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Pipeline (29 active programs)

Technology platforms

Discontinued (1)

• sefaxersen — Geographic Atrophy · insufficient efficacy to advance into Phase 3 development

Capital (as filed)

Cash

$350M cash and cash equivalents · Jun 30, 2026 (10-Q)

Short-term investments

$1.70B Jun 30, 2026

Long-term investments

$647M Jun 30, 2026

Operating cash flow

$566M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)

As stated in coverage

$2.06B cash, runway June 2028 per the update of Oct 21, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (5)

• 2026-10-24 UPDATE: Ionis Pharmaceuticals (IONS) - Here’s the Number
• 2026-10-22 UPDATE: Ionis Pharmaceuticals (IONS) - Approved, With a Box on It 🔒 Paid
• 2026-09-24 UPDATE: Ionis Pharmaceuticals (IONS) - Two for Two, Minus the Number 🔒 Paid
• 2026-09-23 UPDATE: Ionis Pharmaceuticals (IONS) - The Streak Breaks 🔒 Paid
• 2026-09-10 Ionis Pharmaceuticals (IONS) — Scientific Deep Dive for Olezarsen, Zilganersen and the RNA-Targeted Pipeline 🔒 Paid

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (5 calls)

Every verdict Biotech Distilled has published on Ionis Pharmaceuticals, oldest first — the full history, never a selection. How calls are scored: the track record.

1. 2026-09-10 Watch Ionis Pharmaceuticals (IONS) — Scientific Deep Dive for Olezarsen, Zilganersen and the RNA-Targeted Pipeline Science and balance sheet are solid but TRYNGOLZA's $4.6M Q2 print at the new $40K price is unresolved; wait for the Q3 print before committing.
2. 2026-09-23 Watch UPDATE: Ionis Pharmaceuticals (IONS) - The Streak Breaks FUSION win repairs platform credibility but does not answer the TRYNGOLZA commercial question; watch list maintained pending Q3 print.
3. 2026-09-24 Watch UPDATE: Ionis Pharmaceuticals (IONS) - Two for Two, Minus the Number Sefaxersen hit its proteinuria endpoint but disclosed no effect size; two Phase 3 wins in 48 hours do not move TRYNGOLZA revenue, so watch list is maintained.
4. 2026-10-22 Watch UPDATE: Ionis Pharmaceuticals (IONS) - Approved, With a Box on It HIBSAGO approval is a genuine milestone but boxed warning, China carve-out, and capped royalty leave the TRYNGOLZA commercial question as the sole thesis gate.
5. 2026-10-24 Watch UPDATE: Ionis Pharmaceuticals (IONS) - Here's the Number Sefaxersen's 43.1% proteinuria reduction is real but does not clearly beat iptacopan and does not address TRYNGOLZA; watch list maintained into Q3 print.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (2 quotes from 1 filing)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

• 2026-07-29 10-Q in filings ↓

  • “The FDA has granted Priority Review of bepirovirsen, with a PDUFA action date of October 26, 2026.”

    matched to Bepirovirsen · regulatory decision · read as October 26, 2026 / matched to Obudanersen · topline data · read as October 26, 2026

  • “The FDA has granted Priority Review of zilganersen, with a Prescription Drug User Fee Act, or PDUFA, action date of September 22, 2026.”

    matched to Ionis (corporate) · other · read as September 22, 2026

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (26)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Sep 22, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

• Nov 2, 2026ReleaseIonis to hold third quarter 2026 financial results webcast
• Oct 23, 2026ReleaseIonis partner Roche announces new Phase 3 data showing sefaxersen significantly reduced proteinuria in people with IgA nephropathy (IgAN)→ BD updateSummary on the 8-K
• Oct 23, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1 EXHIBIT 99.1→ BD updateSefaxersen's IMAgINATION data finally has a number attached — 43.1% proteinuria reduction vs. placebo (p<0.0001) — and it beats the iptacopan benchmark I said to watch for. The stock shrugged anyway, because the question gating this thesis still isn't sefaxersen's.BD extracted 1 program update from this document → IONS pipeline
• Oct 22, 2026ReleaseIonis ranked #1 on Science’s Top Employers list
• Oct 21, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1 EXHIBIT 99.1→ BD updateHIBSAGO (bepirovirsen) won FDA approval after the close on October 20 — six days ahead of the PDUFA — with a 19% functional cure rate against less than 1% on standard of care, but a Boxed Warning and a tighter-than-expected label narrow the addressable pool and cap Ionis's royalty upside in ways the headline doesn't show.BD extracted 1 program update from this document → IONS pipeline
• Oct 20, 2026ReleaseIonis partner GSK announces Hibsago (bepirovirsen) approved in the U.S. for the treatment of chronic hepatitis B (CHB)BD extracted 1 program update from this document → IONS pipeline
• Oct 16, 2026ReleaseTRYNGOLZA® (olezarsen) recommended for approval in the EU by CHMP for severe hypertriglyceridemia (sHTG)The CHMP has recommended TRYNGOLZA for EU approval in sHTG — ahead of schedule, adding ~2 million European patients to the addressable market — just ten days before the bepirovirsen PDUFA and the Q3 earnings print that will make or break the thesis.BD extracted 1 program update from this document → IONS pipeline
• Sep 23, 2026ReleaseIonis announces positive interim data from partner Roche’s Phase 3 IMAgINATION study in IgA nephropathy (IgAN)→ BD updateSummary on the 8-K
• Sep 23, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1 EXHIBIT 99.1→ BD updateSefaxersen's Phase 3 IMAgINATION study hit its primary endpoint — statistically significant UPCR reduction vs. placebo at 37 weeks in 459 IgAN patients — answering the thesis question I posed in the deep dive: was 2026 bad luck or a pattern? Two consecutive Phase 3 wins in one week say it's looking more like bad luck.BD extracted 1 program update from this document → IONS pipeline
• Sep 22, 2026ReleaseIonis announces positive topline results from Phase 3 FUSION study of ulefnersen marking significant milestone in advancing first potential disease modifying treatment for FUS-ALS→ BD updateAfter three straight Phase 3 failures, ulefnersen just hit its primary endpoint in FUS-ALS — a small trial but a real signal that Ionis's platform can still translate target knockdown into patient benefit. Here's what it means for the thesis.BD extracted 1 program update from this document → IONS pipeline
• Sep 4, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1 EXHIBIT 99.1
• Sep 4, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1 EXHIBIT 99.1
• Jul 29, 20268-KCurrent report: results of operations · EX-99.1 EXHIBIT 99.1
• Jul 29, 202610-QQuarterly report
• Jul 10, 20268-KCurrent report: Reg FD disclosure
• Jul 9, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1 EXHIBIT 99.1
• Jun 24, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1 EXHIBIT 99.1
• Jun 12, 20268-KCurrent report: other events
• Jun 8, 20268-KCurrent report: officer / director change, shareholder vote, Reg FD disclosure · EX-99.1 EXHIBIT 99.1
• May 28, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1 EXHIBIT 99.1
• Apr 29, 20268-KCurrent report: results of operations · EX-99.1 EXHIBIT 99.1
• Apr 29, 202610-QQuarterly report
• Apr 23, 2026DEFA14AProxy soliciting material
• Apr 23, 2026DEF 14AProxy statement
• Apr 21, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1 EXHIBIT 99.1
• Mar 9, 20268-KCurrent report: officer / director change, Reg FD disclosure · EX-99.1 EXHIBIT 99.1