$IRWD
IRONWOOD PHARMACEUTICALS INC

2022 Q1 Form 10-Q Financial Statement

#000155837022007359 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $97.53M $88.85M
YoY Change 9.77% 11.14%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $88.80M
YoY Change 14.28%
Gross Profit Margin 99.95%
Selling, General & Admin $28.86M $27.65M
YoY Change 4.37% -24.14%
% of Gross Profit 31.14%
Research & Development $10.82M $15.48M
YoY Change -30.11% -44.75%
% of Gross Profit 17.44%
Depreciation & Amortization $355.0K $410.0K
YoY Change -13.41% -39.88%
% of Gross Profit 0.46%
Operating Expenses $39.68M $43.45M
YoY Change -8.66% -32.62%
Operating Profit $57.85M $45.40M
YoY Change 27.42% 243.22%
Interest Expense $2.341M $7.626M
YoY Change -69.3% 5.62%
% of Operating Profit 4.05% 16.8%
Other Income/Expense, Net -$1.381M -$5.040M
YoY Change -72.6% -49.0%
Pretax Income $56.47M $40.36M
YoY Change 39.91% 1106.52%
Income Tax $17.70M $400.0K
% Of Pretax Income 31.35% 0.99%
Net Earnings $38.80M $39.93M
YoY Change -2.82% 1093.6%
Net Earnings / Revenue 39.78% 44.94%
Basic Earnings Per Share $0.25 $0.25
Diluted Earnings Per Share $0.21 $0.25
COMMON SHARES
Basic Shares Outstanding 157.8M 161.0M
Diluted Shares Outstanding 189.5M 162.3M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $593.4M $438.5M
YoY Change 35.32% 89.74%
Cash & Equivalents $593.4M $438.5M
Short-Term Investments
Other Short-Term Assets $11.22M $12.60M
YoY Change -10.99% 7.69%
Inventory
Prepaid Expenses
Receivables $105.5M $87.15M
Other Receivables $0.00 $0.00
Total Short-Term Assets $710.1M $538.2M
YoY Change 31.93% 61.18%
LONG-TERM ASSETS
Property, Plant & Equipment $7.229M $8.501M
YoY Change -14.96% -30.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $955.0K $924.0K
YoY Change 3.35% 10.26%
Total Long-Term Assets $373.3M $61.10M
YoY Change 510.95% -12.79%
TOTAL ASSETS
Total Short-Term Assets $710.1M $538.2M
Total Long-Term Assets $373.3M $61.10M
Total Assets $1.083B $599.3M
YoY Change 80.76% 48.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $532.0K $842.0K
YoY Change -36.82% -69.72%
Accrued Expenses $25.39M $22.80M
YoY Change 11.36% -0.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $120.7M
YoY Change
Total Short-Term Liabilities $147.4M $23.60M
YoY Change 524.51% -14.47%
LONG-TERM LIABILITIES
Long-Term Debt $395.1M $436.1M
YoY Change -9.41% 5.49%
Other Long-Term Liabilities $5.111M $1.630M
YoY Change 213.56% 131.21%
Total Long-Term Liabilities $5.111M $1.630M
YoY Change 213.56% 131.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $147.4M $23.60M
Total Long-Term Liabilities $5.111M $1.630M
Total Liabilities $152.5M $25.23M
YoY Change 504.42% -10.84%
SHAREHOLDERS EQUITY
Retained Earnings -$832.6M -$1.426B
YoY Change -41.62% -9.1%
Common Stock $1.350B $1.536B
YoY Change -12.1% 2.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $517.8M $110.2M
YoY Change
Total Liabilities & Shareholders Equity $1.083B $599.3M
YoY Change 80.76% 48.35%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $38.80M $39.93M
YoY Change -2.82% 1093.6%
Depreciation, Depletion And Amortization $355.0K $410.0K
YoY Change -13.41% -39.88%
Cash From Operating Activities $64.12M $73.69M
YoY Change -12.99% 69.01%
INVESTING ACTIVITIES
Capital Expenditures $9.000K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$9.000K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $92.50M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -90.87M 2.211M
YoY Change -4210.04% -81.51%
NET CHANGE
Cash From Operating Activities 64.12M 73.69M
Cash From Investing Activities -9.000K
Cash From Financing Activities -90.87M 2.211M
Net Change In Cash -26.76M 75.91M
YoY Change -135.25% 40.25%
FREE CASH FLOW
Cash From Operating Activities $64.12M $73.69M
Capital Expenditures $9.000K
Free Cash Flow $64.12M
YoY Change

Facts In Submission

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CY2022Q1 dei Entity Registrant Name
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IRONWOOD PHARMACEUTICALS, INC.
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CY2022Q1 us-gaap Nature Of Operations
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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;text-indent:36pt;margin:0pt;"><span style="font-weight:bold;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 GI patients. The Company is focused on the development and commercialization of innovative GI product opportunities in areas of significant 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><span style="white-space:pre-wrap;"> (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 (“GC-C agonists”) and is indicated for adult men and women suffering from irritable bowel syndrome with constipation (“IBS-C”) or chronic idiopathic constipation (“CIC”). 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</span><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.</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 and its partner, AbbVie Inc. (together with its affiliates, “AbbVie”), began commercializing LINZESS in the U.S. in December 2012. Under the Company’s collaboration for North America with <span style="color:#212529;background:#ffffff;">AbbVie</span>, total net sales of LINZESS in the U.S., as recorded by <span style="color:#212529;background:#ffffff;">AbbVie</span>, are reduced by commercial costs incurred by each party, and the resulting amount is shared equally between the Company and <span style="color:#212529;background:#ffffff;">AbbVie</span>. Additionally, development costs are shared equally between the Company and AbbVie. The Company and AbbVie 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. </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;">Outside of the U.S., the Company earns royalties as a percentage of net sales of products containing linaclotide as an active ingredient by the Company’s collaboration partners. AbbVie 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="color:#212529;background:#ffffff;">AbbVie</span> License Territory”). In addition, <span style="color:#212529;background:#ffffff;">AbbVie</span> has exclusive rights to commercialize linaclotide in Canada as CONSTELLA and in Mexico as LINZESS. Astellas Pharma Inc. (“Astellas”), the Company’s partner in Japan, has an exclusive license to develop, manufacture, and commercialize linaclotide in Japan. AstraZeneca AB (together with its affiliates) (“AstraZeneca”), the Company’s partner in China, has the exclusive right to develop, manufacture, and commercialize products containing linaclotide in China (including Hong Kong and Macau) (the “AstraZeneca License Territory”).</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 a collaboration and license option agreement (the “COUR Collaboration Agreement”) with COUR Pharmaceutical Development Company, Inc. (“COUR”), a biotechnology company developing novel immune-modifying nanoparticles to treat autoimmune diseases. The COUR Collaboration Agreement grants the Company an option to acquire an exclusive license to research, develop, manufacture and commercialize, in the U.S., products containing CNP-104, a potential treatment for primary biliary cholangitis, a rare autoimmune disease targeting the liver.</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 is also advancing IW-3300, GC-C agonist, for the potential treatment of visceral pain conditions, including interstitial cystitis/bladder pain syndrome (IC/BPS) and endometriosis.</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 was incorporated in Delaware on January 5, 1998 as Microbia, Inc. On April 7, 2008, the Company changed its name to Ironwood Pharmaceuticals, Inc. To date, the Company has dedicated a majority of its activities to the research, development and commercialization of linaclotide, as well as to the research and development of its other product candidates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
CY2022Q1 us-gaap Use Of Estimates
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<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 0pt 12pt 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; 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; balance sheet classification of convertible notes; fair value of derivatives; 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>
CY2022Q1 us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Reclassifications</span></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="display:inline-block;text-indent:0pt;width:36pt;"/>Certain prior period amounts have been reclassified to conform to current period presentation.</p>
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