SEC Form 10-Q filed by Ionis Pharmaceuticals Inc.

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934

Delaware		33-0336973
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

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

Title of each class		Trading symbol		Name of each exchange on which registered
Common Stock, $.001 Par Value		“IONS”		The Nasdaq Stock Market LLC

Large Accelerated Filer ☒	Accelerated Filer ☐
Non-accelerated Filer ☐	Smaller Reporting Company ☐
	Emerging Growth Company ☐

PART I	FINANCIAL INFORMATION
ITEM 1:	Financial Statements:
	Condensed Consolidated Balance Sheets as of March 31, 2025 (unaudited) and December 31, 2024	3
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (unaudited)	4
	Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2025 and 2024 (unaudited)	5
	Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2025 and 2024 (unaudited)	6
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (unaudited)	7
	Notes to Condensed Consolidated Financial Statements (unaudited)	8
ITEM 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations:
	Overview	22
	Critical Accounting Estimates	24
	Results of Operations	25
	Liquidity and Capital Resources	30
ITEM 3:	Quantitative and Qualitative Disclosures about Market Risk	32
ITEM 4:	Controls and Procedures	32
PART II	OTHER INFORMATION	33
ITEM 1:	Legal Proceedings	33
ITEM 1A:	Risk Factors	33
ITEM 2:	Unregistered Sales of Equity Securities and Use of Proceeds	51
ITEM 3:	Default upon Senior Securities	51
ITEM 4:	Mine Safety Disclosures	51
ITEM 5:	Other Information	51
ITEM 6:	Exhibits	51
SIGNATURES		52

ITEM 1.

FINANCIAL STATEMENTS

		March 31, 2025				December 31, 2024
		(unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	264,192			$	242,077
Short-term investments			1,880,960				2,055,579
Contracts receivable			39,707				92,188
Inventories			11,502				12,512
Other current assets			222,571				217,934
Total current assets			2,418,932				2,620,290
Property, plant and equipment, net			102,925				94,251
Right-of-use assets			159,269				161,856
Deposits and other assets			131,822				127,278
Total assets		$	2,812,948			$	3,003,675
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	17,456			$	42,964
Accrued compensation			26,575				69,614
Accrued liabilities			102,735				108,438
Income taxes payable			126				34
Current portion of deferred contract revenue			81,097				78,989
Other current liabilities			22,304				9,279
Total current liabilities			250,293				309,318
Long-term deferred contract revenue			140,678				156,504
1.75 percent convertible senior notes, net			565,721				565,026
0 percent convertible senior notes, net			629,326				628,535
Liability related to sale of future royalties, net			536,141				542,212
Long-term lease liabilities			159,392				161,805
Long-term obligations			55,671				51,924
Total liabilities			2,337,222				2,415,324
Stockholders’ equity:
Common stock, $0.001 par value; 300,000,000 shares authorized, 159,041,259 and 157,908,815 shares issued and outstanding at March 31, 2025 (unaudited) and December 31, 2024, respectively			159				158
Additional paid-in capital			2,901,262				2,868,812
Accumulated other comprehensive loss			(28,949	)			(30,811	)
Accumulated deficit			(2,396,746	)			(2,249,808	)
Total stockholders’ equity			475,726				588,351
Total liabilities and stockholders’ equity		$	2,812,948			$	3,003,675

		Three Months Ended March 31,
		2025				2024
Revenue:
Commercial revenue:
Product sales, net		$	6,287			$	—
Royalty revenue			64,166				49,385
Other commercial revenue			5,715				10,208
Total commercial revenue			76,168				59,593
Research and development revenue:
Collaborative agreement revenue			45,031				49,345
WAINUA joint development revenue			10,413				10,559
Total research and development revenue			55,444				59,904
Total revenue			131,612				119,497
Expenses:
Cost of sales			1,463				2,151
Research, development and patent			200,759				214,215
Selling, general and administrative			76,250				52,644
Total operating expenses			278,472				269,010
Loss from operations			(146,860	)			(149,513	)
Other income (expense):
Investment income			24,667				26,285
Interest expense			(4,108	)			(4,151	)
Interest expense related to sale of future royalties			(18,822	)			(17,959	)
Gain (loss) on investments			(2,164	)			2,333
Other income			465				277
Loss before income tax expense			(146,822	)			(142,728	)
Income tax expense			(116	)			(75	)
Net loss		$	(146,938	)		$	(142,803	)
Basic and diluted net loss per share		$	(0.93	)		$	(0.98	)
Shares used in computing basic and diluted net loss per share			158,735				145,538

		Three Months Ended March 31,
		2025				2024
Net loss		$	(146,938	)		$	(142,803	)
Unrealized gains (losses) on debt securities, net of tax			1,630				(2,205	)
Currency translation adjustment			232				(114	)
Comprehensive loss		$	(145,076	)		$	(145,122	)

		Common Stock								Additional				Accumulated Other				Accumulated				Total Stockholders’
Description		Shares				Amount				Paid in Capital				Comprehensive Loss				Deficit				Equity
Balance at December 31, 2023			144,341			$	144			$	2,215,098			$	(32,645	)		$	(1,795,911	)		$	386,686
Net loss			—				—				—				—				(142,803	)			(142,803	)
Change in unrealized losses, net of tax			—				—				—				(2,205	)			—				(2,205	)
Foreign currency translation			—				—				—				(114	)			—				(114	)
Issuance of common stock in connection with employee stock plans, net			1,504				2				23,609				—				—				23,611
Stock-based compensation expense			—				—				31,340				—				—				31,340
Balance at March 31, 2024			145,845			$	146			$	2,270,047			$	(34,964	)		$	(1,938,714	)		$	296,515
Balance at December 31, 2024			157,909			$	158			$	2,868,812			$	(30,811	)		$	(2,249,808	)		$	588,351
Net loss			—				—				—				—				(146,938	)			(146,938	)
Change in unrealized gains, net of tax			—				—				—				1,630				—				1,630
Foreign currency translation			—				—				—				232				—				232
Issuance of common stock in connection with employee stock plans, net			1,132				1				2,241				—				—				2,242
Stock-based compensation expense			—				—				30,209				—				—				30,209
Balance at March 31, 2025			159,041			$	159			$	2,901,262			$	(28,949	)		$	(2,396,746	)		$	475,726

		Three Months Ended March 31,
		2025				2024
Operating activities:
Net loss		$	(146,938	)		$	(142,803	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation			2,228				2,547
Amortization of right-of-use operating lease assets			2,587				2,465
Amortization of other assets			582				639
Amortization of discount on investments, net			(7,108	)			(9,257	)
Amortization of debt issuance costs			1,642				1,667
Non-cash royalty revenue related to sale of royalties			(12,891	)			(6,623	)
Non-cash interest related to sale of future royalties			18,670				17,806
Stock-based compensation expense			29,718				31,340
Loss (gain) on investments			1,849				(2,332	)
Non-cash losses related to other assets			61				133
Changes in operating assets and liabilities:
Contracts receivable			52,481				92,638
Inventories			1,010				499
Other current and long-term assets			(12,366	)			11,048
Accounts payable			(25,968	)			(13,869	)
Income taxes			92				59
Accrued compensation			(43,039	)			(46,190	)
Accrued liabilities and other current liabilities			333				(42,887	)
Deferred contract revenue			(13,718	)			(46,818	)
Net cash used in operating activities			(150,775	)			(149,938	)
Investing activities:
Purchases of short-term investments			(311,068	)			(519,001	)
Proceeds from sale of short-term investments			494,755				600,836
Purchases of property, plant and equipment			(12,577	)			(4,493	)
Acquisition of licenses and other assets, net			(651	)			(1,237	)
Net cash provided by investing activities			170,459				76,105
Financing activities:
Proceeds from issuance of common stock through equity plans, net			2,241				23,609
Principal payments on mortgage debt			(42	)			(39	)
Net cash provided by financing activities			2,199				23,570
Effects of exchange rates on cash			232				(114	)
Net increase (decrease) in cash and cash equivalents			22,115				(50,377	)
Cash and cash equivalents at beginning of period			242,077				399,266
Cash and cash equivalents at end of period		$	264,192			$	348,889
Supplemental disclosures of cash flow information:
Interest paid		$	92			$	95
Income taxes paid (refunds received)		$	(400	)		$	13
Supplemental disclosures of non-cash investing and financing activities:
Amounts accrued for capital and patent expenditures		$	460			$	924

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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Assessing the propriety of revenue recognition and associated deferred revenue;

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Determining the appropriate cost estimates for unbilled preclinical studies and clinical development activities; and

●

Assessing the appropriate estimate of anticipated future royalty payments under our royalty purchase agreement

		Three Months Ended March 31
		2025				2024
Total revenue		$	131.6			$	119.5
Total operating expenses		$	278.5			$	269.0
Loss from operations		$	(146.9	)		$	(149.5	)
Net loss		$	(146.9	)		$	(142.8	)

		Three Months Ended March 31,
		2025				2024
Revenue:
Commercial revenue:
Product sales, net:
TRYNGOLZA sales, net		$	6.3			$	—
Total product sales, net			6.3				—
Royalty revenue:
SPINRAZA royalties			48.0				38.5
WAINUA royalties			9.4				1.1
Other royalties			6.8				9.8
Total royalty revenue			64.2				49.4
Other commercial revenue:
TEGSEDI and WAYLIVRA revenue, net			5.7				8.6
Other revenue			—				1.6
Total other commercial revenue			5.7				10.2
Total commercial revenue			76.2				59.6
Research and development revenue:
Collaborative agreement revenue			45.0				49.3
WAINUA joint development revenue			10.4				10.6
Total research and development revenue			55.4				59.9
Total revenue		$	131.6			$	119.5

		Three Months Ended March 31,
		2025				2024
WAINUA joint development revenue		$	10.4			$	10.6
Research and development expenses related to Phase 3 development of WAINUA			21.5				22.7
Medical affairs expenses for WAINUA			1.6				1.3
Commercialization expenses for WAINUA			7.7				6.0

		Three Months Ended March 31,
		2025				2024
Operating expenses, excluding non-cash compensation expense related to equity awards		$	248.8			$	237.7
Non-cash compensation expense related to equity awards			29.7				31.3
Total operating expenses		$	278.5			$	269.0

		Three Months Ended March 31,
		2025				2024
Cost of sales, excluding non-cash compensation expense related to equity awards		$	1.4			$	2.0
Non-cash compensation expense related to equity awards			0.1				0.2
Total cost of sales		$	1.5			$	2.2

		Three Months Ended March 31,
		2025				2024
Research, development and patent expenses, excluding non-cash compensation expense related to equity awards		$	180.4			$	192.0
Non-cash compensation expense related to equity awards			20.4				22.2
Total research, development and patent expenses		$	200.8			$	214.2

		Three Months Ended March 31,
		2025				2024
Drug discovery expenses, excluding non-cash compensation expense related to equity awards		$	27.0			$	28.2
Non-cash compensation expense related to equity awards			4.1				4.3
Total drug discovery expenses		$	31.1			$	32.5

		Three Months Ended March 31,
		2025				2024
Eplontersen		$	21.1			$	21.7
Olezarsen			24.9				39.5
Donidalorsen			5.1				4.8
Zilganersen			5.2				2.1
Ulefnersen			3.0				3.5
Other development projects			22.2				25.1
Development overhead expenses			31.4				29.1
Total drug development expenses, excluding non-cash compensation expense related to equity awards			112.9				125.8
Non-cash compensation expense related to equity awards			9.5				10.4
Total drug development expenses		$	122.4			$	136.2

		Three Months Ended March 31,
		2025				2024
Medical affairs expenses, excluding non-cash compensation expense related to equity awards		$	5.6			$	4.7
Non-cash compensation expense related to equity awards			0.3				0.9
Total medical affairs expenses		$	5.9			$	5.6

		Three Months Ended March 31,
		2025				2024
Manufacturing and development chemistry expenses, excluding non-cash compensation expense related to equity awards		$	14.3			$	11.4
Non-cash compensation expense related to equity awards			2.1				2.3
Total manufacturing and development chemistry expenses		$	16.4			$	13.7

		Three Months Ended March 31,
		2025				2024
Occupancy		$	7.3			$	7.1
Personnel costs			6.8				7.8
Computer software and licenses			3.2				1.6
Insurance			1.0				0.9
Patent expenses			0.6				0.7
Consulting expenses			0.1				0.6
Other			1.6				3.2
Total R&D support expenses, excluding non-cash compensation expense related to equity awards			20.6				21.9
Non-cash compensation expense related to equity awards			4.4				4.3
Total R&D support expenses		$	25.0			$	26.2

		Three Months Ended March 31,
		2025				2024
Selling, general and administrative expenses, excluding non-cash compensation expense related to equity awards		$	67.0			$	43.7
Non-cash compensation expense related to equity awards			9.3				8.9
Total selling, general and administrative expenses		$	76.3			$	52.6

		Three Months Ended March 31,
		2025				2024
Convertible notes:
Non-cash amortization of debt issuance costs		$	1.5			$	1.6
Interest expense payable in cash			2.5				2.5
Interest on mortgage for manufacturing facility			0.1				0.1
Total interest expense		$	4.1			$	4.2

Contractual Obligations		Payments Due by Period (in millions)
(selected balances described below)		Total				Less than 1 year				More than 1 year
1.75% Notes (principal and interest payable)		$	610.3			$	10.1			$	600.2
0% Notes (principal payable) (1)			632.5				—				632.5
Operating leases			255.0				20.9				234.1
Building mortgage payments (principal and interest payable)			9.5				0.5				9.0
Other obligations (principal and interest payable)			0.7				0.1				0.6
Total		$	1,508.0			$	31.6			$	1,476.4

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 4.

CONTROLS AND PROCEDURES

ITEM 1.

LEGAL PROCEEDINGS

ITEM 1A.

RISK FACTORS

●

Our ability to generate substantial revenue from the sale of our medicines;

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Τhe availability of adequate coverage and payment rates for our medicines;

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Our and our partners’ ability to compete effectively;

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Our ability to successfully manufacture our medicines;

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Our ability to successfully develop and obtain marketing approvals for our medicines;

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Our ability to secure and maintain effective corporate partnerships;

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Our ability to sustain cash flows and achieve consistent profitability;

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Our ability to protect our intellectual property;

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Our ability to maintain the effectiveness of our personnel;

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The impacts of health epidemics, climate change, war and other events;

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Our dependence upon our own and third-party information technology systems; and

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The other factors set forth below.

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receipt and scope of marketing authorizations;

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establishment and demonstration in the medical and patient community of the efficacy and safety of our medicines, public perception regarding our medicines and their potential advantages over competing products;

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cost and effectiveness of our medicines compared to other available therapies;

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patient convenience of the dosing regimen for our medicines; and

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reimbursement policies of government and third-party payers.

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priced lower than our medicines;

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reimbursed more favorably by government and other third-party payers than our medicines;

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safer than our medicines;

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more effective than our medicines; or

●

more convenient to use than our medicines.

●

Onasemnogene abeparvovec and risdiplam compete with SPINRAZA;

●

Acoramidis, patisiran, tafamidis, tafamidis meglumine and vutrisiran compete with WAINUA;

●

Nexiguran ziclumeran, ALXN2220 and NNC6019-0001 could compete with WAINUA;

●

Plozasiran, pegozafermin and NST-1024 could compete with TRYNGOLZA and WAYLIVRA;

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Lanadelumab-flyo, C1 esterase inhibitor, berotralstat, C1 esterase inhibitor subcutaneous, garadacimab, deucrictibant, NTLA-2002 and STAR-0215 could compete with donidalorsen;

●

Olpasiran, zerlasiran, lepodisiran and muvalaplin could compete with pelacarsen;

●

NI-005/AP-101 could compete with QALSODY;

●

VIR-2218, VIR-3434, BRII-179, AB-729, selgantolimod, bersacapavir, REP 2139-Mg and VTP-300 could complete with bepirovirsen;

●

Budesonide, sparsentan, atrasentan, iptacopan, zigakibart, sibeprenlimab, atacicept, ravulizumab, vemircopan, felzartamab, telitacicept and povetacicept could compete with sefaxersen; and

●

GTX-102, alogabat and NNZ-2591 could compete with ION582.

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fund our development activities for SPINRAZA and QALSODY;

●

seek and obtain regulatory approvals for SPINRAZA and QALSODY; and

●

successfully commercialize SPINRAZA and QALSODY.

●

such authorities may disagree with the design or implementation of our clinical studies;

●

we or our partners may be unable to demonstrate to the satisfaction of the FDA or other regulatory authorities that a medicine is safe and effective for any indication;

●

such authorities may not accept clinical data from studies conducted at clinical facilities that have deficient clinical practices or that are in countries where the standard of care is potentially different from the U.S.;

●

we or our partners may be unable to demonstrate that our medicine’s clinical and other benefits outweigh its safety risks to support approval;

●

such authorities may disagree with the interpretation of data from preclinical or clinical studies;

●

such authorities may find deficiencies in the manufacturing processes or facilities of third-party manufacturers who manufacture clinical and commercial supplies for our medicines; and

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the approval policies or regulations of such authorities or their prior guidance to us or our partners during clinical development may significantly change in a manner rendering our clinical data insufficient for approval.

●

the clinical study may produce negative or inconclusive results;

●

regulators may require that we hold, suspend or terminate clinical research for noncompliance with regulatory requirements;

●

we, our partners, the FDA or foreign regulatory authorities could suspend or terminate a clinical study due to adverse side effects of a medicine on subjects or lack of efficacy in the trial;

●

we or our partners may decide, or regulators may require us, to conduct additional preclinical testing or clinical studies;

●

enrollment in our clinical studies may be slower than we anticipate;

●

we or our partners, including our independent clinical investigators, contract research organizations and other third-party service providers on which we rely, may not identify, recruit or train suitable clinical investigators at a sufficient number of study sites or timely enroll a sufficient number of study subjects in the clinical study;

●

the institutional review board for a prospective site might withhold or delay its approval for the study;

●

people who enroll in the clinical study may later drop out due to adverse events, a perception they are not benefiting from participating in the study, fatigue with the clinical study process or personal issues;

●

a clinical study site may deviate from the protocol for the study;

●

the cost of our clinical studies may be greater than we anticipate;

●

our partners may decide not to exercise any existing options to license and conduct additional clinical studies for our medicines; and

●

the supply or quality of our medicines or other materials necessary to conduct our clinical studies may be insufficient, inadequate or delayed.

●

AstraZeneca for the joint development and funding of WAINUA;

●

Novartis for development and funding of pelacarsen;

●

GSK for development and funding of bepirovirsen; and

●

Roche for development and funding of sefaxersen.

●

conduct clinical studies;

●

seek and obtain marketing authorizations; and

●

manufacture and commercialize our medicines.

●

pursue alternative technologies or develop alternative products that may be competitive with the medicine that is part of the collaboration with us;

●

pursue higher-priority programs or change the focus of its own development programs; or

●

choose to devote fewer resources to our medicines than it does to its own medicines.

●

successful commercialization of our commercial medicines;

●

the profile and launch timing of our medicines in development;

●

changes in existing collaborative relationships and our ability to establish and maintain additional collaborative arrangements;

●

continued scientific progress in our research, drug discovery and development programs;

●

the size of our programs and progress with preclinical and clinical studies;

●

the time and costs involved in obtaining marketing authorizations;

●

competing technological and market developments, including the introduction by others of new therapies that address our markets; and

●

our manufacturing requirements and capacity to fulfill such requirements.

●

harm our reputation;

●

delay progress on the development of our medicines;

●

compel us to comply with applicable security or data breach notification obligations (including laws);

●

result in the diversion of monetary funds and other company resources;

●

subject us to financial or other penalties, regulatory investigations or actions, including mandatory and costly corrective actions; and

●

require us to verify the correctness of database contents and otherwise subject us to litigation or other liabilities.

●

compliance with differing or unexpected regulatory requirements for our medicines and foreign employees;

●

complexities associated with managing multiple payer reimbursement regimes, government payers or patient self-pay systems;

●

difficulties in staffing and managing foreign operations;

●

in certain circumstances, increased dependence on the commercialization efforts and regulatory compliance of third-party distributors or strategic partners;

●

foreign government taxes, regulations and permit requirements;

●

U.S. and foreign government tariffs, trade and export restrictions, price and exchange controls and other regulatory requirements;

●

anti-corruption laws, including the Foreign Corrupt Practices Act, or the FCPA, and its equivalent in foreign jurisdictions;

●

economic weakness, including inflation, natural disasters, war, acts of terrorism, political instability or public health issues or health epidemics, in particular foreign countries or globally;

●

fluctuations in currency exchange rates, which could result in increased operating expenses and reduced revenue, and other obligations related to doing business in another country;

●

the potential for a local seller, faced with higher local prices, importing medicines from an international market with lower prices rather than buying such medicines locally, which is referred to as parallel importation;

●

compliance with tax, employment, privacy, immigration and labor laws, regulations and restrictions for employees living or traveling abroad;

●

workforce uncertainty in countries where labor unrest is more common than in the U.S.; and

●

changes in diplomatic and trade relationships.

●

interruption of our research, development and manufacturing efforts;

●

injury to our employees and others;

●

environmental damage resulting in costly clean up; and

●

liabilities under federal, state and local laws and regulations governing health and human safety, as well as the use, storage, handling and disposal of these materials and resultant waste products.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 3.

DEFAULT UPON SENIOR SECURITIES

ITEM 4.

MINE SAFETY DISCLOSURES

ITEM 5.

OTHER INFORMATION

ITEM 6.

EXHIBITS

a.

Exhibits

Exhibit Number		Description of Document
10.1		Third Amended Non-Employee Director Compensation Policy.
10.2		License Agreement between Ionis Pharmaceuticals, Inc. and Ono Pharmaceutical Co., Ltd., dated March 10, 2025. Portions of this exhibit have been omitted because they are both (i) not material and (ii) the type that the Registrant treats as private or confidential.
31.1		Certification by Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.
31.2		Certification by Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.
32.1*		Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101		The following financial statements from the Ionis Pharmaceuticals, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) condensed consolidated balance sheets, (ii) condensed consolidated statements of operations, (iii) condensed consolidated statements of comprehensive income (loss), (iv) condensed consolidated statements of stockholders’ equity, (v) condensed consolidated statements of cash flows and (vi) notes to condensed consolidated financial statements (detail tagged).
104		Cover Page Interactive Data File (formatted in iXBRL and included in exhibit 101).

*

This certification is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Signatures		Title		Date
/s/ BRETT P. MONIA		Director and Chief Executive Officer
Brett P. Monia, Ph.D.		(Principal executive officer)		April 30, 2025
/s/ ELIZABETH L. HOUGEN		Executive Vice President, Finance and Chief Financial Officer
Elizabeth L. Hougen		(Principal financial and accounting officer)		April 30, 2025