Ionis Pharmaceuticals, Inc. (IONS) Balance Sheet
IONS balance sheet, 2025
December 31, 2025 · U.S. dollars$3.52B assets = $3.03B liabilities + $489.1M equity
Both columns are drawn to the same scale: what IONS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
IONS financial health
Current ratio3.83
Comfortable · current assets cover current liabilities 3.83×
Debt / equity5.35
High leverage · $5.35 of debt for each $1 of equity
Equity / assets13.9%
Thin equity · of assets funded by shareholders
Cash / debt102.4%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
IONS balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $912.5M2016 | $3.52B2025 | +16.2%/yr | |
| Total liabilities | $812.9M2016 | $3.03B2025 | +15.8%/yr | |
| Shareholders’ equity | $99.6M2016 | $489.1M2025 | +19.3%/yr | |
| Cash & short-term investments | $667.6M2016 | $2.68B2025 | +16.7%/yr | |
| Total debt | $501.8M2016 | $2.61B2025 | +20.1%/yr | |
| Net cash (debt) | $165.8M2016 | $62.7M2025 | −$103.1M | |
| Working capital | $664.1M2016 | $2.21B2025 | +$1.5B | |
| Book value per share | $0.822016 | $3.062025 | +15.7%/yr | |
| Current ratio | 5.962016 | 3.832025 | −2.14 | |
| Debt / equity | 5.042016 | 5.352025 | +0.31 | |
| Shares outstanding | 120.9M2016 | 160.0M2025 | +3.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IONS assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
IONS liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
IONS debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
IONS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $2.68B | $2.30B | $2.33B | $2.00B | $2.12B | $1.89B | $2.50B | $2.08B | $1.02B | $667.6M |
| Cash & equivalents | $372.3M | $242.1M | $399.3M | $276.5M | $2.12B | $1.89B | $2.50B | $2.08B | $1.02B | $665.2M |
| Short-term investments | $2.31B | $2.06B | $1.93B | $1.72B | $1.25B | $1.49B | $1.82B | $1.81B | $893.1M | $2.4M |
| Receivables | $66.0M | $92.2M | $97.8M | $25.5M | $62.0M | $76.0M | $63.0M | $12.8M | $63.0M | $108.0M |
| Inventory | $10.0M | $12.5M | $7.4M | $22.0M | $24.8M | $22.0M | $18.2M | $8.6M | $10.0M | $7.5M |
| Other current assets | $237.0M | $217.9M | $205.4M | $157.7M | $143.2M | $140.0M | $139.8M | $102.5M | $72.3M | $14.8M |
| Total current assets | $2.99B | $2.62B | $2.64B | $2.20B | $2.35B | $2.13B | $2.72B | $2.21B | $1.17B | $797.9M |
| Property, plant & equipment (net) | $362.0M | $256.1M | $242.9M | $255.8M | $178.0M | $181.0M | $154.0M | $132.2M | $121.9M | $92.8M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $29.0M | $27.9M | $25.7M | $24.0M | $22.0M | $20.4M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $10.0M | $0 | $0 | $0 |
| Other non-current assets | $171.8M | $127.3M | $105.3M | $75.3M | $60.0M | $51.1M | $322.3M | $303.7M | $10.1M | $1.3M |
| Total assets | $3.52B | $3.00B | $2.99B | $2.53B | $2.61B | $2.39B | $3.23B | $2.67B | $1.32B | $912.5M |
| Liabilities | ||||||||||
| Accounts payable | $28.1M | $43.0M | $26.0M | $17.9M | $11.9M | $17.2M | $16.1M | $28.7M | $24.9M | $21.1M |
| Short-term debt | $453.1M | $9.3M | $53.2M | $7.5M | $3.5M | $293.2M | $2.0M | $13.7M | $1.6M | $1.2M |
| Deferred revenue | $73.8M | $79.0M | $151.1M | $90.6M | $98.0M | $108.0M | $118.0M | $160.3M | $106.5M | $51.3M |
| Total current liabilities | $781.6M | $309.3M | $448.1M | $311.6M | $241.0M | $290.0M | $273.0M | $280.3M | $224.7M | $133.8M |
| Long-term debt | $1.35B | $1.25B | $1.23B | $1.18B | $1.22B | $515.7M | $770.0M | $628.1M | $592.9M | $500.6M |
| Lease obligations | $262.4M | $161.8M | $170.9M | $178.9M | $19.4M | — | — | — | $0 | $72.4M |
| Other long-term liabilities | $905.7M | $860.5M | $925.8M | $473.8M | $377.9M | $741.3M | $505.0M | $572.3M | $85.7M | $178.5M |
| Total liabilities | $3.03B | $2.42B | $2.60B | $1.96B | $1.84B | $1.55B | $1.55B | $1.48B | $903.3M | $812.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $163,000 | $158,000 | $144,000 | $142,000 | $141,000 | $140,000 | $140,000 | $138,000 | $1.31B | $1.31B |
| Retained earnings (deficit) | −$2.63B | −$2.25B | −$1.80B | −$1.43B | −$1.16B | −$1.25B | −$707.5M | −$967.3M | −$1.19B | −$1.18B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$25.3M | −$30.8M | −$32.6M | −$57.5M | −$32.7M | −$21.1M | −$25.3M | −$32.0M | −$31.8M | −$30.4M |
| Minority interest | — | — | — | — | — | — | $213.5M | $139.1M | $87.8M | $0 |
| Total shareholders' equity | $489.1M | $588.4M | $386.7M | $572.9M | $772.0M | $843.0M | $1.69B | $1.19B | $418.7M | $99.6M |
| Key figures | ||||||||||
| Total debt | $2.61B | $1.42B | $1.45B | $1.37B | $1.22B | $808.9M | $772.0M | $641.8M | $594.5M | $501.8M |
| Net cash (debt) | $62.7M | $881.1M | $877.7M | $628.2M | $890.3M | $1.08B | $1.73B | $1.44B | $428.2M | $165.8M |
| Working capital | $2.21B | $2.31B | $2.19B | $1.89B | $2.10B | $1.84B | $2.45B | $1.93B | $943.2M | $664.1M |
| Tangible book value | $489.1M | $588.4M | $386.7M | $572.9M | $743.0M | $815.1M | $1.66B | $1.16B | $396.7M | $79.2M |
| Book value per share | $3.06 | $3.94 | $2.70 | $4.04 | $5.47 | $6.04 | $11.79 | $8.86 | $3.32 | $0.82 |
| Shares outstanding | 160.0M | 149.5M | 143.2M | 141.8M | 141.0M | 139.6M | 142.9M | 134.1M | 126.1M | 120.9M |
| Current ratio | 3.83 | 8.47 | 5.90 | 7.07 | 9.73 | 7.34 | 9.97 | 7.88 | 5.20 | 5.96 |
| Quick ratio | 3.51 | 7.73 | 5.42 | 6.49 | 9.03 | 6.79 | 9.39 | 7.48 | 4.83 | 5.80 |
| Debt / equity | 5.35 | 2.41 | 3.76 | 2.39 | 1.59 | 0.96 | 0.46 | 0.54 | 1.42 | 5.04 |
| Equity / assets | 13.9% | 19.6% | 12.9% | 22.6% | 29.6% | 35.3% | 52.1% | 44.5% | 31.7% | 10.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.05B | $1.92B | $2.68B | $2.24B | $2.29B | $2.15B | $2.30B | $2.48B | $2.08B | $2.21B | $2.21B | $2.24B |
| Cash & equivalents | $350.1M | $173.4M | $372.3M | $338.3M | $297.3M | $264.2M | $242.1M | $334.6M | $294.0M | $348.9M | $348.9M | $352.1M |
| Short-term investments | $1.70B | $1.75B | $2.31B | $1.90B | $1.99B | $1.88B | $2.06B | $2.15B | $1.78B | $1.86B | $1.86B | $1.88B |
| Receivables | $58.8M | $73.7M | $66.0M | $25.0M | $52.6M | $39.7M | $92.2M | $17.9M | $27.3M | $5.1M | $5.1M | $142.4M |
| Inventory | $50.8M | $5.6M | $10.0M | $10.5M | $8.5M | $11.5M | $12.5M | $28.5M | $28.7M | $30.3M | $30.3M | $25.6M |
| Other current assets | $327.0M | $938.6M | $237.0M | $243.5M | $226.1M | $222.6M | $217.9M | $184.2M | $194.7M | $174.1M | $174.1M | $181.1M |
| Total current assets | $2.49B | $2.94B | $2.99B | $2.52B | $2.58B | $2.42B | $2.62B | $2.71B | $2.33B | $2.42B | $2.42B | $2.58B |
| Property, plant & equipment (net) | $386.7M | $377.5M | $362.0M | $348.1M | $275.9M | $262.2M | $256.1M | $246.9M | $242.8M | $242.2M | $242.2M | $245.2M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $116.5M | $135.6M | $171.8M | $166.0M | $132.1M | $131.8M | $127.3M | $120.3M | $118.9M | $106.0M | $106.0M | $104.1M |
| Total assets | $2.99B | $3.45B | $3.52B | $3.03B | $2.99B | $2.81B | $3.00B | $3.08B | $2.69B | $2.76B | $2.76B | $2.93B |
| Liabilities | ||||||||||||
| Accounts payable | $47.7M | $26.0M | $28.1M | $14.3M | $22.8M | $17.5M | $43.0M | $9.1M | $9.2M | $13.1M | $13.1M | $5.6M |
| Short-term debt | $242.0M | $432.5M | $453.1M | $630.9M | $630.1M | $12.0M | $9.3M | $44.5M | $44.4M | $44.4M | $44.4M | $10.0M |
| Deferred revenue | $73.8M | $69.2M | $73.8M | $77.0M | $75.9M | $81.1M | $79.0M | $76.0M | $94.1M | $130.4M | $130.4M | $204.8M |
| Total current liabilities | $316.0M | $716.6M | $781.6M | $903.5M | $897.2M | $250.3M | $309.3M | $304.6M | $306.2M | $327.6M | $327.6M | $404.2M |
| Long-term debt | $1.35B | $1.35B | $1.35B | $595.9M | $625.5M | $1.41B | $1.41B | $1.40B | $1.40B | $1.40B | $1.40B | $1.40B |
| Lease obligations | $262.5M | $259.2M | $262.4M | $262.7M | $164.4M | $159.4M | $161.8M | $168.4M | $166.4M | $168.7M | $170.9M | $173.0M |
| Other long-term liabilities | $888.4M | $892.7M | $905.7M | $915.8M | $830.7M | $676.8M | $698.7M | $711.9M | $722.5M | $740.2M | $739.4M | $810.3M |
| Total liabilities | $2.56B | $2.96B | $3.03B | $2.42B | $2.35B | $2.34B | $2.42B | $2.42B | $2.43B | $2.47B | $2.47B | $2.62B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $166,000 | $166,000 | $163,000 | $161,000 | $159,000 | $159,000 | $158,000 | $158,000 | $146,000 | $146,000 | $146,000 | $143,000 |
| Retained earnings (deficit) | −$2.84B | −$2.72B | −$2.63B | −$2.40B | −$2.27B | −$2.40B | −$2.25B | −$2.15B | −$2.00B | −$1.94B | −$1.94B | −$1.79B |
| Accumulated other comprehensive income | −$33.9M | −$31.0M | −$25.3M | −$26.0M | −$28.0M | −$28.9M | −$30.8M | −$24.2M | −$34.8M | −$35.0M | −$35.0M | −$46.0M |
| Total shareholders' equity | $439.7M | $491.4M | $489.1M | $618.0M | $631.7M | $475.7M | $588.4M | $662.5M | $263.7M | $296.5M | $296.5M | $315.5M |
| Key figures | ||||||||||||
| Total debt | $2.42B | $2.04B | $2.61B | $1.49B | $1.42B | $1.96B | $1.42B | $1.45B | $1.44B | $1.44B | $1.44B | $1.97B |
| Net cash (debt) | −$363.9M | −$121.8M | $62.7M | $750.5M | $870.0M | $186.9M | $881.1M | $1.04B | $635.5M | $762.2M | $762.2M | $260.6M |
| Working capital | $2.18B | $2.22B | $2.21B | $1.62B | $1.68B | $2.17B | $2.31B | $2.41B | $2.02B | $2.09B | $2.09B | $2.18B |
| Tangible book value | $439.7M | $491.4M | $489.1M | $618.0M | $631.7M | $475.7M | $588.4M | $662.5M | $263.7M | $296.5M | $296.5M | $315.5M |
| Book value per share | $2.66 | $2.98 | $3.02 | $3.84 | $3.46 | $3.00 | $3.72 | $4.46 | $1.81 | $2.04 | $2.04 | $2.20 |
| Shares outstanding | 165.4M | 164.9M | 162.0M | 160.8M | 182.3M | 158.7M | 158.0M | 148.6M | 146.0M | 145.5M | 145.5M | 143.3M |
| Current ratio | 7.88 | 4.10 | 3.83 | 2.79 | 2.87 | 9.66 | 8.47 | 8.91 | 7.61 | 7.37 | 7.37 | 6.39 |
| Quick ratio | 6.69 | 2.78 | 3.51 | 2.51 | 2.61 | 8.73 | 7.73 | 8.21 | 6.88 | 6.75 | 6.75 | 5.88 |
| Debt / equity | 5.50 | 4.15 | 5.35 | 2.41 | 2.25 | 4.12 | 2.41 | 2.18 | 5.47 | 4.87 | 4.87 | 6.26 |
| Equity / assets | 14.7% | 14.2% | 13.9% | 20.4% | 21.2% | 16.9% | 19.6% | 21.5% | 9.8% | 10.7% | 10.7% | 10.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
IONS financial position
At the end of fiscal 2025 (December 31, 2025), Ionis Pharmaceuticals had total assets of $3.5 billion (up 17.3% from a year earlier), total liabilities of $3.0 billion and shareholders' equity of $489.1 million. It held $2.7 billion in cash and short-term investments against $2.6 billion of debt, a net cash position of $62.7 million. Its current ratio was 3.83. In the latest quarter (ended June 30, 2026) total assets were $3.0 billion and equity $439.7 million.
Related: IONS income statement, IONS cash flow statement, IONS key metrics. See the IONS stock overview for the latest quote and news.
IONS balance sheet FAQ
What are Ionis Pharmaceuticals's total assets?
Ionis Pharmaceuticals reported total assets of $3.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.0 billion a year earlier.
How much debt does Ionis Pharmaceuticals have?
Ionis Pharmaceuticals had $2.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 5.35.
How much cash does Ionis Pharmaceuticals have?
Ionis Pharmaceuticals held $2.7 billion in cash and short-term investments at the end of fiscal 2025; with $2.6 billion of debt that is net cash of $62.7 million.
What is Ionis Pharmaceuticals's book value?
Ionis Pharmaceuticals's shareholders' equity (book value) was $489.1 million at the end of fiscal 2025, or $3.06 per share.
What is Ionis Pharmaceuticals's current ratio?
Ionis Pharmaceuticals had current assets of $3.0 billion and current liabilities of $781.6 million, a current ratio of 3.83 (it can cover its short-term obligations).