$IRWD
IRONWOOD PHARMACEUTICALS INC Stock $irwd

$irwd Overview Financials Valuation SEC Filings Company Website

2019 Q4 Form 10-Q Financial Statement

#000155837019009567 Filed on October 31, 2019

Income Statement

Concept	2019 Q4	2019 Q3	2018 Q3
Revenue	$126.3M	$131.2M	$65.69M
YoY Change	-3.36%	99.69%	-24.32%
Cost Of Revenue	$11.00M	$506.0K	$4.616M
YoY Change	-48.84%	-89.04%	-24.33%
Gross Profit	$115.3M	$130.7M	$61.07M
YoY Change	5.59%	113.95%	-24.32%
Gross Profit Margin	91.29%	99.61%	92.97%
Selling, General & Admin	$39.20M	$40.92M	$50.54M
YoY Change	-22.38%	-19.03%	-18.23%
% of Gross Profit	34.0%	31.32%	82.75%
Research & Development	$26.50M	$27.55M	$29.16M
YoY Change	-6.03%	-5.51%	-21.41%
% of Gross Profit	22.98%	21.09%	47.75%
Depreciation & Amortization	$900.0K	$3.200M	$2.400M
YoY Change	-30.77%	33.33%	-35.14%
% of Gross Profit	0.78%	2.45%	3.93%
Operating Expenses	$65.70M	$68.47M	$79.69M
YoY Change	-16.52%	-14.08%	-20.39%
Operating Profit	$49.60M	$65.89M	-$146.6M
YoY Change	62.62%	-144.95%	655.52%
Interest Expense	-$2.000M	$10.46M	$9.482M
YoY Change	-90.7%	10.28%	-173.5%
% of Operating Profit	-4.03%	15.87%
Other Income/Expense, Net	-$1.735M	-$45.24M	-$5.252M
YoY Change	-91.93%	761.37%
Pretax Income	$47.90M	$20.65M	-$151.8M
YoY Change	470.24%	-113.6%	369.97%
Income Tax
% Of Pretax Income
Net Earnings	$47.86M	$20.65M	-$174.4M
YoY Change	-408.9%	-111.84%	439.79%
Net Earnings / Revenue	37.89%	15.74%	-265.43%
Basic Earnings Per Share	$0.31	$0.13
Diluted Earnings Per Share	$0.30	$0.13	-$1.138M
COMMON SHARES
Basic Shares Outstanding	156.8M	156.4K
Diluted Shares Outstanding		156.8K

Balance Sheet

Concept	2019 Q4	2019 Q3	2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments	$177.0M	$139.2M	$161.4M
YoY Change	2.19%	-13.75%	-28.39%
Cash & Equivalents	$177.0M	$139.2M	$141.6M
Short-Term Investments			$19.80M
Other Short-Term Assets	$12.00M	$19.60M	$21.70M
YoY Change	-3.23%	-9.68%	167.9%
Inventory	$648.0K	$2.298M	$100.0K
Prepaid Expenses
Receivables	$11.28M	$2.017M	$65.40M
Other Receivables	$0.00	$0.00	$0.00
Total Short-Term Assets	$306.9M	$257.6M	$248.5M
YoY Change	15.17%	3.68%	-20.89%
LONG-TERM ASSETS
Property, Plant & Equipment	$12.43M	$11.38M	$16.20M
YoY Change	62.43%	-29.75%	-5.81%
Goodwill	$785.0K	$785.0K
YoY Change	0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$790.0K	$20.00K	$151.2M
YoY Change	787.64%	-99.99%	16.58%
Total Long-Term Assets	$95.90M	$76.71M	$168.2M
YoY Change	46.15%	-54.4%	-45.92%
TOTAL ASSETS
Total Short-Term Assets	$306.9M	$257.6M	$248.5M
Total Long-Term Assets	$95.90M	$76.71M	$168.2M
Total Assets	$402.7M	$334.3M	$416.7M
YoY Change	21.29%	-19.76%	-33.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$3.978M	$4.505M	$9.300M
YoY Change	-73.29%	-51.56%	-46.86%
Accrued Expenses	$34.60M	$45.40M	$50.00M
YoY Change	-35.33%	-9.2%	19.9%
Deferred Revenue	$875.0K	$1.278M
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due	$0.00	$0.00	$39.40M
YoY Change	-100.0%	-100.0%	795.45%
Total Short-Term Liabilities	$40.93M	$52.80M	$112.6M
YoY Change	-65.76%	-53.11%	74.57%
LONG-TERM LIABILITIES
Long-Term Debt	$408.0M	$402.7M	$369.9M
YoY Change	11.38%	8.87%	-5.61%
Other Long-Term Liabilities	$734.0K	$492.0K	$131.4M
YoY Change	-70.99%	-99.63%	-29.43%
Total Long-Term Liabilities	$734.0K	$492.0K	$501.3M
YoY Change	-70.99%	-99.9%	-13.28%
TOTAL LIABILITIES
Total Short-Term Liabilities	$40.93M	$52.80M	$112.6M
Total Long-Term Liabilities	$734.0K	$492.0K	$501.3M
Total Liabilities	$41.66M	$53.29M	$613.9M
YoY Change	-65.87%	-91.32%	-4.48%
SHAREHOLDERS EQUITY
Retained Earnings	-$1.572B	-$1.620B
YoY Change	-1.19%
Common Stock	$1.479B	$1.467B
YoY Change	6.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$93.25M	-$153.0M	-$197.3M
YoY Change
Total Liabilities & Shareholders Equity	$402.7M	$334.3M	$416.7M
YoY Change	21.29%	-19.76%	-33.34%

Cashflow Statement

Concept	2019 Q4	2019 Q3	2018 Q3
OPERATING ACTIVITIES
Net Income	$47.86M	$20.65M	-$174.4M
YoY Change	-408.9%	-111.84%	439.79%
Depreciation, Depletion And Amortization	$900.0K	$3.200M	$2.400M
YoY Change	-30.77%	33.33%	-35.14%
Cash From Operating Activities	$27.60M	$34.70M	-$26.60M
YoY Change	196.77%	-230.45%	-14.74%
INVESTING ACTIVITIES
Capital Expenditures	-$2.700M	-$3.100M	-$2.100M
YoY Change	-18.18%	47.62%	40.0%
Acquisitions
YoY Change
Other Investing Activities	$0.00	$0.00	$16.40M
YoY Change	-100.0%	-100.0%	-41.64%
Cash From Investing Activities	-$2.600M	-$3.100M	$14.30M
YoY Change	-114.86%	-121.68%	-46.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	6.400M	8.700M	7.800M
YoY Change	30.61%	11.54%	-152.35%
NET CHANGE
Cash From Operating Activities	27.60M	34.70M	-26.60M
Cash From Investing Activities	-2.600M	-3.100M	14.30M
Cash From Financing Activities	6.400M	8.700M	7.800M
Net Change In Cash	31.40M	40.30M	-4.500M
YoY Change	-0.95%	-995.56%	-76.92%
FREE CASH FLOW
Cash From Operating Activities	$27.60M	$34.70M	-$26.60M
Capital Expenditures	-$2.700M	-$3.100M	-$2.100M
Free Cash Flow	$30.30M	$37.80M	-$24.50M
YoY Change	140.48%	-254.29%	-17.51%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value
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CY2018Q4	us-gaap	Commitments And Contingencies CommitmentsAndContingencies
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CY2018Q4	us-gaap	Preferred Stock Value PreferredStockValue
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CY2018Q4	us-gaap	Derivative Asset Valuation Technique Extensible List DerivativeAssetValuationTechniqueExtensibleList	us-gaap:ValuationTechniqueOptionPricingModelMember
CY2018Q4	us-gaap	Derivative Liability Valuation Technique Extensible List DerivativeLiabilityValuationTechniqueExtensibleList	us-gaap:ValuationTechniqueOptionPricingModelMember
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CY2018Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	154414691
	dei	Entity Registrant Name EntityRegistrantName	IRONWOOD PHARMACEUTICALS INC
	irwd	Transitional Services Agreement Initial Term Of Service Low End Of Range TransitionalServicesAgreementInitialTermOfServiceLowEndOfRange	P1Y
CY2018Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0
CY2019Q3	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0
	dei	Entity Central Index Key EntityCentralIndexKey	0001446847
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2019
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q3
	dei	Amendment Flag AmendmentFlag	false
	dei	Document Type DocumentType	10-Q
	dei	Document Quarterly Report DocumentQuarterlyReport	true
	dei	Document Period End Date DocumentPeriodEndDate	2019-09-30
	dei	Document Transition Report DocumentTransitionReport	false
	dei	Entity File Number EntityFileNumber	001-34620
	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	DE
	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	04-3404176
	dei	Entity Address Address Line1 EntityAddressAddressLine1	100 Summer Street
	dei	Entity Address Address Line2 EntityAddressAddressLine2	Suite 2300
	dei	Entity Address City Or Town EntityAddressCityOrTown	Boston
	dei	Entity Address State Or Province EntityAddressStateOrProvince	MA
	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	02110
	dei	City Area Code CityAreaCode	617
	dei	Local Phone Number LocalPhoneNumber	621-7722
	dei	Security12b Title Security12bTitle	Class A common stock, $0.001 par value
	dei	Entity Listing Par Value Per Share EntityListingParValuePerShare	0.001
	dei	Trading Symbol TradingSymbol	IRWD
	dei	Security Exchange Name SecurityExchangeName	NASDAQ
	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
	dei	Entity Small Business EntitySmallBusiness	false
	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
	dei	Entity Shell Company EntityShellCompany	false
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CY2018Q3	us-gaap	Income Loss From Discontinued Operations Net Of Tax IncomeLossFromDiscontinuedOperationsNetOfTax	-22528000
	us-gaap	Income Loss From Discontinued Operations Net Of Tax IncomeLossFromDiscontinuedOperationsNetOfTax	-37438000
	us-gaap	Income Loss From Discontinued Operations Net Of Tax IncomeLossFromDiscontinuedOperationsNetOfTax	-64356000
CY2019Q3	us-gaap	Net Income Loss NetIncomeLoss	20648000
CY2018Q3	us-gaap	Net Income Loss NetIncomeLoss	-174351000
	us-gaap	Net Income Loss NetIncomeLoss	-26353000
	us-gaap	Net Income Loss NetIncomeLoss	-266875000
CY2019Q3	us-gaap	Income Loss From Continuing Operations Per Basic And Diluted Share IncomeLossFromContinuingOperationsPerBasicAndDilutedShare	0.13
CY2018Q3	us-gaap	Income Loss From Continuing Operations Per Basic And Diluted Share IncomeLossFromContinuingOperationsPerBasicAndDilutedShare	-0.99
	us-gaap	Income Loss From Continuing Operations Per Basic And Diluted Share IncomeLossFromContinuingOperationsPerBasicAndDilutedShare	0.07
	us-gaap	Income Loss From Continuing Operations Per Basic And Diluted Share IncomeLossFromContinuingOperationsPerBasicAndDilutedShare	-1.33
CY2018Q3	us-gaap	Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare	-0.15
	us-gaap	Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare	-0.24
CY2019Q3	us-gaap	Net Income Loss NetIncomeLoss	20648000
	us-gaap	Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare	-0.42
CY2019Q3	us-gaap	Earnings Per Share Basic And Diluted EarningsPerShareBasicAndDiluted	0.13
CY2018Q3	us-gaap	Earnings Per Share Basic And Diluted EarningsPerShareBasicAndDiluted	-1.14
	us-gaap	Earnings Per Share Basic And Diluted EarningsPerShareBasicAndDiluted	-0.17
	us-gaap	Earnings Per Share Basic And Diluted EarningsPerShareBasicAndDiluted	-1.75
CY2019Q3	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	156436
CY2018Q3	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	153227
	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	155752
	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	152143
CY2018Q3	us-gaap	Net Income Loss NetIncomeLoss	-174351000
	us-gaap	Net Income Loss NetIncomeLoss	-26353000
	us-gaap	Net Income Loss NetIncomeLoss	-266875000
CY2018Q3	us-gaap	Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent	35000
	us-gaap	Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent	70000
CY2018Q3	us-gaap	Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent	35000
	us-gaap	Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent	70000
CY2019Q3	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	20648000
CY2018Q3	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	-174316000
	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	-26353000
	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	-266805000
CY2018Q4	us-gaap	Stockholders Equity StockholdersEquity	-196371000
CY2019Q1	irwd	Stock Issued During Period Value Share Based Awards And Employee Stock Purchase Plan StockIssuedDuringPeriodValueShareBasedAwardsAndEmployeeStockPurchasePlan	3488000
CY2019Q1	us-gaap	Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	14988000
CY2019Q1	us-gaap	Net Income Loss NetIncomeLoss	-59284000
CY2019Q1	us-gaap	Stockholders Equity StockholdersEquity	-237179000
CY2019Q2	irwd	Stock Issued During Period Value Share Based Awards And Employee Stock Purchase Plan Net Of Cancellations StockIssuedDuringPeriodValueShareBasedAwardsAndEmployeeStockPurchasePlanNetOfCancellations	1801000
CY2019Q2	us-gaap	Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	6337000
CY2019Q2	us-gaap	Dividends Dividends	2609000
CY2019Q2	us-gaap	Net Income Loss NetIncomeLoss	12283000
CY2019Q2	us-gaap	Stockholders Equity StockholdersEquity	-219367000
CY2019Q3	irwd	Stock Issued During Period Value Share Based Awards And Employee Stock Purchase Plan StockIssuedDuringPeriodValueShareBasedAwardsAndEmployeeStockPurchasePlan	1860000
CY2019Q3	us-gaap	Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	5520000
CY2019Q3	us-gaap	Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt	92502000
CY2019Q3	irwd	Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt Issuance Costs AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebtIssuanceCosts	2092000
CY2019Q3	irwd	Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt Repurchases AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebtRepurchases	26959000
CY2019Q3	irwd	Adjustments To Additional Paid In Capital Purchase Of Capped Calls AdjustmentsToAdditionalPaidInCapitalPurchaseOfCappedCalls	25159000
CY2019Q3	us-gaap	Net Income Loss NetIncomeLoss	20648000
CY2019Q3	us-gaap	Stockholders Equity StockholdersEquity	-153047000
CY2017Q4	us-gaap	Stockholders Equity StockholdersEquity	9848000
CY2018Q1	irwd	Stock Issued During Period Value Share Based Awards And Employee Stock Purchase Plan StockIssuedDuringPeriodValueShareBasedAwardsAndEmployeeStockPurchasePlan	6194000
CY2018Q1	us-gaap	Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	9062000
CY2018Q1	us-gaap	Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent	-12000
CY2018Q1	us-gaap	Net Income Loss NetIncomeLoss	-43144000
CY2018Q1	us-gaap	Stockholders Equity StockholdersEquity	-18052000
CY2018Q2	irwd	Stock Issued During Period Value Share Based Awards And Employee Stock Purchase Plan StockIssuedDuringPeriodValueShareBasedAwardsAndEmployeeStockPurchasePlan	12866000
CY2018Q2	us-gaap	Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	10568000
CY2018Q2	us-gaap	Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent	47000
CY2018Q2	us-gaap	Net Income Loss NetIncomeLoss	-49380000
CY2018Q2	us-gaap	Stockholders Equity StockholdersEquity	-43951000
CY2018Q3	irwd	Stock Issued During Period Value Stock Options Exercised Employee Stock Purchase Plan And Restricted Stock Units StockIssuedDuringPeriodValueStockOptionsExercisedEmployeeStockPurchasePlanAndRestrictedStockUnits	-8320000
CY2018Q3	us-gaap	Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	12652000
CY2018Q3	us-gaap	Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent	35000
CY2018Q3	us-gaap	Net Income Loss NetIncomeLoss	-174351000
CY2018Q3	us-gaap	Stockholders Equity StockholdersEquity	-197295000
	us-gaap	Profit Loss ProfitLoss	-26353000
	us-gaap	Profit Loss ProfitLoss	-266875000
	us-gaap	Depreciation Depreciation	4713000
	us-gaap	Depreciation Depreciation	3165000
	us-gaap	Amortization Of Intangible Assets AmortizationOfIntangibleAssets	8111000
	us-gaap	Impairment Of Intangible Assets Finitelived ImpairmentOfIntangibleAssetsFinitelived	151794000
	us-gaap	Gain Loss On Sale Of Property Plant Equipment GainLossOnSaleOfPropertyPlantEquipment	-109000
	us-gaap	Gain Loss On Sale Of Property Plant Equipment GainLossOnSaleOfPropertyPlantEquipment	1591000
	irwd	Gain Loss On Modification Of Lease GainLossOnModificationOfLease	3169000
	us-gaap	Share Based Compensation ShareBasedCompensation	25792000
	us-gaap	Share Based Compensation ShareBasedCompensation	30165000
	us-gaap	Fair Value Adjustment Of Warrants FairValueAdjustmentOfWarrants	740000
	us-gaap	Fair Value Adjustment Of Warrants FairValueAdjustmentOfWarrants	30590000
	irwd	Fair Value Adjustment Of Convertible Note Hedging Instrument FairValueAdjustmentOfConvertibleNoteHedgingInstrument	754000
	irwd	Fair Value Adjustment Of Convertible Note Hedging Instrument FairValueAdjustmentOfConvertibleNoteHedgingInstrument	-34586000
	irwd	Inventory Write Down Of Net Realizable Value And Loss Settlement On Non Cancellable Purchase Commitments InventoryWriteDownOfNetRealizableValueAndLossSettlementOnNonCancellablePurchaseCommitments	-3530000
	irwd	Inventory Write Down Of Net Realizable Value And Loss Settlement On Non Cancellable Purchase Commitments InventoryWriteDownOfNetRealizableValueAndLossSettlementOnNonCancellablePurchaseCommitments	247000
	irwd	Purchase Commitment Write Down Sample Supply PurchaseCommitmentWriteDownSampleSupply	390000
	us-gaap	Accretion Amortization Of Discounts And Premiums Investments AccretionAmortizationOfDiscountsAndPremiumsInvestments	157000
	us-gaap	Amortization Of Financing Costs And Discounts AmortizationOfFinancingCostsAndDiscounts	15532000
	us-gaap	Amortization Of Financing Costs And Discounts AmortizationOfFinancingCostsAndDiscounts	13044000
	us-gaap	Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1 BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1	-31045000
	us-gaap	Gains Losses On Extinguishment Of Debt GainsLossesOnExtinguishmentOfDebt	-30977000
	us-gaap	Increase Decrease In Receivables IncreaseDecreaseInReceivables	46712000
	us-gaap	Increase Decrease In Receivables IncreaseDecreaseInReceivables	-16782000
	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	421000
	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	13513000
	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	1086000
	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	713000
	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	-119000
	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	-37275000
	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	-6988000
	irwd	Increase Decrease In Accrued Research And Development Expense IncreaseDecreaseInAccruedResearchAndDevelopmentExpense	1021000
	irwd	Increase Decrease In Accrued Research And Development Expense IncreaseDecreaseInAccruedResearchAndDevelopmentExpense	-1241000
	irwd	Increase Decrease In Operating Lease Right Of Use Asset IncreaseDecreaseInOperatingLeaseRightOfUseAsset	-12091000
	irwd	Increase Decrease In Operating Lease Liability IncreaseDecreaseInOperatingLeaseLiability	-2680000
	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	1278000
	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	13521000
	irwd	Increase Decrease In Deferred Rent Payables IncreaseDecreaseInDeferredRentPayables	716000
	us-gaap	Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations	-28219000
	us-gaap	Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations	-88065000
	us-gaap	Cash Provided By Used In Operating Activities Discontinued Operations CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations	11364000
	us-gaap	Cash Provided By Used In Operating Activities Discontinued Operations CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations	7910000
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-16855000
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-80155000
	us-gaap	Payments To Acquire Available For Sale Securities Debt PaymentsToAcquireAvailableForSaleSecuritiesDebt	3241000
	us-gaap	Proceeds From Sale And Maturity Of Available For Sale Securities ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities	79312000
	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	4521000
	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	97000
	us-gaap	Proceeds From Sale Of Property Plant And Equipment ProceedsFromSaleOfPropertyPlantAndEquipment	261000
	us-gaap	Proceeds From Sale Of Property Plant And Equipment ProceedsFromSaleOfPropertyPlantAndEquipment	627000
	us-gaap	Net Cash Provided By Used In Investing Activities Continuing Operations NetCashProvidedByUsedInInvestingActivitiesContinuingOperations	-4260000
	us-gaap	Net Cash Provided By Used In Investing Activities Continuing Operations NetCashProvidedByUsedInInvestingActivitiesContinuingOperations	76601000
	us-gaap	Cash Provided By Used In Investing Activities Discontinued Operations CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations	-4223000
	us-gaap	Cash Provided By Used In Investing Activities Discontinued Operations CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations	-5223000
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-8483000
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	71378000
	us-gaap	Proceeds From Convertible Debt ProceedsFromConvertibleDebt	400000000
	irwd	Purchase Of Capped Calls PurchaseOfCappedCalls	25159000
	irwd	Proceeds From Partial Termination Of Convertible Note Hedges And Warrants ProceedsFromPartialTerminationOfConvertibleNoteHedgesAndWarrants	3174000
	irwd	Payments Of Convertible Debt Issuance Costs PaymentsOfConvertibleDebtIssuanceCosts	9048000
	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	7148000
	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	27152000
	us-gaap	Repayments Of Long Term Capital Lease Obligations RepaymentsOfLongTermCapitalLeaseObligations	1822000
	us-gaap	Repayments Of Convertible Debt RepaymentsOfConvertibleDebt	227338000
	us-gaap	Repayments Of Notes Payable RepaymentsOfNotesPayable	156409000
	us-gaap	Payment For Contingent Consideration Liability Financing Activities PaymentForContingentConsiderationLiabilityFinancingActivities	107000
	us-gaap	Net Cash Provided By Used In Financing Activities Continuing Operations NetCashProvidedByUsedInFinancingActivitiesContinuingOperations	-7632000
	us-gaap	Net Cash Provided By Used In Financing Activities Continuing Operations NetCashProvidedByUsedInFinancingActivitiesContinuingOperations	25223000
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-7632000
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	25223000
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-32970000
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	16446000
CY2018Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	180848000
CY2017Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	132792000
CY2019Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	147878000
CY2018Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	149238000
CY2019Q3	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	139231000
CY2018Q3	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	141562000
CY2019Q3	us-gaap	Restricted Cash RestrictedCash	8647000
CY2018Q3	us-gaap	Restricted Cash RestrictedCash	7676000
CY2019Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	147878000
CY2018Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	149238000
	us-gaap	Nature Of Operations NatureOfOperations	<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">1. Nature of Business</b></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Overview </span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">Ironwood Pharmaceuticals, Inc. (“Ironwood” or the “Company”) is a gastrointestinal (“GI”) focused healthcare company dedicated to creating medicines that make a difference for people living with GI diseases. The Company is advancing innovative product opportunities in areas of large unmet need, capitalizing on its proven development and commercial capabilities and its deep expertise in GI diseases. On April 1, 2019, the Company completed its tax-free spin-off of its soluble guanylate cyclase (“sGC”) business into a separate publicly traded company, Cyclerion Therapeutics, Inc. (“Cyclerion”).</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The Company’s commercial product, linaclotide, is available to adult men and women suffering from irritable bowel syndrome with constipation (“IBS-C”), or chronic idiopathic constipation (“CIC”), in certain countries around the world. As many as 13 million adults suffer from IBS-C and as many as 35 million adults suffer from CIC in the U.S. alone, according to our analysis of studies including P Pare, et al. (published in 2001 in the American Journal of Gastroenterology) and J.F. Johanson, et al. (published in 2007 in Alimentary Pharmacology and Therapeutics) and American College of Gastroenterology Chronic Constipation Task Force (2005), American Journal of Gastroenterology Vol. 100, No. S1, 2005. Symptoms of IBS-C include abdominal pain, discomfort or bloating and constipation symptoms (for example, incomplete evacuation, infrequent bowel movements, hard/lumpy stools), while CIC is primarily characterized by constipation symptoms. </p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:12pt;visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">Linaclotide is available under the trademarked name LINZESS<sup style="font-size:7.5pt;vertical-align:top;">®</sup> (linaclotide) to adult men and women suffering from IBS-C or CIC in the United States (the “U.S.”) and Mexico and to adult men and women suffering from IBS-C in Japan. Linaclotide is available under the trademarked name CONSTELLA<sup style="font-size:7.5pt;vertical-align:top;">®</sup><span style="white-space:pre-wrap;"> to adult men and women suffering from IBS-C or CIC in Canada, and to adult men and women suffering from IBS-C in certain European countries. </span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The Company has strategic partnerships with leading pharmaceutical companies to support the development and commercialization of linaclotide throughout the world. The Company and its partner, Allergan plc (together with its affiliates, “Allergan”), began commercializing LINZESS in the U.S. in December 2012. Under the Company’s collaboration with Allergan for North America, total net sales of LINZESS in the U.S., as recorded by Allergan, are reduced by commercial costs incurred by each party and the resulting amount is shared equally between the Company and Allergan. Allergan also has an exclusive license from the Company to develop and commercialize linaclotide in all countries other than China, including Hong Kong and Macau, Japan and the countries and territories of North America (the “Allergan License Territory”). On a country-by-country and product-by-product basis in the Allergan License Territory, Allergan pays the Company a royalty as a percentage of net sales of products containing linaclotide as an active ingredient. In addition, Allergan has exclusive rights to commercialize linaclotide in Canada as CONSTELLA and in Mexico as LINZESS. </p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">Astellas Pharma Inc. (“Astellas”), the Company’s partner in Japan, has an exclusive license to develop and commercialize linaclotide in Japan. In March 2017, Astellas began commercializing LINZESS for the treatment of adults with IBS-C in Japan, and in September 2018, Astellas began commercializing LINZESS for the treatment of adults with chronic constipation in Japan. On August 1, 2019, the Company amended and restated its license agreement with Astellas. Beginning in 2020, the Company will no longer be responsible for the supply of linaclotide active pharmaceutical ingredient (“API”) to Astellas (Note 4).</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">In October 2012, the Company and AstraZeneca AB (together with its affiliates, “AstraZeneca”), entered into a collaboration agreement to co-develop and co-commercialize linaclotide in China, including Hong Kong and Macau (the “AstraZeneca License Territory”). In January 2019, the National Medical Products Administration approved the marketing application for LINZESS for adults with IBS-C in China. On September 16, 2019, the Company amended its existing collaboration agreement with AstraZeneca. As of September 16, 2019, AstraZeneca has the exclusive right to develop, manufacture, and commercialize products containing linaclotide in the AstraZeneca License Territory (Note 4).</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The Company and Allergan are exploring ways to enhance the clinical profile of LINZESS by studying linaclotide in additional indications, populations, and formulations to assess its potential to treat various conditions. In June 2019, the Company announced positive topline data from its Phase IIIb trial demonstrating the efficacy and safety of LINZESS 290 mcg on the overall abdominal symptoms of bloating, pain and discomfort, in adult patients with IBS-C. </p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The Company and Allergan are advancing MD-7246, a delayed release form of linaclotide, as an oral, intestinal, non-opioid pain-relieving agent for patients suffering from abdominal pain associated with certain GI diseases. There are an estimated 16 million Americans who suffer from symptoms of IBS with diarrhea (“IBS-D”), according to Grundmann and Yoon in Irritable Bowel Syndrome: epidemiology, diagnosis and treatment: an update for health-care practitioners (published in the Journal of Gastroenterology and Hepatology in 2010) and the United States Census Bureau. In May 2019, the Company and Allergan initiated a Phase II clinical trial evaluating MD-7246 in adult patients with IBS-D.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The Company is advancing IW-3718, a gastric retentive formulation of a bile acid sequestrant, for the potential treatment of persistent gastroesophageal reflux disease (“GERD”). There are an estimated 10 million Americans who suffer regularly from symptoms of GERD, such as heartburn and regurgitation, despite receiving treatment with the current standard of care, a proton pump inhibitor, to suppress stomach acid, according to a study published in 2014 by HB El-Sarag, Sweet S, Winchester CC <i style="font-style:italic;">et al</i>. in <i style="font-style:italic;">Gut</i>; a Lieberman HCP Survey, 2019; a Lieberman GI patient landscape survey, 2010; a survey conducted by American Gastroenterological Association; and 2019 U.S. census data. In June 2018, the Company initiated two Phase III clinical trials evaluating the safety and efficacy of IW-3718 in patients with persistent GERD. </p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The Company periodically enters into co-promotion agreements to maximize its salesforce productivity, such as its co-promotion agreement with Allergan to perform sales detailing activities for VIBERZI for treatment for adults suffering from IBS-D. In August 2019, the Company entered into a disease education and promotional agreement with Alnylam Pharmaceuticals, Inc. (“Alnylam”) for Alnylam’s givosiran, an investigational RNAi therapeutic for the treatment of patients with acute hepatic porphyria (“AHP”). Under the agreement, the Company will perform disease awareness activities related to AHP and, if givosiran is approved by the U.S. Food and Drug Administration (“FDA”), future sales detailing activities of a product containing givosiran (Note 4).</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">On April 1, 2019, Ironwood completed the separation of its sGC business, and certain other assets and liabilities, into Cyclerion (the “Separation”). The Separation was effected by means of a distribution of all of the outstanding shares of common stock, with no par value, of Cyclerion through a dividend of all outstanding shares of Cyclerion’s common stock, to Ironwood’s stockholders of record as of the close of business on March 19, 2019 (Note 2). </p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">On June 11, 2019, the Company entered into a non-cancelable operating lease (the “Summer Street Lease”) for approximately 39,000 square feet of office space on the 23<sup style="font-size:7.5pt;vertical-align:top;">rd</sup> floor of 100 Summer Street, Boston, Massachusetts (the “Summer Street Property”). The Summer Street Property became the Company’s new headquarters in October 2019, replacing its prior headquarters at 301 Binney Street (Note 8). </p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/>In August 2019, the Company issued $200.0 million in aggregate principal amount of 0.75% Convertible Senior Notes due 2024 (the “2024 Convertible Notes”) and $200.0 million in aggregate principal amount of 1.50% Convertible Senior Notes due 2026 (the “2026 Convertible Notes”). The Company received net proceeds of approximately $391.0 million from the sale of the 2024 Convertible Notes and the 2026 Convertible Notes, after deducting fees and expenses of approximately $9.0 million.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The proceeds from the issuance of the 2024 Convertible Notes and the 2026 Convertible Notes were used in August 2019 to pay the cost of associated capped call transactions (the “Capped Calls”) and to repurchase $215.0 million aggregate principal amount of the existing 2.25% Convertible Senior Notes due 2022 (the “2022 Convertible Notes”). The proceeds from the issuance of the 2024 Convertible Notes and 2026 Convertible Notes were also used to redeem all of the outstanding principal balance of the 8.375% Notes due 2026 (the “2026 Notes”) on September 16, 2019 (Note 9). The Company retired the 2026 Notes, which had an outstanding aggregate principal balance of approximately $116.5 million, for a redemption price of approximately $123.0 million. During the three months ended September 30, 2019, the Company recognized a loss on extinguishment of debt of approximately $31.0 million related to the redemption of the 2026 Notes and the partial repurchase of the 2022 Convertible Notes. </p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Basis of Presentation</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The accompanying condensed consolidated financial statements and the related disclosures are unaudited and have been prepared in accordance with accounting principles generally accepted in the U.S. Additionally, certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the Securities and Exchange Commission on February 25, 2019 (the “2018 Annual Report on Form 10-K”).</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position as of September 30, 2019, and the results of its operations for the three and nine months ended September 30, 2019 and 2018, its statements of stockholders’ deficit for the three and nine months ended September 30, 2019 and 2018, and its cash flows for the nine months ended September 30, 2019 and 2018. The results of operations for the three and nine months ended September 30, 2019 and 2018 are not necessarily indicative of the results that may be expected for the full year or any other subsequent interim period.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/>The Company has presented its sGC business as discontinued operations in its condensed consolidated financial statements for all periods presented. The historical financial statements and footnotes have been recast accordingly (Note 2). For periods following the Separation, the Company continues to report financial results under one business segment.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Principles of Consolidation</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The accompanying condensed consolidated financial statements include the accounts of Ironwood and its wholly-owned subsidiaries as of September 30, 2019, Ironwood Pharmaceuticals Securities Corporation and Ironwood Pharmaceuticals GmbH. Cyclerion was a wholly-owned subsidiary until it became an independent, publicly-traded company on April 1, 2019. All intercompany transactions and balances are eliminated in consolidation. </p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The preparation of condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles requires the Company’s management to make estimates and judgments that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the amounts of revenues and expenses during the reported periods. On an on-going basis, the Company’s management evaluates its estimates, judgments and methodologies. Significant estimates and assumptions in the condensed consolidated financial statements include those related to revenue recognition; available-for-sale securities; accounts receivable; inventory valuation, and related reserves; impairment of long-lived assets, including goodwill; valuation procedures for right-of-use assets and operating lease liabilities; initial valuation procedures for the issuance and repurchase of convertible notes; valuation of assets and liabilities held for disposition and losses related to discontinued operations; fair value of derivatives; balance sheet classification of notes payable and convertible notes; income taxes, including the valuation allowance for deferred tax assets; research and development expenses; contingencies and share-based compensation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ materially from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known. </p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Reclassifications of Prior Period Financial Statements</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">Certain prior period financial statement items, such as discontinued operations, have been reclassified to conform to current period presentation.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Summary of Significant Accounting Policies</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The Company’s significant accounting policies are described in Note 2,<i style="font-style:italic;"> Summary of Significant Accounting Policies</i>, in the 2018 Annual Report on Form 10-K. During the nine months ended September 30, 2019, the Company adopted the following additional significant accounting policies:</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Discontinued Operations</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">During the three months ended June 30, 2019, the Company determined that its sGC business met the criteria for classification as a discontinued operation in accordance with Accounting Standards Codification (“ASC”) Subtopic 205-20, <i style="font-style:italic;">Discontinued Operations</i> (“ASC 205-20”). Accordingly, the accompanying condensed consolidated financial statements for all periods presented have been recast to present the assets and liabilities associated with the sGC business as held for disposition and the expenses directly associated with the sGC business as discontinued operations. For additional information related to discontinued operations, refer to Note 2, <i style="font-style:italic;">Cyclerion Separation</i>, to these condensed consolidated financial statements.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><span style="font-style:italic;font-weight:bold;">Leases</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">Effective January 1, 2019, the Company adopted ASC Topic 842, <i style="font-style:italic;">Leases</i> (“ASC 842”), using the optional transition method. The adoption of ASC 842 represents a change in accounting principle that aims to increase transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities on the balance sheet for both operating and finance leases. In addition, the standard requires enhanced disclosures that meet the objective of enabling financial statement users to assess the amount, timing, and uncertainty of cash flows arising from leases. The reported results for the three and nine months ended September 30, 2019 reflect the application of ASC 842 guidance, while the reported results for prior periods were prepared in conjunction with ASC Topic 840, <i style="font-style:italic;">Leases</i> (“ASC 840”). Because there were no material changes to the values of capital leases as a result of adoption of ASC 842, the Company concluded that no cumulative-effect adjustment to the accumulated deficit as of January 1, 2019 was necessary.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The recognition of right-of-use assets and lease liabilities related to the Company’s operating leases under ASC 842 has had a material impact on the Company’s condensed consolidated financial statements. </p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">As part of the ASC 842 adoption, the Company elected certain practical expedients outlined in the guidance. These practical expedients include:</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><table style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.37;text-align:left;">Accounting policy election to use the short-term lease exception by asset class;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.37;text-align:left;">Election of the practical expedient </span><span style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.37;text-align:left;">package</span><span style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.37;text-align:left;"> during transition, which includes:</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:72pt;"/><td style="font-family:'Courier New';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">o</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.37;text-align:left;">An entity need not reassess whether any expired or existing contracts are or contain leases. </span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:72pt;"/><td style="font-family:'Courier New';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">o</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.37;text-align:left;">An entity need not reassess the classification for any expired or existing leases. As a result, all leases that were classified as operating leases in accordance with ASC 840 are classified as operating leases under ASC 842, and all leases that were classified as capital leases in accordance with ASC 840 are classified as finance leases under ASC 842.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:72pt;"/><td style="font-family:'Courier New';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">o</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.37;text-align:left;">An entity need not reassess initial direct costs for any existing leases.</span></td></tr></table><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">Subsequent to the Company’s adoption of ASC 842, the Company elected the post-transition practical expedient, by class of underlying asset, to account for lease components and non-lease components together as a single component for the asset class of operating lease right-of-use real estate assets.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The Company’s lease portfolio for the three and nine months ended September 30, 2019 includes: leases for its prior and current headquarters locations, a data center colocation lease, vehicle leases for its salesforce representatives, and leases for computer and office equipment. The Company determines if an arrangement is a lease at the inception of the contract. The asset component of the Company’s operating leases is recorded as operating lease right-of-use assets, and the liability component is recorded as current portion of operating lease liabilities and operating lease liabilities, net of current portion in the Company’s condensed consolidated balance sheets. As of September 30, 2019, the Company did not have any finance leases.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">Right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at the lease inception date. Existing leases in the Company’s lease portfolio as of the adoption date were valued as of January 1, 2019. The Company uses an incremental borrowing rate based on the information available at lease inception in determining the present value of lease payments, if an implicit rate of return is not provided with the lease contract. Operating lease right-of-use assets are adjusted for incentives expected to be received.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">Right-of-use assets and operating lease liabilities are remeasured upon certain modifications to leases using the present value of remaining lease payments and estimated incremental borrowing rate upon lease modification. </p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">Lease cost is recognized on a straight-line basis over the lease term, and includes amounts related to short-term leases. The Company recognizes variable lease payments as operating expenses in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space leased by the Company.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Derivative Assets and Liabilities</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">In June 2015, in connection with the issuance of the 2022 Convertible Notes, the Company entered into convertible note hedge transactions (the “Convertible Note Hedges”). Concurrently with entering into the Convertible Note Hedges, the Company also entered into certain warrant transactions in which it sold note hedge warrants (the “Note Hedge Warrants”) to the Convertible Note Hedge counterparties to acquire shares of the Company’s Class A common stock, subject to customary anti-dilution adjustments (Note 12). In connection with the partial repurchase of the 2022 Convertible Notes in August 2019, the Company terminated its Convertible Note Hedges and Note Hedge Warrants proportionately. These instruments are derivative financial instruments under ASC Topic 815, <i style="font-style:italic;">Derivatives and Hedging</i> (“ASC 815”).</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">These derivatives are recorded as assets or liabilities at fair value each reporting period and the fair value is determined using the Black-Scholes option-pricing model. The changes in fair value are recorded as a component of other (expense) income in the consolidated statements of operations. Significant inputs used to determine the fair value include the price per share of the Company’s Class A common stock on the date of valuation, time to maturity of the derivative instruments, the strike prices of the derivative instruments, the risk-free interest rate, and the volatility of the Company’s Class A common stock. Changes to these inputs could materially affect the valuation of the Convertible Note Hedges and Note Hedge Warrants in future periods.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">In August 2019, in connection with the issuance of the 2024 Convertible Notes and the 2026 Convertible Notes, the Company entered into the Capped Calls with certain financial institutions. Subject to customary anti-dilution and certain other adjustments, the Capped Calls cover the same number of shares of Class A common stock that initially underlie the 2024 Convertible Notes and the 2026 Convertible Notes. These instruments meet the conditions outlined in ASC 815 to be classified in stockholders’ deficit and are not subsequently remeasured as long as the conditions for equity classification continue to be met. </p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="background-color:#ffff00;visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">New Accounting Pronouncements </span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="text-decoration:underline;visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Except as set forth below, the Company did not adopt any new accounting pronouncements during the three and nine months ended September 30, 2019 that had a material effect on its condensed consolidated financial statements.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">In February 2016, the FASB issued ASU No. 2016-02, <i style="font-style:italic;">Leases</i> (“ASU 2016-02”), which supersedes the lease accounting requirements in ASC 840 and most industry-specific guidance with ASC 842. ASU 2016-02 requires the identification of arrangements that should be accounted for as leases by lessees. In general, lease arrangements exceeding a 12-month term must now be recognized as assets and liabilities on the balance sheet of the lessee. Under ASU 2016-02, a right-of-use asset and lease obligation are recorded for all leases, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization and interest expense for financing leases. The balance sheet amounts recorded for existing leases at the date of adoption of ASU 2016-02 must be calculated using the applicable incremental borrowing rate at the date of adoption. ASU 2016-02 is effective for fiscal </p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. Subsequent to the issuance of ASU 2016-02, the FASB issued ASU No. 2018-10, <i style="font-style:italic;">Leases (Topic 842), Codification Improvements</i> (“ASU 2018-10”), ASU No. 2018-11, <i style="font-style:italic;">Leases (Topic 842), Targeted Improvements </i>(“ASU 2018-11”)<i style="font-style:italic;">,</i> and ASU No. 2019-01 <i style="font-style:italic;">Leases (Topic 842), Codification Improvements </i>(“ASU 2019-01”) to provide additional guidance for the adoption of Topic 842<i style="font-style:italic;">.</i> ASU 2018-10 clarifies certain provisions and corrects unintended applications of the guidance, such as the rate implicit in a lease, impairment of the net investment in a lease, lessee reassessment of lease classifications, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments. The amendments in ASU 2018-11 allow for an additional transition method, whereby at the adoption date the entity recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption, while the comparative period disclosures continue recognition under ASC 840. Additionally, ASU 2018-11 includes a practical expedient for separating contract components for lessors<i style="font-style:italic;">. </i>The Company adopted ASC 842 using the optional transition method outlined in ASU 2018-11 as of January 1, 2019. The adoption of ASC 842 resulted in the recognition of operating lease right-of-use assets of approximately $88.3 million and corresponding lease liabilities of approximately $94.9 million. The adoption of these ASUs did not have a material impact on the Company’s results of operations; however, the adoption resulted in significant changes to the Company’s financial statement disclosures.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">In June 2016, the FASB issued ASU No. 2016-13, <i style="font-style:italic;">Measurement of Credit Losses on Financial Instruments</i> (“ASU 2016-13”). ASU 2016-13 will change how companies account for credit losses for most financial assets and certain other instruments. For trade receivables, loans and held-to-maturity debt securities, companies will be required to recognize an allowance for credit losses rather than reducing the carrying value of the asset. Subsequent to the issuance of ASU 2016-13, the FASB issued ASU No. 2019-04, <i style="font-style:italic;">Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments</i> (“ASU 2019-04”) and ASU No. 2019-05, <i style="font-style:italic;">Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief</i> (“ASU 2019-05”) to provide additional guidance on the adoption of ASU 2016-13. ASU 2019-04 added Topic 326, Financial Instruments—Credit Losses, and made several amendments to the codification and also modified the accounting for available-for-sale debt securities. ASU 2019-05 provides targeted transition relief by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. ASU 2016-13, ASU 2019-04 and ASU 2019-05 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption<span style="white-space:pre-wrap;"> is permitted. The Company is currently evaluating the potential impact that the adoption of these ASUs will have on the Company’s financial position and results of operations.</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">In January 2017, the FASB issued ASU No. 2017-04, <i style="font-style:italic;">Intangibles—Goodwill and Other (Topic 350)</i> (“ASU 2017-04”) to simplify the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company is evaluating the potential impact that the adoption of ASU 2017-04 may have on the Company’s financial position and results of operations. </p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">In June 2018, the FASB issued ASU No. 2018-07, <i style="font-style:italic;">Compensation—Stock Compensation (Topic 718) </i>(“Topic 718”): <i style="font-style:italic;">Improvements to Nonemployee Share-Based Payment Accounting </i>(“ASU 2018-07”)<i style="font-style:italic;">.</i> ASU 2018-07 expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees, and as a result, the accounting for share-based payments to non-employees will be substantially aligned. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted but not earlier than an entity’s adoption date of Topic 606. The Company adopted this standard during the three months ended March 31, 2019. The adoption of ASU 2018-07 did not have a material impact on the Company’s financial position and results of operations.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">In July 2018, the FASB issued ASU 2018-09, <i style="font-style:italic;">Codification Improvements </i>(“ASU 2018-09”). The amendments in ASU 2018-09 affect a wide variety of Topics in the FASB codification and apply to all reporting entities within the scope of the affected accounting guidance. The Company has evaluated ASU 2018-09 in its entirety and determined that the amendments related to Topic 718-740, <i style="font-style:italic;">Compensation—Stock Compensation—Income Taxes</i>, are the only provisions that currently apply to the Company. The amendments in ASU 2018-09 related to Topic 718-740, <i style="font-style:italic;">Compensation—Stock Compensation—Income Taxes</i>, clarify that an entity should recognize excess tax benefits related to stock compensation transactions in the period in which the amount of the deduction is determined. The amendments in ASU 2018-09 related to Topic 718-740 are effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company adopted this standard during the three months ended March 31, 2019. The adoption of this standard did not have a material impact on the Company’s financial position and results of operations.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">In August 2018, the FASB issued ASU No. 2018-13, <i style="font-style:italic;">Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirement for Fair Value Measurement </i>(“ASU 2018-13”) which amends the disclosure requirements for fair value measurements. The amendments in ASU 2018-13 are effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the potential impact that the adoption of ASU 2018-13 may have on the Company’s financial position and results of operations.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">In August 2018, the FASB issued ASU No. 2018-15, <i style="font-style:italic;">Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (a consensus of the FASB Emerging Issues Task Force)</i> (“ASU 2018-15)” which provides additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The amendments in ASU 2018-15 are effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the potential impact that the adoption of ASU 2018-15 may have on the Company’s financial position and results of operations.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">In October 2018, the FASB issued ASU No. 2018-17, <i style="font-style:italic;">Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities </i>(“ASU 2018-17”). The update is intended to improve general purpose financial<i style="font-style:italic;"> </i>reporting by considering indirect interests held through related parties in common control arrangements on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The amendments in ASU 2018-17 will be effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The<i style="font-style:italic;"> </i>Company is currently evaluating the potential impact that the adoption of ASU 2018-17 may have on the Company’s<i style="font-style:italic;"> </i>financial position and results of operations.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">In July 2019, the FASB issued ASU No. 2019-07, <i style="font-style:italic;">Disclosure Update and Simplification and Investment Company Reporting Modernization </i>(“ASU 2019-07”). The update is intended to simplify disclosure requirements to reflect the amendments of various Securities and Exchange Commission (“SEC”) disclosure requirements that the SEC determined were redundant, duplicative, overlapping, outdated or superseded and is effective upon issuance. The<i style="font-style:italic;"> </i>adoption of ASU 2019-07 did not have a material impact on the Company’s financial position, results of operations, or financial statement disclosures.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-family:'TimesNewRomanPSMT';visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/>No other accounting standards known by the Company to be applicable to it that have been issued by the FASB or other standard-setting bodies and that do not require adoption until a future date are expected to have a material impact on the Company’s consolidated financial statements upon adoption.</p>
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CY2018Q3	us-gaap	Number Of Reportable Segments NumberOfReportableSegments	1
CY2019Q3	us-gaap	Number Of Reportable Segments NumberOfReportableSegments	1
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	us-gaap	Use Of Estimates UseOfEstimates	<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The preparation of condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles requires the Company’s management to make estimates and judgments that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the amounts of revenues and expenses during the reported periods. On an on-going basis, the Company’s management evaluates its estimates, judgments and methodologies. Significant estimates and assumptions in the condensed consolidated financial statements include those related to revenue recognition; available-for-sale securities; accounts receivable; inventory valuation, and related reserves; impairment of long-lived assets, including goodwill; valuation procedures for right-of-use assets and operating lease liabilities; initial valuation procedures for the issuance and repurchase of convertible notes; valuation of assets and liabilities held for disposition and losses related to discontinued operations; fair value of derivatives; balance sheet classification of notes payable and convertible notes; income taxes, including the valuation allowance for deferred tax assets; research and development expenses; contingencies and share-based compensation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ materially from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known. </p>
	us-gaap	Prior Period Reclassification Adjustment Description PriorPeriodReclassificationAdjustmentDescription	<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Reclassifications of Prior Period Financial Statements</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;"></span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">Certain prior period financial statement items, such as discontinued operations, have been reclassified to conform to current period presentation.</p>
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CY2019Q3	us-gaap	Lease Practical Expedient Lessor Single Lease Component LeasePracticalExpedientLessorSingleLeaseComponent	true
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	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	64754000
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CY2019Q3	irwd	Fair Value Transfer Between Measurement Levels FairValueTransferBetweenMeasurementLevels	0
	irwd	Fair Value Transfer Between Measurement Levels FairValueTransferBetweenMeasurementLevels	0
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CY2019Q3	us-gaap	Lease Cost LeaseCost	7273000
	us-gaap	Lease Cost LeaseCost	16375000
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	irwd	Right Of Use Asset Obtained In Exchange For Operating Lease Liability Upon Adoption Of New Accounting Standard Codification RightOfUseAssetObtainedInExchangeForOperatingLeaseLiabilityUponAdoptionOfNewAccountingStandardCodification	88299000
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CY2019Q3	us-gaap	Operating Lease Weighted Average Discount Rate Percent OperatingLeaseWeightedAverageDiscountRatePercent	0.054
CY2019Q3	us-gaap	Lessee Operating Lease Liability Payments Remainder Of Fiscal Year LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear	9729000
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CY2019Q3	us-gaap	Lessee Operating Lease Liability Payments Due Year Three LesseeOperatingLeaseLiabilityPaymentsDueYearThree	3128000
CY2019Q3	us-gaap	Lessee Operating Lease Liability Payments Due Year Four LesseeOperatingLeaseLiabilityPaymentsDueYearFour	3129000
CY2019Q3	us-gaap	Lessee Operating Lease Liability Payments Due Year Five LesseeOperatingLeaseLiabilityPaymentsDueYearFive	3065000
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CY2019Q3	us-gaap	Lessee Operating Lease Liability Payments Due LesseeOperatingLeaseLiabilityPaymentsDue	41367000
CY2019Q3	us-gaap	Lessee Operating Lease Liability Undiscounted Excess Amount LesseeOperatingLeaseLiabilityUndiscountedExcessAmount	8773000
CY2019Q3	us-gaap	Operating Lease Liability OperatingLeaseLiability	32594000
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CY2019Q3	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	22660000
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CY2018Q4	us-gaap	Operating Leases Future Minimum Payments Due In Two Years OperatingLeasesFutureMinimumPaymentsDueInTwoYears	18312000
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CY2018Q4	us-gaap	Operating Leases Future Minimum Payments Due Thereafter OperatingLeasesFutureMinimumPaymentsDueThereafter	22118000
CY2018Q4	us-gaap	Operating Leases Future Minimum Payments Due OperatingLeasesFutureMinimumPaymentsDue	117212000
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Files In Submission

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$IRWD
IRONWOOD PHARMACEUTICALS INC Stock $irwd

2019 Q4 Form 10-Q Financial Statement

#000155837019009567 Filed on October 31, 2019

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$IRWD IRONWOOD PHARMACEUTICALS INC Stock $irwd

2019 Q4 Form 10-Q Financial Statement

#000155837019009567 Filed on October 31, 2019

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$IRWD
IRONWOOD PHARMACEUTICALS INC Stock $irwd