IONS · CIK 874015
What Ionis Pharmaceuticals, Inc. told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far — we surface every cited disclosure we’ve extracted for IONS. More may follow as additional filings are processed.
In its own words
What could break it.
Customer concentration
- two collaborators = ~47% of revenue (Biogen 31%, AstraZeneca 16%); Biogen can terminate at any timehigh
Ionis's revenue is concentrated in a few pharma collaborations — Biogen (31%) and AstraZeneca (16%) together ~47% of 2025 revenue — and Biogen can terminate its SPINRAZA/QALSODY collaborations at any time, which would force Ionis to seek additional funding and could harm commercialization.
“In addition, our collaborations with Biogen may not continue for various reasons. Biogen can terminate our collaborations at any time. If Biogen stops developing or commercializing SPINRAZA or QALSODY, we would have to seek or spend additional funding, and SPINRAZA's or QALSODY's commercialization may be harmed.”
SEC filing →As of 2026
Supplier concentration
- reliance on third-party CMOs (many ex-US) for drug substance/product; tariff exposuremedium
Ionis relies on third-party contract manufacturers (CMOs) — many located outside the US — to supply drug substance and/or product for TRYNGOLZA, DAWNZERA, WAINUA and WAYLIVRA; supply disruption, cGMP non-compliance, or tariffs on raw materials/equipment/drug substance would raise costs and could interrupt commercial supply.
“We rely on third-party manufacturers to supply the drug substance and drug product for TRYNGOLZA, DAWNZERA and WAINUA and drug product for WAYLIVRA. The operations of our suppliers, many of which are located outside of the United States, are subject to additional risks that are beyond our control. For example, tariffs on the raw materials, components, or equipment we use to manufacture our products, or on our drug substance or finished products, will increase our manufacturing costs.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Swedish Orphan Biovitrum AB (Sobi)
“For TRYNGOLZA's commercial drug supply, we are using CMOs to produce API and finished goods for ourselves and Sobi.”
Cited →“We will achieve the next payment of $ 15 million if a New Drug Application filing, or its foreign equivalent, for bepirovirsen is accepted for review in a major country.”
Cited →“Year Ended December 31, 2025 2024 2023 Revenue from our relationship with AstraZeneca $ 147,295 $ 129,759 $ 202,236 Percentage of total revenue 16 % 18 % 26 %”
Cited →“Novartis Pelacarsen Collaboration In 2017, we initiated a collaboration with Novartis to develop and commercialize pelacarsen. Novartis is responsible for conducting and funding development and regulatory activities for pelacarsen, including a global Phase 3 cardiovascular outcomes study that Novartis initiated in 2019.”
Cited →“Year Ended December 31, 2025 2024 2023 Revenue from our relationship with Biogen $ 289,194 $ 368,058 $ 350,146 Percentage of total revenue 31 % 52 % 44 %”
Cited →“PTC Therapeutics In 2018, we entered into an exclusive license agreement with PTC Therapeutics to commercialize TEGSEDI and WAYLIVRA in Latin America and certain Caribbean countries.”
Cited →Otsuka Pharmaceutical Co., Ltd.
“from our relationship with Otsuka. In January 2026, we achieved a $ 15 million milestone payment when the European Commission approved DAWNZERA in the EU. We will achieve the next payment of $ 20 million if Otsuka receives reimbursement approval for three of the five Major European countries, which include the UK, France, Germany, Italy and Spain.”
Cited →Praxis Precision Medicines, Inc.
“we have entered into collaboration and license agreements with RogCon Inc., or RogCon, and Ionis Pharmaceuticals, Inc., or Ionis, under which we could be obligated to pay certain fees, milestone payments and cost reimbursements.”
Cited →“We also acquired rights to Ataciguat from Sanofi and the Mayo Foundation for Medical Education and Research (“Mayo”) through the acquisition of Rancho Santa Fe Bio, Inc. (“RSF”) and in-licensed Tonlamarsen from Ionis Pharmaceuticals, Inc. (“Ionis”).”
Cited →
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