Patrick R. O'neil - Jan 15, 2022 Form 4 Insider Report for IONIS PHARMACEUTICALS INC (IONS)

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	IONS	Performance Restricted Stock Units	Award	$0	+11.5K		$0.00	11.5K	Jan 15, 2022	Common Stock	11.5K	$0.00	Direct	F1, F2
transaction	IONS	Restricted Stock Unit	Award	$0	+15.3K	+26.3%	$0.00	73.4K	Jan 15, 2022	Common Stock	15.3K	$0.00	Direct	F3, F4, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Id	Content
F1	Grant to reporting person of Performance Restricted Stock Units under the Ionis Pharmaceuticals, Inc. Amended and Restated 2011 Equity Incentive Plan.
F2	Represents an award of performance based restricted stock units ("PRSUs"). One-third of the PRSUs may vest at the end of three separate performance periods spread over the three years following the date of grant based on the Issuer's relative total shareholder return as compared to a peer group of companies. The number of PRSUs reported represents the maximum that may be earned, which is 150% of the target number. No number of PRSUs is guaranteed to vest and the actual number of PRSUs that will vest at the end of each performance period may be anywhere from zero to the amount stated.
F3	Grant to reporting person of Restricted Stock Units under the Ionis Pharmaceuticals, Inc. Amended and Restated 2011 Equity Incentive Plan.
F4	Each Restricted Stock Unit represents a contingent right to receive one share of Ionis common stock, or its equivalent cash value.
F5	Restricted Stock Units vest in four equal annual installments. Upon vesting, the Restricted Stock Units will be paid out in whole shares of Ionis common stock or cash as may be determined by Ionis.