IRONWOOD PHARMACEUTICALS INC
IRWD · Pharmaceutical Preparations · 164.6M shares · +1%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $97M (gross $126M, SBC $30M)
Reference price $3.73 · est. market cap ~$614M — last insider sale, 2026-06-16 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B77Profitable, cash-generative GI commercial company anchored by LINZESS, facing IRA pricing and a regulatory setback on apraglutide.
Strengths
- Genuinely top-decile cash generation: FCF margin 43% (97th pct), operating margin 33% (95th pct), ROA 6% (90th pct), positive net margin 8% (81st pct)
- $127M operating cash and a real, profitable commercial engine — rare among peers here
- Apraglutide (rare-disease SBS) provides pipeline optionality with STARS-2 aligned
Risks
- Heavy single-product concentration (LINZESS) now hit by IRA price negotiation (MFP $136, effective 2027) and underlying revenue decline
- Negative book ROE / accumulated deficit and weak liquidity ratios (current 15th pct)
- Apraglutide requires an additional confirmatory Phase 3 — delayed path to NDA
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $215M cash & investments
- Notable holderHeld by 5 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 16 open-market sale(s) by 8 insider(s) (cluster of 8 insiders, ~$22M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
33.3%
Net margin
8.1%
Return on equity
-9.2%
Return on assets
6.1%
Revenue growth (QoQ)
123.2%
Current ratio
1.1×
Free cash flow
$127M
EBITDA
$100M
Tangible book value
-$264M
Cash & investments
$215M
Stock comp / revenue
5.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-16 | Kessler Marla L | Grant | 63K | — |
| 2026-06-16 | Currie Mark G | Grant | 63K | — |
| 2026-06-16 | Duane Jon R | Grant | 63K | — |
| 2026-06-16 | Shepard Jay | Grant | 63K | — |
| 2026-06-16 | DENNER ALEXANDER J | Grant | 63K | — |
| 2026-06-16 | McHugh Julie | Grant | 63K | — |
| 2026-06-16 | McHugh Julie | Sell | 22K | $3.73 |
| 2026-06-16 | Moukheibir Catherine | Grant | 63K | — |
| 2026-06-15 | DENNER ALEXANDER J | Grant | 4.1K | — |
| 2026-05-19 | Silver Ronald | Grant | 25K | — |
| 2026-03-17 | DENNER ALEXANDER J | Sell | 5.8K | $3.31 |
| 2026-03-17 | DENNER ALEXANDER J | Sell | 6.7M | $3.05 |
| 2026-03-13 | DENNER ALEXANDER J | Grant | 4.5K | — |
| 2026-03-10 | John Minardo | Grant | 137K | — |
| 2026-03-10 | Gaskins Tammi L | Grant | 137K | — |
| 2026-03-10 | Shetzline Michael | Grant | 137K | — |
| 2026-03-10 | Silver Ronald | Grant | 164K | — |
| 2026-03-10 | Martini Gregory S. | Grant | 137K | — |
| 2026-03-10 | MCCOURT Thomas A | Grant | 410K | — |
| 2026-02-24 | John Minardo | Sell | 19K | $3.66 |
| 2026-02-24 | Gaskins Tammi L | Sell | 11K | $3.66 |
| 2026-02-24 | Martini Gregory S. | Sell | 11K | $3.66 |
| 2026-02-24 | MCCOURT Thomas A | Sell | 104K | $3.66 |
| 2026-02-24 | Shetzline Michael | Sell | 17K | $3.66 |
| 2026-02-24 | Silver Ronald | Sell | 13K | $3.66 |
| 2026-02-23 | Martini Gregory S. | Sell | 10K | $3.81 |
| 2026-02-23 | John Minardo | Sell | 17K | $3.81 |
| 2026-02-23 | Shetzline Michael | Sell | 16K | $3.81 |
| 2026-02-23 | Gaskins Tammi L | Sell | 10K | $3.81 |
| 2026-02-23 | MCCOURT Thomas A | Sell | 95K | $3.81 |
| 2026-02-23 | Silver Ronald | Sell | 12K | $3.81 |
| 2026-01-05 | Silver Ronald | Sell | 35K | $4.60 |
| 2025-12-15 | DENNER ALEXANDER J | Grant | 4.2K | — |
| 2025-11-17 | Gaskins Tammi L | Sell | 6.0K | $3.32 |
| 2025-09-15 | DENNER ALEXANDER J | Grant | 12K | — |
| 2025-08-11 | John Minardo | Sell | 7.8K | $0.84 |
| 2025-08-11 | Martini Gregory S. | Sell | 1.3K | $0.84 |
| 2025-08-11 | Silver Ronald | Sell | 2.8K | $0.84 |
| 2025-08-11 | Gaskins Tammi L | Sell | 1.3K | $0.84 |
| 2025-06-13 | DENNER ALEXANDER J | Grant | 24K | — |
| 2025-06-10 | DENNER ALEXANDER J | Grant | 45K | — |
| 2025-06-10 | Shepard Jay | Grant | 45K | — |
| 2025-06-10 | Kessler Marla L | Grant | 45K | — |
| 2025-06-10 | Moukheibir Catherine | Grant | 45K | — |
| 2025-06-10 | Duane Jon R | Grant | 45K | — |
| 2025-06-10 | Currie Mark G | Grant | 45K | — |
| 2025-06-10 | McHugh Julie | Grant | 45K | — |
| 2025-06-10 | Dreyfus Andrew | Grant | 45K | — |
| 2025-05-20 | MCCOURT Thomas A | Grant | 540K | — |
| 2025-05-16 | MCCOURT Thomas A | Sell | 13K | $0.58 |
| 2025-05-16 | Gaskins Tammi L | Sell | 2.6K | $0.58 |
| 2025-04-02 | DENNER ALEXANDER J | Grant | 10K | — |
| 2025-02-10 | MCCOURT Thomas A | Sell | 139K | $1.76 |
| 2025-02-10 | Silver Ronald | Sell | 12K | $1.76 |
| 2025-02-10 | Shetzline Michael | Grant | 133K | — |
| 2025-02-10 | Shetzline Michael | Sell | 41K | $1.76 |
| 2025-02-10 | John Minardo | Grant | 122K | — |
| 2025-02-10 | John Minardo | Sell | 39K | $1.76 |
| 2025-02-10 | Martini Gregory S. | Sell | 12K | $1.76 |
| 2025-01-27 | Silver Ronald | Grant | 133K | — |
| 2025-01-27 | Martini Gregory S. | Grant | 111K | — |
| 2025-01-17 | Shetzline Michael | Grant | 48K | — |
| 2025-01-17 | John Minardo | Grant | 40K | — |
| 2025-01-17 | MCCOURT Thomas A | Grant | 147K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT05740007 ↗ | A Phase 2 Study of IW-3300 for the Treatment of Bladder Pain in Subjects With Interstitial Cystitis/Bladder Pain Syndrome Interstitial Cystitis, Bladder Pain Syndrome | PHASE2 | Terminated | 2025-01-23 |
| NCT05362695 ↗ | A Study of Multiple-ascending Doses of IW-3300 in Healthy Subjects Healthy Volunteers | PHASE1 | Completed | 2022-06-30 |
| NCT05188261 ↗ | A Study of Single Ascending Doses of IW-3300 in Healthy Volunteers Healthy Volunteers | PHASE1 | Completed | 2022-03-09 |
| NCT03561090 ↗ | A Trial of IW-3718 for 8 Weeks in Patients With Persistent Gastroesophageal Reflux Disease (GERD) Receiving Proton Pump Inhibitors (PPIs) Gastroesophageal Reflux Disease (GERD) | PHASE3 | Terminated | 2020-10-07 |
| NCT03561883 ↗ | Trial of IW-3718 for 8 Weeks in Patients With Persistent Gastroesophageal Reflux Disease (GERD) Receiving Proton Pump Inhibitors (PPIs) Gastroesophageal Reflux Disease (GERD) | PHASE3 | Completed | 2020-07-28 |
| NCT03931785 ↗ | A Study of MD-7246 to Treat Abdominal Pain in Patients With Diarrhea-predominant Irritable Bowel Syndrome Irritable Bowel Syndrome With Diarrhea (IBS-D) | PHASE2 | Completed | 2020-02-26 |
| NCT03856970 ↗ | Study to Evaluate the Effect of IW-3718 on the Pharmacokinetics of Oral Contraceptive, Levothyroxine, Glyburide, and Digoxin in Healthy Adult Volunteers Healthy Volunteers | PHASE1 | Completed | 2019-06-25 |
| NCT03573908 ↗ | A Trial of Linaclotide 290 μg in Patients With Irritable Bowel Syndrome With Constipation (IBS-C) Irritable Bowel Syndrome Characterized by Constipation | PHASE3 | Completed | 2019-03-13 |
| NCT03226899 ↗ | A Phase 4 Safety and Efficacy Study to Evaluate Lesinurad 200 mg in Participants With Gout and Renal Impairment Gout, Chronic Kidney Disease (CKD) | PHASE4 | Terminated | 2019-02-25 |
| NCT02837783 ↗ | A Study of the Effect of Linaclotide on Abdominal Girth in Participants With Irritable Bowel Syndrome With Constipation (IBS-C) Irritable Bowel Syndrome Characterized by Constipation | PHASE4 | Terminated | 2018-10-31 |
| NCT02637557 ↗ | A Trial of IW-3718 for 8 Weeks in Patients With Symptomatic Gastroesophageal Reflux Disease (GERD) Gastroesophageal Reflux Disease | PHASE2 | Completed | 2017-04-26 |
| NCT02559206 ↗ | Trial of Linaclotide in Patients With Irritable Bowel Syndrome With Constipation (IBS-C) Irritable Bowel Syndrome With Constipation | PHASE2 | Completed | 2016-09-30 |
| NCT02289846 ↗ | Trial of IW-9179 in Patients With Diabetic Gastroparesis (DGP) Diabetic Gastroparesis | PHASE2 | Completed | 2015-12-01 |
| NCT02291679 ↗ | Trial of Linaclotide in Patients With Chronic Idiopathic Constipation Chronic Idiopathic Constipation | PHASE3 | Completed | 2015-08-01 |
| NCT02030925 ↗ | Ph2a Study to Evaluate IW-3718 in Patients With Gastroesophageal Reflux Not Completely Responsive to Proton Pump Inhibitors Gastroesophageal Reflux | PHASE2 | Completed | 2014-12-01 |
| NCT01712412 ↗ | Phase 2a Study of IW-9179 to Treat Functional Dyspepsia Dyspepsia, Functional Gastrointestinal Disorders | PHASE2 | Terminated | 2014-02-01 |
| NCT00730171 ↗ | An Open-label, Long-term Safety Study of Linaclotide in Patients With Chronic Constipation or Irritable Bowel Syndrome With Constipation Irritable Bowel Syndrome With Constipation, Chronic Constipation | PHASE3 | Completed | 2012-03-01 |
| NCT00938717 ↗ | Trial of Linaclotide in Patients With Irritable Bowel Syndrome With Constipation (IBS-C) Irritable Bowel Syndrome With Constipation | PHASE3 | Completed | 2010-09-01 |
| NCT01107236 ↗ | Study to Evaluate Efficacy and Safety of IW-6118 in Patients Undergoing Third Molar Extraction Healthy | PHASE2 | Completed | 2010-08-01 |
| NCT00730015 ↗ | Trial of Linaclotide in Patients With Chronic Constipation Chronic Constipation | PHASE3 | Completed | 2009-08-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (1)
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-18 | 2026-06-16 | 0001104659-26-075730 ↗ |
| 8-K | 2026-06-15 | 2026-06-15 | 0001104659-26-074023 ↗ |
| 8-K/A | 2026-05-21 | 2026-05-08 | 0001104659-26-065140 ↗ |
| 8-K | 2026-05-13 | 2026-05-08 | 0001104659-26-059814 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001104659-26-057110 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001104659-26-056656 ↗ |
| 8-K | 2026-03-11 | 2026-03-10 | 0001104659-26-026123 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001104659-26-020489 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001104659-26-019405 ↗ |
| 8-K | 2026-01-02 | 2026-01-02 | 0001104659-26-000057 ↗ |
| 8-K | 2025-12-23 | 2025-12-18 | 0001104659-25-123974 ↗ |
| 8-K | 2025-11-26 | 2025-11-25 | 0001104659-25-116217 ↗ |