Ionis Reports 3% Q4 Revenue Decline, Narrows Net Loss and Starts Phase 3 Trial
Ionis Pharmaceuticals reported Q4 2025 revenue of $139.4 million, down 3% year-over-year, while narrowing its quarterly net loss by 10% to $28.1 million. Full-year revenue rose 5% to $533.2 million and the company initiated a Phase 3 trial for its spinal muscular atrophy antisense candidate.
1. Financial Results
Ionis posted Q4 2025 revenue of $139.4 million, a 3% decline from $143.8 million in Q4 2024, and reduced its quarterly net loss by 10% to $28.1 million. For the full year, the company delivered $533.2 million in revenue, up 5% year-over-year, with an annual net loss of $102.7 million.
2. Pipeline Progress
The company initiated a pivotal Phase 3 trial of its antisense oligonucleotide for spinal muscular atrophy, marking the first pivotal study in that program. It also advanced its cardiovascular antisense candidate into late-stage development and reported encouraging preclinical results for a liver-targeted therapy.
3. Collaboration Updates
Ionis expanded its cardiometabolic collaboration with GSK to include a second oligonucleotide candidate under development. It maintained its strategic partnership with AstraZeneca across respiratory and metabolic disease programs, underpinning future milestone potential.