Organization and Basis of Presentation |
6 Months Ended |
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Jun. 30, 2024 | |
Organization and Basis of Presentation [Abstract] | |
Organization and Basis of Presentation |
1. Organization and Basis of Presentation
Organization and Business Activity
We incorporated in California on January 10, 1989. In conjunction with our initial public offering, we reorganized as a Delaware
corporation in April 1991. We are a leader in the discovery and development of RNA-targeted therapeutics.
Basis of Presentation
We prepared the unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2024 and 2023 on the same basis as the audited financial statements for the year ended December 31, 2023. We included all normal recurring adjustments in the financial statements, which we considered necessary for a fair presentation of our financial position at such dates and our
operating results and cash flows for those periods. Our operating results for the interim periods may not be indicative of what our operating results will be for the entire year. For more complete financial information, these financial statements, and
notes thereto, should be read in conjunction with the audited financial statements for the year ended December 31, 2023 included in our Annual
Report on Form 10-K filed with the Securities and Exchange Commission, or SEC.
In our condensed consolidated financial statements, we included the accounts of Ionis Pharmaceuticals, Inc. and the consolidated
results of our wholly owned subsidiary, Akcea Therapeutics, Inc. and its wholly owned subsidiaries (“we”, “us” or “our”).
We operate as a single
segment, Ionis operations, because our chief decision maker reviews operating results on an aggregate basis and manages our operations as a single
operating segment.
Use of Estimates
We prepare our condensed consolidated financial statements in
conformity with accounting principles generally accepted in the United States, or U.S., that require us to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying
notes. Actual results could differ from our estimates.
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- Definition The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Income Taxes |
6 Months Ended |
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Jun. 30, 2024 | |
Income Taxes [Abstract] | |
Income Taxes |
10. Income Taxes
We recorded income tax expense of $0.1
million and $0.1 million for the three and six months ended June 30, 2024, respectively, compared to $7.8 million and $19.2 million for the same periods in 2023, respectively. The decrease in income tax expense relates primarily to the impact of the royalty purchase agreement with Royalty Pharma on income tax
expense for the three and six months ended June 30, 2023. We reflected the Royalty Pharma transaction as a taxable sale, which required us to include the proceeds from the sale, net of currently deductible issuance costs, as taxable income in 2023.
We continue to maintain a full valuation allowance on all our net deferred tax assets.
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- Definition The entire disclosure for income tax. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Cumulative amount of payments received under the collaboration agreement as of the end of the reporting period. No definition available.
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- Definition The maximum amount of development milestone payments to be received over the term of the collaboration. No definition available.
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- Definition The maximum amount of license fees to be received over the term of the collaboration. No definition available.
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- Definition The maximum amount of payments the Company is eligible to receive over the term of the collaboration. No definition available.
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- Definition The maximum amount of regulatory milestone payments to be received over the term of the collaboration. No definition available.
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- Definition The maximum amount of sales milestone payments to be received over the term of the collaboration. No definition available.
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- Definition The next payment to be achieved under the collaboration agreement. No definition available.
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- Definition The number of collaboration agreements with the collaboration partner. No definition available.
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- Definition For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after accumulated amortization, of the unamortized liability related to the sale of future royalties, pursuant to a royalty purchase agreement, that the Company is entitled to receive under collaboration agreements with Biogen and Novartis. The balance will be amortized over the estimated life of the arrangement using the effective interest rate method. No definition available.
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- Definition Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of asset recognized for present right to economic benefit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of asset recognized for present right to economic benefit, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after allowance for credit loss, of right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The portion of the carrying value of long-term convertible debt as of the balance sheet date that is scheduled to be repaid within one year or in the normal operating cycle if longer. Convertible debt is a financial instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying amount of long-term convertible debt as of the balance sheet date, net of the amount due in the next twelve months or greater than the normal operating cycle, if longer. The debt is convertible into another form of financial instrument, typically the entity's common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Present value of lessee's discounted obligation for lease payments from operating lease, classified as noncurrent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of accumulated undistributed earnings (deficit). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of investments including trading securities, available-for-sale securities, held-to-maturity securities, and short-term investments classified as other and current. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Convertible Debt |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt |
12. Convertible Debt
1.75 Percent
Convertible Senior Notes
In 2023, we completed a $575.0
million offering of convertible senior notes and used $488.2 million of the net proceeds from the issuance of the 1.75% Notes to repurchase $504.4 million in
principal of our 0.125% Notes. We expect to use the remaining net proceeds to settle the 0.125% Notes that remain outstanding and for general corporate and working capital purposes.
At June 30, 2024, we had the following
1.75% Notes outstanding (in millions except interest rate and price per share data):
0 Percent
Convertible Senior Notes and Call Spread
At June 30, 2024, we had the following 0% Notes outstanding (in millions except interest rate and price
per share data):
In conjunction with the 2021 offering, we entered into a call spread transaction, which was comprised of purchasing note hedges and
selling warrants, to minimize the impact of potential economic dilution upon conversion of our 0% Notes by increasing the effective conversion price on our 0% Notes. We increased our effective conversion price to $76.39
with the same number of underlying shares as our 0% Notes.
The call spread cost us $46.9 million, of which $136.7
million was for the note hedge purchase, offset by $89.8 million we received for selling the warrants. Similar to our 0% Notes, our note hedges are subject to adjustment. Additionally, our note hedges
are exercisable upon conversion of the 0% Notes. The note
hedges will expire upon maturity of the 0% Notes, or April
2026. The note hedges and warrants are separate transactions and are not part of the terms of our 0% Notes. The holders of the 0% Notes do not have any rights with respect to the note hedges and warrants.
We recorded the amount we paid for the note hedges and the amount we received for the warrants in additional paid-in capital in our
condensed consolidated balance sheets. Refer to Part IV, Item 15, Note 1, Organization and Significant Accounting Policies, of our audited
financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 for our Call Spread accounting policy. We
reassess our ability to continue to classify the note hedges and warrants in shareholders’ equity at each reporting period.
0.125 Percent
Convertible Senior Notes and Call Spread
As discussed above, in 2023, we repurchased $504.4
million of our 0.125% Notes.
At June 30, 2024, we had the following
0.125% Notes outstanding with interest payable semi-annually (in millions except interest rate and price per share data):
In conjunction with the issuance of our 0.125% Notes in 2019, we entered into a call spread transaction, which was
comprised of purchasing note hedges and selling warrants, to minimize the impact of potential economic dilution upon conversion of our 0.125%
Notes by increasing the effective conversion price on our 0.125% Notes. We increased our effective conversion price to $123.38 with the same number of underlying shares as our 0.125% Notes. The call spread cost us $52.6 million, of
which $108.7 million was for the note hedge purchase,
offset by $56.1 million we received for selling the
warrants. Similar to our 0.125% Notes, our note hedges are
subject to adjustment. Additionally, our note hedges are exercisable upon conversion of the 0.125% Notes. The note hedges will expire upon maturity of the 0.125% Notes, or December 2024. The note hedges and warrants are separate transactions and are not part of the terms of our 0.125% Notes. The holders of the 0.125% Notes do not have any rights with respect to the note hedges and warrants. As of June 30, 2024, the note hedges and warrants remain outstanding.
We recorded the amount we paid for the note hedges and the amount we received for the warrants in additional paid-in capital in our
condensed consolidated balance sheets. We reassess our ability to continue to classify the note hedges and warrants in shareholders’ equity at each reporting period.
Other Terms of Convertible Senior Notes
The 1.75%, 0%
and 0.125% Notes are convertible under certain conditions,
at the option of the note holders. We can settle conversions of the notes, at our election, in cash, shares of our common stock or a combination of both. We may not redeem the notes prior to maturity, and we do not have to provide a sinking fund for
them. Holders of the notes may require us to purchase some or all of their notes upon the occurrence of certain fundamental changes, as set forth in the indentures governing the notes, at a purchase price equal to 100 percent of the principal amount of the notes to be purchased, plus any
accrued and unpaid interest.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2024 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies |
2. Significant Accounting Policies
Our significant accounting policies have not changed substantially from those included in our Annual Report on Form 10-K for the year
ended December 31, 2023.
Recently Issued Accounting Standards
We do not expect any recently issued accounting standards to have a material impact to our financial results.
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Insider Trading Arrangements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024
shares
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Material Terms of Trading Arrangement |
During the quarter ended June 30, 2024, our Section 16 officers and directors adopted or terminated contracts, instructions or written plans for the purchase or sale of our securities as noted in the table below.
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Brett Monia [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||
Name | Brett P. Monia | ||||||||||||||||||||||||||||||||||||||||||||||
Title | Chief Executive Officer | ||||||||||||||||||||||||||||||||||||||||||||||
Rule 10b5-1 Arrangement Terminated | true | ||||||||||||||||||||||||||||||||||||||||||||||
Non-Rule 10b5-1 Arrangement Terminated | false | ||||||||||||||||||||||||||||||||||||||||||||||
Termination Date | June 26, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Arrangement Duration | |||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Available | 54,442 | ||||||||||||||||||||||||||||||||||||||||||||||
Richard S. Geary [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||
Name | Richard S. Geary | ||||||||||||||||||||||||||||||||||||||||||||||
Title | EVP, Chief Development Officer | ||||||||||||||||||||||||||||||||||||||||||||||
Rule 10b5-1 Arrangement Adopted | true | ||||||||||||||||||||||||||||||||||||||||||||||
Non-Rule 10b5-1 Arrangement Adopted | false | ||||||||||||||||||||||||||||||||||||||||||||||
Adoption Date | April 8, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Arrangement Duration | 456 days | ||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Available | 241,732 |
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- Definition Amount of interest expense using the effective interest rate method related to the sale of future royalties. No definition available.
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- Definition Future cash outflow to pay for purchases of fixed assets and patents that have been incurred. No definition available.
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- Definition The cash outflow paid to third parties for transaction costs in connection with a monetization transaction of future SPINRAZA and pelacarsen royalties the Company is entitled to under collaboration and licensing agreements. No definition available.
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- Definition The cash inflow from the sale of future royalties under a royalty purchase agreement. No definition available.
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- Definition The amount of royalty payments made during the period under a royalty purchase agreement. No definition available.
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- Definition The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of increase (decrease) from effect of exchange rate changes on cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; held in foreign currencies; including, but not limited to, disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of a finite-lived intangible asset to fair value. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, before refund, of cash paid to foreign, federal, state, and local jurisdictions as income tax. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of increase (decrease) in right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of increase (decrease) in obligation to transfer good or service to customer for which consideration has been received or is receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of increase (decrease) in current liabilities classified as other. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of increase (decrease) in employer-related costs classified as other and current. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of increase (decrease) in operating assets classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- References No definition available.
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of periodic reduction over lease term of carrying amount of right-of-use asset from operating lease. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash outflow to acquire investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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- Definition The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash inflow from issuance of shares under share-based payment arrangement. Includes, but is not limited to, option exercised. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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- Definition Amount of cash inflow from sale, maturity, prepayment and call of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
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- Definition Amount of realized gain (loss) on investment. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash outflow from the repayment of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of noncash expense for share-based payment arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
|
Revenues |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues |
4. Revenues
During the three and six months ended June 30, 2024 and 2023, our revenues were
comprised of the following (in thousands):
Revenue Sources
The following are sources of revenue and when we typically recognize revenue.
Commercial Revenue: SPINRAZA royalties and WAINUA royalties
We earn commercial revenue primarily in the form of royalty payments on net sales of SPINRAZA. In 2024, we began earning royalties from
WAINUA sales.
Commercial Revenue: TEGSEDI and WAYLIVRA revenue, net
We earn commercial revenue from TEGSEDI and WAYLIVRA sales under our distribution agreements with Sobi. In addition, we receive royalties
from PTC Therapeutics International Limited, or PTC, for TEGSEDI and WAYLIVRA sales.
Commercial Revenue: Licensing and other royalty revenue
We also recognize as commercial revenue sales milestone payments and royalties we earn under our partnerships. For example, we earn
royalty revenue on net sales of QALSODY, which is included in Licensing and other royalty revenue.
Research and development revenue under collaboration agreements
We enter into collaboration agreements to license and sell our technology on an exclusive or non-exclusive basis. Our collaboration
agreements typically contain multiple elements, or performance obligations, including technology licenses or options to obtain technology licenses, research and development, or R&D, services and manufacturing services.
Upfront payments: When we
enter into a collaboration agreement and receive an upfront payment, we typically record the entire upfront payment as deferred revenue if our only performance obligation is for R&D services we will provide in the future. We amortize the upfront
payment into revenue as we perform the R&D services. If part or all of the upfront payment is a license fee, we recognize as revenue the portion related to the license when we deliver the license to our partner because our partner has full use of
the license and we do not have any additional performance obligations related to the license after delivery.
Milestone payments: We
include variable consideration in the transaction price when it is probable. We typically include milestone payments for R&D services in the transaction price when they are achieved. We include these milestone payments when they are achieved
because typically there is considerable uncertainty in the R&D processes that trigger these payments. Similarly, we include approval milestone payments in the transaction price once the medicine is approved by the applicable regulatory agency. We
will recognize sales-based milestone payments in the period in which we achieve the milestone under the sales-based royalty exception allowed under accounting rules.
We recognize milestone payments that relate to an ongoing performance obligation over our period of performance. For example, when we
achieve a milestone payment from a partner for advancing a clinical study under a collaboration agreement, we add the milestone payment to the transaction price if the milestone relates to an ongoing R&D services performance obligation and
recognize revenue related to the milestone payment over our estimated period of performance. If we have partially completed our performance obligation, then we record a cumulative-effect adjustment in the period we add the milestone payment to the
transaction price.
Conversely, we recognize in full those milestone payments that we earn based on our partners’ activities when our partner achieves the
milestone event and we do not have a performance obligation.
License fees: We recognize
as revenue the total amount we determine to be the relative stand-alone selling price of a license when we deliver the license to our partner because our partner has full use of the license and we do not have any additional performance obligations
related to the license after delivery.
WAINUA (Eplontersen) Collaboration with AstraZeneca
In 2021, we entered into a joint development and commercialization agreement with AstraZeneca to develop and commercialize WAINUA for the
treatment of transthyretin amyloidosis, or ATTR. We jointly developed and are commercializing WAINUA with AstraZeneca in the U.S. for the treatment of adults with polyneuropathy caused by hereditary ATTR, or ATTRv-PN. We initially granted AstraZeneca exclusive rights to commercialize WAINUA outside the U.S., except for
certain Latin American countries. In 2023, we expanded those rights to include Latin America. Under the terms of the agreement, we received a $200
million upfront payment in 2021.
We evaluated our WAINUA collaboration under ASC 808 and identified four material components: (i) the license we granted to AstraZeneca in 2021, (ii) the co-development activities that we and AstraZeneca are performing, (iii) the co-commercialization activities
that we and AstraZeneca are performing and (iv) the co-medical affairs activities that we and AstraZeneca are performing.
We determined that we had a vendor-customer relationship within the scope of Accounting Standards Codification, or ASC, Topic 606, Revenue from Contracts with Customers, or ASC 606, for the license we granted to AstraZeneca and as a result we had one performance obligation. For our sole performance obligation, we determined the transaction price was the $200 million upfront payment we received. We recognized the upfront payment in full in 2021 because we did not have any remaining performance obligations after we delivered the
license to AstraZeneca.
We also concluded that the co-development activities, the co-commercialization activities and the co-medical affairs activities are within
the scope of ASC Topic 808, Collaborative Arrangements, or ASC 808, because we and AstraZeneca are active participants exposed to the risks and
benefits of the activities under the collaboration and therefore do not have a vendor-customer relationship. AstraZeneca is currently responsible for 55 percent of the costs associated with the ongoing global Phase 3 development program. Because we are leading the Phase 3 development program, we made an accounting policy election to recognize as non-customer revenue the cost-share
funding from AstraZeneca, net of our share of AstraZeneca’s development expenses, in the same period we incur the related development expenses. As AstraZeneca is responsible for the majority of the commercial and medical affairs costs in the U.S. and
all costs associated with bringing WAINUA to market outside the U.S., we made an accounting policy election to recognize cost-share funding we receive from AstraZeneca related to commercial and medical affairs activities as reductions of our selling,
general and administrative, or SG&A, expense and R&D expense, respectively.
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- References No definition available.
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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of amortization expense attributable to the sale of future royalties. No definition available.
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- Definition Amount of interest expense using the effective interest rate method related to the sale of future royalties. No definition available.
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- Definition Amount, after accumulated amortization, of the unamortized liability related to the sale of future royalties, pursuant to a royalty purchase agreement, that the Company is entitled to receive under collaboration agreements with Biogen and Novartis. The balance will be amortized over the estimated life of the arrangement using the effective interest rate method. No definition available.
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- Definition The maximum amount of annual sales on which royalty payments are paid under the royalty purchase agreement. No definition available.
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- Definition The maximum amount of payments receivable for additional milestones under the royalty purchase agreement. No definition available.
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- Definition Maximum royalty payments under the royalty purchase agreement made before royalty interest reverts back to the Company. No definition available.
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- Definition The cash outflow paid to third parties for transaction costs in connection with a monetization transaction of future SPINRAZA and pelacarsen royalties the Company is entitled to under collaboration and licensing agreements. No definition available.
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- Definition The percentage of royalty payments paid on annual sales of medicine. No definition available.
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- Definition The cash inflow from the sale of future royalties under a royalty purchase agreement. No definition available.
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- Definition The amount of royalty payments made during the period under a royalty purchase agreement. No definition available.
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- References No definition available.
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- Definition The amount of upfront payments received during the period under the royalty purchase agreement. No definition available.
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- Definition Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Basic and Diluted Net Loss Per Share |
6 Months Ended | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||
Basic and Diluted Net Loss Per Share [Abstract] | ||||||||||||||||||||||||||||
Basic and Diluted Net Loss Per Share |
6. Basic and Diluted Net Loss Per Share
Basic net loss per share
We calculated our basic net loss per share for the three and six months ended June 30, 2024 and 2023 by dividing our net loss by our weighted-average number of common shares outstanding during the period.
Diluted net loss per share
For the three and six months ended June 30, 2024 and 2023, we incurred a net
loss; therefore, we did not include dilutive common equivalent shares in the computation of diluted net loss per share because the effect would have been anti-dilutive. Common stock from the following would have had an anti-dilutive effect on net loss
per share:
Additionally, as of June 30, 2024
and 2023, we had warrants related to our 0%
and 0.125% Notes outstanding. We will include the shares issuable under these warrants in our calculation of diluted earnings per share when the
average market price per share of our common stock for the reporting period exceeds the strike price of the warrants.
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- Definition The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Boolean flag that is true when the XBRL content amends previously-filed or accepted submission. No definition available.
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- Definition Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY. No definition available.
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- Definition This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD. No definition available.
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- Definition Name of the City or Town No definition available.
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- Definition Code for the postal or zip code No definition available.
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- Definition Name of the state or province. No definition available.
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- Definition Indicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Trading symbol of an instrument as listed on an exchange. No definition available.
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- Definition Fair value portion of asset recognized for present right to economic benefit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- Definition Fair value portion of notes payable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract] | ||||
Net loss | $ (66,265) | $ (85,290) | $ (209,068) | $ (209,613) |
Unrealized gains (losses) on debt securities, net of tax | 150 | (2,000) | (2,056) | 6,393 |
Currency translation adjustment | (24) | 70 | (137) | 174 |
Comprehensive loss | $ (66,139) | $ (87,220) | $ (211,261) | $ (203,046) |
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after tax and reclassification adjustment, of gain (loss) in value of unsold investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), attributable to parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- References No definition available.
|
Supplemental Financial Data (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
Inventories
Our inventory consisted of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities |
Accrued Liabilities
Our accrued liabilities consisted of the following (in thousands):
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Tabular disclosure of the components of accrued liabilities. No definition available.
|
X | ||||||||||
- Definition Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Liability Related to Sale of Future Royalties |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Liability Related to Sale of Future Royalties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Liability Related to Sale of Future Royalties |
11. Liability Related to Sale of Future Royalties
In January 2023, we entered into a royalty purchase agreement with Royalty Pharma to monetize a portion of our future SPINRAZA and
pelacarsen royalties we are entitled to under our arrangements with Biogen and Novartis, respectively. As a result, we received an upfront payment of $500
million and we are eligible to receive up to $625 million in additional milestone payments. Under the terms of the agreement, Royalty Pharma will
receive 25 percent of our SPINRAZA royalty payments from 2023 through 2027, increasing to 45 percent of royalty payments in 2028, on up to $1.5 billion in annual sales. In
addition, Royalty Pharma will receive 25 percent of any future royalty payments on pelacarsen, our medicine in development to treat patients
with elevated lipoprotein(a)-driven cardiovascular disease. Royalty Pharma’s royalty interest in SPINRAZA will revert to us after total SPINRAZA royalty payments to Royalty Pharma reach either $475 million or $550 million, depending on the timing and occurrence of FDA approval of
pelacarsen.
We recorded the upfront payment of $500
million as a liability related to the sale of future royalties, net of transaction costs of $10.4 million, which we are amortizing over the
estimated life of the arrangement using the effective interest rate method. We recognize royalty revenue in the period in which the counterparty sells the related product and recognizes the related revenue. We record royalty payments made to Royalty
Pharma as a reduction of the liability.
We determine the effective interest rate used to record interest expense under this agreement based on an estimate of future royalty
payments to Royalty Pharma. As of June 30, 2024, the estimated effective interest rate under the agreement was 13.5 percent.
The following table sets forth information on our liability related to sale of future royalties
(in thousands):
There are numerous factors, most of which are not within our control, that could materially impact the amount and timing of royalty
payments from Biogen and Novartis, and result in changes to our estimate of future royalty payments to Royalty Pharma. Such factors include, but are not limited to, the commercial sales of SPINRAZA, the regulatory approval and commercial sales of
pelacarsen, competing products or other significant events.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The entire disclosure for other liabilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis |
The following tables present the major security types we held at June 30, 2024 and December 31, 2023 that we regularly measure and carry at fair
value. The following tables segregate each security type by the level within the fair value hierarchy of the valuation techniques we utilized to determine the respective security’s fair value (in thousands):
The following footnotes reference lines in our condensed consolidated balance sheets:
|
X | ||||||||||
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- References No definition available.
|
Revenues (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues |
During the three and six months ended June 30, 2024 and 2023, our revenues were
comprised of the following (in thousands):
|
X | ||||||||||
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- References No definition available.
|
Revenues (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2021
USD ($)
Component
PerformanceObligation
|
|
Revenues [Abstract] | |||||
Revenue | $ 225,250 | $ 188,411 | $ 344,748 | $ 318,935 | |
WAINUA (Eplontersen) Collaboration with AstraZeneca [Member] | |||||
Revenues [Abstract] | |||||
Upfront payment received | $ 200,000 | ||||
Number of material components | Component | 4 | ||||
Number of performance obligations | PerformanceObligation | 1 | ||||
Transaction price | $ 200,000 | ||||
Percentage of costs associated with ongoing global Phase 3 development program paid by AstraZeneca | 55.00% | ||||
Commercial Revenue [Member] | |||||
Revenues [Abstract] | |||||
Revenue | 72,036 | 77,897 | $ 131,629 | 145,664 | |
SPINRAZA Royalties [Member] | |||||
Revenues [Abstract] | |||||
Revenue | 56,743 | 61,012 | 95,198 | 111,258 | |
WAINUA Royalties [Member] | |||||
Revenues [Abstract] | |||||
Revenue | 3,781 | 0 | 4,907 | 0 | |
Other Commercial Revenue [Member] | |||||
Revenues [Abstract] | |||||
Revenue | 11,512 | 16,885 | 31,524 | 34,406 | |
TEGSEDI and WAYLIVRA Revenue, Net [Member] | |||||
Revenues [Abstract] | |||||
Revenue | 8,192 | 10,655 | 16,820 | 17,133 | |
Licensing and Other Royalty Revenue [Member] | |||||
Revenues [Abstract] | |||||
Revenue | 3,320 | 6,230 | 14,704 | 17,273 | |
Research and Development Revenue [Member] | |||||
Revenues [Abstract] | |||||
Revenue | 153,214 | 110,514 | 213,119 | 173,271 | |
Collaborative Agreement Revenue [Member] | |||||
Revenues [Abstract] | |||||
Revenue | 141,524 | 91,013 | 190,870 | 129,347 | |
WAINUA Joint Development Revenue [Member] | |||||
Revenues [Abstract] | |||||
Revenue | $ 11,690 | $ 19,501 | $ 22,249 | $ 43,924 |
X | ||||||||||
- Definition The number of material components identified in the collaboration agreement under Accounting Standards Codification (ASC) 808, Collaborative Arrangements. No definition available.
|
X | ||||||||||
- Definition Percentage of costs associated with the ongoing global Phase 3 development program paid by a collaboration partner under the collaboration agreement. No definition available.
|
X | ||||||||||
- Definition The number of separate performance obligations under the collaboration agreement. No definition available.
|
X | ||||||||||
- Definition The amount of consideration the Company earned or is eligible to earn under the collaboration agreement, including any variable consideration. No definition available.
|
X | ||||||||||
- Definition The amount of upfront payments received during the period under the collaboration agreement. No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Collaborative Arrangements and Licensing Agreements, Biogen (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Revenue | $ 225,250 | $ 188,411 | $ 344,748 | $ 318,935 | |
Biogen [Member] | |||||
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Revenue | 138,159 | $ 97,402 | 197,395 | $ 167,903 | |
Deferred contract revenue | $ 241,800 | $ 241,800 | $ 307,400 | ||
Biogen [Member] | Revenue [Member] | Strategic Partner [Member] | |||||
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Concentration percentage | 61.00% | 52.00% | 57.00% | 53.00% | |
Biogen [Member] | Minimum [Member] | |||||
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Cumulative payments received | $ 3,900,000 | $ 3,900,000 | |||
2013 Strategic Neurology [Member] | QALSODY [Member] | |||||
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Next payment to be achieved | 10,000 | 10,000 | |||
Revenue | 20,000 | ||||
2012 Neurology [Member] | ION582 [Member] | |||||
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Revenue | 30,000 | ||||
2012 Neurology [Member] | IONIS-MAPT [Member] | |||||
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Next payment to be achieved | $ 25,000 | $ 25,000 |
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Cumulative amount of payments received under the collaboration agreement as of the end of the reporting period. No definition available.
|
X | ||||||||||
- Definition The next payment to be achieved under the collaboration agreement. No definition available.
|
X | ||||||||||
- Definition For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Details
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X | ||||||||||
- Details
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- Details
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X | ||||||||||
- Details
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- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Liability Related to Sale of Future Royalties (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Liability Related to Sale of Future Royalties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Liability Related to Sale of Future Royalties |
The following table sets forth information on our liability related to sale of future royalties
(in thousands):
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Tabular disclosure of other noncurrent liabilities. No definition available.
|
Fair Value Measurements |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements |
8. Fair Value Measurements
The following tables present the major security types we held at June 30, 2024 and December 31, 2023 that we regularly measure and carry at fair
value. The following tables segregate each security type by the level within the fair value hierarchy of the valuation techniques we utilized to determine the respective security’s fair value (in thousands):
The following footnotes reference lines in our condensed consolidated balance sheets:
Convertible Notes
Our 1.75% Notes, 0% Notes and 0.125% Notes had a fair
value of $634.4 million, $649.6
million and $43.4 million at June 30, 2024,
respectively. Our 1.75% Notes, 0%
Notes and 0.125% Notes had a fair value of $661.1
million, $667.8 million and $42.4
million at December 31, 2023, respectively. We determine the fair value of our notes based on quoted market prices for these notes, which are
Level 2 measurements because the notes do not trade regularly.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
Organization and Basis of Presentation (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
Organization and Basis of Presentation [Abstract] | |
Basis of Presentation |
We prepared the unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2024 and 2023 on the same basis as the audited financial statements for the year ended December 31, 2023. We included all normal recurring adjustments in the financial statements, which we considered necessary for a fair presentation of our financial position at such dates and our
operating results and cash flows for those periods. Our operating results for the interim periods may not be indicative of what our operating results will be for the entire year. For more complete financial information, these financial statements, and
notes thereto, should be read in conjunction with the audited financial statements for the year ended December 31, 2023 included in our Annual
Report on Form 10-K filed with the Securities and Exchange Commission, or SEC.
|
Consolidation |
In our condensed consolidated financial statements, we included the accounts of Ionis Pharmaceuticals, Inc. and the consolidated
results of our wholly owned subsidiary, Akcea Therapeutics, Inc. and its wholly owned subsidiaries (“we”, “us” or “our”).
|
Segment Information |
We operate as a single
segment, Ionis operations, because our chief decision maker reviews operating results on an aggregate basis and manages our operations as a single
operating segment.
|
Use of Estimates |
Use of Estimates
We prepare our condensed consolidated financial statements in
conformity with accounting principles generally accepted in the United States, or U.S., that require us to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying
notes. Actual results could differ from our estimates.
|
X | ||||||||||
- Definition Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). No definition available.
|
X | ||||||||||
- Definition Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Disclosure of accounting policy for segment reporting. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Investments, Summary of Investments (Details) $ in Thousands |
6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2024
USD ($)
Company
|
Dec. 31, 2023
USD ($)
|
|||||||
Ownership Interests in Private and Public Companies [Abstract] | ||||||||
Number of private companies in which there is an equity ownership interest of less than 20% | Company | 7 | |||||||
Number of public companies in which there is an equity ownership interest of less than 20% | Company | 3 | |||||||
Available-for-sale Debt Securities with Maturity of One Year or Less [Abstract] | ||||||||
Amortized cost | $ 1,343,698 | $ 1,316,219 | ||||||
Gross unrealized gains | 67 | 415 | ||||||
Gross unrealized losses | (3,026) | (5,238) | ||||||
Estimated fair value | 1,340,739 | 1,311,396 | ||||||
Available-for-sale Debt Securities with Maturity of More Than One Year [Abstract] | ||||||||
Amortized cost | 462,896 | 651,628 | ||||||
Gross unrealized gains | 275 | 3,063 | ||||||
Gross unrealized losses | (2,334) | (1,197) | ||||||
Estimated fair value | 460,837 | 653,494 | ||||||
Available-for-sale Debt Securities [Abstract] | ||||||||
Amortized cost | 1,806,594 | 1,967,847 | ||||||
Gross unrealized gains | 342 | 3,478 | ||||||
Gross unrealized losses | (5,360) | (6,435) | ||||||
Estimated fair value | 1,801,576 | 1,964,890 | ||||||
Equity Securities [Abstract] | ||||||||
Amortized cost | 35,012 | 35,012 | ||||||
Gross unrealized gains | 25,335 | 25,237 | ||||||
Gross unrealized losses | (12,470) | (10,957) | ||||||
Estimated fair value | 47,877 | 49,292 | ||||||
Available-for-sale Debt and Equity Securities [Abstract] | ||||||||
Amortized cost | 1,841,606 | 2,002,859 | ||||||
Gross unrealized gains | 25,677 | 28,715 | ||||||
Gross unrealized losses | (17,830) | (17,392) | ||||||
Estimated fair value | 1,849,453 | 2,014,182 | ||||||
Corporate Debt Securities [Member] | ||||||||
Available-for-sale Debt Securities with Maturity of One Year or Less [Abstract] | ||||||||
Amortized cost | [1] | 552,837 | 559,967 | |||||
Gross unrealized gains | 36 | 157 | ||||||
Gross unrealized losses | (1,569) | (2,625) | ||||||
Estimated fair value | 551,304 | 557,499 | ||||||
Available-for-sale Debt Securities with Maturity of More Than One Year [Abstract] | ||||||||
Amortized cost | 218,639 | 243,151 | ||||||
Gross unrealized gains | 191 | 1,270 | ||||||
Gross unrealized losses | (874) | (692) | ||||||
Estimated fair value | 217,956 | 243,729 | ||||||
Debt Securities Issued by U.S. Government Agencies [Member] | ||||||||
Available-for-sale Debt Securities with Maturity of One Year or Less [Abstract] | ||||||||
Amortized cost | 121,781 | 224,711 | ||||||
Gross unrealized gains | 5 | 64 | ||||||
Gross unrealized losses | (310) | (611) | ||||||
Estimated fair value | 121,476 | 224,164 | ||||||
Available-for-sale Debt Securities with Maturity of More Than One Year [Abstract] | ||||||||
Amortized cost | 115,349 | 110,138 | ||||||
Gross unrealized gains | 72 | 547 | ||||||
Gross unrealized losses | (317) | (21) | ||||||
Estimated fair value | 115,104 | 110,664 | ||||||
Debt Securities Issued by the U.S. Treasury [Member] | ||||||||
Available-for-sale Debt Securities with Maturity of One Year or Less [Abstract] | ||||||||
Amortized cost | [1] | 650,997 | 513,784 | |||||
Gross unrealized gains | 12 | 152 | ||||||
Gross unrealized losses | (1,105) | (1,889) | ||||||
Estimated fair value | 649,904 | 512,047 | ||||||
Available-for-sale Debt Securities with Maturity of More Than One Year [Abstract] | ||||||||
Amortized cost | 127,240 | 294,873 | ||||||
Gross unrealized gains | 12 | 1,239 | ||||||
Gross unrealized losses | (1,135) | (480) | ||||||
Estimated fair value | 126,117 | 295,632 | ||||||
Debt Securities Issued by States of the U.S. and Political Subdivisions of the States [Member] | ||||||||
Available-for-sale Debt Securities with Maturity of One Year or Less [Abstract] | ||||||||
Amortized cost | 18,083 | 17,757 | ||||||
Gross unrealized gains | 14 | 42 | ||||||
Gross unrealized losses | (42) | (113) | ||||||
Estimated fair value | 18,055 | 17,686 | ||||||
Available-for-sale Debt Securities with Maturity of More Than One Year [Abstract] | ||||||||
Amortized cost | 1,668 | 3,466 | ||||||
Gross unrealized gains | 0 | 7 | ||||||
Gross unrealized losses | (8) | (4) | ||||||
Estimated fair value | 1,660 | 3,469 | ||||||
Publicly Traded Equity Securities [Member] | ||||||||
Equity Securities [Abstract] | ||||||||
Amortized cost | [2] | 11,897 | 11,897 | |||||
Gross unrealized gains | 334 | 236 | ||||||
Gross unrealized losses | (5,377) | (5,832) | ||||||
Estimated fair value | 6,854 | 6,301 | ||||||
Available-for-sale Debt and Equity Securities [Abstract] | ||||||||
Unrealized gain on equity securities | 600 | |||||||
Privately Held Equity Securities [Member] | ||||||||
Equity Securities [Abstract] | ||||||||
Amortized cost | [3] | 23,115 | 23,115 | |||||
Gross unrealized gains | 25,001 | 25,001 | ||||||
Gross unrealized losses | (7,093) | (5,125) | ||||||
Estimated fair value | 41,023 | $ 42,991 | ||||||
Available-for-sale Debt and Equity Securities [Abstract] | ||||||||
Unrealized loss on equity securities | $ (2,000) | |||||||
|
X | ||||||||||
- Definition Amount, before tax, of unrealized gain in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), classified as current. No definition available.
|
X | ||||||||||
- Definition Amount, before tax, of unrealized gain in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), classified as noncurrent. No definition available.
|
X | ||||||||||
- Definition Amount, before tax, of unrealized loss in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), classified as current. No definition available.
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X | ||||||||||
- Definition Amount, before tax, of unrealized loss in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), classified as noncurrent. No definition available.
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X | ||||||||||
- Definition Total of (1) investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and (2) amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). No definition available.
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- Definition Total of (1) amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and (2) cost of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). No definition available.
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- Definition Total of (1) unrealized gain in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and (2) unrealized gain on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). No definition available.
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X | ||||||||||
- Definition Total of (1) unrealized loss in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and (2) unrealized loss on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). No definition available.
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X | ||||||||||
- Definition Accumulated amount of unrealized gain on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). No definition available.
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X | ||||||||||
- Definition Accumulated amount of unrealized loss on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). No definition available.
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- Definition Number of privately-held companies, in which the entity has an equity ownership interest of less than 20%, with which it conducts business. These are accounted for under the cost method. No definition available.
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X | ||||||||||
- Definition Number of publicly-held companies, in which the entity has an equity ownership interest of less than 20%, with which it conducts business. These are accounted for at fair value. No definition available.
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X | ||||||||||
- Definition Amount, before tax, of unrealized gain in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount, before tax, of unrealized loss in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), classified as noncurrent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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X | ||||||||||
- Definition Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), classified as current. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), classified as noncurrent. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI), classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Cost of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). Excludes equity method investment and investment in equity security without readily determinable fair value. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of unrealized gain on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of unrealized loss on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- References No definition available.
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Significant Accounting Policies (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
Significant Accounting Policies [Abstract] | |
Recently Issued Accounting Standards |
Recently Issued Accounting Standards
We do not expect any recently issued accounting standards to have a material impact to our financial results.
|
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- References No definition available.
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X | ||||||||||
- Definition Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. No definition available.
|
Collaborative Arrangements and Licensing Agreements, AstraZeneca (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2024
USD ($)
Agreement
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
Agreement
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Revenue | $ 225,250 | $ 188,411 | $ 344,748 | $ 318,935 | |
AstraZeneca [Member] | |||||
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Number of collaboration agreements | Agreement | 2 | 2 | |||
Revenue | $ 15,960 | $ 59,501 | $ 27,645 | $ 83,926 | |
Deferred contract revenue | $ 1,900 | $ 1,900 | $ 0 | ||
AstraZeneca [Member] | Revenue [Member] | Strategic Partner [Member] | |||||
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Concentration percentage | 7.00% | 32.00% | 8.00% | 26.00% | |
AstraZeneca [Member] | Minimum [Member] | |||||
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Cumulative payments received | $ 920,000 | $ 920,000 | |||
WAINUA [Member] | |||||
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Number of collaboration agreements | Agreement | 1 | 1 | |||
Maximum amount of payments receivable over term of collaboration | $ 3,600,000 | $ 3,600,000 | |||
Maximum amount of upfront payments over term of collaboration | 200,000 | 200,000 | |||
Maximum amount of development milestone payments over term of collaboration | 485,000 | 485,000 | |||
Maximum amount of sales milestone payments over term of collaboration | 2,900,000 | $ 2,900,000 | |||
WAINUA [Member] | Minimum [Member] | |||||
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Royalty percentage received on net sales of medicine | 20.00% | ||||
Next payment to be achieved | $ 30,000 | $ 30,000 | |||
Cardiovascular, Renal and Metabolic Diseases [Member] | |||||
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Number of collaboration agreements | Agreement | 1 | 1 |
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Cumulative amount of payments received under the collaboration agreement as of the end of the reporting period. No definition available.
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X | ||||||||||
- Definition The maximum amount of development milestone payments to be received over the term of the collaboration. No definition available.
|
X | ||||||||||
- Definition The maximum amount of payments the Company is eligible to receive over the term of the collaboration. No definition available.
|
X | ||||||||||
- Definition The maximum amount of sales milestone payments to be received over the term of the collaboration. No definition available.
|
X | ||||||||||
- Definition The maximum amount of upfront payments to be received over the term of the collaboration. No definition available.
|
X | ||||||||||
- Definition The next payment to be achieved under the collaboration agreement. No definition available.
|
X | ||||||||||
- Definition The number of collaboration agreements with the collaboration partner. No definition available.
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X | ||||||||||
- Definition Royalty percentage received on the net sales of a medicine by a collaboration partner under the collaboration agreement. No definition available.
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- Definition For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Collaborative Arrangements and Licensing Agreements |
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Collaborative Arrangements and Licensing Agreements |
5. Collaborative Arrangements and Licensing Agreements
Below, we have included our AstraZeneca, Biogen, Otsuka and
Roche collaborations, which are the collaborations with substantive changes during 2024 from those included in Part IV, Item 15, Note 4, Collaborative
Arrangements and Licensing Agreements, of our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023.
AstraZeneca
We have two collaborations with AstraZeneca, one focused on the joint development and commercialization of WAINUA and one focused on the treatment of cardiovascular, renal and metabolic diseases. From inception through June 30, 2024, we have received more than $920 million from these collaborations.
Over the term of our WAINUA collaboration, we are eligible to receive up to $3.6 billion, which is comprised of a $200 million upfront payment, up to $485 million in development and approval milestone payments and up to $2.9 billion in sales milestone payments. The agreement includes territory-specific development, commercial and medical affairs cost-sharing provisions. In addition, we are eligible to receive up
to mid-20 percent royalties for sales in the U.S. and tiered royalties up to the high teens for sales outside the U.S.
In January 2024, we and AstraZeneca launched WAINUA in the U.S. for the treatment of adults with ATTRv-PN. As a result, we began earning
royalties from WAINUA sales, which we recognize as commercial revenue in our condensed consolidated statements of operations. We will achieve the next payment of up to $30 million upon regulatory approval of WAINUA for ATTRv-PN in the European Union, or EU, under this collaboration.
During the three and six months ended June 30, 2024 and 2023, we earned the following revenue from our relationship with AstraZeneca (in thousands, except percentage amounts):
Our condensed consolidated balance sheet at June 30, 2024 included deferred contract revenue of $1.9 million from our relationship
with AstraZeneca. We did not have any deferred contract revenue from our relationship with AstraZeneca at December 31, 2023.
Biogen
We have several strategic collaborations with Biogen focused on using antisense technology to advance the treatment of neurological
disorders. We developed and licensed to Biogen SPINRAZA, our approved medicine to treat people with spinal muscular atrophy, or SMA. QALSODY, our medicine to treat patients with superoxide dismutase 1 amyotrophic lateral sclerosis, or SOD1-ALS,
received accelerated approval from the U.S. Food and Drug Administration, or FDA, in April 2023 and marketing authorization under exceptional circumstances from the European Medicines Agency, or EMA, in May 2024. In addition, we and Biogen are
currently developing numerous other investigational medicines to treat neurodegenerative diseases, including medicines in development to treat people with amyotrophic lateral sclerosis, or ALS, SMA, Alzheimer’s disease, or AD, and Parkinson’s disease,
or PD. In addition to these medicines, our collaborations with Biogen include a substantial research pipeline that addresses a broad range of neurological diseases. From inception through June 30, 2024, we have received more than $3.9 billion in payments from our Biogen
collaborations, including payments to purchase our stock.
Under our 2013 strategic neurology collaboration, we earned a $20 million milestone payment from Biogen when the EMA approved Biogen’s Marketing Authorization Application, or MAA, filing of QALSODY in the second quarter of 2024. We recognized this milestone
payment as R&D revenue in full in the second quarter of 2024 because we did not have any remaining performance obligations related to the milestone payment. We will achieve the next milestone payment for QALSODY of $10 million if the Ministry of Health, Labour and Welfare of Japan approves Biogen’s Japanese New Drug Application filing of QALSODY.
In the second quarter of 2024, Biogen's option to license ION582, an investigational antisense medicine for the potential treatment of
Angelman Syndrome, expired unexercised. As a result, we recognized $30 million of R&D revenue from previously deferred milestone payments
related to the ION582 study because we did not have any remaining performance obligations. We will achieve the next milestone payment of $25
million if Biogen advances IONIS-MAPTRx into Phase 3 development under our 2012 neurology collaboration.
During the three and six months ended June 30, 2024 and 2023, we earned the following revenue from our relationship with Biogen (in thousands, except percentage amounts):
Our condensed consolidated balance sheets at June 30, 2024 and December 31, 2023 included deferred contract revenue of $241.8 million and $307.4 million, respectively, from our relationship with Biogen.
Otsuka
In 2023, we entered into an agreement with Otsuka
Pharmaceutical Co., Ltd., or Otsuka, to commercialize donidalorsen in Europe. In the second quarter of 2024, we expanded the agreement to include commercialization rights for donidalorsen in the Asia-Pacific region in addition to Europe. As a result,
we received a $20 million upfront payment from Otsuka.
Under the amended agreement, we are eligible to receive up to $290 million, which is comprised of $85 million in
upfront payments, up to $65 million in regulatory milestone
payments and up to $140 million in sales milestone payments
over the term of the collaboration. In addition, we are eligible to receive tiered royalties up to 30 percent on net sales. We are responsible for completing the ongoing development of donidalorsen. We retained the rights to commercialize donidalorsen in the U.S. and in the rest of the world, assuming
regulatory approvals. From inception through June 30, 2024, we have received $85 million in payments from Otsuka.
We identified two performance
obligations under our amended agreement for the Asia-Pacific region, comprised of our license of donidalorsen to Otsuka and R&D services for donidalorsen. We allocated the transaction price of $20 million based on the estimated stand-alone selling price of each performance obligation as follows:
In the second quarter of 2024, we recognized $17.5
million as revenue in full because Otsuka had full use of the license without any continuing involvement from us. We are recognizing revenue for our R&D services performance obligation as we perform services based on our effort to satisfy our
performance obligation relative to our total effort expected to satisfy our performance obligation. We currently estimate we will satisfy our R&D services performance obligation in March 2026. We will achieve the next payment of $15 million if the EMA accepts a MAA filing for donidalorsen in the EU under this collaboration.
During the three and six months ended June 30, 2024 and 2023, we earned the following revenue from our relationship with Otsuka (in thousands, except percentage amounts):
Our condensed consolidated balance sheets at June 30, 2024 and December 31, 2023 included deferred contract revenue of $8.8 million and $8.5 million, respectively, from our relationship with Otsuka.
Roche
We have three collaborations
with Hoffmann-La Roche Inc. and F. Hoffmann-La Roche Ltd, collectively Roche: one to develop treatments for Huntington’s disease, or HD, one to develop IONIS-FB-LRx for the treatment of immunoglobulin A, or IgA, nephropathy, or IgAN, and one to develop RNA-targeted programs for AD and HD. From inception through June 30, 2024, we have received more than $345 million in payments from our Roche collaborations.
In July 2024, Roche discontinued development of
IONIS-FB-LRx for the treatment of geographic atrophy, or GA, following the completion of the Phase 2 study, which showed a favorable safety profile and target engagement, but insufficient efficacy to advance into Phase 3 development.
Over the term of the IONIS-FB-LRx collaboration for the treatment of IgAN, we are eligible to receive up to $430 million, which is comprised of a $35 million
license fee, up to $25 million in development milestone payments, up to $90 million in regulatory milestone payments and up to $280 million in sales milestone
payments. We will achieve the next payment of $23.5 million if Roche advances IONIS-FB-LRx for the treatment of IgAN under this
collaboration.
During the three and six months ended June 30, 2024 and 2023, we earned the following revenue from our relationship with Roche (in thousands, except percentage amounts):
Our condensed consolidated balance sheets at June 30, 2024 and December 31, 2023 included deferred contract revenue of $15.0 million and $36.7 million, respectively,
from our relationship with Roche.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The entire disclosure for collaborative arrangements in which the entity is a participant, including a) information about the nature and purpose of such arrangements; b) its rights and obligations thereunder; c) the accounting policy for collaborative arrangements; and d) the income statement classification and amounts attributable to transactions arising from the collaborative arrangement between participants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
Supplemental Financial Data, Accrued Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Accrued Liabilities [Abstract] | ||
Clinical development expenses | $ 82,017 | $ 105,967 |
In-licensing expenses | 10,603 | 7,454 |
Commercial expenses | 4,583 | 4,875 |
Other miscellaneous expenses | 17,127 | 29,598 |
Total accrued liabilities | $ 114,330 | $ 147,894 |
X | ||||||||||
- Definition Carrying value as of the balance sheet date of obligations incurred through that date and payable for clinical development expenses. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). No definition available.
|
X | ||||||||||
- Definition Carrying value as of the balance sheet date of obligations incurred through that date and payable for commercial expenses. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). No definition available.
|
X | ||||||||||
- Definition Carrying value as of the balance sheet date of obligations incurred through that date and payable for in-licensing fees under collaboration agreements. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). No definition available.
|
X | ||||||||||
- Definition Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Supplemental Financial Data, Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
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Inventory [Abstract] | ||
Raw materials | $ 24,623 | $ 22,794 |
Work in process | 3,614 | 5,477 |
Finished goods | 486 | 154 |
Total inventories | 28,723 | 28,425 |
Clinical [Member] | ||
Inventory [Abstract] | ||
Raw materials | 22,211 | 20,985 |
Commercial [Member] | ||
Inventory [Abstract] | ||
Raw materials | $ 2,412 | $ 1,809 |
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- Definition Amount before valuation and LIFO reserves of completed merchandise or goods expected to be sold within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition Amount before valuation and LIFO reserves of raw materials expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount before valuation and LIFO reserves of merchandise or goods in the production process expected to be completed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Stock-based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
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Stock-based Compensation Expense [Abstract] | ||||
Stock-based compensation expense | $ 30,728 | $ 26,561 | $ 62,068 | $ 53,510 |
Cost of Sales [Member] | ||||
Stock-based Compensation Expense [Abstract] | ||||
Stock-based compensation expense | 246 | 118 | 450 | 237 |
Research, Development and Patent Expense [Member] | ||||
Stock-based Compensation Expense [Abstract] | ||||
Stock-based compensation expense | 22,766 | 19,249 | 44,991 | 38,816 |
Selling, General and Administrative Expense [Member] | ||||
Stock-based Compensation Expense [Abstract] | ||||
Stock-based compensation expense | 7,716 | $ 7,194 | 16,627 | $ 14,457 |
Stock Options [Member] | ||||
Unrecognized Compensation Expense [Abstract] | ||||
Unrecognized compensation expense related to non-vested stock options | 61,600 | $ 61,600 | ||
Weighted average period for recognition | 1 year 3 months 18 days | |||
Stock Options [Member] | Employees [Member] | ||||
Weighted-Average Assumptions [Abstract] | ||||
Risk-free interest rate | 4.10% | 3.60% | ||
Dividend yield | 0.00% | 0.00% | ||
Volatility | 43.90% | 47.30% | ||
Expected life | 6 years 3 months 18 days | 6 years 3 months 18 days | ||
ESPP [Member] | ||||
Weighted-Average Assumptions [Abstract] | ||||
Risk-free interest rate | 5.30% | 5.20% | ||
Dividend yield | 0.00% | 0.00% | ||
Volatility | 38.40% | 36.70% | ||
Expected life | 6 months | 6 months | ||
RSUs [Member] | ||||
Unrecognized Compensation Expense [Abstract] | ||||
Unrecognized compensation cost related to non-vested units | 96,700 | $ 96,700 | ||
Weighted average period for recognition | 1 year 7 months 6 days | |||
RSUs [Member] | Employees [Member] | ||||
RSUs and PRSUs [Abstract] | ||||
Weighted-average grant date fair value (in dollars per share) | $ 52.6 | $ 39.5 | ||
PRSUs [Member] | ||||
Unrecognized Compensation Expense [Abstract] | ||||
Unrecognized compensation cost related to non-vested units | $ 13,800 | $ 13,800 | ||
Weighted average period for recognition | 1 year 10 months 24 days | |||
PRSUs [Member] | Executive Officers [Member] | ||||
RSUs and PRSUs [Abstract] | ||||
Weighted-average grant date fair value (in dollars per share) | $ 78.41 | $ 58.99 | ||
PRSUs [Member] | Granted in 2024 [Member] | ||||
RSUs and PRSUs [Abstract] | ||||
Vesting percentage | 100.00% | |||
Vesting period | 3 years | |||
Number of units guaranteed to vest (in shares) | 0 | |||
PRSUs [Member] | Granted in 2024 [Member] | Minimum [Member] | ||||
RSUs and PRSUs [Abstract] | ||||
Percentage of units guaranteed to vest | 0.00% | |||
PRSUs [Member] | Granted in 2024 [Member] | Maximum [Member] | ||||
RSUs and PRSUs [Abstract] | ||||
Percentage of units guaranteed to vest | 200.00% | |||
PRSUs [Member] | Granted in 2023 [Member] | Executive Officers [Member] | ||||
RSUs and PRSUs [Abstract] | ||||
Vesting percentage | 100.00% | |||
Vesting period | 3 years | |||
Number of units guaranteed to vest (in shares) | 0 | |||
PRSUs [Member] | Granted in 2023 [Member] | Executive Officers [Member] | Minimum [Member] | ||||
RSUs and PRSUs [Abstract] | ||||
Percentage of units guaranteed to vest | 0.00% | |||
PRSUs [Member] | Granted in 2023 [Member] | Executive Officers [Member] | Maximum [Member] | ||||
RSUs and PRSUs [Abstract] | ||||
Percentage of units guaranteed to vest | 200.00% |
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- Definition Amount of expense for award under share-based payment arrangement. Excludes amount capitalized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Weighted-average period over which cost not yet recognized is expected to be recognized for award under share-based payment arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of cost to be recognized for nonvested award under share-based payment arrangement. Excludes share and unit options. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of cost to be recognized for option under share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- References No definition available.
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- Definition Period over which grantee's right to exercise award under share-based payment arrangement is no longer contingent on satisfaction of service or performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Includes, but is not limited to, combination of market, performance or service condition. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The risk-free interest rate assumption that is used in valuing an option on its own shares. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Rate of weighted-average expected volatility for award under share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Percentage of vesting of award under share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Expected term of award under share-based payment arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Stockholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 146,025,246 | 144,340,526 |
Common stock, shares outstanding (in shares) | 146,025,246 | 144,340,526 |
0.125 Percent Convertible Senior Notes [Member] | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Interest rate on convertible senior notes | 0.125% | 0.125% |
1.75 Percent Convertible Senior Notes [Member] | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Interest rate on convertible senior notes | 1.75% | 1.75% |
0 Percent Convertible Senior Notes [Member] | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Interest rate on convertible senior notes | 0.00% | 0.00% |
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- Definition Face amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands |
Common Stock [Member] |
Additional Paid in Capital [Member] |
Accumulated Other Comprehensive Loss [Member] |
Accumulated Deficit [Member] |
Total |
---|---|---|---|---|---|
Balance at Dec. 31, 2022 | $ 142 | $ 2,059,850 | $ (57,480) | $ (1,429,625) | $ 572,887 |
Balance (in shares) at Dec. 31, 2022 | 142,058 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | $ 0 | 0 | 0 | (209,613) | (209,613) |
Change in unrealized gains (losses), net of tax | 0 | 0 | 6,393 | 0 | 6,393 |
Foreign currency translation | 0 | 0 | 174 | 0 | 174 |
Issuance of common stock in connection with employee stock plans | $ 1 | 4,949 | 0 | 0 | 4,950 |
Issuance of common stock in connection with employee stock plans (in shares) | 1,109 | ||||
Stock-based compensation expense | $ 0 | 53,510 | 0 | 0 | 53,510 |
Balance at Jun. 30, 2023 | $ 143 | 2,118,309 | (50,913) | (1,639,238) | 428,301 |
Balance (in shares) at Jun. 30, 2023 | 143,167 | ||||
Balance at Mar. 31, 2023 | $ 143 | 2,089,358 | (48,983) | (1,553,948) | 486,570 |
Balance (in shares) at Mar. 31, 2023 | 143,023 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | $ 0 | 0 | 0 | (85,290) | (85,290) |
Change in unrealized gains (losses), net of tax | 0 | 0 | (2,000) | 0 | (2,000) |
Foreign currency translation | 0 | 0 | 70 | 0 | 70 |
Issuance of common stock in connection with employee stock plans | $ 0 | 2,390 | 0 | 0 | 2,390 |
Issuance of common stock in connection with employee stock plans (in shares) | 144 | ||||
Stock-based compensation expense | $ 0 | 26,561 | 0 | 0 | 26,561 |
Balance at Jun. 30, 2023 | $ 143 | 2,118,309 | (50,913) | (1,639,238) | 428,301 |
Balance (in shares) at Jun. 30, 2023 | 143,167 | ||||
Balance at Dec. 31, 2023 | $ 144 | 2,215,098 | (32,645) | (1,795,911) | 386,686 |
Balance (in shares) at Dec. 31, 2023 | 144,341 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | $ 0 | 0 | 0 | (209,068) | (209,068) |
Change in unrealized gains (losses), net of tax | 0 | 0 | (2,056) | 0 | (2,056) |
Foreign currency translation | 0 | 0 | (137) | 0 | (137) |
Issuance of common stock in connection with employee stock plans | $ 2 | 26,203 | 0 | 0 | 26,205 |
Issuance of common stock in connection with employee stock plans (in shares) | 1,684 | ||||
Stock-based compensation expense | $ 0 | 62,068 | 0 | 0 | 62,068 |
Balance at Jun. 30, 2024 | $ 146 | 2,303,369 | (34,838) | (2,004,979) | 263,698 |
Balance (in shares) at Jun. 30, 2024 | 146,025 | ||||
Balance at Mar. 31, 2024 | $ 146 | 2,270,047 | (34,964) | (1,938,714) | 296,515 |
Balance (in shares) at Mar. 31, 2024 | 145,845 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | $ 0 | 0 | 0 | (66,265) | (66,265) |
Change in unrealized gains (losses), net of tax | 0 | 0 | 150 | 0 | 150 |
Foreign currency translation | 0 | 0 | (24) | 0 | (24) |
Issuance of common stock in connection with employee stock plans | $ 0 | 2,594 | 0 | 0 | 2,594 |
Issuance of common stock in connection with employee stock plans (in shares) | 180 | ||||
Stock-based compensation expense | $ 0 | 30,728 | 0 | 0 | 30,728 |
Balance at Jun. 30, 2024 | $ 146 | $ 2,303,369 | $ (34,838) | $ (2,004,979) | $ 263,698 |
Balance (in shares) at Jun. 30, 2024 | 146,025 |
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- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after tax and reclassification adjustment, of gain (loss) in value of unsold investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), attributable to parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number, after forfeiture, of shares or units issued under share-based payment arrangement. Excludes shares or units issued under employee stock ownership plan (ESOP). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Value, before forfeiture, of shares issued under share-based payment arrangement. Excludes employee stock ownership plan (ESOP). No definition available.
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- Definition Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Supplemental Financial Data |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Supplemental Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Data |
3. Supplemental Financial Data
Inventories
Our inventory consisted of the following (in thousands):
Accrued Liabilities
Our accrued liabilities consisted of the following (in thousands):
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Basic and Diluted Net Loss Per Share (Policies) |
6 Months Ended | |||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||
Basic and Diluted Net Loss Per Share [Abstract] | ||||||||||||||||||||||||||||
Basic and Diluted Net Loss Per Share |
Basic net loss per share
We calculated our basic net loss per share for the three and six months ended June 30, 2024 and 2023 by dividing our net loss by our weighted-average number of common shares outstanding during the period.
Diluted net loss per share
For the three and six months ended June 30, 2024 and 2023, we incurred a net
loss; therefore, we did not include dilutive common equivalent shares in the computation of diluted net loss per share because the effect would have been anti-dilutive. Common stock from the following would have had an anti-dilutive effect on net loss
per share:
Additionally, as of June 30, 2024
and 2023, we had warrants related to our 0%
and 0.125% Notes outstanding. We will include the shares issuable under these warrants in our calculation of diluted earnings per share when the
average market price per share of our common stock for the reporting period exceeds the strike price of the warrants.
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- Definition Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Convertible Debt (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
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Convertible Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Convertible Senior Notes |
At June 30, 2024, we had the following
1.75% Notes outstanding (in millions except interest rate and price per share data):
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0% Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Convertible Senior Notes |
At June 30, 2024, we had the following 0% Notes outstanding (in millions except interest rate and price
per share data):
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0.125% Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Convertible Senior Notes |
At June 30, 2024, we had the following
0.125% Notes outstanding with interest payable semi-annually (in millions except interest rate and price per share data):
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Basic and Diluted Net Loss Per Share (Details) |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
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1.75% Notes [Member] | |||
Diluted Net Loss per Share [Abstract] | |||
Interest rate on convertible senior notes | 1.75% | 1.75% | 1.75% |
0% Notes [Member] | |||
Diluted Net Loss per Share [Abstract] | |||
Interest rate on convertible senior notes | 0.00% | 0.00% | 0.00% |
0.125% Notes [Member] | |||
Diluted Net Loss per Share [Abstract] | |||
Interest rate on convertible senior notes | 0.125% | 0.125% | 0.125% |
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Investments |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments |
7. Investments
The following table summarizes the contract maturity of the available-for-sale securities we held as of June 30, 2024:
As illustrated above, at June 30, 2024,
96 percent of our available-for-sale securities had a maturity of less than two years.
All of our available-for-sale debt securities are available to us for use in our current operations. As a result, we categorize all of
these securities as current assets even though the stated maturity of some individual securities may be one year or more beyond the balance sheet date.
We invest in debt securities with strong credit
ratings and an investment grade rating at or above A-1, P-1 or F-1 by Standard & Poor’s, Moody’s or Fitch, respectively.
At June 30, 2024, we had an
equity ownership interest of less than 20 percent in seven private companies and three public companies with which we conduct business.
The following is a summary of our investments (in thousands):
The following is a summary of our investments we consider to be temporarily impaired at June 30, 2024 (in thousands, except for number of investments):
We believe that the decline in value of these securities is temporary and is primarily related to the change in market interest rates
since purchase rather than underlying credit deterioration for any of the issuers. We believe it is more likely than not that we will be able to hold our debt securities with declines in value to maturity. Therefore, we intend to hold these securities
to maturity and anticipate full recovery of our debt securities’ amortized cost basis at maturity.
|
X | ||||||||||
- Definition The entire disclosure for investment. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- References No definition available.
|
Legal Proceedings |
6 Months Ended |
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Jun. 30, 2024 | |
Legal Proceedings [Abstract] | |
Legal Proceedings |
13. Legal Proceedings
From time to time, we are involved in legal proceedings arising in the ordinary course of our business. Periodically, we evaluate the
status of each legal matter and assess our potential financial exposure. If we consider the potential loss from any legal proceeding to be probable and we can reasonably estimate the amount, we accrue a liability for the estimated loss. The outcome of
any proceeding is not determinable in advance. Therefore, we are required to use significant judgment to determine the probability of a loss and whether the amount of the loss is reasonably estimable. Our assessment of a potential liability and the
amount of accruals we recorded are based only on the information available to us at the time. As additional information becomes available, we reassess the potential liability related to the legal proceeding and may revise our estimates.
There are no pending material legal proceedings to which we are a party or of which our property is the subject.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The entire disclosure for legal proceedings, legal contingencies, litigation, regulatory and environmental matters and other contingencies. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Stock-based Compensation Expense (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Expense |
The following table summarizes stock-based compensation expense for the three and six months ended June 30, 2024 and 2023 (in thousands):
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Weighted-Average Assumptions for Stock Options |
Employee Stock Options:
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Weighted-Average Assumptions for ESPP |
ESPP:
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X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Investments, Contract Maturity of Available-for-Sale Securities (Details) |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
Contract Maturity of Available-for-Sale Securities [Abstract] | |
One year or less | 75.00% |
After one year but within two years | 21.00% |
After two years but within three and a half years | 4.00% |
Total | 100.00% |
Maximum contract maturity period, range 1 | 1 year |
Maximum contract maturity period, range 2 | 2 years |
Maximum contract maturity period, range 3 | 3 years 6 months |
Percentage of available-for-sale securities with a maturity of less than two years | 96.00% |
X | ||||||||||
- Definition The percentage of available-for-sale debt securities that mature beyond one year but within two years of the balance sheet date. No definition available.
|
X | ||||||||||
- Definition The percentage of available-for-sale debt securities that mature beyond two years but within three and one-half years of the balance sheet date. No definition available.
|
X | ||||||||||
- Definition The aggregate percentage of all available-for-sale debt securities, regardless of maturity. No definition available.
|
X | ||||||||||
- Definition The percentage of available-for-sale debt securities that mature within one year of the balance sheet date. No definition available.
|
X | ||||||||||
- Definition The percentage of available-for-sale debt securities that mature within two years of the balance sheet date. No definition available.
|
X | ||||||||||
- Definition The maximum contract maturity period for the first range of available-for-sale securities, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
X | ||||||||||
- Definition The maximum contract maturity period for the second range of available-for-sale securities, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
X | ||||||||||
- Definition The maximum contract maturity period for the third range of available-for-sale securities, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
X | ||||||||||
- References No definition available.
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Investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Maturity of Available-for-Sale Securities |
The following table summarizes the contract maturity of the available-for-sale securities we held as of June 30, 2024:
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Summary of Investments |
The following is a summary of our investments (in thousands):
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Temporarily Impaired Investments |
The following is a summary of our investments we consider to be temporarily impaired at June 30, 2024 (in thousands, except for number of investments):
|
X | ||||||||||
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. No definition available.
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X | ||||||||||
- Definition Tabular disclosure of unrealized gains and losses on investments. No definition available.
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions |
Jun. 30, 2024
USD ($)
|
---|---|
1.75 Percent Convertible Senior Notes [Member] | |
Financing activities: | |
Interest rate on convertible senior notes | 1.75% |
0.125 Percent Convertible Senior Notes [Member] | |
Financing activities: | |
Interest rate on convertible senior notes | 0.125% |
Principal amount repurchased | $ 434.1 |
X | ||||||||||
- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Face (par) amount of the original debt instrument that was repurchased. No definition available.
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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Organization and Basis of Presentation (Details) |
6 Months Ended |
---|---|
Jun. 30, 2024
Segment
| |
Organization and Basis of Presentation [Abstract] | |
Number of operating segments | 1 |
X | ||||||||||
- Definition Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- References No definition available.
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Stock-based Compensation Expense |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation Expense |
9. Stock-based Compensation Expense
The following table summarizes stock-based compensation expense for the three and six months ended June 30, 2024 and 2023 (in thousands):
As of June 30, 2024, total
unrecognized estimated stock-based compensation expense related to non-vested stock options, RSUs and PRSUs was $61.6 million, $96.7 million and $13.8 million, respectively. Our
actual expenses may differ from these estimates because we will adjust our unrecognized stock-based compensation expense for future forfeitures, including any PRSUs that do not vest. We expect to recognize the cost of stock-based compensation expense
related to our non-vested stock options, RSUs and PRSUs over a weighted average amortization period of 1.3 years, 1.6 years and 1.9 years, respectively.
Refer to Part IV, Item 15, Note 1, Organization
and Significant Accounting Policies, of our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 for further details on how we determine the fair value of stock options granted, RSUs, PRSUs and stock purchase rights under the ESPP.
For the six months ended June 30, 2024 and 2023, we used the
following weighted-average assumptions in our Black-Scholes calculations:
Employee Stock Options:
ESPP:
RSUs:
The weighted-average grant date fair value of RSUs granted to employees for the six months ended June 30, 2024 and 2023 was $52.60 and $39.50 per share, respectively.
PRSUs:
Under the terms of the PRSUs we granted in 2024 and 2023, 100 percent of the PRSUs may vest at the end of the three-year performance period
based on our relative TSR as compared to a peer group of companies and as measured at the end of the performance period. Under the terms of the grants, no
number of PRSUs is guaranteed to vest and the actual number of PRSUs that will vest at the end of each performance period may be anywhere from zero
to 200 percent of the target number depending on our relative TSR.
The weighted-average grant date fair value of PRSUs we granted to our executive officers for the six months ended June 30, 2024 and 2023 was $78.41 and $58.99 per share, respectively.
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- Definition The entire disclosure for share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Income Taxes [Abstract] | ||||
Income tax expense | $ 64 | $ 7,842 | $ 140 | $ 19,223 |
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- References No definition available.
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Collaborative Arrangements and Licensing Agreements, Otsuka (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2024
USD ($)
PerformanceObligation
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
PerformanceObligation
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Revenue | $ 225,250 | $ 188,411 | $ 344,748 | $ 318,935 | |
Otsuka [Member] | |||||
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Upfront payment received | 20,000 | ||||
Maximum amount of payments receivable over term of collaboration | 290,000 | 290,000 | |||
Maximum amount of upfront payments over term of collaboration | 85,000 | 85,000 | |||
Maximum amount of regulatory milestone payments over term of collaboration | 65,000 | 65,000 | |||
Maximum amount of sales milestone payments over term of collaboration | 140,000 | 140,000 | |||
Cumulative payments received | $ 85,000 | $ 85,000 | |||
Number of separate performance obligations | PerformanceObligation | 2 | 2 | |||
Transaction price | $ 20,000 | $ 20,000 | |||
Revenue | 18,905 | $ 0 | 19,691 | $ 0 | |
Deferred contract revenue | $ 8,800 | $ 8,800 | $ 8,500 | ||
Otsuka [Member] | Revenue [Member] | Strategic Partner [Member] | |||||
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Concentration percentage | 8.00% | 0.00% | 6.00% | 0.00% | |
Otsuka [Member] | Maximum [Member] | |||||
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Royalty percentage received on net sales of medicine | 30.00% | ||||
Otsuka [Member] | Donidalorsen [Member] | |||||
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Next payment to be achieved | $ 15,000 | $ 15,000 | |||
Otsuka [Member] | License of Donidalorsen [Member] | |||||
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Transaction price | 17,500 | 17,500 | |||
Revenue | 17,500 | ||||
Otsuka [Member] | R&D Services for Donidalorsen [Member] | |||||
Collaborative Arrangement and Licensing Agreement [Abstract] | |||||
Transaction price | $ 2,500 | $ 2,500 |
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- References No definition available.
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- Definition Cumulative amount of payments received under the collaboration agreement as of the end of the reporting period. No definition available.
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- Definition The maximum amount of payments the Company is eligible to receive over the term of the collaboration. No definition available.
|
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- Definition The maximum amount of regulatory milestone payments to be received over the term of the collaboration. No definition available.
|
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- Definition The maximum amount of sales milestone payments to be received over the term of the collaboration. No definition available.
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- Definition The maximum amount of upfront payments to be received over the term of the collaboration. No definition available.
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- Definition The next payment to be achieved under the collaboration agreement. No definition available.
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- Definition The number of separate performance obligations under the collaboration agreement. No definition available.
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- Definition The amount of consideration the Company earned or is eligible to earn under the collaboration agreement, including any variable consideration. No definition available.
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- Definition Royalty percentage received on the net sales of a medicine by a collaboration partner under the collaboration agreement. No definition available.
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- Definition The amount of upfront payments received during the period under the collaboration agreement. No definition available.
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- Definition For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Collaborative Arrangements and Licensing Agreements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AstraZeneca [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangements and Licensing Agreements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Collaborative Relationship |
During the three and six months ended June 30, 2024 and 2023, we earned the following revenue from our relationship with AstraZeneca (in thousands, except percentage amounts):
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Biogen [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangements and Licensing Agreements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Collaborative Relationship |
During the three and six months ended June 30, 2024 and 2023, we earned the following revenue from our relationship with Biogen (in thousands, except percentage amounts):
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Otsuka [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangements and Licensing Agreements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Collaborative Relationship |
During the three and six months ended June 30, 2024 and 2023, we earned the following revenue from our relationship with Otsuka (in thousands, except percentage amounts):
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Roche [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangements and Licensing Agreements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Collaborative Relationship |
During the three and six months ended June 30, 2024 and 2023, we earned the following revenue from our relationship with Roche (in thousands, except percentage amounts):
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Revenue: | ||||
Revenue | $ 225,250 | $ 188,411 | $ 344,748 | $ 318,935 |
Expenses: | ||||
Cost of sales | 4,164 | 2,537 | 6,314 | 3,880 |
Research, development and patent | 222,064 | 229,927 | 436,280 | 427,740 |
Selling, general and administrative | 65,113 | 46,142 | 117,758 | 91,658 |
Total operating expenses | 291,341 | 278,606 | 560,352 | 523,278 |
Loss from operations | (66,091) | (90,195) | (215,604) | (204,343) |
Other income (expense): | ||||
Investment income | 25,599 | 20,792 | 51,884 | 39,419 |
Interest expense | (4,490) | (2,291) | (8,641) | (3,899) |
Interest expense related to sale of future royalties | (18,296) | (17,655) | (36,254) | (33,170) |
Gain (loss) on investments | (3,533) | 718 | (1,200) | 189 |
Other income | 610 | 11,183 | 887 | 11,414 |
Loss before income tax expense | (66,201) | (77,448) | (208,928) | (190,390) |
Income tax expense | (64) | (7,842) | (140) | (19,223) |
Net loss | $ (66,265) | $ (85,290) | $ (209,068) | $ (209,613) |
Basic net loss per share (in dollars per share) | $ (0.45) | $ (0.6) | $ (1.43) | $ (1.47) |
Diluted net loss per share (in dollars per share) | $ (0.45) | $ (0.6) | $ (1.43) | $ (1.47) |
Shares used in computing basic net loss per share (in shares) | 145,958 | 143,098 | 145,748 | 142,918 |
Shares used in computing diluted net loss per share (in shares) | 145,958 | 143,098 | 145,748 | 142,918 |
Commercial Revenue [Member] | ||||
Revenue: | ||||
Revenue | $ 72,036 | $ 77,897 | $ 131,629 | $ 145,664 |
SPINRAZA Royalties [Member] | ||||
Revenue: | ||||
Revenue | 56,743 | 61,012 | 95,198 | 111,258 |
WAINUA Royalties [Member] | ||||
Revenue: | ||||
Revenue | 3,781 | 0 | 4,907 | 0 |
Other Commercial Revenue [Member] | ||||
Revenue: | ||||
Revenue | 11,512 | 16,885 | 31,524 | 34,406 |
Research and Development Revenue [Member] | ||||
Revenue: | ||||
Revenue | 153,214 | 110,514 | 213,119 | 173,271 |
Collaborative Agreement Revenue [Member] | ||||
Revenue: | ||||
Revenue | 141,524 | 91,013 | 190,870 | 129,347 |
WAINUA Joint Development Revenue [Member] | ||||
Revenue: | ||||
Revenue | $ 11,690 | $ 19,501 | $ 22,249 | $ 43,924 |
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- Definition Amount of interest expense using the effective interest rate method and amortization of issuance costs related to the sale of future royalties. No definition available.
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- Definition The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects. Also includes charges for amortization and write-downs of capitalized patent costs, as well as legal fees for patent litigation and patent defense. No definition available.
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- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of realized and unrealized gain (loss) on investment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount after accretion (amortization) of discount (premium), and investment expense, of interest income and dividend income on nonoperating securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Investments, Investments Temporarily Impaired (Details) $ in Thousands |
Jun. 30, 2024
USD ($)
Investment
|
---|---|
Temporarily Impaired Investments [Abstract] | |
Number of investments | Investment | 664 |
Estimated Fair Value [Abstract] | |
Less than 12 months of temporary impairment | $ 1,260,824 |
More than 12 months of temporary impairment | 331,607 |
Total temporary impairment | 1,592,431 |
Unrealized Losses [Abstract] | |
Less than 12 months of temporary impairment | (2,522) |
More than 12 months of temporary impairment | (2,838) |
Total temporary impairment | $ (5,360) |
Corporate Debt Securities [Member] | |
Temporarily Impaired Investments [Abstract] | |
Number of investments | Investment | 440 |
Estimated Fair Value [Abstract] | |
Less than 12 months of temporary impairment | $ 517,394 |
More than 12 months of temporary impairment | 142,390 |
Total temporary impairment | 659,784 |
Unrealized Losses [Abstract] | |
Less than 12 months of temporary impairment | (1,155) |
More than 12 months of temporary impairment | (1,288) |
Total temporary impairment | $ (2,443) |
Debt Securities Issued by U.S. Government Agencies [Member] | |
Temporarily Impaired Investments [Abstract] | |
Number of investments | Investment | 108 |
Estimated Fair Value [Abstract] | |
Less than 12 months of temporary impairment | $ 173,618 |
More than 12 months of temporary impairment | 25,892 |
Total temporary impairment | 199,510 |
Unrealized Losses [Abstract] | |
Less than 12 months of temporary impairment | (482) |
More than 12 months of temporary impairment | (145) |
Total temporary impairment | $ (627) |
Debt Securities Issued by the U.S. Treasury [Member] | |
Temporarily Impaired Investments [Abstract] | |
Number of investments | Investment | 71 |
Estimated Fair Value [Abstract] | |
Less than 12 months of temporary impairment | $ 561,363 |
More than 12 months of temporary impairment | 154,006 |
Total temporary impairment | 715,369 |
Unrealized Losses [Abstract] | |
Less than 12 months of temporary impairment | (862) |
More than 12 months of temporary impairment | (1,378) |
Total temporary impairment | $ (2,240) |
Debt Securities Issued by States of the U.S. and Political Subdivisions of the States [Member] | |
Temporarily Impaired Investments [Abstract] | |
Number of investments | Investment | 45 |
Estimated Fair Value [Abstract] | |
Less than 12 months of temporary impairment | $ 8,449 |
More than 12 months of temporary impairment | 9,319 |
Total temporary impairment | 17,768 |
Unrealized Losses [Abstract] | |
Less than 12 months of temporary impairment | (23) |
More than 12 months of temporary impairment | (27) |
Total temporary impairment | $ (50) |
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- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in continuous unrealized loss position for more than 12 months, without allowance for credit loss. Includes beneficial interest in securitized financial asset. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of accumulated unrealized loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in continuous unrealized loss position for 12 months or longer, without allowance for credit loss. Includes beneficial interest in securitized financial asset. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in continuous unrealized loss position for less than 12 months, without allowance for credit loss. Includes beneficial interest in securitized financial asset. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of accumulated unrealized loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in continuous unrealized loss position for less than 12 months, without allowance for credit loss. Includes beneficial interest in securitized financial asset. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Number of investments in debt securities measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in continuous unrealized loss position for less than 12 months, without an allowance for credit loss. Includes beneficial interest in securitized financial asset. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position without allowance for credit loss. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of accumulated unrealized loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Convertible Debt (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions |
6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2021 |
Dec. 31, 2019 |
|
Convertible Debt [Abstract] | |||||
Repurchase of convertible senior notes | $ 0 | $ 420,158 | |||
1.75% Notes [Member] | |||||
Convertible Debt [Abstract] | |||||
Face amount of offering | $ 575,000 | ||||
Repurchase of convertible senior notes | $ 488,200 | ||||
Outstanding principal balance | 575,000 | ||||
Unamortized debt issuance costs | $ 11,400 | ||||
Maturity date | Jun. 30, 2028 | ||||
Interest rate | 1.75% | 1.75% | 1.75% | ||
Effective interest rate | 2.30% | ||||
Conversion price per share (in dollars per share) | $ 53.73 | ||||
Total shares of common stock subject to conversion (in shares) | 10.7 | ||||
Percentage of principal amount used as purchase price upon occurrence of fundamental change | 100.00% | ||||
0% Notes [Member] | |||||
Convertible Debt [Abstract] | |||||
Outstanding principal balance | $ 632,500 | ||||
Unamortized debt issuance costs | $ 5,500 | ||||
Maturity date | Apr. 30, 2026 | ||||
Interest rate | 0.00% | 0.00% | 0.00% | ||
Effective interest rate | 0.50% | ||||
Conversion price per share (in dollars per share) | $ 57.84 | ||||
Effective conversion price per share with call spread (in dollars per share) | $ 76.39 | ||||
Total shares of common stock subject to conversion (in shares) | 10.9 | ||||
Cost of call spread | $ 46,900 | ||||
Purchase of note hedges | 136,700 | ||||
Proceeds from issuance of warrants | $ 89,800 | ||||
Percentage of principal amount used as purchase price upon occurrence of fundamental change | 100.00% | ||||
0.125% Notes [Member] | |||||
Convertible Debt [Abstract] | |||||
Repurchase of convertible senior notes | $ 504,400 | ||||
Outstanding principal balance | $ 44,500 | ||||
Unamortized debt issuance costs | $ 100 | ||||
Maturity date | Dec. 31, 2024 | ||||
Interest rate | 0.125% | 0.125% | 0.125% | ||
Effective interest rate | 0.50% | ||||
Conversion price per share (in dollars per share) | $ 83.28 | ||||
Effective conversion price per share with call spread (in dollars per share) | $ 123.38 | ||||
Total shares of common stock subject to conversion (in shares) | 0.5 | ||||
Cost of call spread | $ 52,600 | ||||
Purchase of note hedges | 108,700 | ||||
Proceeds from issuance of warrants | $ 56,100 | ||||
Percentage of principal amount used as purchase price upon occurrence of fundamental change | 100.00% |
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- Definition The net cash outflow from payments for hedge transactions and proceeds from the issuance of warrants. The call spread transaction was entered into to minimize the impact of potential economic dilution upon conversion of the 0.125% notes issued. No definition available.
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- Definition The computed conversion price per share of the debt instrument based on the the conversion feature embedded in the debt instrument and the impact of the purchased hedges in the call spread transaction. No definition available.
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- Definition The percentage of the principal amount of the notes to be purchased, plus accrued and unpaid interest, upon the occurrence of certain fundamental changes, as set forth in the indenture governing the convertible notes. No definition available.
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- Definition The number of shares of common stock subject to conversion if the debt was converted to equity. No definition available.
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- References No definition available.
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- Definition Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The price per share of the conversion feature embedded in the debt instrument. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Date when the debt instrument is scheduled to be fully repaid, in YYYY-MM-DD format. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash outflow for a financial contract that meets the hedge criteria as either cash flow hedge, fair value hedge or hedge of net investment in foreign operations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash inflow from issuance of rights to purchase common shares at predetermined price (usually issued together with corporate debt). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow from the repayment of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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