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Ironwood Pharmaceuticals Inc. (IRWD-4.17%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $351.4 million, a decrease from $442.7 million in 2023, primarily due to a $90.1 million decrease in the company's share of net profits from the sale of LINZESS in the U.S.
Research and development expenses were $111.4 million, slightly down from $116.1 million in 2023, with significant investments in the apraglutide program and linaclotide development.
Selling, general, and administrative expenses decreased to $144.3 million from $158.3 million, largely due to reduced share-based compensation expenses.
The company reported a net income of $880,000 for the year, compared to a net loss of $1.0 billion in 2023, which included $1.1 billion in in-process research and development expenses related to the VectivBio Acquisition.
Ironwood generated $103.5 million in cash from operations and ended the year with $88.6 million in cash and cash equivalents.
The company continues to focus on the commercialization of LINZESS in the U.S. and the development of apraglutide for short bowel syndrome patients dependent on parenteral support.
Ironwood's management identified material weaknesses in internal control over financial reporting, which are being addressed through a remediation plan.
The company anticipates that its cash balance and expected net cash inflows from operations will be sufficient to meet its projected operating needs for the next twelve months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ironwood Pharmaceuticals Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.