling, general and administrative

131,937

66,980

Other segment items

^[1]

18,379

29,796

Net loss

$ (92,528)

$ (146,938)

[1]	Other segment items include stock-based compensation expense, investment income, interest expense, gain or loss on investments, other income or expense and income tax expense or benefit.

Accounting Policies, by Policy (Policies)	3 Months Ended
Accounting Policies, by Policy (Policies)	Mar. 31, 2026
Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We prepared the unaudited interim condensed consolidated financial statements for the three months ended March 31, 2026 and 2025 on the same basis as the audited financial statements for the year ended December 31, 2025. We included all normal recurring adjustments in the financial statements, which we considered necessary for a fair presentation of our financial position at such dates and our operating results and cash flows for those periods. Our operating results for the interim periods may not be indicative of what our operating results will be for the entire year. For more complete financial information, these financial statements, and notes thereto, should be read in conjunction with the audited financial statements for the year ended December 31, 2025 included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC.
Consolidation	In our condensed consolidated financial statements, we included the accounts of Ionis Pharmaceuticals, Inc. and the consolidated results of its wholly owned subsidiaries (“we”, “us” or “our”).
Segment Information	We operate as a single segment, Ionis operations, because our chief operating decision maker, or CODM, reviews operating results on an aggregate basis and manages our operations as a single operating segment. Refer to Note 13, Segment Information, for further details on our segment information.
Use of Estimates	Use of Estimates We prepare our condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States, or U.S., that require us to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Actual results could differ from our estimates.
Revenue Recognition	Our significant accounting policies have not changed substantially from those included in our Annual Report on Form 10-K for the year ended December 31, 2025.
Recent Accounting Standards	Recent Accounting Standards In July 2025, the FASB issued ASU 2025-05, which amended the guidance in ASC 326 to simplify the estimation of credit losses on accounts receivable and contract assets from revenue transactions. The amended guidance allows companies to elect a practical expedient to assume that conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when estimating the expected credit losses of the asset. This update is effective for annual periods beginning after December 15, 2025 and interim periods within those annual periods. Companies that elect the practical expedient are required to apply the amendments prospectively. We adopted this update in the first quarter of 2026 on a prospective basis and elected the practical expedient. The updated guidance did not have a material impact on our condensed consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, which amended and simplified the existing guidance for software costs. The amended guidance removes references to software development stages and allows companies to begin capitalizing software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed with the software performing the intended function. This update is effective for annual periods beginning after December 15, 2027 and interim periods within those annual periods. Early adoption of this guidance is permitted at the beginning of an annual reporting period. The guidance may be applied on a prospective or retrospective basis. We early adopted this update in the first quarter of 2026 on a prospective basis. The updated guidance did not have a material impact on our condensed consolidated financial statements. We do not expect any recently issued accounting standards other than the standards mentioned above and those included in our Annual Report on Form 10-K for the year ended December 31, 2025 to have a material impact to our financial results.
Basic and Diluted Net Loss Per Share	Basic net loss per share We calculated our basic net loss per share for the three months ended March 31, 2026 and 2025 by dividing our net loss by our weighted-average number of common shares outstanding during the period. Diluted net loss per share For the three months ended March 31, 2026 and 2025, we incurred a net loss; therefore, we did not include dilutive common equivalent shares in the computation of diluted net loss per share because the effect would have been anti-dilutive. Common stock from the following would have had an anti-dilutive effect on net loss per share: ● 1.75 percent convertible senior notes due 2028, or 1.75% Notes due 2028; ● 0 percent convertible senior notes due 2026, or 0% Notes due 2026; ● Note hedges related to the 0% Notes due 2026; ● Warrants related to the 0% Notes due 2026; ● Dilutive stock options; ● Unvested restricted stock units, or RSUs; ● Unvested performance restricted stock units, or PRSUs; and ● Employee Stock Purchase Plan, or ESPP. For the three months ended March 31, 2026, common stock underlying the 0 percent convertible senior notes due 2030, or 0% Notes due 2030 would also have had an anti-dilutive effect on net loss per share.

Disclosure of accounting policy for revenue from contract with customer.

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Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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Collaborative Arrangements and Licensing Agreements - GSK (Details) - GSK [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Collaborative Arrangements and Licensing Agreements [Abstract]
Revenue	$ 30,000	$ 0
Next payment to be achieved	35,000
Deferred contract revenue	0		$ 0
Minimum [Member]
Collaborative Arrangements and Licensing Agreements [Abstract]
Cumulative payments received	105,000
NDA Accepted for Review by MHLW [Member]
Collaborative Arrangements and Licensing Agreements [Abstract]
Revenue	15,000
MAA Accepted for Review by EMA [Member]
Collaborative Arrangements and Licensing Agreements [Abstract]
Revenue	$ 15,000

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Nov. 30, 2025	Mar. 31, 2025	Dec. 31, 2023	Dec. 31, 2021
0% Notes due 2030 [Member]
Fair Value Measurements [Abstract]
Interest rate on convertible senior notes	0.00%	0.00%	0.00%
1.75% Notes due 2028 [Member]
Fair Value Measurements [Abstract]
Interest rate on convertible senior notes	1.75%	1.75%		1.75%	1.75%
0% Notes due 2026 [Member]
Fair Value Measurements [Abstract]
Interest rate on convertible senior notes	0.00%	0.00%	0.00%	0.00%		0.00%
Recurring Basis [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| 0% Notes due 2030 [Member]
Fair Value Measurements [Abstract]
Convertible notes	$ 802.6	$ 830.3
Recurring Basis [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| 1.75% Notes due 2028 [Member]
Fair Value Measurements [Abstract]
Convertible notes	869.0	918.1
Recurring Basis [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| 0% Notes due 2026 [Member]
Fair Value Measurements [Abstract]
Convertible notes	$ 564.2	$ 594.6

Fair value portion of notes payable.

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Stock-based Compensation Expense [Abstract]

Stock-based Compensation Expense

3 Months Ended

Mar. 31, 2026

Stock-based Compensation Expense

9. Stock-based Compensation Expense

The following table summarizes stock-based compensation expense for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended
	March 31,
		2026		2025
Cost of sales	$	147	$	100
Research, development and patent expense		24,706		20,298
Selling, general and administrative expense		18,422		9,320
Stock-based compensation expense, net of amounts capitalized		43,275		29,718
Capitalized stock-based compensation expense		18		491
Total stock-based compensation expense	$	43,293	$	30,209

As of March 31, 2026, total unrecognized estimated stock-based compensation expense related to non-vested stock options, RSUs and PRSUs was $69.5 million, $190.3 million and $27.3 million, respectively. Our actual expenses will likely differ from these estimates because we will adjust our unrecognized stock-based compensation expense for future forfeitures, including any PRSUs that do not vest. We expect to recognize the cost of stock-based compensation expense related to our non-vested stock options, RSUs and PRSUs over a weighted average amortization period of 1.3 years, 1.8 years and 1.9 years, respectively.

For the three months ended March 31, 2026 and 2025, we used the following weighted-average assumptions in our Black-Scholes calculations:

Employee Stock Options:


	Three Months Ended
	March 31,
		2026		2025
Risk-free interest rate		3.9	%	4.5	%
Dividend yield		0.0	%	0.0	%
Volatility		43.1	%	41.9	%
Expected life		6.3 years		6.3 years

ESPP:


	Three Months Ended
	March 31,
		2026		2025
Risk-free interest rate		3.6	%	4.3	%
Dividend yield		0.0	%	0.0	%
Volatility		51.7	%	41.3	%
Expected life		6 months		6 months

Stock Options:

The weighted-average grant date fair value of stock options granted to employees for the three months ended March 31, 2026 and 2025 was $38.13 and $16.62 per share, respectively.

RSUs:

The weighted-average grant date fair value of RSUs granted to employees for the three months ended March 31, 2026 and 2025 was $77.21 and $33.21 per share, respectively.

PRSUs:

Under the terms of the PRSUs we granted in 2026 and 2025, the PRSUs may vest at the end of the three-year performance period based on our relative total shareholder return, or TSR, as compared to a peer group of companies and as measured at the end of the performance period. Under the terms of the grants, no number of PRSUs is guaranteed to vest and the actual number of PRSUs that will vest at the end of each performance period may be anywhere from zero to 200 percent of the target number depending on our relative TSR.

The weighted-average grant date fair value of PRSUs we granted to our executive officers for the three months ended March 31, 2026 and 2025 was $115.05 and $48.81 per share, respectively.

Collaborative Arrangements and Licensing Agreements - Revenue from Collaborative Relationship with Roche (Details) - Roche [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Collaborative Arrangements and Licensing Agreements [Abstract]
Revenue	$ 50,000	$ 1,965
Revenue [Member] \| Strategic Partner [Member]
Collaborative Arrangements and Licensing Agreements [Abstract]
Concentration percentage	20.00%	1.00%

Convertible Debt - 1.75% Notes due 2028 (Details) - 1.75% Notes due 2028 [Member] - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2023
Convertible Debt [Abstract]
Outstanding principal balance	$ 575.0
Unamortized debt issuance costs	$ 6.5
Maturity date	Jun. 30, 2028
Interest rate	1.75%	1.75%	1.75%	1.75%
Effective interest rate	2.30%
Conversion price per share (in Dollars per share)	$ 53.73
Total shares of common stock subject to conversion (in Shares)	10.7

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Stock-based Compensation Expense - Weighted-Average Assumptions for Stock Options (Details) - Stock Option [Member] - Employee [Member]	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-based Compensation Expense [Abstract]
Risk-free interest rate	3.90%	4.50%
Dividend yield	0.00%	0.00%
Volatility	43.10%	41.90%
Expected life	6 years 3 months 18 days	6 years 3 months 18 days

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Convertible Debt (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Apr. 29, 2026	Nov. 30, 2025	Mar. 31, 2026	Dec. 31, 2021	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2023
Convertible Debt [Abstract]
Escrow deposit (in Dollars)			$ 632,511		$ 0
0% Notes due 2030 [Member]
Convertible Debt [Abstract]
Interest rate on convertible senior notes		0.00%	0.00%		0.00%
Face amount (in Dollars)		$ 770,000
Proceeds from issuance of convertible senior notes (in Dollars)		$ 267,600
Percentage of principal amount used as purchase price upon occurrence of fundamental change			100.00%
1.75% Notes due 2028 [Member]
Convertible Debt [Abstract]
Interest rate on convertible senior notes			1.75%		1.75%	1.75%	1.75%
Face amount (in Dollars)							$ 575,000
Percentage of principal amount used as purchase price upon occurrence of fundamental change			100.00%
0% Notes due 2026 [Member]
Convertible Debt [Abstract]
Interest rate on convertible senior notes		0.00%	0.00%	0.00%	0.00%	0.00%
Face amount (in Dollars)				$ 632,500
Principal amount of convertible senior notes repurchased (in Dollars)		$ 200,000
Effective conversion price per share with call spread (in Dollars per share)			$ 76.39
Cost of call spread (in Dollars)				46,900
Purchase of note hedges (in Dollars)				136,700
Proceeds from issuance of warrants (in Dollars)				$ 89,800
Percentage of principal amount used as purchase price upon occurrence of fundamental change			100.00%
0% Notes due 2026 [Member] \| Subsequent Event [Member]
Convertible Debt [Abstract]
Repayment of convertible senior notes (in Dollars)	$ 432,500
Convertible senior notes extinguished (in Dollars)	200,000
Escrow deposit returned (in Dollars)	$ 200,000

Stock-based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock Options [Member]
Stock-based Compensation Expense [Abstract]
Unrecognized compensation expense related to non-vested stock options (in Dollars)	$ 69.5
Weighted average period for recognition	1 year 3 months 18 days
Stock Options [Member] \| Employees [Member]
Stock-based Compensation Expense [Abstract]
Weighted-average grant date fair value	$ 38.13	$ 16.62
RSUs [Member]
Stock-based Compensation Expense [Abstract]
Unrecognized compensation cost related to non-vested units (in Dollars)	$ 190.3
Weighted average period for recognition	1 year 9 months 18 days
RSUs [Member] \| Employees [Member]
Stock-based Compensation Expense [Abstract]
Weighted-average grant date fair value	$ 77.21	33.21
PRSUs [Member]
Stock-based Compensation Expense [Abstract]
Unrecognized compensation cost related to non-vested units (in Dollars)	$ 27.3
Weighted average period for recognition	1 year 10 months 24 days
PRSUs [Member] \| Granted in 2025 [Member]
Stock-based Compensation Expense [Abstract]
Vesting period	3 years
PRSUs [Member] \| Granted in 2024 [Member]
Stock-based Compensation Expense [Abstract]
Vesting period	3 years
PRSUs [Member] \| Granted in 2024 [Member] \| Minimum [Member]
Stock-based Compensation Expense [Abstract]
Percentage of units guaranteed to vest	0.00%
PRSUs [Member] \| Granted in 2024 [Member] \| Maximum [Member]
Stock-based Compensation Expense [Abstract]
Percentage of units guaranteed to vest	200.00%
PRSUs [Member] \| Executive Officers [Member]
Stock-based Compensation Expense [Abstract]
Weighted-average grant date fair value	$ 115.05	$ 48.81
PRSUs [Member] \| Executive Officers [Member] \| Granted in 2025 [Member]
Stock-based Compensation Expense [Abstract]
Number of units guaranteed to vest (in Shares)	0
PRSUs [Member] \| Executive Officers [Member] \| Granted in 2025 [Member] \| Minimum [Member]
Stock-based Compensation Expense [Abstract]
Percentage of units guaranteed to vest	0.00%
PRSUs [Member] \| Executive Officers [Member] \| Granted in 2025 [Member] \| Maximum [Member]
Stock-based Compensation Expense [Abstract]
Percentage of units guaranteed to vest	200.00%
PRSUs [Member] \| Executive Officers [Member] \| Granted in 2024 [Member]
Stock-based Compensation Expense [Abstract]
Number of units guaranteed to vest (in Shares)	0

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Measurements

8. Fair Value Measurements


		At		Quoted Prices in Active Markets		Significant Other Observable Inputs
		March 31, 2026		(Level 1)		(Level 2)
Cash equivalents (1)	$	85,534	$	85,534	$	-
Corporate debt securities (2)		936,488		-		936,488
Debt securities issued by U.S. government agencies (3)		117,644		-		117,644
Debt securities issued by the U.S. Treasury (3)		688,146		688,146		-
Debt securities issued by states of the U.S. and political subdivisions of the states (3)		6,134		-		6,134
Publicly traded equity securities included in other current assets (4)		57,950		57,950		-
Total	$	1,891,896	$	831,630	$	1,060,266


		At		Quoted Prices in Active Markets		Significant Other Observable Inputs
		December 31, 2025		(Level 1)		(Level 2)
Cash equivalents (1)	$	213,579	$	213,579	$	-
Corporate debt securities (5)		1,184,608		-		1,184,608
Debt securities issued by U.S. government agencies (3)		148,631		-		148,631
Debt securities issued by the U.S. Treasury (3)		1,012,746		1,012,746		-
Debt securities issued by states of the U.S. and political subdivisions of the states (3)		6,943		-		6,943
Publicly traded equity securities included in other current assets (4)		3,012		3,012		-
Total	$	2,569,519	$	1,229,337	$	1,340,182

The following footnotes reference lines in our condensed consolidated balance sheets:

(1) Included in cash and cash equivalents.

(2) $2.7 million was included in cash and cash equivalents, with the difference included in short-term investments.

(3) Included in short-term investments.

(4) Included in other current assets.

(5) $47.8 million was included in cash and cash equivalents, with the difference included in short-term investments.

Convertible Notes

Our 0% Notes due 2030, 1.75% Notes due 2028 and 0% Notes due 2026 had a fair value of $802.6 million, $869.0 million and $564.2 million at March 31, 2026, respectively. Our 0% Notes due 2030, 1.75% Notes due 2028 and 0% Notes due 2026 had a fair value of $830.3 million, $918.1 million and $594.6 million at December 31, 2025, respectively. We determine the fair value of our notes based on quoted market prices for these notes, which are Level 2 measurements because the notes do not trade regularly.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2026	Apr. 23, 2026
Document Information Line Items
Entity Central Index Key	0000874015
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Transition Report	false
Entity File Number	000-19125
Entity Registrant Name	Ionis Pharmaceuticals, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0336973
Entity Address, Address Line One	2855 Gazelle Court
Entity Address, City or Town	Carlsbad
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92010
City Area Code	760
Local Phone Number	931-9200
Title of 12(b) Security	Common Stock, $.001 Par Value
Trading Symbol	IONS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		165,262,556
Amendment Flag	false
Document Fiscal Period Focus	Q1

Investments - Temporarily Impaired Investments (Details) $ in Thousands	Mar. 31, 2026 USD ($) Investment
Investments [Abstract]
Number of investments (in Investment) \| Investment	368
Less than 12 months of temporary impairment	$ 1,022,125
Less than 12 months of temporary impairment	(2,708)
More than 12 months of temporary impairment	11,321
More than 12 months of temporary impairment	(25)
Total temporary impairment	1,033,446
Total temporary impairment	$ (2,733)
Corporate Debt Securities [Member]
Investments [Abstract]
Number of investments (in Investment) \| Investment	267
Less than 12 months of temporary impairment	$ 516,847
Less than 12 months of temporary impairment	(1,358)
More than 12 months of temporary impairment	4,480
More than 12 months of temporary impairment	(14)
Total temporary impairment	521,327
Total temporary impairment	$ (1,372)
Debt Securities Issued by U.S. Government Agencies [Member]
Investments [Abstract]
Number of investments (in Investment) \| Investment	41
Less than 12 months of temporary impairment	$ 85,793
Less than 12 months of temporary impairment	(350)
More than 12 months of temporary impairment	6,841
More than 12 months of temporary impairment	(11)
Total temporary impairment	92,634
Total temporary impairment	$ (361)
Debt Securities Issued by the U.S. Treasury [Member]
Investments [Abstract]
Number of investments (in Investment) \| Investment	56
Less than 12 months of temporary impairment	$ 417,944
Less than 12 months of temporary impairment	(999)
More than 12 months of temporary impairment	0
More than 12 months of temporary impairment	0
Total temporary impairment	417,944
Total temporary impairment	$ (999)
Debt Securities Issued by States of the U.S. and Political Subdivisions of the States [Member]
Investments [Abstract]
Number of investments (in Investment) \| Investment	4
Less than 12 months of temporary impairment	$ 1,541
Less than 12 months of temporary impairment	(1)
More than 12 months of temporary impairment	0
More than 12 months of temporary impairment	0
Total temporary impairment	1,541
Total temporary impairment	$ (1)

Convertible Debt

3 Months Ended

Mar. 31, 2026

Convertible Debt

11. Convertible Debt

0 Percent Convertible Senior Notes due 2030

In November 2025, we completed a $770.0 million offering of our 0% Notes due 2030.

At March 31, 2026, we had the following 0% Notes due 2030 outstanding (in millions except interest rate and price per share data):

		0% Notes due 2030
Outstanding principal balance	$	770.0
Unamortized debt issuance costs	$	17.6
Maturity date		December 2030
Interest rate		0	%
Effective interest rate		0.5	%
Conversion price per share	$	98.10
Total shares of common stock subject to conversion		7.8

1.75 Percent Convertible Senior Notes due 2028

In 2023, we completed a $575.0 million offering of our 1.75% Notes due 2028.

At March 31, 2026, we had the following 1.75% Notes due 2028 outstanding (in millions except interest rate and price per share data):


		1.75% Notes due 2028
Outstanding principal balance	$	575.0
Unamortized debt issuance costs	$	6.5
Maturity date		June 2028
Interest rate		1.75	%
Effective interest rate		2.3	%
Conversion price per share	$	53.73
Total shares of common stock subject to conversion		10.7

0 Percent Convertible Senior Notes due 2026 and Call Spread

In 2021, we completed a $632.5 million offering of our 0% Notes due 2026.

At March 31, 2026, we had the following 0% Notes due 2026 outstanding (in millions except interest rate and price per share data):


		0% Notes due 2026
Outstanding principal balance	$	432.5
Unamortized debt issuance costs	$	-
Maturity date		April 2026
Interest rate		0	%
Effective interest rate		0.5	%
Conversion price per share	$	57.84
Effective conversion price per share with call spread	$	76.39
Total shares of common stock subject to conversion		7.5

In November 2025, we used $267.6 million of the net proceeds from the issuance of the 0% Notes due 2030 to repurchase $200.0 million in principal of our 0% Notes due 2026 at a premium, which we subsequently held in treasury. As of March 31, 2026, we had an escrow deposit of $632.5 million, which we recorded as a current asset in our condensed consolidated balance sheet. In April 2026, we used $432.5 million to repay the remaining outstanding balance of the 0% Notes due 2026 and used the remaining $200.0 million to extinguish the 0% Notes due 2026 held in treasury. In the second quarter of 2026, this $200.0 million was returned to us and will be reflected in our cash, cash equivalents and short-term investments.

In conjunction with the 2021 offering, we entered into a call spread transaction, which was comprised of purchasing note hedges and selling warrants, to minimize the impact of potential economic dilution upon conversion of our 0% Notes due 2026 by increasing the effective conversion price on our 0% Notes due 2026. We increased our effective conversion price to $76.39 with the same number of underlying shares as our 0% Notes due 2026. The call spread cost us $46.9 million, of which $136.7 million was for the note hedge purchase, offset by $89.8 million we received for selling the warrants. Similar to our 0% Notes due 2026, our note hedges were subject to adjustment. Additionally, our note hedges were exercisable upon conversion of the 0% Notes due 2026. The note hedges were exercised upon maturity of the 0% Notes due 2026 in April 2026. The warrants will begin to expire in July 2026. The note hedges and warrants are separate transactions and are not part of the terms of our 0% Notes due 2026. The holders of the 0% Notes due 2026 do not have any rights with respect to the note hedges and warrants.

We recorded the amount we paid for the note hedges and the amount we received for the warrants in additional paid-in capital in our condensed consolidated balance sheets. Refer to Part IV, Item 15, Note 1, Organization and Significant Accounting Policies, of our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 for our Call Spread accounting policy. We reassess our ability to continue to classify the note hedges and warrants in shareholders’ equity at each reporting period.

Other Terms of Convertible Senior Notes

The 0% Notes due 2030 and 1.75% Notes due 2028 are convertible under certain conditions, at the option of the note holders. We can settle conversions of the notes, at our election, in cash, shares of our common stock or a combination of both. We may not redeem the notes prior to maturity, and we do not have to provide a sinking fund for them. Holders of the notes may require us to purchase some or all of their notes upon the occurrence of certain fundamental changes, as set forth in the indentures governing the notes, at a purchase price equal to 100 percent of the principal amount of the notes to be purchased, plus any accrued and unpaid interest. The 0% Notes due 2026 were subject to similar terms.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - Recurring [Member] - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Corporate Debt Securities [Member]

Cash equivalents

^[1]

$ 85,534

$ 213,579

Total

1,891,896

2,569,519

Corporate Debt Securities [Member] | Cash and Cash Equivalents [Member]

936,488

^[2]

1,184,608

^[3]

Debt Securities Issued by U.S. Government Agencies [Member]

2,700

47,800

Debt Securities Issued by the U.S. Treasury [Member]

^[4]

117,644

148,631

Debt Securities Issued by States of the U.S. and Political Subdivisions of the States [Member]

^[4]

688,146

1,012,746

Publicly Traded Equity Securities [Member] | Other Current Assets [Member]

^[4]

6,134

6,943

Quoted Prices in Active Markets (Level 1) [Member]

Equity securities

^[5]

57,950

3,012

Quoted Prices in Active Markets (Level 1) [Member] | Corporate Debt Securities [Member]

Cash equivalents

^[1]

85,534

213,579

Total

831,630

1,229,337

Quoted Prices in Active Markets (Level 1) [Member] | Debt Securities Issued by U.S. Government Agencies [Member]

^[2]

^[3]

Quoted Prices in Active Markets (Level 1) [Member] | Debt Securities Issued by the U.S. Treasury [Member]

^[4]

Quoted Prices in Active Markets (Level 1) [Member] | Debt Securities Issued by States of the U.S. and Political Subdivisions of the States [Member]

^[4]

688,146

1,012,746

Quoted Prices in Active Markets (Level 1) [Member] | Publicly Traded Equity Securities [Member] | Other Current Assets [Member]

^[4]

Significant Other Observable Inputs (Level 2) [Member]

Equity securities

^[5]

57,950

3,012

Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member]

Cash equivalents

^[1]

Total

1,060,266

1,340,182

Significant Other Observable Inputs (Level 2) [Member] | Debt Securities Issued by U.S. Government Agencies [Member]

936,488

^[2]

1,184,608

^[3]

Significant Other Observable Inputs (Level 2) [Member] | Debt Securities Issued by the U.S. Treasury [Member]

^[4]

117,644

148,631

Significant Other Observable Inputs (Level 2) [Member] | Debt Securities Issued by States of the U.S. and Political Subdivisions of the States [Member]

^[4]

Significant Other Observable Inputs (Level 2) [Member] | Publicly Traded Equity Securities [Member] | Other Current Assets [Member]

^[4]

6,134

6,943

Equity securities

^[5]

$ 0

[1]	Included in cash and cash equivalents.
[2]	$2.7 million was included in cash and cash equivalents, with the difference included in short-term investments.
[3]	$47.8 million was included in cash and cash equivalents, with the difference included in short-term investments.
[4]	Included in short-term investments.
[5]	Included in other current assets.

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2026

Material Terms of Trading Arrangement

During the quarter ended March 31, 2026, our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act), or Section 16 officers and directors, adopted or terminated contracts, instructions or written plans for the purchase or sale of our securities as noted in the table below.

* Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

** "Non-Rule 10b5-1 trading arrangement" as defined in item 408(c) of Regulation S-K under the Exchange Act.

Trading Arrangement

Total Shares

Name

Title

Action

Date

Rule 10b5-1*

Non-Rule 10b5-1**

to be Sold

Expiration Date

Eric Swayze

Executive Vice President, Research

Termination

March 6, 2026

177,770

The earlier to occur of (i) December 31, 2027, and (ii) Upon the execution of all instructions provided in the plan

Holly Kordasiewicz

Executive Vice President, Chief Development Officer

Adoption

March 13, 2026

Indeterminable, as number of shares to be sold is dependent on total number of shares released upon vesting

The earlier to occur of (i) May 31, 2027, and (ii) Upon the execution of all instructions provided in the plan

Eric Swayze

Executive Vice President, Research

Adoption

March 6, 2026

Indeterminable, as number of shares to be sold is dependent on total number of shares released upon vesting

The earlier to occur of (i) December 31, 2030, and (ii) Upon the execution of all instructions provided in the plan

Frank Bennett

Executive Vice President, Chief Scientific Officer

Adoption

March 31, 2026

67,386

The earlier to occur of (i) July 5, 2027, and (ii) Upon the execution of all instructions provided in the plan

Termination [Member] | Eric Swayze [Member]

Eric Swayze

Rule 10b5-1 Arrangement Terminated

Executive Vice President, Research

true

Non-Rule 10b5-1 Arrangement Terminated

false

Termination Date

March 6, 2026

Expiration Date

December 31, 2027

Aggregate Available

177,770

Adoption [Member] | Eric Swayze [Member]

Eric Swayze

Rule 10b5-1 Arrangement Adopted

Executive Vice President, Research

true

Non-Rule 10b5-1 Arrangement Adopted

false

Adoption Date

March 6, 2026

Expiration Date

December 31, 2030

Arrangement Duration

1761 days

Adoption [Member] | Holly Kordasiewicz [Member]

Holly Kordasiewicz

Rule 10b5-1 Arrangement Adopted

Executive Vice President, Chief Development Officer

true

Non-Rule 10b5-1 Arrangement Adopted

false

Adoption Date

March 13, 2026

Expiration Date

May 31, 2027

Arrangement Duration

444 days

Adoption [Member] | Frank Bennett [Member]

Frank Bennett

Rule 10b5-1 Arrangement Adopted

Executive Vice President, Chief Scientific Officer

true

Non-Rule 10b5-1 Arrangement Adopted

false

March 31, 2026

July 5, 2027

461 days

67,386

Collaborative Arrangements and Licensing Agreements - Revenue from Collaborative Relationship with Otsuka (Details) - Otsuka [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Collaborative Arrangements and Licensing Agreements [Abstract]
Revenue	$ 19,932	$ 6,528
Revenue [Member] \| Strategic Partner [Member]
Collaborative Arrangements and Licensing Agreements [Abstract]
Concentration percentage	8.00%	5.00%

Basic and Diluted Net Loss Per Share (Details)	Mar. 31, 2026	Dec. 31, 2025	Nov. 30, 2025	Mar. 31, 2025	Dec. 31, 2023	Dec. 31, 2021
1.75% Notes due 2028 [Member]
Basic and Diluted Net Loss Per Share [Abstract]
Interest rate on convertible senior notes	1.75%	1.75%		1.75%	1.75%
0% Notes due 2026 [Member]
Basic and Diluted Net Loss Per Share [Abstract]
Interest rate on convertible senior notes	0.00%	0.00%	0.00%	0.00%		0.00%
0% Notes due 2030 [Member]
Basic and Diluted Net Loss Per Share [Abstract]
Interest rate on convertible senior notes	0.00%	0.00%	0.00%

Legal Proceedings	3 Months Ended
Legal Proceedings	Mar. 31, 2026
Legal Proceedings [Abstract]
Legal Proceedings	12. Legal Proceedings From time to time, we are involved in legal proceedings arising in the ordinary course of our business. Periodically, we evaluate the status of each legal matter and assess our potential financial exposure. If we consider the potential loss from any legal proceeding to be probable and we can reasonably estimate the amount, we accrue a liability for the estimated loss. The outcome of any proceeding is not determinable in advance. Therefore, we are required to use significant judgment to determine the probability of a loss and whether the amount of the loss is reasonably estimable. Our assessment of a potential liability and the amount of accruals we recorded are based only on the information available to us at the time. As additional information becomes available, we reassess the potential liability related to the legal proceeding and may revise our estimates. On September 11, 2025, we sued Arrowhead Pharmaceuticals, Inc., in the Central District of California asserting that Arrowhead's announced intention to commercialize plozasiran in November 2025 would infringe our patent US9,593,333. Arrowhead is now commercializing plozasiran and the lawsuit is ongoing. Arrowhead has filed its Answer to our Complaint and Counterclaims asserting that our patent US9,593,333 is invalid or not infringed by use of plozasiran.

Liability Related to Sale of Future Royalties (Tables)

3 Months Ended

Mar. 31, 2026

The following table sets forth information on our liability related to sale of future royalties (in thousands):

Liability related to sale of future royalties, net as of December 31, 2025	$	563,042
Royalty payments to Royalty Pharma		(11,689	)
Interest expense related to sale of future royalties		17,184
Amortization of issuance costs related to sale of future royalties		153
Liability related to sale of future royalties, net as of March 31, 2026	$	568,690
Less: Current portion (1)		(10,925	)
Liability related to sale of future royalties, net as of March 31, 2026 – Non-current	$	557,765

(1) Included in other current liabilities in our condensed consolidated balance sheet.

Revenues

3 Months Ended

Mar. 31, 2026

Revenues [Abstract]

Revenues

4. Revenues

During the three months ended March 31, 2026 and 2025, our revenues consisted of the following (in thousands):


	Three Months Ended
	March 31,
		2026		2025
Revenue:
Commercial revenue:
Product sales, net:
TRYNGOLZA sales, net	$	27,100	$	6,287
DAWNZERA sales, net		15,855		-
Total product sales, net		42,955		6,287
Royalty revenue:
SPINRAZA royalties		43,710		48,010
WAINUA royalties		10,709		9,372
Other royalties		3,904		6,784
Total royalty revenue		58,323		64,166
Other commercial revenue		6,532		5,715
Total commercial revenue		107,810		76,168
Research and development revenue:
Collaborative agreement revenue		120,660		45,031
WAINUA joint development revenue		17,621		10,413
Total research and development revenue		138,281		55,444
Total revenue	$	246,091	$	131,612

Revenue Sources

The following are sources of revenue and when we typically recognize revenue.

Commercial Revenue

In December 2024, the U.S. Food and Drug Administration, or FDA, approved TRYNGOLZA for the treatment of familial chylomicronemia syndrome, or FCS. Following the approval, we launched TRYNGOLZA and began earning revenue from TRYNGOLZA sales.

In August 2025, the FDA approved DAWNZERA for prophylaxis to prevent attacks of hereditary angioedema, or HAE, in adult and pediatric patients 12 years of age and older. Following the approval, we launched DAWNZERA and began earning revenue from DAWNZERA sales.

We earn royalty payments primarily on net sales of SPINRAZA, WAINUA and QALSODY. We include QALSODY royalties within other royalties in the table above.

We earn commercial revenue from TEGSEDI and WAYLIVRA sales under our distribution agreements with Swedish Orphan Biovitrum AB, or Sobi. In addition, we receive royalties from PTC Therapeutics International Limited, or PTC, for TEGSEDI and WAYLIVRA sales. Refer to Part IV, Item 15, Note 4, Collaborative Arrangements and Licensing Agreements, of our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 for details on our commercialization partnerships with Sobi and PTC.

Under our distribution agreements with Sobi, we concluded that our performance obligation is to provide services to Sobi over the term of the agreement, which includes supplying finished goods inventory to Sobi. We are also responsible for maintaining the marketing authorization for TEGSEDI and WAYLIVRA in major markets and for leading the global commercial strategy for each medicine. We view this performance obligation as a series of distinct activities that are substantially the same. We recognize as revenue the price Sobi pays us for the inventory when we deliver the finished goods inventory to Sobi. We also recognize distribution fee revenue based on Sobi’s net sales of TEGSEDI and WAYLIVRA. Under our agreements with Sobi, Sobi does not generally have a right of return.

Research and development revenue under collaboration agreements

We enter into collaboration agreements to license and sell our technology on an exclusive or non-exclusive basis. Our collaboration agreements typically contain multiple elements, or performance obligations, including technology licenses or options to obtain technology licenses, R&D services and manufacturing services.

For R&D services that we recognize over time, we measure our progress using an input method. The input methods we use are based on the effort we expend or costs we incur toward the satisfaction of our performance obligation. We estimate the amount of effort we expend, including the time we estimate it will take us to complete the activities, or costs we incur in a given period, relative to the estimated total effort or costs to satisfy the performance obligation. This results in a percentage that we multiply by the transaction price to determine the amount of revenue we recognize each period. This approach requires us to make numerous estimates and use judgement. If our estimates or judgements change over the course of the collaboration, they may affect the timing and amount of revenue that we recognize in the current and future periods.

Upfront payments: When we enter into a collaboration agreement and receive an upfront payment, we record the entire upfront payment as deferred revenue if our only performance obligation is for R&D services we will provide in the future. We amortize the upfront payment into revenue as we perform the R&D services. If part or all of the upfront payment is a license fee, we recognize as revenue the portion related to the license when we deliver the license to our partner because our partner has full use of the license and we do not have any additional performance obligations related to the license after delivery.

Milestone payments: We include variable consideration in the transaction price when it is probable. We typically include milestone payments for R&D services in the transaction price when they are achieved. We include these milestone payments when they are achieved because there is considerable uncertainty in the research and development processes that trigger these payments. Similarly, we include regulatory milestone payments in the transaction price once the medicine is approved by the applicable regulatory agency. We will recognize sales-based milestone payments in the period in which we achieve the milestone under the sales-based royalty exception allowed under accounting rules.

We recognize milestone payments that relate to an ongoing performance obligation over our period of performance. For example, when we achieve a milestone payment from a partner for advancing a clinical study under a collaboration agreement, we add the milestone payment to the transaction price if the milestone relates to an ongoing R&D services performance obligation and recognize revenue related to the milestone payment over our estimated period of performance. If we have partially completed our performance obligation, we record a cumulative-effect adjustment in the period we add the milestone payment to the transaction price.

Conversely, we recognize in full those milestone payments that we earn based on our partners’ activities when our partner achieves the milestone event and we do not have a remaining performance obligation.

License fees: We recognize as revenue the total amount we determine to be the relative stand-alone selling price of a license when we deliver the license to our partner because our partner has full use of the license and we do not have any additional performance obligations related to the license after delivery.

WAINUA (Eplontersen) Collaboration with AstraZeneca

In 2021, we entered into a joint development and commercialization agreement with AstraZeneca to develop and commercialize WAINUA for the treatment of transthyretin amyloidosis, or ATTR. Under the terms of the agreement, we received a $200 million upfront payment in 2021.

We evaluated our WAINUA collaboration under ASC Topic 808, Collaborative Arrangements, or ASC 808, and identified four material components: (i) the license we granted to AstraZeneca in 2021, (ii) the co-development activities that we and AstraZeneca are performing, (iii) the co-commercialization activities that we and AstraZeneca are performing and (iv) the co-medical affairs activities that we and AstraZeneca are performing.

We determined that we had a vendor-customer relationship within the scope of ASC Topic 606, Revenue from Contracts with Customers, or ASC 606, for the license we granted to AstraZeneca and as a result we had one performance obligation. For our sole performance obligation, we determined the transaction price was the $200 million upfront payment we received. We recognized the upfront payment in full in 2021 because we did not have any remaining performance obligations after we delivered the license to AstraZeneca.

We also concluded that the co-development activities, the co-commercialization activities and the co-medical affairs activities are within the scope of ASC 808 because we and AstraZeneca are active participants exposed to the risks and benefits of the activities under the collaboration and therefore do not have a vendor-customer relationship. From inception through December 31, 2025, AstraZeneca was responsible for 55 percent of the costs associated with the ongoing global Phase 3 development program. After December 31, 2025, AstraZeneca is responsible for 75 percent of costs for development activities intended solely to support U.S. regulatory approvals and 87.5 percent of costs for development activities intended to support global regulatory approvals. Because we are leading the Phase 3 development program, we made an accounting policy election to recognize as non-customer revenue the cost-share funding from AstraZeneca, net of our share of AstraZeneca’s development expenses, in the same period we incur the related development expenses. As AstraZeneca is responsible for the majority of the commercial and medical affairs costs in the U.S. and all costs associated with bringing WAINUA to market outside the U.S., we made an accounting policy election to recognize cost-share funding we receive from AstraZeneca related to commercial and medical affairs activities as reductions of our selling, general and administrative, or SG&A, expense and R&D expense, respectively.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Stock-based Compensation Expense - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-based Compensation Expense [Abstract]
Stock-based compensation expense, net of amounts capitalized	$ 43,275	$ 29,718
Capitalized stock-based compensation expense	18	491
Total stock-based compensation expense	43,293	30,209
Cost of Sales [Member]
Stock-based Compensation Expense [Abstract]
Stock-based compensation expense, net of amounts capitalized	147	100
Research, Development and Patent Expense [Member]
Stock-based Compensation Expense [Abstract]
Stock-based compensation expense, net of amounts capitalized	24,706	20,298
Selling, General and Administrative Expense [Member]
Stock-based Compensation Expense [Abstract]
Stock-based compensation expense, net of amounts capitalized	$ 18,422	$ 9,320

Stock-based Compensation Expense - Weighted-Average Assumptions for ESPP (Details) - ESPP [Member]	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-based Compensation Expense [Abstract]
Risk-free interest rate	3.60%	4.30%
Dividend yield	0.00%	0.00%
Volatility	51.70%	41.30%
Expected life	6 months	6 months

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Liability Related to Sale of Future Royalties (Details) - Royalty Purchase Agreement [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2026	Mar. 31, 2025
Royalty Revenue Monetization [Abstract]
Upfront payment received	$ 500.0
Maximum amount of payments receivable for additional milestones		$ 625.0
Transaction costs	$ 10.4
Effective interest rate		12.00%	13.50%
SPINRAZA [Member]
Royalty Revenue Monetization [Abstract]
Maximum amount of annual sales on which royalty payments are paid		$ 1,500.0
SPINRAZA [Member] \| Minimum [Member]
Royalty Revenue Monetization [Abstract]
Percentage of royalty payments paid on annual sales of medicine		25.00%
Maximum royalty payments made before royalty interest reverts back		$ 475.0
SPINRAZA [Member] \| Maximum [Member]
Royalty Revenue Monetization [Abstract]
Percentage of royalty payments paid on annual sales of medicine		45.00%
Maximum royalty payments made before royalty interest reverts back		$ 550.0
Pelacarsen [Member]
Royalty Revenue Monetization [Abstract]
Percentage of royalty payments paid on annual sales of medicine		25.00%

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 173,381	$ 372,260
Short-term investments	1,745,732	2,305,176
Escrow deposit for maturity of 0 percent convertible senior notes due April 2026	632,511	0
Contracts receivable	73,684	66,059
Inventories	5,557	10,048
Other current assets	306,080	237,092
Total current assets	2,936,945	2,990,635
Property, plant and equipment, net	142,401	123,048
Right-of-use assets	235,064	238,549
Deposits and other assets	135,559	171,604
Total assets	3,449,969	3,523,836
Current liabilities:
Accounts payable	26,030	28,082
Accrued compensation	36,049	116,236
Accrued liabilities	126,549	106,089
Income taxes payable	2,874	2,713
0 percent convertible senior notes due April 2026	432,500	431,948
Current portion of deferred contract revenue	69,199	73,761
Other current liabilities	23,390	22,738
Total current liabilities	716,591	781,567
Long-term deferred contract revenue	75,745	92,001
Liability related to sale of future royalties, net	557,765	551,353
Long-term lease liabilities	259,215	262,383
Long-term obligations	28,274	28,118
Total liabilities	2,958,555	3,034,747
Stockholders’ equity:
Common stock, $0.001 par value; 300,000,000 shares authorized, 165,902,064 and 163,304,875 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	166	163
Additional paid-in capital	3,245,994	3,145,402
Accumulated other comprehensive loss	(31,023)	(25,281)
Accumulated deficit	(2,723,723)	(2,631,195)
Total stockholders' equity	491,414	489,089
Total liabilities and stockholders’ equity	3,449,969	3,523,836
0% Notes due 2030 [Member]
Current liabilities:
Convertible senior notes, net	752,425	751,495
1.75% Notes due 2028 [Member]
Current liabilities:
Convertible senior notes, net	$ 568,540	$ 567,830

Convertible Debt - 0% Notes due 2030 (Details) - 0% Notes due 2030 [Member] - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Nov. 30, 2025
Convertible Debt [Abstract]
Outstanding principal balance	$ 770.0
Unamortized debt issuance costs	$ 17.6
Maturity date	Dec. 31, 2030
Interest rate	0.00%	0.00%	0.00%
Effective interest rate	0.50%
Conversion price per share (in Dollars per share)	$ 98.1
Total shares of common stock subject to conversion (in Shares)	7.8

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Revenue	$ 246,091	$ 131,612
Expenses:
Cost of sales	2,983	1,463
Research, development and patent	210,173	200,759
Selling, general and administrative	150,359	76,250
Total operating expenses	363,515	278,472
Loss from operations	(117,424)	(146,860)
Other income (expense):
Investment income	25,484	24,667
Interest expense	(5,160)	(4,108)
Interest expense related to sale of future royalties	(17,337)	(18,822)
Gain (loss) on investments, net	22,583	(2,164)
Other income (expense), net	(456)	465
Loss before income tax expense	(92,310)	(146,822)
Income tax expense	(218)	(116)
Net loss	$ (92,528)	$ (146,938)
Basic net loss per share (in Dollars per share)	$ (0.56)	$ (0.93)
Diluted net loss per share (in Dollars per share)	$ (0.56)	$ (0.93)
Shares used in computing basic net loss per share (in Shares)	164,874	158,735
Shares used in computing diluted net loss per share (in Shares)	164,874	158,735
Product Sales, Net [Member]
Revenue:
Revenue	$ 42,955	$ 6,287
Royalty Revenue [Member]
Revenue:
Revenue	58,323	64,166
Other Commercial Revenue [Member]
Revenue:
Revenue	6,532	5,715
Commercial Revenue [Member]
Revenue:
Revenue	107,810	76,168
Collaborative Agreement Revenue [Member]
Revenue:
Revenue	120,660	45,031
WAINUA Joint Development Revenue [Member]
Revenue:
Revenue	17,621	10,413
Research and Development Revenue [Member]
Revenue:
Revenue	$ 138,281	$ 55,444

Investments

3 Months Ended

Mar. 31, 2026

Collaborative Arrangements and Licensing Agreements [Abstract]

Investments

7. Investments

The following table summarizes the contract maturity of the available-for-sale securities we held as of March 31, 2026:

One year or less	67	%
After one year but within two years	27	%
After two years but within three and a half years	6	%
Total	100	%

As illustrated above, at March 31, 2026, 94 percent of our available-for-sale securities had a maturity of less than two years.

All of our available-for-sale debt securities are available to us for use in our current operations. As a result, we categorize all of these securities as current assets even though the stated maturity of some individual securities may be one year or more beyond the balance sheet date.

We invest in debt securities with strong credit ratings and an investment grade rating at or above A-1, P-1 or F-1 by Standard & Poor’s, Moody’s or Fitch, respectively.

At March 31, 2026, we had an equity ownership interest of less than 20 percent in four private companies and four public companies with which we conduct business.

The following is a summary of our investments (in thousands):


		Amortized	Gross Unrealized						Estimated
March 31, 2026		Cost		Gains		Losses			Fair Value
Available-for-sale debt securities:
Corporate debt securities (1)	$	574,026	$	424	$	(288	)	$	574,162
Debt securities issued by U.S. government agencies		41,038		68		(11	)		41,095
Debt securities issued by the U.S. Treasury (1)		497,599		272		(295	)		497,576
Debt securities issued by states of the U.S. and political subdivisions of the states		4,908		2		-			4,910
Total debt securities with a maturity of one year or less		1,117,571		766		(594	)		1,117,743
Corporate debt securities		363,131		279		(1,084	)		362,326
Debt securities issued by U.S. government agencies		76,885		14		(350	)		76,549
Debt securities issued by the U.S. Treasury		191,229		45		(704	)		190,570
Debt securities issued by states of the U.S. and political subdivisions of the states		1,224		1		(1	)		1,224
Total debt securities with a maturity of more than one year		632,469		339		(2,139	)		630,669
Total available-for-sale debt securities	$	1,750,040	$	1,105	$	(2,733	)	$	1,748,412
Equity securities:
Publicly traded equity securities included in other current assets (2)	$	11,897	$	55,855	$	(9,802	)	$	57,950
Privately held equity securities included in deposits and other assets (3)		10,000		9,816		-			19,816
Total equity securities		21,897		65,671		(9,802	)		77,766
Total available-for-sale debt and equity securities	$	1,771,937	$	66,776	$	(12,535	)	$	1,826,178


		Amortized	Gross Unrealized						Estimated
December 31, 2025		Cost		Gains		Losses			Fair Value
Available-for-sale debt securities:
Corporate debt securities (1)	$	746,814	$	991	$	(27	)	$	747,778
Debt securities issued by U.S. government agencies		55,768		92		(5	)		55,855
Debt securities issued by the U.S. Treasury (1)		769,034		843		(13	)		769,864
Debt securities issued by states of the U.S. and political subdivisions of the states		5,709		11		-			5,720
Total debt securities with a maturity of one year or less		1,577,325		1,937		(45	)		1,579,217
Corporate debt securities		435,350		1,586		(106	)		436,830
Debt securities issued by U.S. government agencies		92,770		100		(94	)		92,776
Debt securities issued by the U.S. Treasury		242,288		595		(1	)		242,882
Other municipal debt securities		1,219		4		-			1,223
Total debt securities with a maturity of more than one year		771,627		2,285		(201	)		773,711
Total available-for-sale debt securities	$	2,348,952	$	4,222	$	(246	)	$	2,352,928
Equity securities:
Publicly traded equity securities included in other current assets (2)	$	11,897	$	35	$	(8,920	)	$	3,012
Privately held equity securities included in deposits and other assets (3) (2)		4,905		54,395		(7,091	)		52,209
Total equity securities		16,802		54,430		(16,011	)		55,221
Total available-for-sale debt and equity securities	$	2,365,754	$	58,652	$	(16,257	)	$	2,408,149

(1) Includes investments classified as cash equivalents in our condensed consolidated balance sheets.

(2) Our publicly traded equity securities are included in other current assets. We recognize publicly traded equity securities at fair value. In the first quarter of 2026, one of our privately held investees became a publicly traded entity after completing an initial public offering. As a result, we recorded a $23.4 million unrealized gain in our condensed consolidated statements of operations, which reflects the difference between the carrying value of this investment as of December 31, 2025 and its fair value of $55.8 million as of March 31, 2026. This investment is subject to a 12-month contractual sale restriction that ends in January 2027. In the three months ended March 31, 2026, we recorded a $0.9 million net unrealized loss in our condensed consolidated statements of operations related to changes in the fair value of our other investments in publicly traded companies.

(3) Our privately held equity securities are included in deposits and other assets. We recognize our privately held equity securities at cost minus impairments, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer, which are Level 3 inputs. In the three months ended March 31, 2026, there were no changes to the carrying value of our privately held equity securities.

The following is a summary of our investments we consider to be temporarily impaired at March 31, 2026 (in thousands, except for number of investments):


		Less than 12 Months of Temporary Impairment					More than 12 Months of Temporary Impairment					Total Temporary Impairment
	Number of Investments		Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
Corporate debt securities	267	$	516,847	$	(1,358	)	$	4,480	$	(14	)	$	521,327	$	(1,372	)
Debt securities issued by U.S. government agencies	41		85,793		(350	)		6,841		(11	)		92,634		(361	)
Debt securities issued by the U.S. Treasury	56		417,944		(999	)		-		-			417,944		(999	)
Debt securities issued by states of the U.S. and political subdivisions of the states	4		1,541		(1	)		-		-			1,541		(1	)
Total temporarily impaired debt securities	368	$	1,022,125	$	(2,708	)	$	11,321	$	(25	)	$	1,033,446	$	(2,733	)

We believe that the decline in value of these securities is temporary and is primarily related to the change in market interest rates since purchase rather than underlying credit deterioration for any of the issuers. We believe it is more likely than not that we will be able to hold our debt securities with declines in value to maturity. Therefore, we intend to hold these securities to maturity and anticipate full recovery of our debt securities’ amortized cost basis at maturity.

Collaborative Arrangements and Licensing Agreements

3 Months Ended

Mar. 31, 2026

Collaborative Arrangements and Licensing Agreements

5. Collaborative Arrangements and Licensing Agreements

Below, we have included our GSK, Otsuka and Roche collaborations, which were the only collaborations that had substantive changes from those included in Part IV, Item 15, Note 4, Collaborative Arrangements and Licensing Agreements, of our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025.

GSK

In 2010, we entered into a collaboration with GSK using our antisense drug discovery platform to discover and develop new medicines against targets for serious and rare diseases, including infectious diseases. Under our collaboration, GSK is developing bepirovirsen for the treatment of chronic hepatitis B, or CHB, infection. In 2019, following positive Phase 2 results, GSK licensed our CHB program. GSK is responsible for all global development, regulatory and commercialization activities and costs for the CHB program. From inception through March 31, 2026, we have received more than $105 million in an upfront payment and other payments related to the CHB program.

In the first quarter of 2026, we earned a $15 million milestone payment when the Japanese Ministry of Health, Labour and Welfare, or MHLW, accepted for review a New Drug Application, or NDA, filing for bepirovirsen. In addition, we earned a $15 million milestone payment when the European Medicines Agency, or EMA, accepted for review a Marketing Authorization Application, or MAA, filing for bepirovirsen. We recognized these milestone payments as R&D revenue in full in the first quarter of 2026 because we did not have any remaining performance obligations related to the milestone payments. We will achieve the next payment of $35 million if bepirovirsen is approved in a major country other than China.

During the three months ended March 31, 2026 and 2025, we earned the following revenue from our relationship with GSK (in thousands, except percentage amounts):


	Three Months Ended
	March 31,
		2026			2025
Revenue from our relationship with GSK	$	30,000		$	-
Percentage of total revenue		12	%		-	%

We did not have any deferred revenue from our relationship with GSK at March 31, 2026 and December 31, 2025.

Otsuka

In 2023, we entered into an agreement with Otsuka Pharmaceutical Co., Ltd., or Otsuka, to commercialize DAWNZERA in Europe. In the second quarter of 2024, we expanded the agreement to include commercialization rights for DAWNZERA in the Asia-Pacific region. We are responsible for the ongoing development of DAWNZERA. We retained the rights to commercialize DAWNZERA in the U.S. and in the rest of the world, assuming regulatory approval. In November 2024, we entered into an agreement with Otsuka to commercialize ulefnersen, an investigational medicine for the treatment of amyotrophic lateral sclerosis, or ALS, caused by mutations in the FUS gene, worldwide. We are responsible for the ongoing development of ulefnersen. From inception through March 31, 2026, we have received more than $125 million in payments from Otsuka.

In the first quarter of 2026, we achieved a $15 million milestone payment when the European Commission approved DAWNZERA in the EU. We recognized this milestone payment as R&D revenue in full in the first quarter of 2026 because we did not have any remaining performance obligations related to the milestone payment. We will achieve the next payment of $20 million if Otsuka receives reimbursement approval in three of the five major European countries, which include the United Kingdom, France, Germany, Italy and Spain.

During the three months ended March 31, 2026 and 2025, we earned the following revenue from our relationship with Otsuka (in thousands, except percentage amounts):


	Three Months Ended
	March 31,
		2026			2025
Revenue from our relationship with Otsuka	$	19,932		$	6,528
Percentage of total revenue		8	%		5	%

Our condensed consolidated balance sheets at March 31, 2026 and December 31, 2025 included deferred revenue of $3.4 million and $4.3 million, respectively, from our relationship with Otsuka.

Roche

We have three collaborations with Hoffmann-La Roche Inc. and F. Hoffmann-La Roche Ltd, collectively Roche: one to develop treatments for Huntington’s disease, or HD, one to develop sefaxersen for the treatment of immunoglobulin A, or IgA, nephropathy, or IgAN, and one to develop RNA-targeted programs for Alzheimer's disease, or AD, and HD. From inception through March 31, 2026, we have received more than $405 million in payments from our Roche collaborations.

In the first quarter of 2026, we earned a $50 million milestone payment when Roche initiated a Phase 1 trial for an investigational medicine for the treatment of AD. We recognized this milestone payment as R&D revenue in full in the first quarter of 2026 because we did not have any remaining performance obligations related to the milestone payment. We will achieve the next payment of $10 million if Roche initiates a Phase 2 trial for an investigational medicine for the treatment of AD under our collaboration for RNA-targeted programs.

During the three months ended March 31, 2026 and 2025, we earned the following revenue from our relationship with Roche (in thousands, except percentage amounts):


	Three Months Ended
	March 31,
		2026			2025
Revenue from our relationship with Roche	$	50,000		$	1,965
Percentage of total revenue		20	%		1	%

We did not have any deferred revenue from our relationship with Roche at March 31, 2026 and December 31, 2025.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (92,528)	$ (146,938)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Supplemental Financial Data [Abstract]

Segment Information (Details)	3 Months Ended
Segment Information (Details)	Mar. 31, 2026 Segment
Segment Information [Abstract]
Number of reportable segments	1
Segment Reporting, Other Segment Item, Composition, Description	Other segment items include stock-based compensation expense, investment income, interest expense, gain or loss on investments, other income or expense and income tax expense or benefit.

Revenues - Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
Revenues - Revenues (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Revenue	$ 246,091	$ 131,612
TRYNGOLZA Sales [Member]
Revenue:
Revenue	27,100	6,287
DAWNZERA Sales [Member]
Revenue:
Revenue	15,855	0
Product Sales, Net [Member]
Revenue:
Revenue	42,955	6,287
SPINRAZA Royalties [Member]
Revenue:
Revenue	43,710	48,010
WAINUA Royalties [Member]
Revenue:
Revenue	10,709	9,372
Other Royalties [Member]
Revenue:
Revenue	3,904	6,784
Royalty [Member]
Revenue:
Revenue	58,323	64,166
Other Commercial Revenue [Member]
Revenue:
Revenue	6,532	5,715
Commercial Revenue [Member]
Revenue:
Revenue	107,810	76,168
Collaborative Agreement Revenue [Member]
Revenue:
Revenue	120,660	45,031
WAINUA Joint Development Revenue [Member]
Revenue:
Revenue	17,621	10,413
Research and Development Revenue [Member]
Revenue:
Revenue	$ 138,281	$ 55,444

Organization and Basis of Presentation (Details)	3 Months Ended
Organization and Basis of Presentation (Details)	Mar. 31, 2026 Segment
Organization and Basis of Presentation [Abstract]
Number of operating segments	1

Convertible Debt - 0% Notes due 2026 (Details) - 0% Notes due 2026 [Member] - USD ($) $ / shares in Units, shares in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Nov. 30, 2025	Mar. 31, 2025	Dec. 31, 2021
Convertible Debt [Abstract]
Outstanding principal balance	$ 432,500,000
Unamortized debt issuance costs	$ 0
Maturity date	Apr. 30, 2026
Interest rate	0.00%	0.00%	0.00%	0.00%	0.00%
Effective interest rate	0.50%
Conversion price per share (in Dollars per share)	$ 57.84
Effective conversion price per share with call spread (in Dollars per share)	$ 76.39
Total shares of common stock subject to conversion (in Shares)	7.5

Supplemental Financial Data

3 Months Ended

Mar. 31, 2026

Supplemental Financial Data

3. Supplemental Financial Data

Inventories

Our inventories consisted of the following (in thousands):



		March 31, 2026		December 31, 2025
Raw materials	$	490	$	1,039
Work in process		24,678		24,051
Finished goods		990		1,096
Total	$	26,158	$	26,186
Reported as:
Inventories	$	5,557	$	10,048
Deposits and other assets		20,601		16,138
Total	$	26,158	$	26,186

We classify inventories as non-current assets when we expect the inventories to remain on hand beyond one year. We include non-current inventories in deposits and other assets in our condensed consolidated balance sheets. The amounts reported as deposits and other assets as of March 31, 2026 and December 31, 2025 consist of work in process inventory.

Accrued Liabilities

Our accrued liabilities consisted of the following (in thousands):


		March 31, 2026		December 31, 2025
Clinical expenses	$	53,325	$	53,659
In-licensing expenses		6,655		8,588
Commercial expenses, including gross-to-net product accruals		40,468		15,556
Other miscellaneous expenses		26,101		28,286
Total accrued liabilities	$	126,549	$	106,089

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net loss	$ (92,528)	$ (146,938)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	3,301	2,228
Amortization of right-of-use operating lease assets	3,485	2,587
Amortization of other assets	661	582
Amortization of discount on investments, net	(6,190)	(7,108)
Amortization of debt issuance costs	2,349	1,642
Non-cash royalty revenue related to sale of royalties	(11,689)	(12,891)
Non-cash interest related to sale of future royalties	17,184	18,670
Stock-based compensation expense	43,275	29,718
Loss (gain) on investments, net	(22,583)	1,849
Non-cash losses related to other assets	40	61
Changes in operating assets and liabilities:
Escrow deposit for maturity of 0 percent convertible senior notes due April 2026	(632,511)
Contracts receivable	(7,625)	52,481
Inventories	338	1,010
Other current and long-term assets	(7,390)	(12,366)
Accounts payable	(3,095)	(25,968)
Income taxes	161	92
Accrued compensation	(80,187)	(43,039)
Accrued liabilities and other liabilities	21,003	333
Deferred contract revenue	(20,818)	(13,718)
Net cash used in operating activities	(792,819)	(150,775)
Investing activities:
Purchases of short-term investments	(192,755)	(311,068)
Proceeds from sale of short-term investments	752,824	494,755
Purchases of property, plant and equipment	(21,763)	(12,577)
Acquisition of licenses and other assets, net	(1,486)	(651)
Net cash provided by investing activities	536,820	170,459
Financing activities:
Proceeds from issuance of common stock through equity plans, net	57,302	2,241
Principal payments on mortgage debt	(44)	(42)
Net cash provided by financing activities	57,258	2,199
Effects of exchange rates on cash	(138)	232
Net increase (decrease) in cash and cash equivalents	(198,879)	22,115
Cash and cash equivalents at beginning of period	372,260	242,077
Cash and cash equivalents at end of period	173,381	264,192
Supplemental disclosures of cash flow information:
Interest paid	90	92
Income tax refunds received, net	(8)	(400)
Supplemental disclosures of non-cash investing and financing activities:
Amounts accrued for capital and patent expenditures	$ 1,043	$ 460

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2024	$ 158	$ 2,868,812	$ (30,811)	$ (2,249,808)	$ 588,351
Balance (in Shares) at Dec. 31, 2024	157,909
Net loss	$ 0	0	0	(146,938)	(146,938)
Change in unrealized gains (losses), net of tax	0	0	1,630	0	1,630
Foreign currency translation	0	0	232	0	232
Issuance of common stock in connection with employee stock plans, net	$ 1	2,241	0	0	2,242
Issuance of common stock in connection with employee stock plans, net (in Shares)	1,132
Stock-based compensation expense	$ 0	30,209	0	0	30,209
Balance at Mar. 31, 2025	$ 159	2,901,262	(28,949)	(2,396,746)	475,726
Balance (in Shares) at Mar. 31, 2025	159,041
Balance at Dec. 31, 2025	$ 163	3,145,402	(25,281)	(2,631,195)	489,089
Balance (in Shares) at Dec. 31, 2025	163,305
Net loss	$ 0	0	0	(92,528)	(92,528)
Change in unrealized gains (losses), net of tax	0	0	(5,604)	0	(5,604)
Foreign currency translation	0	0	(138)	0	(138)
Issuance of common stock in connection with employee stock plans, net	$ 3	57,299	0	0	57,302
Issuance of common stock in connection with employee stock plans, net (in Shares)	2,597
Stock-based compensation expense	$ 0	43,293	0	0	43,293
Balance at Mar. 31, 2026	$ 166	$ 3,245,994	$ (31,023)	$ (2,723,723)	$ 491,414
Balance (in Shares) at Mar. 31, 2026	165,902

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Common stock, par value (in Dollars per share) (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in Shares) (in Shares)	300,000,000	300,000,000
Common stock, shares issued (in Shares) (in Shares)	165,902,064	163,304,875
Common stock, shares outstanding (in Shares) (in Shares)	165,902,064	163,304,875
0% Notes due 2026 [Member]
Interest rate on convertible senior notes	0.00%	0.00%
0% Notes due 2030 [Member]
Interest rate on convertible senior notes	0.00%	0.00%
1.75% Notes due 2028 [Member]
Interest rate on convertible senior notes	1.75%	1.75%

Investments (Tables)

3 Months Ended

Mar. 31, 2026

Contract Maturity of Available-for-Sale Securities

The following table summarizes the contract maturity of the available-for-sale securities we held as of March 31, 2026:

One year or less	67	%
After one year but within two years	27	%
After two years but within three and a half years	6	%
Total	100	%

Summary of Investments

The following is a summary of our investments (in thousands):


		Amortized	Gross Unrealized						Estimated
March 31, 2026		Cost		Gains		Losses			Fair Value
Available-for-sale debt securities:
Corporate debt securities (1)	$	574,026	$	424	$	(288	)	$	574,162
Debt securities issued by U.S. government agencies		41,038		68		(11	)		41,095
Debt securities issued by the U.S. Treasury (1)		497,599		272		(295	)		497,576
Debt securities issued by states of the U.S. and political subdivisions of the states		4,908		2		-			4,910
Total debt securities with a maturity of one year or less		1,117,571		766		(594	)		1,117,743
Corporate debt securities		363,131		279		(1,084	)		362,326
Debt securities issued by U.S. government agencies		76,885		14		(350	)		76,549
Debt securities issued by the U.S. Treasury		191,229		45		(704	)		190,570
Debt securities issued by states of the U.S. and political subdivisions of the states		1,224		1		(1	)		1,224
Total debt securities with a maturity of more than one year		632,469		339		(2,139	)		630,669
Total available-for-sale debt securities	$	1,750,040	$	1,105	$	(2,733	)	$	1,748,412
Equity securities:
Publicly traded equity securities included in other current assets (2)	$	11,897	$	55,855	$	(9,802	)	$	57,950
Privately held equity securities included in deposits and other assets (3)		10,000		9,816		-			19,816
Total equity securities		21,897		65,671		(9,802	)		77,766
Total available-for-sale debt and equity securities	$	1,771,937	$	66,776	$	(12,535	)	$	1,826,178


		Amortized	Gross Unrealized						Estimated
December 31, 2025		Cost		Gains		Losses			Fair Value
Available-for-sale debt securities:
Corporate debt securities (1)	$	746,814	$	991	$	(27	)	$	747,778
Debt securities issued by U.S. government agencies		55,768		92		(5	)		55,855
Debt securities issued by the U.S. Treasury (1)		769,034		843		(13	)		769,864
Debt securities issued by states of the U.S. and political subdivisions of the states		5,709		11		-			5,720
Total debt securities with a maturity of one year or less		1,577,325		1,937		(45	)		1,579,217
Corporate debt securities		435,350		1,586		(106	)		436,830
Debt securities issued by U.S. government agencies		92,770		100		(94	)		92,776
Debt securities issued by the U.S. Treasury		242,288		595		(1	)		242,882
Other municipal debt securities		1,219		4		-			1,223
Total debt securities with a maturity of more than one year		771,627		2,285		(201	)		773,711
Total available-for-sale debt securities	$	2,348,952	$	4,222	$	(246	)	$	2,352,928
Equity securities:
Publicly traded equity securities included in other current assets (2)	$	11,897	$	35	$	(8,920	)	$	3,012
Privately held equity securities included in deposits and other assets (3) (2)		4,905		54,395		(7,091	)		52,209
Total equity securities		16,802		54,430		(16,011	)		55,221
Total available-for-sale debt and equity securities	$	2,365,754	$	58,652	$	(16,257	)	$	2,408,149

(1) Includes investments classified as cash equivalents in our condensed consolidated balance sheets.

Temporarily Impaired Investments

The following is a summary of our investments we consider to be temporarily impaired at March 31, 2026 (in thousands, except for number of investments):


		Less than 12 Months of Temporary Impairment					More than 12 Months of Temporary Impairment					Total Temporary Impairment
	Number of Investments		Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
Corporate debt securities	267	$	516,847	$	(1,358	)	$	4,480	$	(14	)	$	521,327	$	(1,372	)
Debt securities issued by U.S. government agencies	41		85,793		(350	)		6,841		(11	)		92,634		(361	)
Debt securities issued by the U.S. Treasury	56		417,944		(999	)		-		-			417,944		(999	)
Debt securities issued by states of the U.S. and political subdivisions of the states	4		1,541		(1	)		-		-			1,541		(1	)
Total temporarily impaired debt securities	368	$	1,022,125	$	(2,708	)	$	11,321	$	(25	)	$	1,033,446	$	(2,733	)

Revenues (Tables)

3 Months Ended

Mar. 31, 2026

Revenues [Abstract]

Revenues

During the three months ended March 31, 2026 and 2025, our revenues consisted of the following (in thousands):


	Three Months Ended
	March 31,
		2026		2025
Revenue:
Commercial revenue:
Product sales, net:
TRYNGOLZA sales, net	$	27,100	$	6,287
DAWNZERA sales, net		15,855		-
Total product sales, net		42,955		6,287
Royalty revenue:
SPINRAZA royalties		43,710		48,010
WAINUA royalties		10,709		9,372
Other royalties		3,904		6,784
Total royalty revenue		58,323		64,166
Other commercial revenue		6,532		5,715
Total commercial revenue		107,810		76,168
Research and development revenue:
Collaborative agreement revenue		120,660		45,031
WAINUA joint development revenue		17,621		10,413
Total research and development revenue		138,281		55,444
Total revenue	$	246,091	$	131,612

Liability Related to Sale of Future Royalties

3 Months Ended

Mar. 31, 2026

10. Liability Related to Sale of Future Royalties

In 2023, we entered into a royalty purchase agreement with Royalty Pharma Investments, or Royalty Pharma, to monetize a portion of our future SPINRAZA and pelacarsen royalties we are entitled to under our arrangements with Biogen and Novartis, respectively. As a result, we received an upfront payment of $500 million and we are eligible to receive up to $625 million in additional milestone payments. Under the terms of the agreement, Royalty Pharma will receive 25 percent of our SPINRAZA royalty payments from 2023 through 2027, increasing to 45 percent of royalty payments in 2028, on up to $1.5 billion in annual sales. In addition, Royalty Pharma will receive 25 percent of any future royalty payments on pelacarsen, our medicine in development to treat patients with elevated lipoprotein(a)-driven cardiovascular disease. Royalty Pharma’s royalty interest in SPINRAZA will revert to us after total SPINRAZA royalty payments to Royalty Pharma reach either $475 million or $550 million, depending on the timing and occurrence of FDA approval of pelacarsen.

We recorded the upfront payment of $500 million as a liability related to the sale of future royalties, net of transaction costs of $10.4 million, which we are amortizing over the estimated life of the arrangement using the effective interest rate method. We recognize royalty revenue in the period in which the counterparty sells the related product and recognizes the related revenue. We record royalty payments made to Royalty Pharma as a reduction of the liability.

We determine the effective interest rate used to record interest expense under this agreement based on an estimate of future royalty payments to Royalty Pharma. As of March 31, 2026 and 2025, the estimated effective interest rate under the agreement was 12.0 percent and 13.5 percent, respectively.

The following table sets forth information on our liability related to sale of future royalties (in thousands):

Liability related to sale of future royalties, net as of December 31, 2025	$	563,042
Royalty payments to Royalty Pharma		(11,689	)
Interest expense related to sale of future royalties		17,184
Amortization of issuance costs related to sale of future royalties		153
Liability related to sale of future royalties, net as of March 31, 2026	$	568,690
Less: Current portion (1)		(10,925	)
Liability related to sale of future royalties, net as of March 31, 2026 – Non-current	$	557,765

(1) Included in other current liabilities in our condensed consolidated balance sheet.

There are numerous factors, most of which are not within our control, that could materially impact the amount and timing of royalty payments from Biogen and Novartis, and result in changes to our estimate of future royalty payments to Royalty Pharma. Such factors include, but are not limited to, the commercial sales of SPINRAZA, the regulatory approval and commercial sales of pelacarsen, competing products or other significant events.

Collaborative Arrangements and Licensing Agreements (Tables)

3 Months Ended

Mar. 31, 2026

GSK [Member]

Collaborative Arrangements and Licensing Agreements [Abstract]

Revenue from Collaborative Relationship

During the three months ended March 31, 2026 and 2025, we earned the following revenue from our relationship with GSK (in thousands, except percentage amounts):


	Three Months Ended
	March 31,
		2026			2025
Revenue from our relationship with GSK	$	30,000		$	-
Percentage of total revenue		12	%		-	%

Otsuka [Member]

Collaborative Arrangements and Licensing Agreements [Abstract]

Revenue from Collaborative Relationship

During the three months ended March 31, 2026 and 2025, we earned the following revenue from our relationship with Otsuka (in thousands, except percentage amounts):


	Three Months Ended
	March 31,
		2026			2025
Revenue from our relationship with Otsuka	$	19,932		$	6,528
Percentage of total revenue		8	%		5	%

Roche [Member]

Collaborative Arrangements and Licensing Agreements [Abstract]

Revenue from Collaborative Relationship

During the three months ended March 31, 2026 and 2025, we earned the following revenue from our relationship with Roche (in thousands, except percentage amounts):


	Three Months Ended
	March 31,
		2026			2025
Revenue from our relationship with Roche	$	50,000		$	1,965
Percentage of total revenue		20	%		1	%

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract]
Net loss	$ (92,528)	$ (146,938)
Unrealized gains (losses) on debt securities, net of tax	(5,604)	1,630
Currency translation adjustment	(138)	232
Comprehensive loss	$ (98,270)	$ (145,076)

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Royalty Revenue Monetization [Abstract]

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Information [Abstract]

Segment Information

The following table sets forth information on segment profit or loss, including significant segment expenses (in thousands):


	Three Months Ended
	March 31,
		2026			2025
Revenue	$	246,091		$	131,612

Less:
Cost of sales		2,836			1,363
Drug discovery		28,557			26,989
Drug development		104,182			112,946
Medical affairs		9,989			5,642
Manufacturing and development chemistry		20,308			14,281
R&D support		22,431			20,553
Selling, general and administrative		131,937			66,980
Other segment items (1)		18,379			29,796
Consolidated net loss	$	(92,528	)	$	(146,938	)

(1) Other segment items include stock-based compensation expense, investment income, interest expense, gain or loss on investments, other income or expense and income tax expense or benefit.

Liability Related to Sale of Future Royalties - Liability Related to Sale of Future Royalties (Details) - Royalty Purchase Agreement [Member]
$ in Thousands

3 Months Ended

Mar. 31, 2026

USD ($)

$ 563,042

Royalty payments to Royalty Pharma

(11,689)

Interest expense related to sale of future royalties

17,184

Amortization of issuance costs related to sale of future royalties

153

568,690

Less: Current portion

(10,925)

^[1]

$ 557,765

[1]	Included in other current liabilities in our condensed consolidated balance sheet.

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Information [Abstract]

Segment Information

13. Segment Information

We operate as a single operating segment, Ionis operations, focused on the research, development and commercialization of our RNA-targeted medicines to bring better futures to people with serious diseases. The CODM, our Chief Executive Officer, manages our company, reviews operating results, assesses performance and allocates resources on an aggregate basis using consolidated net income or loss as the key measure of segment profit or loss. As such, results of our operations are reported on a consolidated basis for purposes of management and segment reporting.

Ionis operations derives its revenues from commercial and R&D revenue sources. Refer to Note 4, Revenues, for further details on our sources of revenue.

The following table sets forth information on segment profit or loss, including significant segment expenses (in thousands):


	Three Months Ended
	March 31,
		2026			2025
Revenue	$	246,091		$	131,612

Less:
Cost of sales		2,836			1,363
Drug discovery		28,557			26,989
Drug development		104,182			112,946
Medical affairs		9,989			5,642
Manufacturing and development chemistry		20,308			14,281
R&D support		22,431			20,553
Selling, general and administrative		131,937			66,980
Other segment items (1)		18,379			29,796
Consolidated net loss	$	(92,528	)	$	(146,938	)

(1) Other segment items include stock-based compensation expense, investment income, interest expense, gain or loss on investments, other income or expense and income tax expense or benefit.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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