$IRWD
IRONWOOD PHARMACEUTICALS INC

2023 Q4 Form 10-Q Financial Statement

#000155837023018589 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $117.6M $113.7M
YoY Change 9.66% 4.7%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $38.67M $36.05M
YoY Change 36.2% 25.95%
% of Gross Profit
Research & Development $35.68M $32.99M
YoY Change 241.53% 185.71%
% of Gross Profit
Depreciation & Amortization $512.0K $507.0K
YoY Change 50.59% 39.67%
% of Gross Profit
Operating Expenses $74.34M $69.03M
YoY Change 91.43% 71.87%
Operating Profit $40.02M
YoY Change -41.55%
Interest Expense -$7.229M $9.839M
YoY Change -285.26% 545.6%
% of Operating Profit 24.58%
Other Income/Expense, Net -$7.229M -$8.091M
YoY Change -285.26% -664.23%
Pretax Income $30.36M $31.93M
YoY Change -57.99% -54.32%
Income Tax $32.10M $18.00M
% Of Pretax Income 105.75% 56.37%
Net Earnings -$1.087M $15.32M
YoY Change -102.22% -69.55%
Net Earnings / Revenue -0.92% 13.47%
Basic Earnings Per Share -$0.01 $0.10
Diluted Earnings Per Share -$0.01 $0.09
COMMON SHARES
Basic Shares Outstanding 156.1M 156.0M
Diluted Shares Outstanding 186.9M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $92.15M $110.2M
YoY Change -85.96% -80.81%
Cash & Equivalents $92.15M $110.2M
Short-Term Investments
Other Short-Term Assets $12.01M $18.90M
YoY Change 33.99% 128.79%
Inventory
Prepaid Expenses
Receivables $129.1M $124.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $233.3M $253.6M
YoY Change -70.12% -63.72%
LONG-TERM ASSETS
Property, Plant & Equipment $5.585M $5.630M
YoY Change -11.18% -15.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.608M $3.823M
YoY Change 325.97% 342.99%
Total Long-Term Assets $237.8M $270.5M
YoY Change -25.67% -20.77%
TOTAL ASSETS
Total Short-Term Assets $233.3M $253.6M
Total Long-Term Assets $237.8M $270.5M
Total Assets $471.1M $524.1M
YoY Change -57.2% -49.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.830M $4.698M
YoY Change 1521.12% 490.94%
Accrued Expenses $67.47M $75.29M
YoY Change 169.62% 186.03%
Deferred Revenue $2.600M $2.600M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $199.6M $199.3M
YoY Change
Total Short-Term Liabilities $276.1M $280.6M
YoY Change 981.69% 934.7%
LONG-TERM LIABILITIES
Long-Term Debt $498.3M $523.1M
YoY Change 25.76% 32.16%
Other Long-Term Liabilities $28.42M $30.95M
YoY Change 190.96% 235.41%
Total Long-Term Liabilities $28.42M $30.95M
YoY Change 190.96% 235.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $276.1M $280.6M
Total Long-Term Liabilities $28.42M $30.95M
Total Liabilities $304.5M $311.5M
YoY Change 762.87% 757.16%
SHAREHOLDERS EQUITY
Retained Earnings -$1.699B -$1.698B
YoY Change 143.92% 127.78%
Common Stock $1.355B $1.375B
YoY Change 0.49% 2.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$346.3M -$323.2M
YoY Change
Total Liabilities & Shareholders Equity $471.1M $524.1M
YoY Change -57.2% -49.63%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$1.087M $15.32M
YoY Change -102.22% -69.55%
Depreciation, Depletion And Amortization $512.0K $507.0K
YoY Change 50.59% 39.67%
Cash From Operating Activities $35.83M $32.46M
YoY Change -54.74% -53.02%
INVESTING ACTIVITIES
Capital Expenditures $4.188M $22.63M
YoY Change -15611.11% -34380.3%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.188M -$22.63M
YoY Change -15611.11% 34180.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.90M -74.99M
YoY Change -1914.11% -9508.78%
NET CHANGE
Cash From Operating Activities 35.83M 32.46M
Cash From Investing Activities -4.188M -22.63M
Cash From Financing Activities -50.90M -74.99M
Net Change In Cash -19.26M -65.15M
YoY Change -123.48% -193.31%
FREE CASH FLOW
Cash From Operating Activities $35.83M $32.46M
Capital Expenditures $4.188M $22.63M
Free Cash Flow $31.65M $9.834M
YoY Change -60.05% -85.78%

Facts In Submission

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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> (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”) and for pediatric patients ages 6-17 years-old suffering from functional constipation (“FC”). LINZESS is available to adult men and women suffering from IBS-C or CIC in the United States (the “U.S.”), Mexico and Saudi Arabia, to adult men and women suffering from IBS-C or chronic constipation in Japan, IBS-C in China, and pediatric patients ages 6-17 years old with FC in the U.S. Linaclotide is available under the trademarked name CONSTELLA<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup> 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 style="font-size:12pt;"> </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. 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;background:#ffffff;margin:0pt;">In June 2023, the Company completed a tender offer to purchase outstanding ordinary shares of VectivBio Holding AG (“VectivBio”), a clinical-stage biotechnology company focused on the discovery and development of treatments for severe, rare GI conditions for which there is a significant unmet medical need. As of September 30, 2023, Ironwood holds 98% of VectivBio’s outstanding ordinary shares and intends to effect a statutory squeeze-out merger under Swiss law to acquire all remaining shares. Through the acquisition, the Company is advancing apraglutide, a next-generation, synthetic peptide analog of glucagon-like peptide-2 (“GLP-2”), for rare GI diseases, including short bowel syndrome with intestinal failure (“SBS-IF”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;background:#ffffff;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, a 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>
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;">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 fair value of assets acquired and liabilities assumed in acquisitions; 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; fair value of derivatives; income taxes, including uncertain tax positions and the valuation allowance for </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">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
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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;"></span>Certain prior period amounts have been reclassified to conform to current period presentation.</p>
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CY2023Q3 us-gaap Accrued Income Taxes Current
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CY2022Q4 us-gaap Accrued Income Taxes Current
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656000
CY2023Q3 us-gaap Other Accrued Liabilities Current
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14301000
CY2022Q4 us-gaap Other Accrued Liabilities Current
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3588000
CY2023Q3 irwd Accrued Expenses And Other Liabilities Current
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62714000
CY2022Q4 irwd Accrued Expenses And Other Liabilities Current
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16700000
CY2023Q3 us-gaap Other Accrued Liabilities Current
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14300000
CY2023Q3 irwd Other Accrued Liabilities Current Uninvoiced Vendor Liabilities
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11600000
CY2023Q3 us-gaap Contract With Customer Liability Current
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2600000
CY2022Q4 us-gaap Other Accrued Liabilities Current
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3600000
CY2022Q4 irwd Other Accrued Liabilities Current Uninvoiced Vendor Liabilities
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3600000
CY2023Q3 us-gaap Restricted Cash
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1300000
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
1700000
CY2023Q3 us-gaap Operating Lease Cost
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627000
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
627000
us-gaap Operating Lease Cost
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1880000
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314000
CY2022Q3 us-gaap Short Term Lease Cost
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274000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
854000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
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CY2023Q3 us-gaap Lease Cost
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CY2022Q3 us-gaap Lease Cost
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901000
us-gaap Lease Cost
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us-gaap Lease Cost
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2681000
us-gaap Operating Lease Payments
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2292000
us-gaap Operating Lease Payments
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2356000
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P6Y8M12D
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y7M6D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.058
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.058
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
774000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3126000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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3189000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3252000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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3317000
CY2023Q3 irwd Lessee Operating Lease Liability Payments Due After Year Four
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8285000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
21943000
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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3758000
CY2023Q3 us-gaap Operating Lease Liability
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18185000
CY2023Q3 us-gaap Operating Lease Liability Current
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3111000
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
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15074000
CY2015Q2 us-gaap Payments For Hedge Investing Activities
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21100000
CY2019Q3 us-gaap Payments For Hedge Investing Activities
PaymentsForHedgeInvestingActivities
25200000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
724000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
7056000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
8232000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
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48780000
CY2023Q3 us-gaap Unamortized Debt Issuance Expense
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2538000
CY2022Q4 us-gaap Unamortized Debt Issuance Expense
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3749000
CY2023Q3 us-gaap Long Term Debt
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397462000
CY2022Q4 us-gaap Long Term Debt
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396251000
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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2250000
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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203750000
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
3000000
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
201500000
CY2023Q3 us-gaap Debt Instrument Carrying Amount
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410500000
CY2023Q3 irwd Long Term Debt Maturities Interest Payments
LongTermDebtMaturitiesInterestPayments
10500000
CY2023Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2538000
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
397462000
CY2015Q2 us-gaap Payments Of Derivative Issuance Costs
PaymentsOfDerivativeIssuanceCosts
21100000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7906000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7067000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
50849000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19757000
CY2023Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
-850000
CY2022Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1165000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
-2069000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
20481000
CY2021Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
150000000.0
CY2022 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
10800000
CY2022 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
123400000
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
13100000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
11.47
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18000000.0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51400000
CY2023Q2 us-gaap Unrecognized Tax Benefits Increases Resulting From Acquisition
UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition
11000000.0
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19600000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
54000000.0
us-gaap Restructuring Charges
RestructuringCharges
16804000
us-gaap Payments For Restructuring
PaymentsForRestructuring
5891000
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-200000
CY2023Q3 us-gaap Restructuring Reserve
RestructuringReserve
10713000

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