$IRWD
IRONWOOD PHARMACEUTICALS INC

2020 Q2 Form 10-Q Financial Statement

#000155837020009637 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $89.43M $102.2M
YoY Change -12.51% 26.03%
Cost Of Revenue $0.00 $11.31M
YoY Change -100.0% 178.3%
Gross Profit $89.40M $90.90M
YoY Change -1.65% 17.99%
Gross Profit Margin 99.96% 88.93%
Selling, General & Admin $34.64M $43.25M
YoY Change -19.89% -27.65%
% of Gross Profit 38.75% 47.57%
Research & Development $22.08M $28.76M
YoY Change -23.24% 24.03%
% of Gross Profit 24.69% 31.64%
Depreciation & Amortization $600.0K $300.0K
YoY Change 100.0% -94.23%
% of Gross Profit 0.67% 0.33%
Operating Expenses $56.72M $72.00M
YoY Change -21.23% -13.2%
Operating Profit $32.71M $21.58M
YoY Change 51.61% -247.01%
Interest Expense $7.318M $9.430M
YoY Change -22.4% 0.5%
% of Operating Profit 22.37% 43.7%
Other Income/Expense, Net -$7.509M -$9.294M
YoY Change -19.21% -1.75%
Pretax Income $25.20M $12.30M
YoY Change 104.91% -151.04%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $25.20M $12.28M
YoY Change 105.19% -124.87%
Net Earnings / Revenue 28.18% 12.02%
Basic Earnings Per Share $0.16 $0.08
Diluted Earnings Per Share $0.16 $0.08
COMMON SHARES
Basic Shares Outstanding 159.4M 155.8K
Diluted Shares Outstanding 159.9M 155.8K

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $253.3M $98.90M
YoY Change 156.12% -45.42%
Cash & Equivalents $253.3M $98.91M
Short-Term Investments
Other Short-Term Assets $15.70M $16.60M
YoY Change -5.42% -0.6%
Inventory $0.00 $1.735M
Prepaid Expenses
Receivables $105.4M $22.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $374.3M $221.0M
YoY Change 69.37% -20.94%
LONG-TERM ASSETS
Property, Plant & Equipment $11.19M $6.665M
YoY Change 67.89% -59.11%
Goodwill $785.0K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $820.0K $26.00K
YoY Change 3053.85% -99.98%
Total Long-Term Assets $69.26M $94.74M
YoY Change -26.89% -72.03%
TOTAL ASSETS
Total Short-Term Assets $374.3M $221.0M
Total Long-Term Assets $69.26M $94.74M
Total Assets $443.5M $315.7M
YoY Change 40.48% -48.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.104M $7.872M
YoY Change -73.27% -66.92%
Accrued Expenses $23.00M $52.20M
YoY Change -55.94% 20.83%
Deferred Revenue $875.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $48.80M
YoY Change 78.75%
Total Short-Term Liabilities $26.70M $110.9M
YoY Change -75.92% 16.7%
LONG-TERM LIABILITIES
Long-Term Debt $418.9M $352.7M
YoY Change 18.77% -7.14%
Other Long-Term Liabilities $602.0K $2.626M
YoY Change -77.08% -98.6%
Total Long-Term Liabilities $602.0K $2.626M
YoY Change -77.08% -99.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.70M $110.9M
Total Long-Term Liabilities $602.0K $2.626M
Total Liabilities $27.30M $113.5M
YoY Change -75.95% -82.86%
SHAREHOLDERS EQUITY
Retained Earnings -$1.544B -$1.641B
YoY Change -5.92%
Common Stock $1.507B $1.421B
YoY Change 6.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$36.85M -$219.4M
YoY Change
Total Liabilities & Shareholders Equity $443.5M $315.7M
YoY Change 40.48% -48.93%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $25.20M $12.28M
YoY Change 105.19% -124.87%
Depreciation, Depletion And Amortization $600.0K $300.0K
YoY Change 100.0% -94.23%
Cash From Operating Activities $20.10M -$9.200M
YoY Change -318.48% -59.47%
INVESTING ACTIVITIES
Capital Expenditures -$400.0K $1.800M
YoY Change -122.22% -205.88%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$4.300M
YoY Change -100.0% -130.5%
Cash From Investing Activities -$400.0K -$2.400M
YoY Change -83.33% -119.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.400M -7.500M
YoY Change -132.0% -161.98%
NET CHANGE
Cash From Operating Activities 20.10M -9.200M
Cash From Investing Activities -400.0K -2.400M
Cash From Financing Activities 2.400M -7.500M
Net Change In Cash 22.10M -19.10M
YoY Change -215.71% -1161.11%
FREE CASH FLOW
Cash From Operating Activities $20.10M -$9.200M
Capital Expenditures -$400.0K $1.800M
Free Cash Flow $20.50M -$11.00M
YoY Change -286.36% -47.62%

Facts In Submission

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dei Entity Registrant Name
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IRONWOOD PHARMACEUTICALS, INC.
dei Entity Incorporation State Country Code
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dei Security12b Title
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">1. Nature of Business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="white-space:pre-wrap;">Ironwood Pharmaceuticals, Inc. (“Ironwood” or the “Company”) is a gastrointestinal (“GI”) healthcare company dedicated to advancing the treatment of GI diseases and redefining the standard of care for millions of GI patients. The Company is focused on the development and commercialization of innovative GI product opportunities in areas of large unmet need, leveraging its demonstrated expertise and capabilities in GI diseases. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">LINZESS<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup> (linaclotide), the Company’s commercial product, is the first product approved by the United States Food and Drug Administration (the “U.S. FDA”) in a class of GI medicines called guanylate cyclase type C agonists, and is indicated for adult men and women suffering from irritable bowel syndrome with constipation (“IBS-C”) or chronic idiopathic constipation (“CIC”).<span style="font-size:12pt;"> </span>LINZESS is available 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 and China. Linaclotide is available under the trademarked name CONSTELLA<sup style="font-size:7.5pt;line-height:100%;top:0pt;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','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';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. <span style="background-color:#ffffff;color:#212529;">The Company and its partner, AbbVie Inc. (together with its affiliates, “AbbVie”) (successor to Allergan plc (together with its affiliates) (“Allergan”)), began commercializing LINZESS in the U.S. in December 2012.</span><span style="display:inline-block;width:15.86pt;"/></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="background-color:#ffffff;color:#212529;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">In May 2020, AbbVie announced the completion of its acquisition of Allergan. The Company’s collaboration, now with AbbVie, for the development and commercialization of linaclotide in North America, and the Company’s license, now to AbbVie, to develop and commercialize linaclotide in all countries worldwide other than China (including Hong Kong and Macau) and Japan, remain in effect. Under the Company’s collaboration with <span style="background-color:#ffffff;color:#212529;">AbbVie</span> for North America, total net sales of LINZESS in the U.S., as recorded by <span style="background-color:#ffffff;color:#212529;">AbbVie</span>, are reduced by commercial costs incurred by each party, and the resulting amount is shared equally between the Company and <span style="background-color:#ffffff;color:#212529;">AbbVie</span>. <span style="background-color:#ffffff;color:#212529;">AbbVie</span> 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 “<span style="background-color:#ffffff;color:#212529;">AbbVie</span> License Territory”). On a country-by-country and product-by-product basis in the <span style="background-color:#ffffff;color:#212529;">AbbVie</span> License Territory, <span style="background-color:#ffffff;color:#212529;">AbbVie</span> pays the Company a royalty as a percentage of net sales of products containing linaclotide as an active ingredient. In addition, <span style="background-color:#ffffff;color:#212529;">AbbVie</span> has exclusive rights to commercialize linaclotide in Canada as CONSTELLA and in Mexico as LINZESS. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';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. In August 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','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';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 September 2019, the Company amended and restated its existing collaboration agreement with AstraZeneca. As of September 16, 2019, AstraZeneca obtained the exclusive right to develop, manufacture, and commercialize products containing linaclotide in the AstraZeneca License Territory (Note 4). In November 2019, AstraZeneca began commercializing LINZESS for the treatment of adults with IBS-C in China.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The Company and <span style="background-color:#ffffff;color:#212529;">AbbVie</span> 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','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The Company also is developing IW-3718, a gastric retentive formulation of a bile acid sequestrant, for the potential treatment of refractory gastroesophageal reflux disease (“refractory GERD”). In June 2018, the Company initiated two Phase III clinical trials evaluating the safety and efficacy of IW-3718 in patients with refractory GERD.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The Company and <span style="background-color:#ffffff;color:#212529;">AbbVie</span> were developing MD-7246, a delayed release formulation of linaclotide. In May 2020, the Company and AbbVie announced top-line data from a Phase II trial evaluating MD-7246 in adult patients with abdominal pain associated with irritable bowel syndrome with diarrhea. The Phase II trial did not meet its primary or key secondary endpoints. Based on these findings, the Company and AbbVie are discontinuing the development of MD-7246.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Additionally, the Company periodically enters into co-promotion agreements to bolster its salesforce productivity. In August 2019, the Company entered into a disease education and promotional agreement with Alnylam Pharmaceuticals, Inc. (“Alnylam”) for Alnylam’s GIVLAARI<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">TM</sup> (givosiran), an RNAi therapeutic targeting aminolevulinic acid synthase 1, for the treatment of acute hepatic porphyria (“AHP”). GIVLAARI was approved by the U.S. FDA in December 2019. Under the agreement, the Company performs disease awareness activities related to AHP and sales detailing activities of GIVLAARI.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The agreements described above, as well as other of the Company’s agreements, are more fully described in Note 4, <i style="font-style:italic;">Collaboration, License, Co-Promotion and Other Commercial Agreements</i>, to these condensed consolidated financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">On April 1, 2019, Ironwood completed the separation (the “Separation”) of its soluble guanylate cyclase (“sGC”) business, and certain other assets and liabilities, into Cyclerion Therapeutics, Inc. (“Cyclerion”). 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','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">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 (Note 8). 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”) and in September 2019 to redeem all of the outstanding principal balance of the 8.375% Notes due 2026. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';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, 2019, which was filed with the Securities and Exchange Commission on February 13, 2020 (the “2019 Annual Report on Form 10-K”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';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 June 30, 2020, and the results of its operations for the three and six months ended June 30, 2020 and 2019, its statements of stockholders’ deficit for the three and six months ended June 30, 2020 and 2019, and its cash flows for the six months ended June 30, 2020 and 2019. The results of operations for the three and six months ended June 30, 2020 and 2019 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','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The Company has presented its sGC business as discontinued operations in its condensed consolidated financial statements for all periods presented (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','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';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 June 30, 2020, 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','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';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 ongoing 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; accounts receivable; inventory valuation and related reserves; useful lives of long-lived assets; impairment of long-lived assets, including goodwill; valuation procedures for right-of-use assets and operating lease liabilities; valuation procedures for the issuance and repurchase of convertible notes; losses related to discontinued operations; fair value of derivatives; balance sheet classification of 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','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';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 2019 Annual Report on Form 10-K. During the six months ended June 30, 2020, the Company did not adopt any additional significant accounting policies, except as outlined below.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';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 six months ended June 30, 2020 that had a material effect on its condensed consolidated financial statements. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">In June 2016, the FASB issued Accounting Standards Update (“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”), ASU No. 2019-05, <i style="font-style:italic;">Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief</i> (“ASU 2019-05”), ASU No. 2019-10, <i style="font-style:italic;">Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Date</i>, ASU No. 2019-11, <i style="font-style:italic;">Codification Improvements to Topic 326, Financial Instruments—Credit Losses</i>, ASU No. 2020-02, <i style="font-style:italic;">Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842)</i> to provide additional guidance on the adoption of ASU 2016-13. ASU 2019-04 added Topic 326, <i style="font-style:italic;">Financial Instruments—Credit Losses</i>, and made several amendments to the codification, including modifying 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 and related amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption was permitted. The Company adopted these ASUs during the three months ended <span style="-sec-ix-hidden:Hidden_0QkDOmK2e0Kats1SQADVVg"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">March 31, 2020</span></span>. The adoption of these ASUs did not have a material impact on the Company’s financial position and results of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 11pt 0pt;">In January 2017, the FASB issued ASU No. 2017-04, <i style="font-style:italic;">Intangibles—Goodwill and Other</i> (Topic 350) (“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 was permitted. The Company adopted ASU 2017-04 during the three months ended <span style="-sec-ix-hidden:Hidden_UBCdqgxxREymOdmo4ZTZ8g"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">March 31, 2020</span></span>. The adoption of ASU 2017-04 did not have a material impact on the Company’s financial position and results of operations. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 11pt 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 adopted ASU 2018-13 during the three months ended <span style="-sec-ix-hidden:Hidden__3V8R27sV0yCD4SN5YM23Q"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">March 31, 2020</span></span>. The adoption of ASU 2018-13 did not have a material impact on the Company’s financial position, results of operations and financial statement disclosures.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 11pt 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 guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. ASU 2015-18 requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. The internal-use software guidance requires that certain costs incurred during the application development stage be capitalized and other costs incurred during the preliminary project and post-implementation stages be expensed as they are incurred. A customer’s accounting for the hosting component of the arrangement is not affected by this guidance. The amendments in ASU 2018-15 are effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU 2018-15 using the <span style="-sec-ix-hidden:Hidden_ymbXH0_qc0C_KHbZTiHcCg"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">prospective transition method</span></span> during the three months ended <span style="-sec-ix-hidden:Hidden_sR_j_b1SNkWy9M6OEhPwxQ"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">March 31, 2020</span></span>. The adoption of ASU 2018-15 did not have a material impact on the Company’s financial position and results of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 11pt 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 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 Company adopted ASU 2018-17 during the three months ended <span style="-sec-ix-hidden:Hidden_F1XP0nLoc0qG_nVVAQYaqQ"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">March 31, 2020</span></span>. The adoption of ASU 2018-17 did not have a material impact on the Company’s financial position and results of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">In December 2019, the FASB issued ASU No. 2019-12, <i style="font-style:italic;">Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes </i>(“ASU 2019-12”)<i style="font-style:italic;">, </i>which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the potential impact that the adoption of ASU 2019-12 may have on the Company’s financial position and results of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">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 condensed consolidated financial statements upon adoption.</p>
CY2019Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2020Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';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','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';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 ongoing 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; accounts receivable; inventory valuation and related reserves; useful lives of long-lived assets; impairment of long-lived assets, including goodwill; valuation procedures for right-of-use assets and operating lease liabilities; valuation procedures for the issuance and repurchase of convertible notes; losses related to discontinued operations; fair value of derivatives; balance sheet classification of 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>
irwd Number Of Transition Services Agreements
NumberOfTransitionServicesAgreements
2
irwd Transitional Services Agreement Initial Term Of Service Low End Of Range
TransitionalServicesAgreementInitialTermOfServiceLowEndOfRange
P1Y
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
67104000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
68575000
CY2020Q2 irwd Threshold Percentage Of Collateralized Value
ThresholdPercentageOfCollateralizedValue
1.02
CY2020Q2 irwd Threshold Percentage Of Collateralized Value
ThresholdPercentageOfCollateralizedValue
1.02
CY2019Q2 irwd Fair Value Transfer Between Measurement Levels
FairValueTransferBetweenMeasurementLevels
0
CY2020Q2 irwd Fair Value Transfer Between Measurement Levels
FairValueTransferBetweenMeasurementLevels
0
irwd Fair Value Transfer Between Measurement Levels
FairValueTransferBetweenMeasurementLevels
0
irwd Fair Value Transfer Between Measurement Levels
FairValueTransferBetweenMeasurementLevels
0
CY2019Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
31366000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
-15235000
CY2020Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
16131000
CY2020Q2 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
5522000
CY2019Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
11760000
CY2020Q2 us-gaap Accrued Vacation Current
AccruedVacationCurrent
3484000
CY2019Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
2540000
CY2020Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
2662000
CY2019Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
2973000
CY2020Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2313000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1421000
CY2020Q2 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
1072000
CY2019Q4 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
1260000
CY2020Q2 us-gaap Interest Payable Current
InterestPayableCurrent
301000
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
301000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2601000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
10210000
CY2020Q2 irwd Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
17955000
CY2019Q4 irwd Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
30465000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2600000
CY2020Q2 irwd Other Accrued Expenses Sales And Marketing
OtherAccruedExpensesSalesAndMarketing
1000000.0
CY2020Q2 irwd Other Accrued Expenses It Services
OtherAccruedExpensesItServices
800000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
10200000
CY2019Q4 irwd Other Accrued Liabilities Current Purchase Commitment Write Down
OtherAccruedLiabilitiesCurrentPurchaseCommitmentWriteDown
4100000
CY2019Q4 irwd Other Accrued Liabilities Current Move Activities
OtherAccruedLiabilitiesCurrentMoveActivities
900000
CY2019Q4 irwd Unbilled Inventories
UnbilledInventories
600000
CY2019Q4 irwd Other Accrued Expenses Equipment For Clinical Studies
OtherAccruedExpensesEquipmentForClinicalStudies
200000
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
633000
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
3155000
us-gaap Operating Lease Cost
OperatingLeaseCost
1266000
us-gaap Operating Lease Cost
OperatingLeaseCost
7680000
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
360000
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
654000
us-gaap Variable Lease Cost
VariableLeaseCost
732000
us-gaap Variable Lease Cost
VariableLeaseCost
654000
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
379000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
768000
CY2020Q2 us-gaap Lease Cost
LeaseCost
993000
CY2019Q2 us-gaap Lease Cost
LeaseCost
4188000
us-gaap Lease Cost
LeaseCost
1998000
us-gaap Lease Cost
LeaseCost
9102000
CY2019Q2 us-gaap Sublease Income
SubleaseIncome
300000
us-gaap Sublease Income
SubleaseIncome
300000
irwd Right Of Use Asset Obtained In Exchange For Operating Lease Liability Upon Adoption Of New Accounting Standard Codification
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiabilityUponAdoptionOfNewAccountingStandardCodification
88299000
irwd Adjustment To Right Of Use Asset Lease Modification
AdjustmentToRightOfUseAssetLeaseModification
-40427000
irwd Adjustment To Right Of Use Asset Lease Termination
AdjustmentToRightOfUseAssetLeaseTermination
34440000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
18452000
us-gaap Operating Lease Payments
OperatingLeasePayments
86000
us-gaap Operating Lease Payments
OperatingLeasePayments
6619000
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y8M12D
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y10M24D
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.058
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.053
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1060000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3128000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3129000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3065000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3126000
CY2020Q2 irwd Lessee Operating Lease Liability Payments Due Year Five And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndThereafter
18044000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
31552000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7731000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
23821000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2610000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
21211000
CY2015Q2 us-gaap Payments For Hedge Investing Activities
PaymentsForHedgeInvestingActivities
21100000
CY2019Q3 us-gaap Payments For Hedge Investing Activities
PaymentsForHedgeInvestingActivities
25200000
CY2019Q3 irwd Debt Instrument Conditional Conversion Repurchase Price Principal Percentage
DebtInstrumentConditionalConversionRepurchasePricePrincipalPercentage
1
CY2019Q3 irwd Debt Instrument Default Payment Percentage Of Principal Amount Of Notes Outstanding
DebtInstrumentDefaultPaymentPercentageOfPrincipalAmountOfNotesOutstanding
0.25
irwd Debt Instrument Default Payment Days Remedy For Right To Receive Additional Interest
DebtInstrumentDefaultPaymentDaysRemedyForRightToReceiveAdditionalInterest
P180D
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
3608000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
7216000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
126556000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
4500000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
203750000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
3000000
CY2020Q2 irwd Long Term Debt Maturities Repayments Of Principal Year Six And Thereafter
LongTermDebtMaturitiesRepaymentsOfPrincipalYearSixAndThereafter
201500000
CY2020Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
550130000
CY2020Q2 irwd Long Term Debt Maturities Interest Payments
LongTermDebtMaturitiesInterestPayments
29431000
CY2020Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
94475000
CY2020Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
7300000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
418924000
CY2015Q2 us-gaap Payments Of Derivative Issuance Costs
PaymentsOfDerivativeIssuanceCosts
21100000
CY2019 irwd Proceeds From Partial Termination Of Convertible Note Hedges And Warrants
ProceedsFromPartialTerminationOfConvertibleNoteHedgesAndWarrants
3200000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7091000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6337000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13455000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20271000
CY2019Q2 irwd Allocated Share Based Compensation Expense Other Modifications
AllocatedShareBasedCompensationExpenseOtherModifications
0
irwd Allocated Share Based Compensation Expense Other Modifications
AllocatedShareBasedCompensationExpenseOtherModifications
2400000

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