Ironwood醫藥次季轉虧為盈 受惠LINZESS強勁表現並償清可轉換票據

IRONWOOD PHARMACEUTICALS, INC._June 30, 2026
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Table of Contents

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q
(Mark One)
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☒   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended June 30, 2026
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OR
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☐   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from            to
Commission file number: 001-34620
IRONWOOD PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
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Delaware
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04-3404176

(State or other jurisdiction of
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(I.R.S. Employer

incorporation or organization)
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Identification Number)

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100 Summer Street, Suite 2300
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Boston, Massachusetts
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02110

(Address of Principal Executive Offices)
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(Zip Code)

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(617) 621-7722
(Registrant’s telephone number, including area code)
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
Trading Symbol(s)
Name of each exchange on which registered

Class A common stock, $0.001 par value
IRWD
Nasdaq Global Select Market

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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 ☐
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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 ☐
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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.
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Large Accelerated Filer ☐
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Accelerated Filer ☒

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Non-accelerated Filer ☐
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Smaller Reporting Company ☒

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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 12b-2 of the Exchange Act). ☐ Yes ☒ No
​
As of July 31, 2026, there were 165,239,947 shares of Class A common stock outstanding.
​
​
​

​

Table of Contents

NOTE REGARDING FORWARD-LOOKING STATEMENTS 
This Quarterly Report on Form 10-Q contains forward-looking statements that involve risks, uncertainties, and assumptions. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding our future financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations. The words “may,” “continue,” “estimate,” “intend,” “plan,” “will,” “believe,” “project,” “expect,” “seek,” “anticipate,” “could,” “should,” “target,” “goal,” “potential” and similar expressions may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements include, among other things, statements about the demand and market potential for our products in the countries where they are approved for marketing, as well as the revenues therefrom; the timing, investment and associated activities involved in commercializing LINZESS® by us and AbbVie Inc. in the U.S.; the commercialization of CONSTELLA® and LINZESS in the applicable markets outside the U.S., as well as our expectations regarding revenue generated from our partners; the timing, investment and associated activities involved in developing, obtaining regulatory approval for, launching, and commercializing our products and product candidates, such as apraglutide, by us and our partners worldwide; our plans with respect to recruitment for our ongoing confirmatory Phase III clinical trial of apraglutide for the treatment of short bowel syndrome with intestinal failure; our ability and the ability of our partners to secure and maintain adequate reimbursement for our products, including the status of government regulation in the life sciences industry, particularly with respect to healthcare reform and drug pricing; our ability and the ability of our partners and third parties to manufacture and distribute sufficient amounts of linaclotide active pharmaceutical ingredient, finished drug product and finished goods, as applicable, on a commercial scale; our expectations regarding U.S. and foreign regulatory requirements for our products and our product candidates, such as apraglutide, including our post-approval development and regulatory requirements; the ability of apraglutide and our other product candidates to meet existing or future regulatory standards; the safety profile and related adverse events of our products and our product candidates; the therapeutic benefits and effectiveness of our products and our product candidates and the potential indications and market opportunities therefor; our ability and the ability of our partners to obtain and maintain intellectual property protection for our products and our product candidates and the strength thereof, as well as Abbreviated New Drug Applications filed by generic drug manufacturers and potential U.S. Food and Drug Administration approval thereof, and associated patent infringement suits that we have filed or may file, or other action that we may take against such companies, and the timing and resolution thereof; our ability and the ability of our partners to perform our respective obligations under our collaboration, license and other agreements, and our ability to achieve milestones and other payments under such agreements; our plans with respect to the development, manufacture or sale of our product candidates and the associated timing thereof, including the design and results of pre-clinical studies and clinical trials; our expectations as to future financial performance, revenues, expense levels, payments, cash flows, profitability, tax obligations, capital raising and liquidity sources, and real estate needs, as well as the timing and drivers thereof, and internal control over financial reporting; our ability to repay our outstanding indebtedness when due; asset impairments, and the drivers thereof, and purchase commitments; trends and challenges in our potential markets; the outcome of pending, threatened or future legal proceedings; our ability to attract, motivate and retain key personnel. 
Any or all of our forward-looking statements in this Quarterly Report on Form 10-Q may turn out to be inaccurate. These forward-looking statements may be affected by inaccurate assumptions or by known or unknown risks and uncertainties, including those related to the effectiveness of development and commercialization efforts by us and our partners; preclinical and clinical development, manufacturing and formulation development of linaclotide, apraglutide and our other product candidates; the risk of uncertainty relating to pricing and reimbursement policies in the U.S., which, if not favorable for our products, could hinder or prevent our products’ commercial success; the risk that clinical programs and studies, including for apraglutide, may not progress or develop as anticipated, including that studies are delayed or discontinued for any reason, such as safety, tolerability, enrollment, manufacturing, economic or other reasons; the risk that findings from our completed nonclinical studies and clinical trials may not be replicated in later trials and clinical trials may not be predictive of the results we may obtain in later-stage clinical trials or of the likelihood of regulatory approval; the risk that apraglutide will not be approved by the U.S. Food and Drug Administration or other regulatory agencies; the risk of competition or that new products may emerge that provide different or better alternatives for treatment of the conditions that our products are approved to treat; the risk that we are unable to successfully partner with other companies to develop and commercialize products or product candidates; the risk that healthcare reform and other governmental and private payor initiatives may have an adverse effect upon or prevent our products’ or product candidates’ commercial success; the efficacy, safety and tolerability of linaclotide and our product candidates; the risk that the commercial and therapeutic opportunities for LINZESS, apraglutide or our other 

2

Table of Contents

product candidates are not as we expect; decisions by regulatory and judicial authorities; the risk we may never get additional patent protection for linaclotide, apraglutide and other product candidates, that patents for linaclotide, apraglutide or other products may not provide adequate protection from competition, or that we are not able to successfully protect such patents; the risk that we are unable to manage our expenses or cash use, or are unable to commercialize our products as expected; the risk that the development of any of our linaclotide pediatric programs and/or apraglutide is not successful or that any of our product candidates does not receive regulatory approval or is not successfully commercialized; outcomes in legal proceedings to protect or enforce the patents relating to our products and product candidates, including abbreviated new drug application litigation; the risk that financial and operating results may differ from our projections; developments in the intellectual property landscape; challenges from and rights of competitors or potential competitors; the risk that our planned investments do not have the anticipated effect on our company revenues; developments in accounting guidance or practice; Ironwood’s or AbbVie’s accounting practices, including reporting and settlement practices as between Ironwood and AbbVie; the risk that our indebtedness could adversely affect our financial condition or restrict our future operations; and the additional risks identified under the heading “Part I, Item 1A—Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the U.S. Securities and Exchange Commission, or the SEC, on February 26, 2026 and under “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report on Form 10-Q may not occur as contemplated, and actual results could differ materially from those anticipated or implied by the forward-looking statements.
​
You should not unduly rely on these forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. Unless required by law, we undertake no obligation to publicly update or revise any forward-looking statements to reflect new information or future events or otherwise. You should, however, review the factors and risks we describe in the reports we will file from time to time with the SEC after the date of this Quarterly Report on Form 10-Q.
​
NOTE REGARDING TRADEMARKS
​
LINZESS® and CONSTELLA® are trademarks of Ironwood Pharmaceuticals, Inc. Any other trademarks referred to in this Quarterly Report on Form 10-Q are the property of their respective owners. All rights reserved.
​
​
​
​

3

Table of Contents

IRONWOOD PHARMACEUTICALS, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2026
TABLE OF CONTENTS
​
​
​
  ​ ​ ​
Page

​
​
​
​

​
PART I — FINANCIAL INFORMATION
​
​

Item 1.
Condensed Consolidated Financial Statements (unaudited)
​
​

​
Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025
​
5

​
Condensed Consolidated Statements of Income (Loss) for the Three and Six Months Ended June 30, 2026 and 2025
​
6

​
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2026 and 2025
​
7

​
Condensed Consolidated Statements of Stockholders’ Deficit for the Three and Six Months Ended June 30, 2026 and 2025
​
8

​
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025
​
9

​
Notes to Condensed Consolidated Financial Statements
​
10

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
​
24

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
​
34

Item 4.
Controls and Procedures
​
34

​
​
​
​

​
​
​
​

​
PART II — OTHER INFORMATION
​
​

Item 1A.
Risk Factors
​
35

Item 5.
Other Information
​
36

Item 6.
Exhibits
​
36

​
​
​
​

​
Signatures
​
38

​
​
 ​
 ​
​
​

4

Table of Contents

PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
Ironwood Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
(unaudited)
​
​

​

​

​

​

​

​

​
​
June 30, 
​
December 31, 

​
  ​ ​ ​
2026
  ​ ​ ​
2025

ASSETS
​
​
​
​
​
​

Current assets:
​
​
​
​
​
​

Cash and cash equivalents
​
$
 79,127
​
$
 215,456

Accounts receivable, net
​
 
 112,732
​
 
 46,745

Prepaid expenses and other current assets
​
 
 7,342
​
 
 11,977

Total current assets
​
 
 199,201
​
 
274,178

Property and equipment, net
​
 
 2,913
​
 
 3,408

Operating lease right-of-use assets
​
​
 8,443
​
​
 9,340

Intangible assets, net
​
​
 1,633
​
​
 2,040

Deferred tax assets
​
​
 69,064
​
​
 103,433

Other assets
​
​
 3,874
​
​
 4,502

Total assets
​
$
 285,128
​
$
 396,901

LIABILITIES AND STOCKHOLDERS' DEFICIT
​
​
​
​
​
​

Current liabilities:
​
​
​
​
​
​

Accounts payable
​
$
 911
​
$
 2,898

Accrued research and development costs
​
 
 3,124
​
 
 3,149

Accrued expenses and other current liabilities
​
 
 25,534
​
 
 33,239

Current portion of operating lease liabilities
​
​
 3,285
​
​
 3,252

Current portion of convertible senior notes
​
​
 —
​
​
 199,680

Total current liabilities
​
 
 32,854
​
 
 242,218

Operating lease obligations, net of current portion
​
​
 8,581
​
​
 9,870

Revolving credit facility
​
​
 385,000
​
​
 385,000

Other liabilities
​
 
 20,536
​
 
 21,648

Total liabilities
​
​
 446,971
​
​
 658,736

Commitments and contingencies 
​
​
​
​
 
​

Stockholders’ deficit:
​
​
​
​
​
​

Preferred stock, $0.001 par value, 75,000,000 shares authorized, no shares issued and outstanding
​
 
 —
​
 
 —

Class A Common Stock, $0.001 par value, 500,000,000 shares authorized; 165,239,947 shares issued and outstanding as of June 30, 2026 and 163,058,316 shares issued and outstanding as of December 31, 2025
​
 
 165
​
 
 163

Additional paid-in capital
​
 
 1,419,970
​
 
 1,412,780

Accumulated deficit
​
 
 (1,581,654)
​
 
 (1,673,718)

Accumulated other comprehensive loss 
​
​
 (324)
​
​
 (1,060)

Total stockholders’ deficit
​
​
 (161,843)
​
​
 (261,835)

Total liabilities and stockholders’ deficit 
​
$
 285,128
​
$
 396,901

​
​
The accompanying notes are an integral part of these condensed consolidated financial statements.
​
​
​

5

Table of Contents

Ironwood Pharmaceuticals, Inc.
Condensed Consolidated Statements of Income (Loss) 
(In thousands, except per share amounts)
(unaudited)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Three Months Ended 
​
Six Months Ended 

​
​
June 30, 
​
June 30, 

​
  ​ ​ ​
2026
  ​ ​ ​
2025
  ​ ​ ​
2026
  ​ ​ ​
2025

Revenues:
​
​
​
​
​
​
​
​
​
​
​
​

Collaborative arrangements revenue
​
$
 113,041
​
$
 85,239
​
$
 219,547
​
$
 126,382

Total revenues
​
 
 113,041
​
 
 85,239
​
 
 219,547
​
 
 126,382

Costs and expenses:
​
​
​
​
​
​
​
​
​
​
​
​

Research and development
​
 
 22,421
​
​
 23,373
​
​
 44,361
​
​
 50,805

Selling, general and administrative
​
 
 11,313
​
​
 16,795
​
​
 23,346
​
​
 41,055

Restructuring, net 
​
​
 —
​
​
 (250)
​
​
 (40)
​
​
 18,309

Total costs and expenses
​
 
 33,734
​
 
39,918
​
 
 67,667
​
 
110,169

Income from operations
​
 
 79,307
​
 
45,321 
​
 
 151,880
​
 
16,213 

Other income (expense):
​
​
​
​
​
​
​
​
​
​
​
​

Interest expense and other financing costs
​
 
 (7,203)
​
​
 (8,356)
​
​
 (16,344)
​
​
 (16,426)

Interest and investment income
​
 
 1,585
​
​
 818
​
​
 3,283
​
​
1,687

Other 
​
​
 42
​
​
 39
​
​
 84
​
​
 76

Other income (expense), net
​
 
 (5,576)
​
 
(7,499)
​
 
 (12,977)
​
 
(14,663)

Income before income taxes
​
​
 73,731
​
​
37,822 
​
​
138,903 
​
​
1,550 

Income tax expense
​
​
 (22,440)
​
​
 (14,223)
​
​
 (46,839)
​
​
(15,337)

Net income (loss)
​
$
 51,291
​
$
23,599 
​
$
 92,064
​
$
(13,787)

​
​
​
​
​
​
​
​
​
​
​
​
​

Net income (loss) per share — basic 
​
$
 0.31
​
$
 0.15
​
$
 0.56
​
$
 (0.09)

Net income (loss) per share — diluted
​
$
 0.31
​
$
 0.14
​
$
 0.55
​
$
 (0.09)

Weighted average shares used in computing net income (loss) per share — basic 
​
​
164,405
​
​
161,723
​
​
163,930
​
​
161,350

Weighted average shares used in computing net income (loss) per share — diluted 
​
​
167,179
​
​
176,837
​
​
167,036
​
​
161,350

​
The accompanying notes are an integral part of these condensed consolidated financial statements.
 
​

6

Table of Contents

Ironwood Pharmaceuticals, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
(unaudited)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Three Months Ended 
​
Six Months Ended 

​
​
June 30, 
​
June 30, 

​
  ​ ​ ​
2026
  ​ ​ ​
2025
  ​ ​ ​
2026
  ​ ​ ​
2025

Net income (loss)
​
$
 51,291
​
$
 23,599
​
$
 92,064
​
$
 (13,787)

Other comprehensive income (loss), net of tax:
​
​
​
​
​
​
​
​
​
​
​
​

Currency translation adjustment 
​
​
 471
​
​
 (2,320)
​
​
 736
​
​
 (2,949)

Total other comprehensive income (loss), net of tax
​
​
 471
​
​
 (2,320)
​
​
 736
​
​
 (2,949)

Comprehensive income (loss)
​
$
 51,762
​
$
 21,279
​
$
 92,800
​
$
 (16,736)

​
The accompanying notes are an integral part of these condensed consolidated financial statements.
 
 
​
​

7

Table of Contents

​
​
Ironwood Pharmaceuticals, Inc.
Condensed Consolidated Statements of Stockholders’ Deficit
(In thousands, except share amounts)
(unaudited)
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
​
​
​
​
​
​
​
​
​
​
​
Accumulated
​
​

​
​
Class A
​
Additional
​
​
​
​
other 
​
Total

​
​
Common Stock
​
paid-in
​
Accumulated
​
comprehensive
​
stockholders’

​
  ​ ​ ​
Shares
  ​ ​ ​
Amount
  ​ ​ ​
capital
  ​ ​ ​
deficit
​
income (loss)
​
deficit

Balance as of December 31, 2025
​
 163,058,316
​
$
 163
​
$
 1,412,780
​
$
 (1,673,718)
​
$
 (1,060)
​
$
 (261,835)

Issuance of common stock related to share-based awards 
​
 1,555,090
​
​
 2
​
​
 (2)
​
​
 —
​
​
 —
​
​
 —

Share-based compensation expense related to share-based awards and employee stock purchase plan
​
 —
​
​
 —
​
​
 3,653
​
​
 —
​
​
 —
​
​
 3,653

Net income
​
 —
​
​
 —
​
​
 —
​
​
 40,773
​
​
 —
​
​
 40,773

Other comprehensive income, net of tax
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 265
​
​
 265

Balance as of March 31, 2026
​
 164,613,406
​
$
 165
 
$
 1,416,431
​
$
 (1,632,945)
​
$
 (795)
 
$
 (217,144)

Issuance of common stock related to share-based awards and employee stock purchase plan
​
626,541
​
​
 —
​
​
303
​
​
 —
​
​
 —
​
​
 303

Share-based compensation expense related to share-based awards and employee stock purchase plan
​
 —
​
​
 —
​
​
3,236
​
​
 —
​
​
 —
​
​
 3,236

Net income
​
 —
​
​
 —
​
​
 —
​
​
 51,291
​
​
 —
​
​
 51,291

Other comprehensive income, net of tax
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 471
​
​
 471

Balance as of June 30, 2026
​
 165,239,947
​
$
 165
 
$
 1,419,970
​
$
 (1,581,654)
​
$
 (324)
 
$
 (161,843)

​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
​
​
​
​
​
​
​
​
​
​
​
Accumulated
​
​

​
​
Class A
​
Additional
​
​
​
​
other 
​
Total

​
​
Common Stock
​
paid-in
​
Accumulated
​
comprehensive
​
stockholders’

​
  ​ ​ ​
Shares
  ​ ​ ​
Amount
  ​ ​ ​
capital
  ​ ​ ​
deficit
​
income (loss)
​
deficit

Balance as of December 31, 2024
 
 160,205,899
​
$
 160
​
$
 1,395,317
​
$
 (1,697,735)
​
$
 923
​
$
 (301,335)

Issuance of common stock related to share-based awards
 
 1,603,533
​
​
 2
​
​
 4
​
​
 —
​
​
 —
​
​
 6

Share-based compensation expense related to share-based awards and employee stock purchase plan
 
 —
​
​
 —
​
​
 5,291
​
​
 —
​
​
 —
​
​
 5,291

Net loss
​
 —
​
​
 —
​
​
 —
​
​
 (37,386)
​
​
 —
​
​
 (37,386)

Other comprehensive loss, net of tax
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (629)
​
​
 (629)

Balance as of March 31, 2025
 
 161,809,432
​
$
 162
 
$
 1,400,612
​
$
 (1,735,121)
​
$
 294
​
$
 (334,053)

Issuance of common stock related to share-based awards and employee stock purchase plan
​
 624,698
​
​
 —
​
​
 88
​
​
 —
​
​
 —
​
​
 88

Share-based compensation expense related to share-based awards and employee stock purchase plan
 
 —
​
​
 —
​
​
 4,524
​
​
 —
​
​
 —
​
​
 4,524

Net income
​
 —
​
​
 —
​
​
 —
​
​
 23,599
​
​
 —
​
​
 23,599

Other comprehensive loss, net of tax
 
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (2,320)
​
​
 (2,320)

Balance as of June 30, 2025
​
 162,434,130
​
$
 162
 
$
 1,405,224
​
$
 (1,711,522)
​
$
 (2,026)
​
$
 (308,162)

​
The accompanying notes are an integral part of these condensed consolidated financial statements.
​
​

8

Table of Contents

Ironwood Pharmaceuticals, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
​

​

​

​

​

​

​

​
​
Six Months Ended 

​
​
June 30, 

​
  ​ ​ ​
2026
  ​ ​ ​
2025

Cash flows from operating activities:
​
​
​
​
​
​

Net income (loss)
​
$
 92,064
​
$
 (13,787)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
​
​
​
​
​
​

Depreciation and amortization
​
 
 900
​
​
 946

Loss on disposal of property and equipment
​
​
 —
​
​
 85

Share-based compensation expense
​
 
 6,889
​
​
 9,815

Non-cash interest expense
​
 
 808
​
​
 832

Non-cash lease expense
​
​
 897
​
​
 827

Deferred income taxes
​
​
 34,369
​
​
 14,775

Changes in operating assets and liabilities:
​
​
​
​
​
​

Accounts receivable, net
​
 
 (65,987)
​
​
 (4,282)

Prepaid expenses and other current assets
​
 
 4,581
​
​
 (471)

Other assets
​
 
 138
​
​
 284

Accounts payable and accrued expenses
​
 
 (9,500)
​
​
 (4,174)

Accrued research and development costs
​
 
 22
​
​
 (2,664)

Operating lease liabilities
​
​
 (1,256)
​
​
 (1,156)

Other liabilities
​
​
 (528)
​
​
 3,856

 Net cash provided by operating activities
​
 
 63,397
​
 
 4,886

Cash flows from investing activities:
​
​
​
​
​
​

Purchases of property and equipment
​
 
 —
​
​
 (33)

 Net cash used in investing activities
​
 
 —
​
 
 (33)

Cash flows from financing activities:
​
​
​
​
​
​

Proceeds from employee stock purchase plan
​
 
 303
​
​
 94

Repayment of 2026 Convertible Notes
​
​
 (200,000)
​
​
 —

 Net cash provided by (used in) financing activities
​
 
 (199,697)
​
 
 94

 Effect of exchange rate changes on cash and cash equivalents 
​
​
 (29)
​
​
 (654)

 Net increase (decrease) in cash and cash equivalents 
​
 
 (136,329)
​
 
 4,293

Cash and cash equivalents, beginning of period
​
 
 215,456
​
 
 88,559

Cash and cash equivalents, end of period
​
$
 79,127
​
$
 92,852

​
The accompanying notes are an integral part of these condensed consolidated financial statements.
​
​

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​
Ironwood Pharmaceuticals, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
​
1. Nature of Business
Ironwood Pharmaceuticals, Inc. (“Ironwood” or the “Company”) is a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal (“GI”) and rare diseases. The Company is focused on the development and commercialization of innovative product opportunities in areas of significant unmet need, leveraging its demonstrated expertise and capabilities in GI and rare diseases.
LINZESS® (linaclotide), the Company’s commercial product, is the first product approved by the United States Food and Drug Administration (the “U.S. FDA”) in a class of GI medicines called guanylate cyclase type C agonists (“GC-C agonists”) and is indicated, in the U.S., for the treatment of irritable bowel syndrome with constipation (“IBS-C”) in adults and pediatric patients 7 years of age and older, chronic idiopathic constipation (“CIC”) in adults, and functional constipation (“FC”) in pediatric patients ages 2-17 years-old. LINZESS is also available for the treatment of adults with IBS-C or CIC in Mexico and Kingdom of Saudi Arabia, adults with IBS-C or chronic constipation in Japan, and adults with IBS-C in China. Linaclotide is available under the trademarked name CONSTELLA® for the treatment of adults with IBS-C or CIC and pediatric patients ages 6-17 years old with FC in Canada, and to adults with IBS-C in certain European countries.
The Company has strategic partnerships with leading pharmaceutical companies to support the development and commercialization of linaclotide throughout the world. The Company and its partner, AbbVie Inc. (together with its affiliates, “AbbVie”), began commercializing LINZESS in the U.S. in December 2012. Under the Company’s collaboration for North America with AbbVie, total net sales of LINZESS in the U.S., as recorded by AbbVie, are reduced by commercial costs incurred by each party, and the resulting amount is shared equally between the Company and AbbVie. Additionally, development costs are shared equally between the Company and AbbVie.
Outside of the U.S., the Company earns royalties as a percentage of net sales of products containing linaclotide as an active ingredient by the Company’s collaboration partners. AbbVie has an exclusive license from the Company to develop and commercialize linaclotide in all countries other than China (including Hong Kong and Macau), Japan and the countries and territories of North America (the “AbbVie License Territory”). In addition, AbbVie has exclusive rights to commercialize linaclotide in Canada as CONSTELLA and in Mexico and Kingdom of Saudi Arabia as LINZESS. Astellas Pharma Inc. (“Astellas”), the Company’s partner in Japan, has an exclusive license to develop, manufacture, and commercialize linaclotide in Japan. Grand Life Sciences (Beijing) Co., Ltd. (together with its affiliates) (“Grand Life Sciences”), the Company’s partner in China since May 2026, has the exclusive right to develop, manufacture, and commercialize products containing linaclotide in China (including Hong Kong and Macau) (the “Grand Life Sciences Territory”). In May 2026, and as further described in Note 4, Collaboration, License and Other Agreements, AstraZeneca AB notified the Company that it has assigned its rights and obligations under the collaboration agreement to Grand Life Sciences.
The Company is also advancing apraglutide, a next-generation, synthetic peptide long-acting analog of glucagon-like peptide-2, developed for short bowel syndrome (“SBS”) patients who are dependent on parenteral support (“PS”).
The Company was incorporated in Delaware on January 5, 1998 as Microbia, Inc. On April 7, 2008, the Company changed its name to Ironwood Pharmaceuticals, Inc. To date, the Company has dedicated a majority of its activities to the research, development and commercialization of linaclotide, as well as to other research and development programs, including apraglutide.
 
​
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying condensed consolidated financial statements and the related disclosures are unaudited and have been prepared in accordance with accounting principles generally accepted in the U.S. Additionally, certain information and footnote disclosures normally included in the Company’s annual financial statements have been 

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condensed or omitted. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the Securities and Exchange Commission (“SEC”) on February 26, 2026 (the “2025 Annual Report on Form 10-K”).
The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair statement of the Company’s financial position as of June 30, 2026, and the results of its operations for the three and six months ended June 30, 2026 and 2025, its statements of stockholders’ deficit for the three and six months ended June 30, 2026 and 2025, and its cash flows for the six months ended June 30, 2026 and 2025. The results of operations for the three and six months ended June 30, 2026 and 2025 are not necessarily indicative of the results that may be expected for the full year or any other subsequent interim period.
Principles of Consolidation
The accompanying condensed consolidated financial statements as of June 30, 2026 include the accounts of Ironwood, its wholly-owned subsidiaries, Ironwood Pharmaceuticals Securities Corporation, Ironwood Pharmaceuticals GmbH, VectivBio AG, and GlyPharma Therapeutic Inc. (“GlyPharma”). All intercompany transactions and balances are eliminated in consolidation.
Use of Estimates
The preparation of condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles requires the Company’s management to make estimates and judgments that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements, and the amounts of revenues and expenses during the reported periods. On an ongoing basis, the Company’s management evaluates its estimates, judgments and methodologies. Estimates and assumptions in the condensed consolidated financial statements include those related to revenue recognition; accounts receivable; useful lives of long-lived assets; impairment of long-lived assets, including goodwill; valuation procedures for right-of-use assets and operating lease liabilities; income taxes, including uncertain tax positions and the valuation allowance for deferred tax assets; research and development expenses; contingencie