$IRWD
IRONWOOD PHARMACEUTICALS INC

2024 Q4 Form 10-Q Financial Statement

#000155837024014909 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $91.59M
YoY Change -19.47%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $36.11M
YoY Change 0.19%
% of Gross Profit
Research & Development $29.83M
YoY Change -9.57%
% of Gross Profit
Depreciation & Amortization $507.0K
YoY Change 0.0%
% of Gross Profit
Operating Expenses $65.94M
YoY Change -4.48%
Operating Profit $25.64M
YoY Change -35.95%
Interest Expense -$8.267M
YoY Change -184.02%
% of Operating Profit -32.25%
Other Income/Expense, Net -$8.267M
YoY Change 2.18%
Pretax Income $17.37M
YoY Change -45.61%
Income Tax $13.70M
% Of Pretax Income 78.88%
Net Earnings $3.646M
YoY Change -76.2%
Net Earnings / Revenue 3.98%
Basic Earnings Per Share $0.02
Diluted Earnings Per Share $0.02
COMMON SHARES
Basic Shares Outstanding 160.0M 159.7M
Diluted Shares Outstanding 160.2M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $88.21M
YoY Change -19.93%
Cash & Equivalents $88.21M
Short-Term Investments
Other Short-Term Assets $14.19M
YoY Change -24.92%
Inventory
Prepaid Expenses
Receivables $76.20M
Other Receivables $0.00
Total Short-Term Assets $178.6M
YoY Change -29.58%
LONG-TERM ASSETS
Property, Plant & Equipment $4.795M
YoY Change -14.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.285M
YoY Change 64.4%
Total Long-Term Assets $210.9M
YoY Change -22.01%
TOTAL ASSETS
Total Short-Term Assets $178.6M
Total Long-Term Assets $210.9M
Total Assets $389.5M
YoY Change -25.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.236M
YoY Change -31.12%
Accrued Expenses $45.16M
YoY Change -40.01%
Deferred Revenue $1.900M
YoY Change -26.92%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $49.38M
YoY Change -82.4%
LONG-TERM LIABILITIES
Long-Term Debt $598.8M
YoY Change 14.47%
Other Long-Term Liabilities $39.77M
YoY Change 28.51%
Total Long-Term Liabilities $39.77M
YoY Change 28.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $49.38M
Total Long-Term Liabilities $39.77M
Total Liabilities $89.15M
YoY Change -71.38%
SHAREHOLDERS EQUITY
Retained Earnings -$1.700B
YoY Change 0.15%
Common Stock $1.391B
YoY Change 1.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$311.3M
YoY Change
Total Liabilities & Shareholders Equity $389.5M
YoY Change -25.67%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $3.646M
YoY Change -76.2%
Depreciation, Depletion And Amortization $507.0K
YoY Change 0.0%
Cash From Operating Activities $9.885M
YoY Change -69.55%
INVESTING ACTIVITIES
Capital Expenditures $16.00K
YoY Change -99.93%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$16.00K
YoY Change -99.93%
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
YoY Change -63.79%
NET CHANGE
Cash From Operating Activities 9.885M
Cash From Investing Activities -16.00K
Cash From Financing Activities -27.16M
Net Change In Cash -17.29M
YoY Change -73.47%
FREE CASH FLOW
Cash From Operating Activities $9.885M
Capital Expenditures $16.00K
Free Cash Flow $9.869M
YoY Change 0.36%

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 and pediatric patients ages 6-17 years old with FC 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 had 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 granted 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. In the third quarter of 2024, the Company received from COUR the topline data from COUR’s Phase II clinical study for the treatment of PBC. In September 2024, the Company notified COUR of the decision not to exercise the option to acquire an exclusive license to CNP-104. As a result, the collaboration and license option agreement between the Company and COUR has terminated, and the Company retains no rights and has no obligations related to CNP-104.</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 advancing IW-3300, a GC-C agonist, for the potential treatment of visceral pain conditions, such as interstitial cystitis / bladder pain syndrome (“IC/BPS”) and endometriosis. The Company has decided to end further recruitment for the Phase II proof of concept study in IC/BPS and analyze the data once all currently enrolled patients complete the full 12-week study assessment, which will inform the next steps on the program.</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>
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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. 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; 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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CY2023Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
314000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
1080000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
854000
CY2024Q3 us-gaap Lease Cost
LeaseCost
962000
CY2023Q3 us-gaap Lease Cost
LeaseCost
941000
us-gaap Lease Cost
LeaseCost
2960000
us-gaap Lease Cost
LeaseCost
2734000
us-gaap Operating Lease Payments
OperatingLeasePayments
2338000
us-gaap Operating Lease Payments
OperatingLeasePayments
2292000
CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y8M12D
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y8M12D
CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.058
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.058
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
788000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3189000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3252000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3317000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3384000
CY2024Q3 irwd Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
4902000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
18832000
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2777000
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
16055000
CY2024Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3173000
CY2024Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
12882000
CY2024Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
15490000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
19937000
CY2024Q3 us-gaap Interest Payable Current
InterestPayableCurrent
6158000
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
5953000
CY2024Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
3112000
CY2023Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
8303000
CY2024Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
986000
CY2023Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
1244000
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7820000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8817000
CY2024Q3 irwd Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
33566000
CY2023Q4 irwd Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
44254000
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7800000
CY2024Q3 irwd Other Accrued Liabilities Current Uninvoiced Vendor Liabilities
OtherAccruedLiabilitiesCurrentUninvoicedVendorLiabilities
5800000
CY2024Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1900000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8800000
CY2023Q4 irwd Other Accrued Liabilities Current Uninvoiced Vendor Liabilities
OtherAccruedLiabilitiesCurrentUninvoicedVendorLiabilities
6100000
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2600000
CY2019Q3 us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
25200000
CY2024Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1183000
CY2023Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2131000
CY2024Q3 us-gaap Long Term Debt
LongTermDebt
198817000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
397869000
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1500000
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
3000000
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
201500000
CY2024Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
206000000
CY2024Q3 irwd Long Term Debt Maturities Interest Payments
LongTermDebtMaturitiesInterestPayments
6000000
CY2024Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1183000
CY2024Q3 us-gaap Long Term Debt
LongTermDebt
198817000
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8329000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7906000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
25284000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
50849000
CY2024Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
840000
CY2023Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
850000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2853000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2069000
CY2024Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
7489000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
7056000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
22431000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
48780000
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13700000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
42600000
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18000000.0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51400000
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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0001558370-24-014909.txt Edgar Link pending
0001558370-24-014909-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
irwd-20240930.xsd Edgar Link pending
irwd-20240930x10q.htm Edgar Link pending
irwd-20240930xex31d1.htm Edgar Link pending
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