Ionis Pharmaceuticals, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026 with the U.S. Securities and Exchange Commission on November 9, 2026, reporting financial results for the three and nine months ended on that date.

Key Highlights

  • Quarterly net loss: Ionis reported a net loss of $109,971 thousand for the three months ended September 30, 2026, compared to a net loss of $128,606 thousand for the same period in 2025.
  • Total revenue: Quarterly total revenue rose to $242,721 thousand from $156,719 thousand in Q3 2025, driven by increases in both commercial and research and development revenue.
  • Product sales growth: Net product sales reached $48,296 thousand for the three months ended September 30, 2026, up from $32,530 thousand in the prior-year quarter.
  • Nine-month net loss: For the nine months ended September 30, 2026, the company recorded a net loss of $317,145 thousand, versus $151,993 thousand for the same period in 2025.
  • Total assets: Total assets stood at $2,912,590 thousand as of September 30, 2026, down from $3,523,836 thousand at December 31, 2025.
  • Shares outstanding: As of November 3, 2026, there were 166,545,100 shares of voting common stock outstanding.
  • Accumulated deficit: The accumulated deficit reached $2,948,340 thousand as of September 30, 2026, compared to $2,631,195 thousand at December 31, 2025.

Ionis Revenue Rises While Operating Expenses Climb in Third Quarter 2026

According to the filing, Ionis Pharmaceuticals (NASDAQ:IONS), a Carlsbad, California-based biopharmaceutical company focused on RNA-targeted medicine, generated total revenue of $242,721 thousand for the three months ended September 30, 2026, a meaningful increase from $156,719 thousand in the comparable 2025 quarter. Commercial revenue for the quarter totaled $136,205 thousand, including royalty revenue of $80,592 thousand and net product sales of $48,296 thousand. Research and development revenue, which includes collaborative agreement revenue, contributed $106,516 thousand for the quarter, up substantially from $41,121 thousand a year earlier.

The filing disclosed that total operating expenses for the three-month period reached $373,422 thousand, compared to $316,901 thousand in Q3 2025. Selling, general and administrative expenses increased to $154,222 thousand from $96,809 thousand year over year, while research, development and patent expenses were $215,878 thousand, slightly below the prior-year figure of $217,754 thousand. The resulting loss from operations was $130,701 thousand for the quarter, an improvement from the $160,182 thousand operating loss reported in Q3 2025.

For the nine-month period ended September 30, 2026, the company disclosed total revenue of $756,762 thousand against total operating expenses of $1,107,178 thousand, producing a year-to-date operating loss of $350,416 thousand. The balance sheet reflected short-term investments of $1,587,604 thousand and cash and cash equivalents of $296,303 thousand at quarter end. The company also carried convertible senior notes due 2028 and 2030, as well as a liability related to the sale of future royalties totaling $565,028 thousand combined (current and long-term portions) as of September 30, 2026.

What Was Disclosed

Ionis Pharmaceuticals disclosed quarterly and year-to-date financial statements for the period ended September 30, 2026, covering revenue by category, operating expenses, net losses, balance sheet positions, and stockholders' equity changes. The basic and diluted net loss per share for Q3 2026 was reported as $0.66.