Shares of Ionis Pharmaceuticals (IONS) soared 5.35% in pre-market trading on November 6, 2024, following a promising update on its investigational drug ION582 for treating Angelman syndrome and better-than-expected third quarter financial results.

Ionis announced that it has completed a positive End-of-Phase 2 discussion with the U.S. Food and Drug Administration (FDA) and received alignment on the design of the pivotal Phase 3 trial for ION582. The Phase 3 REVEAL trial will evaluate ION582 in approximately 200 children and adults with Angelman syndrome and use improvement in expressive communication as the primary endpoint.

Separately, Ionis reported total revenue of $134 million for the third quarter of 2024, beating the consensus estimate of $130.1 million. Revenue was driven by royalties from SPINRAZA and WAINUA, as well as collaborative agreement revenue. However, the company reported a net loss of $140 million or $0.95 per share for the quarter.