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IONS, Ionis Pharmaceuticals

Pharmaceuticals consumer brand UnprofitableDistress / turnaround

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Latest annual: FY2025 10-K

IONS · Ionis Pharmaceuticals

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$944M

+33.8% YoY · 5% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.1B 5-yr avg $767M

Operating margin −33.3% 5-yr avg −45.3%

ROIC −13% 5-yr avg −21%

Owner-earnings margin −87% 5-yr avg −38%

Free cash flow margin −92% 5-yr avg −40%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
What moves the needle: Operating margin has reached 33% at its best but run negative through the cycle (median −24%) on a 99% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. Stock-based pay runs about 17% of sales, a real and recurring claim on owners that the GAAP margin understates. Read this kind of business on the pipeline against the patent cliff, and pricing. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −11%, above 15% in 1 of 9 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$373M	$514M	$600M	$1.1B	$729M	$810M	$587M	$788M	$705M	$944M	$1.1B	RevenueRevenue
100%	100%	100%	100%	98%	99%	98%	99%	98%	98%	98%	Gross marginGross mgn
13%	21%	41%	26%	49%	23%	26%	30%	38%	42%	44%	SG&A / revenueSG&A/rev
91%	72%	69%	41%	73%	79%	—	114%	128%	97%	87%	R&D / revenueR&D/rev
($20M)	$31M	($61M)	$366M	($172M)	($30M)	($410M)	($354M)	($475M)	($382M)	($352M)	Operating incomeOp. inc.
−5.4%	6.0%	−10.2%	32.6%	−23.6%	−3.7%	−69.8%	−44.9%	−67.4%	−40.4%	−33.3%	Operating marginOp. mgn
($60M)	$346K	$274M	$278M	($444M)	($29M)	($270M)	($366M)	($454M)	($381M)	($327M)	Net incomeNet inc.
											Cash flow & returns
($112M)	$174M	$603M	$346M	$36M	$31M	($274M)	($308M)	($501M)	($269M)	($911M)	Operating cash flowOp. cash
$7M	$7M	$11M	$13M	$13M	$15M	$14M	$10M	$10M	$10M	$11M	DepreciationDeprec.
($131M)	$81M	$187M	($92M)	$237M	($77M)	($119M)	($57M)	($187M)	($31M)	($742M)	Working capital & otherWC & other
$7M	$35M	$14M	$31M	$35M	$12M	$16M	$24M	$45M	$51M	$61M	CapexCapex
1.9%	6.8%	2.3%	2.8%	4.8%	1.5%	2.7%	3.0%	6.4%	5.5%	5.7%	Capex / revenueCapex/rev
($119M)	$167M	$592M	$333M	$23M	$19M	($290M)	($318M)	($511M)	($279M)	($922M)	Owner earningsOwner earn.
−32.0%	32.6%	98.8%	29.7%	3.1%	2.3%	−49.4%	−40.3%	−72.4%	−29.5%	−87.1%	Owner earnings marginOE mgn
($119M)	$139M	$589M	$315M	$772K	$19M	($290M)	($331M)	($546M)	($320M)	($971M)	Free cash flowFCF
−32.0%	27.1%	98.3%	28.0%	0.1%	2.3%	−49.4%	−42.1%	−77.5%	−33.9%	−91.8%	Free cash flow marginFCF mgn
—	$0	$0	$34M	$91M	$0	$0	—	—	—	—	BuybacksBuybacks
-3%	4%	-4%	20%	-11%	—	-22%	-23%	-24%	-16%	-13%	ROICROIC
-61%	0%	26%	19%	-60%	-4%	-47%	-95%	-77%	-78%	-67%	Return on equityROE
−61%	0%	26%	19%	−60%	−4%	−47%	−95%	−77%	−78%	−67%	Retained to equityRetained/eq
											Balance sheet
$85M	$130M	$279M	$683M	$398M	$2.1B	$2.0B	$2.3B	$2.3B	$2.7B	$1.9B	Cash & investmentsCash+inv
—	$10M	$9M	$18M	$22M	$25M	$22M	$7M	$13M	$10M	$6M	InventoryInvent.
$21M	$25M	$29M	$16M	$17M	$12M	$18M	$26M	$43M	$28M	$26M	Accounts payablePayables
—	($15M)	($20M)	$2M	$5M	$13M	$4M	($19M)	($30M)	($18M)	($20M)	Operating working capitalOper. WC
$798M	$1.2B	$2.2B	$2.7B	$2.1B	$2.3B	$2.2B	$2.6B	$2.6B	$3.0B	$2.9B	Current assetsCur. assets
$134M	$244M	$280M	$273M	$599M	$241M	$312M	$448M	$309M	$782M	$717M	Current liabilitiesCur. liab.
6.0×	4.8×	7.9×	10.0×	3.6×	9.7×	7.1×	5.9×	8.5×	3.8×	4.1×	Current ratioCurr. ratio
$912M	$1.3B	$2.7B	$3.2B	$2.4B	$2.6B	$2.5B	$3.0B	$3.0B	$3.5B	$3.4B	Total assetsAssets
$501M	$533M	$568M	$788M	$840M	—	$1.2B	$1.2B	$1.2B	$1.8B	$1.8B	Total debtDebt
$416M	$403M	$289M	$104M	$442M	—	($811M)	($1.1B)	($1.1B)	($917M)	($159M)	Net debt / (cash)Net debt
-0.5×	0.7×	-1.4×	29.4×	-18.1×	-3.2×	-50.5×	-27.9×	-28.0×	-22.1×	-19.2×	Interest coverageInt. cov.
$100M	$281M	$1.0B	$1.5B	$743M	$772M	$573M	$387M	$588M	$489M	$491M	Shareholders’ equityEquity
19.3%	16.7%	21.9%	13.1%	31.6%	14.9%	17.1%	13.4%	18.5%	14.2%	13.9%	Stock comp / revenueSBC/rev
											Per share
121M	126M	134M	153M	140M	141M	142M	143M	150M	160M	165M	Shares out (diluted)Shares
$3.08	$4.08	$4.47	$7.33	$5.22	$5.75	$4.14	$5.50	$4.72	$5.90	$6.42	Revenue / shareRev/sh
$-0.50	$0.00	$2.04	$1.82	$-3.18	$-0.20	$-1.90	$-2.56	$-3.04	$-2.38	$-1.98	EPS (diluted)EPS
$-0.99	$1.33	$4.42	$2.17	$0.16	$0.13	$-2.05	$-2.22	$-3.41	$-1.74	$-5.59	Owner earnings / shareOE/sh
$-0.99	$1.11	$4.40	$2.05	$0.01	$0.13	$-2.05	$-2.31	$-3.65	$-2.00	$-5.89	Free cash flow / shareFCF/sh
$0.06	$0.28	$0.10	$0.20	$0.25	$0.08	$0.11	$0.17	$0.30	$0.32	$0.37	Cap. spending / shareCapex/sh
$0.82	$2.23	$7.82	$9.60	$5.32	$5.47	$4.04	$2.70	$3.94	$3.06	$2.98	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+7.5%/yr	+2.5%/yr
Capital spending / share	+20.8%/yr	+5.0%/yr
Book value / share	+15.7%/yr	−10.5%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

160Mpeak FY2025

ROIC

−16%low FY2024

Gross margin

98%low FY2022

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($279M)owner earningsvs.($381M)net incomelow FY2024

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2017FY2021

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned ($279M) of owner earnings, the operating cash left after the $10M it takes just to hold its position. It put $41M more into growth; free cash flow, after that spending, was ($320M).

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($381M)	($454M)	($366M)	($270M)	($29M)
Depreciation & amortizationnon-cash charge added back	+$10M	+$10M	+$10M	+$14M	+$15M
Stock-based compensationreal costnon-cash, but a real cost	+$134M	+$130M	+$106M	+$100M	+$121M
Working capital & othertiming of cash in and out, other non-cash items	−$31M	−$187M	−$57M	−$119M	−$77M
Cash from operations	($269M)	($501M)	($308M)	($274M)	$31M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$10M	−$10M	−$10M	−$16M	−$12M
Owner earnings	($279M)	($511M)	($318M)	($290M)	$19M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$41M	−$36M	−$14M	—	—
Free cash flow	($320M)	($546M)	($331M)	($290M)	$19M
Owner-earnings marginowner earnings ÷ revenue	-30%	-72%	-40%	-49%	2%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $10M, roughly its depreciation, the rate its assets wear out). The other $41M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $134M), owner earnings is nearer ($412M).

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -22.1×

Does not cover its interest

Operating income ($382M) ÷ interest expense $17M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? +$917M

Net cash

Cash $372M + ST investments $2.3B − debt $1.8B

What this means
Cash and short-term investments exceed every dollar of debt by $917M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital -11%

Below average through the cycle

9-yr median, range -24%–20%; -16% latest = NOPAT ($302M) ÷ invested capital $1.9B

Industry peers: median -22%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran -16% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin -30%

Consumes cash through the cycle

10-yr median margin, range -72%–99%; latest ($279M) = operating cash ($269M) − maintenance capex $10M

Industry peers: median -2%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -30% of revenue this year, a -30% median across 10 years. It chose to put $41M more into growth, so free cash flow this year was ($320M) — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $134M of SBC) leaves ($412M).
Are earnings backed by cash? ($269M)

Loss, and burning cash

Net income ($381M) · cash from operations ($269M)

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 5.14×

Expanding

Capex $51M ÷ depreciation $10M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $944M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 3.83×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $1.8B vs $2.2B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 7 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −662%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-2.42/share (latest year $-2.31), the averaged base the calculator's gate runs on, and book value is $2.96/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 3 of 10

What this means
Lost money in 7 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 1 of 9 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −3% → −51% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about −3% early to −51% lately, median −24% — competition or costs are biting in.
Reinvestment, incremental ROIC −43%

What this means
Reinvested capital came back at a negative incremental return over this window — the invested base grew while operating profit did not. The filings show where it went.
Worst year 2022 · −69.8% op. margin

What this means
Operations went underwater in 2022, understand why before trusting the good years.
Share count +3.2%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“Our competitors or other third parties may incorporate AI into their businesses more quickly or more successfully than us, which could impair our ability to compete effectively and adversely affect our results of operations.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$2.9B

Cash & short-term investments$1.9B
Inventory$6M
Other current assets$1.0B

Current liabilities$717M

Debt due within a year$432M
Accounts payable$26M
Other current liabilities$258M

Current ratio4.10×all current assets ÷ what's due · Graham looked for 2×

Quick ratio4.09×stricter: inventory excluded

Cash ratio2.68×strictest: cash alone against what's due

Working capital$2.2Bthe cushion left after near-term bills

Debt due this year vs. cash$432M due · $1.9B cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Cash runway2.0 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Revenue, latest quarter vs. a year ago+87.0%the freshest read on whether the business is still growing

Current ratio, recent quarters7.6× → 4.1×

Deeper floors

Tangible book value$462Mequity stripped of goodwill & intangibles

Net current asset value($22M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$2.0B$269M of it operating leases

Deferred revenue$145Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Dr. Monia	$13.3M	−$2.6M	$19M
2022	Dr. Monia	$7.3M	$9.5M	($290M)
2023	Dr. Monia	$12.5M	$14.2M	($318M)
2024	Dr. Monia	$15.4M	−$2.7M	($511M)
2025	Dr. Monia	$13.4M	$42.6M	($279M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership1.8%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio44:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$134M
The slice of the business handed to employees in shares this year, 14% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Ionis Pharmaceuticals is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

All 3 tests turned up something to look into. A record that trips every wire is one to understand slowly.

Look hereIs it less profitable than it was?−47.4% vs 33.1%
The owner-earnings margin averaged 33.1% early in the record and −47.4% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid debt outgrow the business?$501M → $1.8B
Debt rose from $501M to $1.8B while owner earnings went from about $213M to ($369M): the borrowing grew and the earnings that would carry it are not there now. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.
Look hereAre "one-time" charges a yearly habit?10 of 10 years
Management took an impairment or write-down in 10 of the last 10 years, $19M in all. A charge taken almost every year is not one-time; it is the business — past deals coming due, and an admission the assets were worth less than what was paid. Munger's rule: when the "one-time" keeps happening, it is the business. Read it beside the goodwill the company still carries.

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Pharmaceuticals

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
INDVIndivior Pharmaceuticals Inc.	$1.2B	82%	-2.9%	—	-2%
PBHPrestige Consumer Healthcare	$1.1B	56%	29.0%	8%	21%
ACADACADIA Pharmaceuticals Inc.	$1.1B	94%	-54.1%	-48%	-29%
MDGLMadrigal Pharmaceuticals Inc.	$958M	99%	-276.4%	-61%	-254%
IONSIonis Pharmaceuticals	$944M	99%	-16.9%	-11%	-14%
ANIPANI Pharmaceuticals Inc.	$883M	62%	8.8%	4%	17%
HRMYHarmony Biosciences Holdings Inc.	$868M	79%	26.7%	38%	32%
ARWRArrowhead Pharmaceuticals	$829M	—	-106.8%	-51%	-77%
Group median	—	82%	-9.9%	-11%	-8%

The price

What a price has to assume.

What the price implies

reverse-DCF

Ionis Pharmaceuticals is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.

Today’s price $

The assumptions Required return 9% Years to get there 10 Revenue growth 0%

Revenue, delivered3%/yr’20→’25

Mature owner-earnings margin 15%

Enter a price to run it.

Owner earnings it must reach—

Margin the price demands—

Owner-earnings margin today−92%

Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.

Weigh IONS against another business →

The owners of IONS: the meeting and the votes →

Cite: Owner Scorecard, "Ionis Pharmaceuticals (IONS), the owner's record," https://ownerscorecard.com/c/IONS, data as of 2026-07-09.

Manual order: ← IONQ its page in the Manual IOSP →

Industry order: ← INVA the Pharmaceuticals chapter IRD →