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Fourth Quarter Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2020
Fourth Quarter Financial Data (Unaudited) [Abstract]  
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 2020 and 2019 are as follows (in thousands, except per share data).

Three Months Ended December 31,
  
2020
    
2019
  
Revenue
  
$
290,281
    
$
493,680
  
Operating expenses
  
$
312,945
    
$
233,028
  
Income (loss) from operations
  
$
(22,664
)
  
$
260,652
  
Net income (loss)
  
$
(341,426
)
  
$
203,957
  
Net income (loss) attributable to Ionis Pharmaceuticals, Inc. common stockholders
  
$
(340,271
)
  
$
184,415
  
Basic net income (loss) per share (1) (2)
  
$
(2.44
)
  
$
1.31
  
Diluted net income (loss) per share (1) (3)
  
$
(2.44
)
  
$
1.28
  
________________
(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 (loss) per share calculation for each of the fourth quarters in 2020 and 2019 considered our net income (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 income (loss) available to Ionis common stockholders for the calculation of net income (loss) per share is different than net income (loss) attributable to Ionis Pharmaceuticals, Inc. common stockholders in the consolidated statements of operations.

Our basic net income (loss) per share the quarter referenced 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-acquisition period attributable to our ownership
    
77,095
    
$
(0.05
)
  
$
(3,603
)
Akcea’s net loss in the post-acquisition period attributable to our ownership
                    
(85,987
)
Akcea’s total net loss attributable to our ownership
                  
$
(89,590
)
Ionis’ stand-alone net loss
                    
(250,682
)
Net loss available to Ionis common stockholders
                  
$
(340,272
)
Weighted average shares outstanding
                    
139,956
  
Basic net loss per share
                  
$
(2.44
)

Three Months Ended December 31 , 2019
  
Weighted
Average Shares
Owned in Akcea
    
Akcea’s
Net Income
Per Share
    
Basic Net Income
Per Share
Calculation
  
Common shares
    
71,342
    
$
0.87
    
$
62,243
  
Akcea’s net income attributable to our ownership
                  
$
62,243
  
Ionis’ stand-alone net income
                    
121,552
  
Net income available to Ionis common stockholders
                  
$
183,795
  
Weighted average shares outstanding
                    
140,583
  
Basic net income per share
                  
$
1.31
  

(3)
We had net income available to Ionis common stockholders for the fourth quarter of 2019. 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, 2019
  
Income
(Numerator)
    
Shares
(Denominator)
    
Per-Share
Amount
  
Net income available to Ionis common stockholders
  
$
183,795
      
140,583
    
$
1.31
  
Effect of dilutive securities:
                        
Shares issuable upon exercise of stock options
    
—
      
1,467
          
Shares issuable upon restricted stock award issuance
    
—
      
848
          
Shares issuable related to our ESPP
    
—
      
18
          
Shares issuable related to our 0.125 percent convertible notes
    
644
      
860
          
Shares issuable related to our 1 percent convertible notes
    
12,046
      
9,527
          
Income available to Ionis common stockholders, plus assumed conversions
  
$
196,485
      
153,303
    
$
1.28