A company still losing money with growing sales, with elevated risk. Institutions are adding.
Going well
Sales up 34% last year
Watch out for
About 17 months of cash left at its current burn
Losing money, losses are large next to sales
High debt: 3.71x equity
Money moves
Insiders sold $61K in the last 30 days
Institutions added 4% to their holdings in the quarter ending June 2026 (261 bought, 205 sold)
Held by Cathie Wood (ARK Invest)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$43.39+1.1% that day
Company value
$7.2B
Share price times all shares
Price vs sales
7.6x
No profit over the last year, so this compares value with sales instead
Cash vs value
5%
Cash as a share of company value
Debt vs value
25%
Debt as a share of company value
From IONS's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 12 quarters, from SEC filings
Profit, Jun '26
-$114.6M
Sep '23Tap a barJun '26
Last 12 months: -$565.2M.
What the price assumes
Your guesses, our math
Move the sliders to your own view of IONS. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).
Sales in 5 years$1.2B
Profit in 5 years$120M
Price these guesses point to$8.94-79% vs $43.39 todayAbout -27% a year, before dividends
What today's price needs: with a 10% margin and a 15x P/E, sales would have to grow about 44% a year for 5 years just to match today's price.
Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.
The checklist Warren Buffett-style investors use. Annual numbers for 2025.
0/6Weak
MissReturn on equity 15%+Earns a lot on the money owners have in the business.-70.8%
MissDebt under half of equityNot relying on borrowed money.3.71x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-40.4%
MissProfitable every yearSteady profits, not one good year.3 of 10 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$320.0M
MissShare count not growingNot diluting owners. Falling means buybacks.+12.8% in 3 years
Revenue
$943.7M
+33.8% vs prior year
5-year growth
+5.3%/yr
revenue, per year
Total debt
$1.8B
3.71x equity
Current ratio
3.83x
short-term assets / bills due
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Jul 29
EPS
-$0.69
vs $0.70
Free cash flow
$549.5M
Share count
-9.3%
vs a year ago
Insider rating
Last 90 days
42Mixed
2 insiders sold $61K (not pre-planned)
50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.
Weekly insider trend
13 weeks agoBoughtSoldThis week
Filing buzz
Last 7 days vs normal
65/ 100
This week
2
Normal week
1.1
vs normal
1.8x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+4.0%
Institutions added 4.0% to their holdings. 261 bought, 205 sold.
Shares held by institutions179.8M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+5.1%
Cash runwayAt last year's cash burn
16 months
Debt to equityLatest balance sheet: debt compared with what owners have
4.1x · $1.8B debt
Shares outstandingLatest reported
166M
Why elevated risk
Losing money, losses are large next to sales
About 16 months of cash left at its current burn
Share count growing 5.1% a year
High debt: 4.12x equity
Earnings reports
Last 12
Next reportIn 0 days (est.)Estimated from the same quarter last year
Results filedJul 29
Results filedApr 29
Results filedFeb 25
Results filedJan 12
Results filedOct 29, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days
No offerings, red flags or new big holders. Clean record.