ISIS PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTSOFOPERATIONS
(In thousands, except for per share amounts)
Years Ended December 31,
2014
2013
2012
Revenue:
Research and development revenue under collaborative agreements . . . . . . . . $202,514 $144,194 $ 96,415
Licensing and royalty revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,647
3,091
5,634
Total revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
214,161 147,285 102,049
Expenses:
Research, development and patent expenses . . . . . . . . . . . . . . . . . . . . . . . . . . .
241,751 184,033 158,458
General and administrative. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20,140 14,918 12,515
Total operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
261,891 198,951 170,973
Loss from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(47,730) (51,666) (68,924)
Other income (expense):
Equity in net loss of Regulus Therapeutics Inc. . . . . . . . . . . . . . . . . . . . . . . . .
— — (1,406)
Investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,682
2,085
1,844
Interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(22,209) (19,355) (21,152)
Gain on investments, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,256
2,378
1,465
Gain on investment in Regulus Therapeutics Inc.. . . . . . . . . . . . . . . . . . . . . . .
19,902
— 18,356
Loss on early retirement of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8,292)
— (4,770)
Loss before income tax benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(54,391) (66,558) (74,587)
Income tax benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15,407
5,914
9,109
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(38,984) $(60,644) $(65,478)
Basic and diluted net loss per share. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (0.33) $ (0.55) $ (0.65)
Shares used in computing basic and diluted net loss per share . . . . . . . . . . . . . .
117,691 110,502 100,576
See accompanying notes.
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