UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   Form 10-Q
(Mark One)

? QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT


   OF 1934



                  For the Quarterly Period Ended June 30, 2021

                                       OR

? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF


   1934



                 For the transition period from _____ to _____

                        Commission file number 000-19125





                          Ionis Pharmaceuticals, Inc.
             (Exact name of Registrant as specified in its charter)

               Delaware                                 33-0336973

(State or other jurisdiction of (IRS Employer Identification No.)

incorporation or organization)

2855 Gazelle Court, Carlsbad, California 92010 (Address of Principal Executive Offices) (Zip Code)





                                  760-931-9200
              (Registrant's telephone number, including area code)

          Securities registered pursuant to Section 12(b) of the Act:

                                                   Name of each exchange on which
     Title of each class         Trading symbol              registered

Common Stock, $.001 Par Value "IONS" The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ? No ?

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ? No ?

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ? Accelerated Filer ?

Non-accelerated Filer ? Smaller Reporting Company ?


                           Emerging Growth Company ?



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ?

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12(b)-2 of the Securities Exchange Act of 1934). Yes ? No ?

The number of shares of voting common stock outstanding as of July 28, 2021 was 141,147,698.

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IONIS PHARMACEUTICALS, INC.
                                   FORM 10-Q
                                     INDEX

PART I FINANCIAL INFORMATION

ITEM 1: Financial Statements:



         Condensed Consolidated Balance Sheets as of June 30, 2021 and
         December 31, 2020 (unaudited) (as revised)                             3

         Condensed Consolidated Statements of Operations for the three and
         six months ended June 30, 2021 and 2020 (unaudited) (as revised)       4

         Condensed Consolidated Statements of Comprehensive Loss for the
         three and six months ended June 30, 2021 and 2020 (unaudited) (as
         revised)                                                               5

         Condensed Consolidated Statements of Stockholders' Equity for the
         three and six months ended June 30, 2021 and 2020 (unaudited) (as
         revised)                                                               6

         Condensed Consolidated Statements of Cash Flows for the six
         months ended June 30, 2021 and 2020 (unaudited) (as revised)           7

         Notes to Condensed Consolidated Financial Statements (unaudited)       8

ITEM 2: Management's Discussion and Analysis of Financial Condition and


         Results of Operations:

         Overview                                                              31

         Results of Operations                                                 34

         Liquidity and Capital Resources                                       40

ITEM 3:  Quantitative and Qualitative Disclosures about Market Risk            41

ITEM 4:  Controls and Procedures                                               41

PART II  OTHER INFORMATION                                                     41

ITEM 1:  Legal Proceedings                                                     41

ITEM 1A: Risk Factors                                                          42

ITEM 2:  Unregistered Sales of Equity Securities and Use of Proceeds           58

ITEM 3:  Default upon Senior Securities                                        58

ITEM 4:  Mine Safety Disclosures                                               58

ITEM 5:  Other Information                                                     58

ITEM 6:  Exhibits                                                              58

SIGNATURES                                                                     60



                                   TRADEMARKS

"Ionis," the Ionis logo, and other trademarks or service marks of Ionis Pharmaceuticals, Inc. appearing in this report are the property of Ionis Pharmaceuticals, Inc. "Akcea," the Akcea logo, and other trademarks or service marks of Akcea Therapeutics, Inc. appearing in this report are the property of Akcea Therapeutics, Inc., Ionis' wholly owned subsidiary. This report contains additional trade names, trademarks and service marks of others, which are the property of their respective owners. Solely for convenience, trademarks and trade names referred to in this report may appear without the ® or TM symbols.

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