$IRWD
IRONWOOD PHARMACEUTICALS INC

2024 Q3 Form 10-Q Financial Statement

#000155837024011590 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $91.59M $94.40M
YoY Change -19.47% -12.09%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $36.11M $36.96M
YoY Change 0.19% -29.57%
% of Gross Profit
Research & Development $29.83M $30.39M
YoY Change -9.57% -12.11%
% of Gross Profit
Depreciation & Amortization $507.0K $506.0K
YoY Change 0.0% 87.41%
% of Gross Profit
Operating Expenses $65.94M $67.35M
YoY Change -4.48% -22.64%
Operating Profit $25.64M $24.98M
YoY Change -35.95% -102.31%
Interest Expense -$8.267M -$6.101M
YoY Change -184.02% -431.58%
% of Operating Profit -32.25% -24.43%
Other Income/Expense, Net -$8.267M -$6.101M
YoY Change 2.18% -188.2%
Pretax Income $17.37M $18.88M
YoY Change -45.61% -101.75%
Income Tax $13.70M $19.70M
% Of Pretax Income 78.88% 104.37%
Net Earnings $3.646M -$860.0K
YoY Change -76.2% -99.92%
Net Earnings / Revenue 3.98% -0.91%
Basic Earnings Per Share $0.02 -$0.01
Diluted Earnings Per Share $0.02 -$0.01
COMMON SHARES
Basic Shares Outstanding 159.7M 159.0M
Diluted Shares Outstanding 160.2M 159.0M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $88.21M $105.5M
YoY Change -19.93% -39.81%
Cash & Equivalents $88.21M $105.5M
Short-Term Investments
Other Short-Term Assets $14.19M $14.55M
YoY Change -24.92% -37.53%
Inventory
Prepaid Expenses
Receivables $76.20M $58.11M
Other Receivables $0.00 $0.00
Total Short-Term Assets $178.6M $178.2M
YoY Change -29.58% -43.9%
LONG-TERM ASSETS
Property, Plant & Equipment $4.795M $5.068M
YoY Change -14.83% -13.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.285M $4.257M
YoY Change 64.4% 8.6%
Total Long-Term Assets $210.9M $217.4M
YoY Change -22.01% -23.87%
TOTAL ASSETS
Total Short-Term Assets $178.6M $178.2M
Total Long-Term Assets $210.9M $217.4M
Total Assets $389.5M $395.6M
YoY Change -25.67% -34.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.236M $3.227M
YoY Change -31.12% -7.93%
Accrued Expenses $45.16M $41.35M
YoY Change -40.01% -57.0%
Deferred Revenue $1.900M $2.100M
YoY Change -26.92% 40.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $49.38M $45.51M
YoY Change -82.4% -85.1%
LONG-TERM LIABILITIES
Long-Term Debt $598.8M $623.6M
YoY Change 14.47% 4.29%
Other Long-Term Liabilities $39.77M $34.74M
YoY Change 28.51% 11.93%
Total Long-Term Liabilities $39.77M $34.74M
YoY Change 28.51% 11.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $49.38M $45.51M
Total Long-Term Liabilities $39.77M $34.74M
Total Liabilities $89.15M $80.25M
YoY Change -71.38% -76.15%
SHAREHOLDERS EQUITY
Retained Earnings -$1.700B -$1.704B
YoY Change 0.15% -0.54%
Common Stock $1.391B $1.382B
YoY Change 1.14% 1.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$311.3M -$321.7M
YoY Change
Total Liabilities & Shareholders Equity $389.5M $395.6M
YoY Change -25.67% -34.42%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $3.646M -$860.0K
YoY Change -76.2% -99.92%
Depreciation, Depletion And Amortization $507.0K $506.0K
YoY Change 0.0% 87.41%
Cash From Operating Activities $9.885M $33.47M
YoY Change -69.55% -4.28%
INVESTING ACTIVITIES
Capital Expenditures $16.00K $58.00K
YoY Change -99.93% -99.99%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$16.00K -$58.00K
YoY Change -99.93% -99.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -27.16M -49.37M
YoY Change -63.79% -112.37%
NET CHANGE
Cash From Operating Activities 9.885M 33.47M
Cash From Investing Activities -16.00K -58.00K
Cash From Financing Activities -27.16M -49.37M
Net Change In Cash -17.29M -15.97M
YoY Change -73.47% -97.18%
FREE CASH FLOW
Cash From Operating Activities $9.885M $33.47M
Capital Expenditures $16.00K $58.00K
Free Cash Flow $9.869M $33.41M
YoY Change 0.36% -103.46%

Facts In Submission

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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;">Ironwood Pharmaceuticals, Inc. (“Ironwood” or the “Company”) is a gastrointestinal (“GI”) healthcare company on a mission to advance the treatment of GI diseases and redefine 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.</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, adult men and women suffering from IBS-C or chronic constipation in Japan, and 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.</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;">In June 2023, the Company completed a tender offer to purchase 98% of the 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, at a price per share of $17.00, net to the shareholders of VectivBio in cash, without interest and subject to any applicable withholding taxes (the “VectivBio Acquisition”). In December 2023, the Company completed a squeeze-out merger under Swiss law to acquire all remaining outstanding ordinary shares in cash at a price per share of $17.00, and VectivBio Holding AG was merged with and into Ironwood Pharmaceuticals GmbH, a wholly-owned subsidiary of Ironwood organized under the laws of Switzerland (the “Squeeze-out Merger”). Through the acquisition, the Company is advancing apraglutide, a next-generation, synthetic peptide analog of glucagon-like peptide-2, for rare GI diseases, including short bowel syndrome with intestinal failure (“SBS-IF”), a severe malabsorptive condition. In February 2024, the Company announced positive topline results from its pivotal Phase III clinical trial, STARS, which evaluated the efficacy and safety of once-weekly subcutaneous apraglutide in reducing parenteral support dependency in adult patients with SBS-IF, and plans to submit a new drug application and other regulatory filings for apraglutide for use in adult patients with SBS who are dependent on parenteral support. </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-</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">modifying nanoparticles to treat autoimmune diseases. The COUR Collaboration Agreement grants the Company an option (the “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 (“PBC”), 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;">These and other agreements are more fully described in Note 5, <i style="font-style:italic;">Collaboration, License and Other 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="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 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. 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-</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">lived assets, including goodwill; valuation procedures for right-of-use assets and operating lease liabilities; income taxes, including uncertain tax positions and the valuation allowance for deferred tax assets; research and development expenses; contingencies; defined benefit pension liabilities; 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>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 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 0pt 12pt 0pt;"><span style="white-space:pre-wrap;"> Certain prior period amounts have been reclassified to conform to current period presentation.</span></p>
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CY2023Q4 irwd Other Accrued Liabilities Current Uninvoiced Vendor Liabilities
OtherAccruedLiabilitiesCurrentUninvoicedVendorLiabilities
6100000
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2600000
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2131000
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198647000
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CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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1500000
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3000000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
201500000
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
206000000
CY2024Q2 irwd Long Term Debt Maturities Interest Payments
LongTermDebtMaturitiesInterestPayments
6000000
CY2024Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1353000
CY2024Q2 us-gaap Long Term Debt
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CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8570000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
35814000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16955000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
42945000
CY2024Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
648000
CY2023Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
923000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2013000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1220000
CY2024Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
7922000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
34891000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
14942000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
41725000
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19700000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
28900000
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13300000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
33400000
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
FilingSummary.xml Edgar Link unprocessable
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0001558370-24-011590-index.html Edgar Link pending
0001558370-24-011590.txt Edgar Link pending
0001558370-24-011590-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
irwd-20240630.xsd Edgar Link pending
irwd-20240630x10q.htm Edgar Link pending
irwd-20240630xex31d1.htm Edgar Link pending
irwd-20240630xex31d2.htm Edgar Link pending
irwd-20240630xex32d1.htm Edgar Link pending
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irwd-20240630_cal.xml Edgar Link unprocessable
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irwd-20240630_pre.xml Edgar Link unprocessable
irwd-20240630x10q_htm.xml Edgar Link completed
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