IONS - Ionis sees Q3 net loss more than double due to restructured operations R&D costs

Ionis Pharmaceuticals (NASDAQ:IONS) saw its net loss increase ~122% in Q3 2021 year over year to ~$82M driven by costs related to restructured commercial operations and a boost in R&D expenses to advance its pipeline. R&D expenses increased 48% to $185M. Ionis said this figure included a $35M charge in the quarter as a result of a licensing agreement brokered in July with Bicycle Therapeutics (NASDAQ:BCYC). In the quarter, Ionis saw Tegsedi and Waylivra revenue decline 21% to $15M. Also, Spinraza royalties decreased ~9% to $67M. The company ended the quarter with $2B in cash. Regarding its pipeline, Ionis says that a phase 3 trial of donidalorsen for hereditary angioedema is on track to begin by year-end. In mid 2022, the company also expects phase 3 data on eplontersen in TTR polyneuropathy. Ionis just began a phase 3 study of olezarsen for severe hypertriglyceridemia.

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Ionis sees Q3 net loss more than double due to restructured operations, R&D costs