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Ionis Pharmaceuticals cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$549M in Q2 2026 · −$561M over twelve months

Operating cash flow$566M
Capital spending−$16.1M
Free cash flow+$549M

Analysis

In Q2 2026, Ionis Pharmaceuticals generated $566M of operating cash flow and spent $16.1M on capital projects, leaving free cash flow of $549M. That is $410M more than in Q2 2025 ($139M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$496M; the largest uses were operating cash flow ($496M), capital spending ($64.4M), net borrowing (+) / repaid (−) ($178K); besides operations, cash came from other investing ($297M), shares issued ($267M); the cash balance rose by $52.8M.

Operating cash flow was $566M against net income of −$115M. The largest differences: stock-based pay +$45.6M, prepaid and other assets −$30.9M, inventory −$25.0M.

Free cash flow

Ionis Pharmaceuticals: free cash flow by quarterIonis Pharmaceuticals: free cash flow by quarter−$124MQ3 2024−$142MQ4 2024−$163MQ1 2025$139MQ2 2025−$137MQ3 2025−$159MQ4 2025−$815MQ1 2026$549MQ2 2026
Operating cash flow less capital spending.
Ionis Pharmaceuticals: operating cash flow against capital spendingIonis Pharmaceuticals: operating cash flow against capital spendingOperating cash flowCapital spending−$115M$9.1MQ3 2024−$116M$25.5MQ4 2024−$151M$12.6MQ1 2025$151M$12.3MQ2 2025−$131M$5.3MQ3 2025−$138M$21.3MQ4 2025−$793M$21.8MQ1 2026$566M$16.1MQ2 2026
Latest (Q2 2026): Operating cash flow $566M, Capital spending $16.1M.

Capital allocation, year by year

Ionis Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearIonis Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow $30.8MFY2021: Net borrowing $632MFY2021: Shares issued $11.6MFY2021: Capital spending −$12.0M$675MFY2021FY2022: Operating cash flow −$274MFY2022: Net borrowing −$50.7MFY2022: Shares issued $6.4MFY2022: Asset sales $254MFY2022: Capital spending −$15.7M$260MFY2022FY2023: Operating cash flow −$308MFY2023: Net borrowing $575MFY2023: Shares issued $49.4MFY2023: Asset sales $22KFY2023: Capital spending −$23.8M$624MFY2023FY2024: Operating cash flow −$501MFY2024: Net borrowing −$44.5MFY2024: Shares issued $523MFY2024: Capital spending −$45.3M$523MFY2024FY2025: Operating cash flow −$269MFY2025: Net borrowing −$175KFY2025: Shares issued $193MFY2025: Capital spending −$51.4M$193MFY2025
Over these 5 years operating cash flow totalled −$1.3B; the largest uses were operating cash flow ($1.4B) and capital spending ($148M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.1B
Debt$1.8B
Net cash$242M
Due within a year$443M
Cash runway3.7 years

Ionis Pharmaceuticals is burning cash: its operations consume cash, a free cash flow of −$561M a year at the current rate against $2.1B of cash and investments: a runway of about 3.7 years; $443M of debt also comes due within a year, which the cash covers before any new financing.

Ionis Pharmaceuticals: debt maturities by year (FY2025)Ionis Pharmaceuticals: debt maturities by year (FY2025)$443MYear 1$18.7MYear 2$580MYear 3$60KYear 4$770MYear 5$300KAfter year 5
Principal due in each year as disclosed in the annual report, against $2.1B of cash and investments now.

Where the cash came from and went

Ionis Pharmaceuticals: sources (+) and uses (−) of cash, Q2 2026Ionis Pharmaceuticals: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$566MOther financing−$433MCash drawn (+) / kept (−)−$177MOther investing$39.6MShares issued$20.3MCapital spending−$16.1MExchange rates−$50KNet borrowing (+) / repaid (−)−$41K
Ionis Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q2 2026Ionis Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$496MOther investing$297MShares issued$267MCapital spending−$64.4MCash drawn (+) / kept (−)−$52.8MOther financing$50.9MNot reconciled−$313KNet borrowing (+) / repaid (−)−$178K

From profit to cash

Ionis Pharmaceuticals: net income to operating cash flow, Q2 2026Ionis Pharmaceuticals: net income to operating cash flow, Q2 2026Net income−$115MDepreciation & amortization$4.1MStock-based pay$45.6MGains on investments$10.2MInventory−$25.0MPayables$21.7MDeferred revenue−$8.1MContract assets$14.8MPrepaid and other assets−$30.9MOther liabilities−$8.2MIncome taxes payable$3KOperating cash flow$566M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$566M−$16.1M−$41K$20.3M−$177M$549M
Q1 2026−$793M−$21.8M−$44K$57.3M$199M−$815M
Q4 2025−$138M−$21.3M−$52K$108M−$33.9M−$159M
Q3 2025−$131M−$5.3M−$41K$81.3M−$41.0M−$137M
Q2 2025$151M−$12.3M−$40K$1.3M−$33.1M$139M
Q1 2025−$151M−$12.6M−$42K$2.2M−$22.1M−$163M
Q4 2024−$116M−$25.5M−$44.5M$429K$92.5M−$142M
Q3 2024−$115M−$9.1M−$48K$7.0M−$40.6M−$124M

Ionis Pharmaceuticals: income statement and cash flow

Ionis Pharmaceuticals, Q2 2026: revenue $268M (-41% year over year), operating margin -38.2%. The chart follows the revenue to costs, profit and cash.

Ionis Pharmaceuticals: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.