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Fourth Quarter Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2021
Fourth Quarter Financial Data (Unaudited) [Abstract] |
Fourth Quarter Financial Data (Unaudited) | 11. Fourth Quarter Financial Data (Unaudited) The following financial information reflects all normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the results of the interim periods. Summarized fourth quarter data for 2021 and 2020 are as follows (in thousands, except per share data).
Three Months Ended December 31, |  | 2021 |  |  | 2020 |
Revenue |  | $ | 440,006 |  |  | $ | 290,281 |
Operating expenses |  | $ | 219,403 |  |  | $ | 312,945 |
Income (loss) from operations |  | $ | 220,603 |  |  | $ | (22,664 | )
Net income (loss) |  | $ | 224,613 |  |  | $ | (355,687 | )
Net income (loss) attributable to Ionis Pharmaceuticals, Inc. common stockholders |  | $ | 224,613 |  |  | $ | (354,532 | )
Basic net income (loss) per share (1) (2) |  | $ | 1.59 |  |  | $ | (2.54 | )
Diluted net income (loss) per share (1) (3) |  | $ | 1.41 |  |  | $ | (2.54 | )
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(1) | We compute net income (loss) per share independently for each quarter during the year.
(2) | As discussed in Note 1, Organization and Significant Accounting Policies, we compute basic net income (loss) per share by dividing the total net income (loss) attributable to our common stockholders by our weighted-average number of common shares outstanding during the period. Our basic net income per share for the fourth quarter of 2021 was $1.59.
Our basic net loss per share calculation for the fourth quarter of 2020 considered our net loss for Ionis on a stand-alone basis plus our share of Akcea’s net loss for the period. To calculate the portion of Akcea’s net loss attributable to our ownership, we multiplied Akcea’s loss per share by the weighted average shares we owned in Akcea during the period. As a result of this calculation, our total net loss available to Ionis common stockholders for the calculation of net loss per share is different than net loss attributable to Ionis Pharmaceuticals, Inc. common stockholders in the consolidated statements of operations. Our basic net loss per share for the fourth quarter of 2020 was calculated as follows (in thousands, except per share amounts):
Three Months Ended December 31, 2020 |  | Weighted Average Shares Owned in Akcea |  |  | Akcea’s Net Loss Per Share |  |  | Basic Net Loss Per Share Calculation |
Akcea’s net loss in the pre-merger period attributable to our ownership |  |  | 77,095 |  |  | $ | (0.05 | ) |  | $ | (3,603 | )
Akcea’s net loss in the post-merger period attributable to our ownership |  |  |  |  |  |  |  |  |  |  | (85,987 | )
Akcea’s total net loss attributable to our ownership |  |  |  |  |  |  |  |  |  | $ | (89,590 | )
Ionis’ stand-alone net loss |  |  |  |  |  |  |  |  |  |  | (266,418 | )
Net loss available to Ionis common stockholders |  |  |  |  |  |  |  |  |  | $ | (356,008 | )
Weighted average shares outstanding |  |  |  |  |  |  |  |  |  |  | 139,956 |
Basic net loss per share |  |  |  |  |  |  |  |  |  | $ | (2.54 | )
(3) | We had net income available to Ionis common stockholders for the fourth quarter of 2021. As a result, we computed diluted net income per share using the weighted-average number of common shares and dilutive common equivalent shares outstanding during the period as follows (in thousands except per share amounts):
Three Months Ended December 31, 2021 |  | Income (Numerator) |  |  | Shares (Denominator) |  |  | Per-Share Amount |
Net income available to Ionis common stockholders |  | $ | 224,612 |  |  |  | 141,205 |  |  | $ | 1.59 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Shares issuable upon exercise of stock options |  |  | — |  |  |  | 46 |  |  |  |  |
Shares issuable upon restricted stock award issuance |  |  | — |  |  |  | 1,065 |  |  |  |  |
Shares issuable related to our ESPP |  |  | — |  |  |  | 34 |  |  |  |  |
Shares issuable related to our 0 percent convertible notes |  |  | 777 |  |  |  | 10,936 |  |  |  |  |
Shares issuable related to our 0.125 percent convertible notes |  |  | 716 |  |  |  | 6,590 |  |  |  |  |
Shares issuable related to our 1 percent convertible notes |  |  | 105 |  |  |  | 464 |  |  |  |  |
Income available to Ionis common stockholders, plus assumed conversions |  | $ | 226,210 |  |  |  | 160,340 |  |  | $ | 1.41 |

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=124502072&loc=SL124452896-108306 + Details
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