IONSIONIS PHARMACEUTICALS INC

Pharmaceutical Preparations

Revenue: $944M; 34% YoY
Operating margin: -40.4%; 40% YoY
EBITDA: −$372M; 20% YoY
Market cap: $7.2B
Employees: 3,000; $315K revenue each
Net debt / EBITDA: —; $189M net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$13M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
14% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$315K · 44th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 41st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$123M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$810M	$587M	$788M	$705M	$944M	34%
Operating income	−$30M	−$410M	−$354M	−$475M	−$382M	20%
Net income	−$29M	−$270M	−$366M	−$454M	−$381M	16%
Operating cash flow	$31M	−$274M	−$308M	−$501M	−$269M	46%
Capex	$12M	$16M	$24M	$45M	$51M	14%
Stock-based comp	$121M	$100M	$106M	$130M	$134M	2.8%
Buybacks	$0	$0	—	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 2
Open-market sells, 12 mo: $124M · 116
Net: −$123M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$13M	$43M	140	125
FY2024	$15M	−$3M	58	118
FY2023	$13M	$14M	84	119
FY2022	$7M	$10M	63	114
FY2021	$13M	−$3M	50	126