Linaclotide

Veteran biopharma leader joins to help lead Kyverna’s next phase of commercial growth EMERYVILLE, Calif., May 18, 2026 (GLOBE NEWSWIRE) -- Kyverna Therapeutics, Inc. (Nasdaq: KYTX), a late-stage clinical biopharmaceutical company developing cell therapies for patients with autoimmune diseases, today announced the appointment of Greg Martini as Chief Financial Officer (CFO), effective May 18, 2026. Mr. Martini succeeds Dr. Marc Grasso who will be consulting for the Company to ensure a seamless transition. With this appointment, Mr. Martini will lead Kyverna’s financial strategy and operations, including corporate finance, capital allocation, and investor relations, as the Company advances miv-cel (mivocabtagene autoleucel, KYV-101) toward a potential first approval in stiff person syndrome and prepares for its transition to a commercial-stage organization. “We are pleased to welcome Greg to Kyverna at this pivotal time for the Company,” said Warner Biddle, Chief Executive Officer of Kyverna. “As we enter our next phase of growth and advance into commercialization, Greg’s deep expertise in financial strategy and commercial-stage growth, combined with his proven track record of financial leadership and disciplined execution, will be invaluable. With miv-cel advancing toward potential approval and launch, Greg’s leadership will be central to positioning Kyverna for long-term value creation. I also want to thank Marc for his many contributions during his tenure here and wish him well on his next endeavor.” Mr. Martini joins Kyverna from Ironwood Pharmaceuticals, a biotechnology company commercializing therapies for patients with gastrointestinal and rare diseases, where he most recently served as Senior Vice President and CFO. In this position, he led capital allocation, treasury, and investor relations, supporting the commercial expansion of LINZESS ® (linaclotide) and positive EBITDA and cash flow growth while driving significant operational savings. Previously, as Vice President of Strategic Finance and Investor Relations at Ironwood, he served as a key company spokesperson to the investment community and redefined Ironwood's equity story following its $1.1 billion acquisition of VectivBio. Earlier in his career, Mr. Martini held finance and corporate development roles at Thermo Fisher Scientific, completing several acquisitions and divestitures, and also held positions at Ernst & Young and Raytheon Technologies. Mr. Martini holds a B.S. in Finance, summa cum laude, from Bentley University. “Kyverna sits at one of the most promising frontiers in medicine, bringing CAR T-cell therapy to patients with autoimmune diseases,” said Mr. Martini. “The progress made with miv-cel across stiff person syndrome and generalized myasthenia gravis has been impressive, with compelling data that supports the potential for the company to create a leading, multi-indication neuroimmunology franchise. I look forward to partnering with Warner and the broader team to help advance miv-cel toward potential approval, shape Kyverna’s financial strategy through this pivotal stretch, and support what I believe is a meaningful near-term trajectory for the company.” Inducement Grant In connection with the appointment of Mr. Martini as Kyverna's Chief Financial Officer, on his start date, May 18, 2026, Kyverna will grant Mr. Martini an option to purchase 325,000 shares of its common stock (Option). The Option will be granted pursuant to the Kyverna Therapeutics, Inc. Amended and Restated 2024 Inducement Equity Incentive Plan and will be granted as an inducement material to Mr. Martini’s employment with Kyverna in accordance with Nasdaq Listing Rule 5635(c)(4). The exercise price of the Option will be the closing price of Kyverna's common stock on the date of grant. The Option will vest over four years, with 25% of the total number of shares subject to the Option vesting on the one-year anniversary of Mr. Martini’s appointment and 1/48th of the total number of shares subject to the Option vesting monthly thereafter, subject in each case to Mr. Martini’s continued service to Kyverna on each vesting date. Kyverna is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4). About miv-cel (mivocabtagene autoleucel, KYV-101) Miv-cel is a fully human, autologous, CD19-targeting CAR T-cell therapy with CD28 co-stimulation, designed for potency and tolerability, which is under investigation for B-cell-driven autoimmune diseases. With a single administration, miv-cel has potential to achieve deep B-cell depletion and immune system reset to deliver durable drug-free, disease-free remission in autoimmune diseases. About Kyverna Therapeutics Kyverna Therapeutics, Inc. (Nasdaq: KYTX) is a late-stage clinical biopharmaceutical company focused on liberating autoimmune patients through the curative potential of cell therapy. Kyverna’s lead autologous CD19-targeting CAR T-cell therapy candidate, miv-cel (mivocabtagene autoleucel, KYV-101), has demonstrated the potential to fundamentally change the treatment paradigm across multiple B-cell-driven autoimmune diseases. Kyverna is advancing its potentially first-in-class neuroimmunology franchise with its recently completed registrational trial in stiff person syndrome and an ongoing registrational trial for generalized myasthenia gravis. The Company is also harnessing other KYSA trials and investigator-initiated trials, including in multiple sclerosis and rheumatoid arthritis, to inform the next priority indications. Additionally, its next generation pipeline includes CAR T-cell therapies deploying novel innovations to improve patient access and experience. For more information, please visit . Forward-Looking Statements Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” The words, without limitation, “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these or similar identifying words. Forward-looking statements in this press release include, without limitation, those related to: Kyverna’s next phase of growth, including its potential transition to a commercial-stage company and any potential approval of miv-cel; miv-cel’s potential to fundamentally change the treatment paradigm across multiple B-cell-driven autoimmune diseases, to achieve deep B-cell depletion and immune system reset to deliver durable drug-free, disease-free remission in autoimmune diseases and to be the first treatment approved for patients with stiff person syndrome; Kyverna’s position at one of the most promising frontiers in medicine; Kyverna’s potential to create a leading, multi-indication neuroimmunology franchise; Kyverna’s pipeline opportunities; and Kyverna’s potentially first-in-class neuroimmunology franchise. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: uncertainties related to market conditions, the possibility that results from prior clinical trials, named-patient access activities and preclinical studies may not necessarily be predictive of future results; the possibility that the past track records of Kyverna and its personnel may not be repeated or indicative of future success; and other factors discussed in the “Risk Factors” section of Kyverna’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q that Kyverna has filed or may subsequently the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release are based on the current expectations of Kyverna’s management team and speak only as of the date hereof, and Kyverna specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Contact: Investors: InvestorRelations@kyvernatx.com Media: media@kyvernatx.com

BOSTON--(BUSINESS WIRE)--Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a biotechnology company developing and commercializing life‑changing therapies for people living with gastrointestinal (GI) and rare diseases, today reported its first quarter 2026 results and recent business performance. “Our first quarter of 2026 delivered strong financial performance, driven by significantly improved net price and mid-single digit prescription growth for LINZESS, positioning us well to achieve our full-year 2026 financial guidance,” said Tom McCourt, chief executive officer of Ironwood. “We expect strong first quarter revenue to result in significant operating cash flows in the second quarter of 2026, which will help support repayment of our 2026 convertible notes at maturity in June.” “We remain on track for site initiation for the confirmatory STARS‑2 Phase 3 clinical trial in the second quarter,” said Michael Shetzline, chief medical officer, senior vice president and head of research and drug development at Ironwood. “Building on the positive results from STARS, we believe that the highly potent, selective, and long-acting pharmacologic properties of apraglutide have the potential to drive best-in-class efficacy and tolerability with once-weekly dosing and redefine the standard of care in SBS-IF. Importantly, the long-term data generated to date show compelling enteral autonomy outcomes, with rapid and sustained reductions in parenteral support over time.” First Quarter 2026 Financial Highlights1 (in thousands, except for per share amounts) Q1 2026 Q1 2025 Total revenue $ 106,506 $ 41,143 Total costs and expenses 33,933 70,251 GAAP net income (loss) 40,773 (37,386 ) GAAP net income (loss) – per share basic 0.25 (0.23 ) GAAP net income (loss) – per share diluted 0.24 (0.23 ) Adjusted EBITDA2 76,671 (4,742 ) Non-GAAP net income (loss) 40,945 (23,228 ) Non-GAAP net income (loss) per share – basic 0.25 (0.14 ) Non-GAAP net income (loss) per share – diluted 0.24 (0.14 ) 1 Refer to the Reconciliation of GAAP Results to Non-GAAP Financial Measures table and to the Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA table at the end of this press release. Refer to Non-GAAP Financial Measures for additional information. 2 Adjusted EBITDA is calculated by subtracting stock-based compensation, net restructuring expenses, net interest expense, income taxes, depreciation and amortization, from GAAP net income (loss). First Quarter and Full Year 2026 Corporate Highlights U.S. LINZESS In January 2026, the FDA accepted and granted priority review of a supplemental New Drug Application (sNDA) for LINZESS for the treatment of functional constipation (FC) in patients 2 to 5 years of age. The FDA assigned a Prescription Drug User Fee Act (PDUFA) date of May 24 th . Prescription Demand : Total LINZESS prescription demand in the first quarter of 2026 was 56.0 million LINZESS capsules, a 5% increase compared to the first quarter of 2025, per IQVIA. U.S. Brand Collaboration : LINZESS U.S. net sales are provided to Ironwood by its U.S. partner, AbbVie Inc. (“AbbVie”). LINZESS U.S. net sales were $272.5 million in the first quarter of 2026, a 97% increase compared to $138.5 million in the first quarter of 2025. Ironwood and AbbVie share equally in U.S. brand collaboration profits. Collaboration Revenue to Ironwood : Ironwood recorded $104.2 million in collaboration revenue in the first quarter of 2026 related to sales of LINZESS in the U.S., a 169% increase compared to $38.8 million for the first quarter of 2025. See the U.S. LINZESS Commercial Collaboration table at the end of the press release. Apraglutide Apraglutide is a once weekly, long-acting synthetic glucagon-like peptide-2 (“GLP-2”) analog with the potential to treat a range of rare gastrointestinal diseases where GLP-2 can play a central role in addressing disease pathophysiology. Ironwood is advancing apraglutide for short bowel syndrome (“SBS”) patients dependent on parenteral support (“PS”), a severe chronic malabsorptive condition. Ironwood believes apraglutide has the potential to improve the standard of care for adult patients with SBS who are dependent on PS as the first and only GLP-2 to achieve a statistically significant reduction in weekly PS volume with once-weekly administration. Ironwood expects to begin initiating clinical sites in the second quarter of 2026, for STARS-2, a confirmatory Phase 3 clinical trial of apraglutide for patients with SBS-IF. STARS-2 is planned to be a 24-week global, randomized, double-blind, placebo-controlled trial. The primary endpoint is relative change from baseline in actual weekly PS volume, with additional key secondary endpoints also planned. In May, during the 2026 Digestive Disease Week (DDW), Ironwood presented data pooled from the STARS clinical program - including the Phase 2 STARS Nutrition study, STARS Phase 3 randomized placebo-controlled study, and the ongoing open-label extension study STARS Extend - apraglutide showed a safety profile consistent with previous studies. These findings build on the positive data previously announced in 2024. First Quarter 2026 Financial Results Total Revenue. Total revenue in the first quarter of 2026 was $106.5 million, compared to $41.1 million in the first quarter of 2025. Total Costs and Expenses. Total costs and expenses in the first quarter of 2026 were $33.9 million, compared to $70.3 million in the first quarter of 2025. Interest Expense. Interest expense was $9.1 million in the first quarter of 2026, in connection with Ironwood’s convertible senior notes and revolving credit facility. Interest expense was $8.1 million in the first quarter of 2025 in connection with Ironwood’s convertible senior notes and revolving credit facility. Interest and Investment Income. Interest and investment income was $1.7 million in the first quarter of 2026 and $0.9 million in the first quarter of 2025. Other. Other income was insignificant in the first quarter of 2026 and in the first quarter of 2025 and pertained to a gain recorded for pension-related activities. Income Tax Expense. Ironwood recorded $24.4 million of income tax expense in the first quarter of 2026, the majority of which was non-cash, as Ironwood continues to utilize net operating losses to offset taxable income for federal purposes and in many states. Ironwood recorded $1.1 million of income tax expense in the first quarter of 2025, the majority of which was non-cash, as Ironwood continued to utilize net operating losses to offset taxable income for federal purposes and in many states. GAAP Net Income (Loss). GAAP net income was $40.8 million, or $0.25 per share (basic) and $0.24 per share (diluted) in the first quarter of 2026, compared to GAAP net loss of $37.4 million, or ($0.23) per share (basic and diluted) in the first quarter of 2025. Non-GAAP Net Income (Loss). Non-GAAP net income was $40.9 million, or $0.25 per share (basic) and $0.24 per share (diluted), in the first quarter of 2026, compared to non-GAAP net loss of $23.2 million, or ($0.14) per share (basic and diluted), in the first quarter of 2025. Adjusted EBITDA. Adjusted EBITDA was $76.7 million in the first quarter of 2026, compared to ($4.7) million in the first quarter of 2025. Cash Flow Highlights. Ironwood ended the first quarter of 2026 with $220.5 million of cash and cash equivalents, compared to $215.5 million of cash and cash equivalents at the end of 2025. Ironwood 2026 Financial Guidance. Ironwood continues to expect: 2026 Guidance (May 2026) U.S. LINZESS Net Sales $1.125 - $1.175 billion Driven by improved net price and low-single digit percentage demand growth Total Revenue1 $450 - $475 million Adjusted EBITDA2 >$300 million 1 Ironwood’s U.S. collaborative arrangements revenue includes reimbursement from AbbVie for a portion of Ironwood’s commercial expenses related to sales of LINZESS in the U.S. 2 Adjusted EBITDA is calculated by subtracting stock-based compensation, net restructuring expenses, net interest expense, income taxes, and depreciation and amortization from GAAP net income (loss). For purposes of this guidance, we have assumed that Ironwood will not incur material expenses related to business development activities in 2026. Ironwood does not provide guidance on GAAP net income or a reconciliation of expected adjusted EBITDA to expected GAAP net income because, without unreasonable efforts, it is unable to predict with reasonable certainty the non-GAAP adjustments used to calculate adjusted EBITDA. These adjustments are uncertain, depend on various factors and could have a material impact on GAAP net income for the guidance period. Management believes this non-GAAP information is useful for investors, taken in conjunction with Ironwood’s GAAP financial statements, because it provides greater transparency and period-over-period comparability with respect to Ironwood’s operating performance. These measures are also used by management to assess the performance of the business. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. Non-GAAP Financial Measures Ironwood presents non-GAAP net income (loss) and non-GAAP net income (loss) per share to exclude amortization of acquired intangible assets, and net restructuring expenses, all net of tax effect. Non-GAAP adjustments are further detailed below: Amortization of acquired intangible assets are non-cash expenses arising in connection with the acquisition of VectivBio and are considered to be non-recurring. Restructuring expenses are considered to be a non-recurring event as they are associated with distinct operational decisions. Restructuring expenses include costs associated with exit and disposal activities. Ironwood also presents adjusted EBITDA, a non-GAAP measure, as well as guidance on adjusted EBITDA. Adjusted EBITDA is calculated by subtracting stock-based compensation, net restructuring expenses, net interest expense, income taxes, depreciation and amortization from GAAP net income (loss). The adjustments are made on a similar basis as described above related to non-GAAP net income (loss), as applicable. Management believes this non-GAAP information is useful for investors, taken in conjunction with Ironwood’s GAAP financial statements, because it provides greater transparency and period-over-period comparability with respect to Ironwood’s operating performance. These measures are also used by management to assess the performance of the business. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. For a reconciliation of non-GAAP net income (loss) and non-GAAP net income (loss) per share to GAAP net income (loss) and GAAP net income (loss) per share, respectively, and for a reconciliation of adjusted EBITDA to GAAP net income (loss), please refer to the tables at the end of this press release. Ironwood does not provide guidance on GAAP net income or a reconciliation of expected adjusted EBITDA to expected GAAP net income because, without unreasonable efforts, it is unable to predict with reasonable certainty the non-GAAP adjustments used to calculate adjusted EBITDA. These adjustments are uncertain, depend on various factors and could have a material impact on GAAP net income for the guidance period. Conference Call Information Ironwood will host a conference call and webcast at 8:30 a.m. Eastern Time on Thursday, May 7th, 2026 to discuss its first quarter results and recent business activities. Individuals interested in participating in the call should dial (888) 596-4144 (U.S. and Canada) or (646) 968-2525 (international) using conference ID number and event passcode 3647053. To access the webcast, please visit the Investors section of Ironwood’s website at www.ironwoodpharma.com. The call will be available for replay via telephone starting Thursday, May 7th, 2026, at approximately 11:30 a.m. Eastern Time, running through 11:59 p.m. Eastern Time on Thursday, May 21st, 2026. To listen to the replay, dial (800) 770-2030 (U.S. and Canada) or (609) 800-9909 (international) using conference ID number 3647053. The archived webcast will be available on Ironwood’s website for 1 year beginning approximately one hour after the call has completed. About Ironwood Pharmaceuticals Ironwood Pharmaceuticals (Nasdaq: IRWD) is a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal (GI) and rare diseases. Ironwood is advancing apraglutide, a next-generation, long-acting synthetic GLP-2 analog being developed for short bowel syndrome patients who are dependent on parenteral support. In addition, Ironwood has been a pioneer in the development of LINZESS® (linaclotide), the U.S. branded prescription market leader for the treatment of irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC). Building upon our history of innovation, we keep patients at the heart of our R&D and commercialization efforts to reduce the burden of diseases and address significant unmet needs. Founded in 1998, Ironwood Pharmaceuticals is headquartered in Boston, Massachusetts, with a site in Basel, Switzerland. We routinely post information that may be important to investors on our website at www.ironwoodpharma.com. In addition, follow us on X and on LinkedIn. About LINZESS (Linaclotide) LINZESS® is the #1 prescribed brand in the U.S. for the treatment of patients with irritable bowel syndrome with constipation (“IBS-C”) or chronic idiopathic constipation (“CIC”), based on IQVIA data. LINZESS is a once-daily capsule that helps relieve the abdominal pain and constipation, associated with IBS-C in adults and pediatric patients 7 years of age and older. LINZESS has also been shown to relieve constipation, infrequent stools, hard stools, straining, and incomplete evacuation associated with CIC in adult patients. LINZESS relieves constipation in children and adolescents aged 6 to 17 years with functional constipation. LINZESS is not a laxative; it is the first medicine approved by the FDA in a class called GC-C agonists. LINZESS contains a peptide called linaclotide that activates the GC-C receptor in the intestine. Activation of GC-C is thought to result in increased intestinal fluid secretion and accelerated transit and a decrease in the activity of pain-sensing nerves in the intestine. The clinical relevance of the effect on pain fibers, which is based on nonclinical studies, has not been established. In the United States, Ironwood and AbbVie co-develop and co-commercialize LINZESS for the treatment of adults with IBS-C or CIC. In Europe, AbbVie markets linaclotide under the brand name CONSTELLA® for the treatment of adults with moderate to severe IBS-C. In Japan, Ironwood's partner, Astellas, markets linaclotide under the brand name LINZESS for the treatment of adults with IBS-C or CIC. Ironwood also has partnered with AstraZeneca for development and commercialization of LINZESS in China, and with AbbVie for development and commercialization of linaclotide in all other territories worldwide. LINZESS Important Safety Information INDICATIONS AND USAGE LINZESS® (linaclotide) is indicated for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults and pediatric patients 7 years of age and older, and for the treatment of chronic idiopathic constipation (CIC) in adults, and for the treatment of functional constipation (FC) in pediatric patients 6 years of age and older. IMPORTANT SAFETY INFORMATION WARNING: RISK OF SERIOUS DEHYDRATION IN PEDIATRIC PATIENTS LESS THAN 2 YEARS OF AGE LINZESS is contraindicated in patients less than 2 years of age. In nonclinical studies in neonatal mice, administration of a single, clinically relevant adult oral dose of linaclotide caused deaths due to dehydration. Contraindications LINZESS is contraindicated in patients less than 2 years of age due to the risk of serious dehydration. LINZESS is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction. Warnings and Precautions Risk of Serious Dehydration in Pediatric Patients Less Than 2 Years of Age LINZESS is contraindicated in patients less than 2 years of age. In neonatal mice, linaclotide increased fluid secretion as a consequence of age-dependent elevated guanylate cyclase (GC-C) agonism, which was associated with increased mortality within the first 24 hours due to dehydration. There was no age dependent trend in GC-C intestinal expression in a clinical study of children 2 to less than 18 years of age; however, there are insufficient data available on GC-C intestinal expression in children less than 2 years of age to assess the risk of developing diarrhea and its potentially serious consequences in these patients. Diarrhea In adults, diarrhea was the most common adverse reaction in LINZESS-treated patients in the pooled IBS-C and CIC double-blind placebo-controlled trials. The incidence of diarrhea was similar in the IBS-C and CIC populations. Severe diarrhea was reported in 2% of 145 mcg and 290 mcg LINZESS-treated patients and in <1% of 72 mcg LINZESS-treated CIC patients. In pediatric patients, diarrhea was also the most common adverse reaction of LINZESS-treated patients in IBS-C and FC clinical trials. In two double-blind trials, diarrhea was reported in 4% of pediatric patients 6 to 17 years of age with FC treated with LINZESS 72 mcg once daily, and 7% and 8% of pediatric patients 7 to 17 years of age with IBS-C treated with LINZESS 145 mcg and 290 mcg once daily, respectively. In clinical trials, severe diarrhea was reported in one pediatric patient with FC treated with LINZESS 72 mcg once daily and in one pediatric patient with IBS-C treated with LINZESS at a dosage higher than the recommended 145 mcg once daily dosage for IBS-C. In post-marketing experience, severe diarrhea associated with dizziness, syncope, hypotension and electrolyte abnormalities (hypokalemia and hyponatremia) requiring hospitalization or intravenous fluid administration have been reported in patients treated with LINZESS. If severe diarrhea occurs, suspend dosing and rehydrate the patient. Common Adverse Reactions (incidence ≥2% and greater than placebo) In IBS-C or CIC adult patients: diarrhea, abdominal pain, flatulence, and abdominal distension. Most common adverse reaction reported in pediatric patients with FC or IBS-C is diarrhea. Please see full Prescribing Information including Boxed Warning: https://www.rxabbvie.com/pdf/linzess_pi.pdf LINZESS® and CONSTELLA® are registered trademarks of Ironwood Pharmaceuticals, Inc. Any other trademarks referred to in this press release are the property of their respective owners. All rights reserved. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about Ironwood’s ability to execute on its mission; Ironwood’s strategy, business, financial position and operations; Ironwood’s ability to drive growth and profitability; the commercial potential of LINZESS; Ironwood’s financial performance and results, and guidance and expectations related thereto; LINZESS prescription demand growth, LINZESS U.S. net sales, total revenue and adjusted EBITDA in 2026; our expectation that the first quarter revenue will result in significant operating cash flows in the second quarter of 2026, which will help support repayment of the senior convertible notes at maturity; the planned confirmatory STARS‑2 Phase 3 clinical trial design, endpoints and timing to initiate such trial; and our belief that highly potent, selective, and long-acting pharmacologic properties of apraglutide have the potential to drive best-in-class efficacy and tolerability with once-weekly dosing and redefine the standard of care in SBS-IF. These forward-looking statements speak only as of the date of this press release, and Ironwood undertakes no obligation to update these forward-looking statements. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Applicable risks and uncertainties include those related to the effectiveness of development and commercialization efforts by us and our partners; preclinical and clinical development, manufacturing and formulation development of linaclotide, apraglutide, and our other product candidates; the risk of uncertainty relating to pricing and reimbursement policies in the U.S., which, if not favorable for our products, could hinder or prevent our products’ commercial success; the risk that clinical programs and studies, including for linaclotide pediatric programs and apraglutide, may not progress or develop as anticipated, including that studies are delayed or discontinued for any reason, such as safety, tolerability, enrollment, manufacturing, economic or other reasons; the risk that findings from our completed nonclinical studies and clinical trials may not be replicated in later trials and earlier-stage clinical trials may not be predictive of the results we may obtain in later-stage clinical trials or of the likelihood of regulatory approval; the risk that apraglutide will not be approved by the FDA or other regulatory agencies; the risk of competition or that new products may emerge that provide different or better alternatives for treatment of the conditions that our products are approved to treat; the risk that healthcare reform and other governmental and private payor initiatives may have an adverse effect upon or prevent our products’ or product candidates’ commercial success; the efficacy, safety and tolerability of linaclotide and our product candidates; the risk that the commercial and therapeutic opportunities for LINZESS, apraglutide or our other product candidates are not as we expect; decisions by regulatory and judicial authorities; the risk we may never get additional patent protection for linaclotide, apraglutide and other product candidates, that patents for linaclotide, apraglutide or other products may not provide adequate protection from competition, or that we are not able to successfully protect such patents; the risk that we are unable to manage our expenses or cash use, or are unable to commercialize our products as expected; the risk that the development of any of our linaclotide pediatric programs and/or apraglutide is not successful or that any of our product candidates does not receive regulatory approval or is not successfully commercialized; outcomes in legal proceedings to protect or enforce the patents relating to our products and product candidates, including abbreviated new drug application litigation; the risk that financial and operating results may differ from our projections; developments in the intellectual property landscape; challenges from and rights of competitors or potential competitors; the risk that our planned investments do not have the anticipated effect on our company revenues; developments in accounting guidance or practice; Ironwood’s or AbbVie’s accounting practices, including reporting and settlement practices as between Ironwood and AbbVie; the risk that our indebtedness could adversely affect our financial condition or restrict our future operations; and the risks listed under the heading “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2025, and in our subsequent Securities and Exchange Commission filings. Condensed Consolidated Balance Sheets (In thousands) (unaudited) March 31, 2026 December 31, 2025 Assets Cash and cash equivalents $ 220,471 $ 215,456 Accounts receivable, net 105,842 46,745 Prepaid expenses and other current assets 5,979 11,977 Total current assets 332,292 274,178 Property and equipment, net 3,166 3,408 Operating lease right-of-use assets 8,896 9,340 Intangible assets, net 1,838 2,040 Deferred tax assets 84,237 103,433 Other assets 4,137 4,502 Total assets $ 434,566 $ 396,901 Liabilities and stockholders’ deficit Accounts payable $ 3,237 $ 2,898 Accrued research and development costs 2,044 3,149 Accrued expenses and other current liabilities 27,903 33,239 Current portion of operating lease liabilities 3,268 3,252 Current portion on convertible senior notes 199,855 199,680 Total current liabilities 236,307 242,218 Operating lease obligations, net of current portion 9,233 9,870 Revolving credit facility 385,000 385,000 Other liabilities 21,170 21,648 Total stockholders’ deficit (217,144 ) (261,835 ) Total liabilities and stockholders’ deficit $ 434,566 $ 396,901 Condensed Consolidated Statements of Income (Loss) (In thousands, except per share amounts) (unaudited) Three Months Ended March 31, 2026 2025 Total revenues $ 106,506 $ 41,143 Costs and expenses: Research and development 21,940 27,432 Selling, general and administrative 12,033 24,260 Restructuring, net (40 ) 18,559 Total costs and expenses 33,933 70,251 Income from operations 72,573 (29,108 ) Other income (expense): Interest expense and other financing costs (9,141 ) (8,070 ) Interest and investment income 1,698 869 Other 42 37 Other income (expense), net (7,401 ) (7,164 ) Income before income taxes 65,172 (36,272 ) Income tax expense (24,399 ) (1,114 ) GAAP net income (loss) $ 40,773 $ (37,386 ) GAAP net income (loss) per share—basic $ 0.25 $ (0.23 ) GAAP net income (loss) per share—diluted $ 0.24 $ (0.23 ) Reconciliation of GAAP Results to Non-GAAP Financial Measures (In thousands, except per share amounts) (unaudited) A reconciliation between net income (loss) on a GAAP basis and on a non-GAAP basis is as follows: Three Months Ended March 31, 2026 2025 GAAP net income (loss) $ 40,773 $ (37,386 ) Adjustments: Amortization of acquired intangible assets 202 202 Restructuring expenses, net (40 ) 18,559 Tax effect of adjustments 10 (4,603 ) Non-GAAP net income (loss)1 $ 40,945 $ (23,228 ) A reconciliation between basic net income (loss) per share on a GAAP basis and on a non-GAAP basis is as follows: Three Months Ended March 31, 2026 2025 GAAP net income (loss) per share – basic $ 0.25 $ (0.23 ) Plus: Net income (loss) per share – basic Adjustments to GAAP net income (loss) per share (as detailed above) - 0.09 Non-GAAP net income (loss) per share – basic $ 0.25 $ (0.14 ) Weighted average number of common shares used to calculate net income (loss) per share — basic 163,451 160,974 A reconciliation between diluted net income (loss) per share on a GAAP basis and on a non-GAAP basis is as follows: Three Months Ended March 31, 2026 2025 GAAP net income (loss) per share – diluted $ 0.24 $ (0.23 ) Plus: Net income (loss) per share – diluted Adjustments to GAAP net income (loss) per share (as detailed above) - 0.09 Non-GAAP net income (loss) per share – diluted $ 0.24 $ (0.14 ) Weighted average number of common shares used to calculate net income (loss) per share — diluted 166,690 160,974 Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (In thousands) (unaudited) A reconciliation of GAAP net income (loss) to adjusted EBITDA: Three Months Ended March 31, 2026 2025 GAAP net income (loss) $ 40,773 $ (37,386 ) Adjustments: Stock-based compensation 3,653 5,291 Restructuring expenses, net (40 ) 18,559 Interest expense 9,141 8,070 Interest and investment income (1,698 ) (869 ) Income tax expense 24,399 1,114 Depreciation and amortization 443 479 Adjusted EBITDA1 $ 76,671 $ (4,742 ) 1 Adjusted EBITDA is calculated by subtracting restructuring expenses, net interest expense, income taxes, depreciation and amortization and stock-based compensation, from GAAP net income. U.S. LINZESS Commercial Collaboration1 Revenue/Expense Calculation (In thousands) (unaudited) Three Months Ended March 31, 2026 2025 LINZESS U.S. net sales as reported by AbbVie2 $ 272,525 $ 138,477 AbbVie & Ironwood commercial costs, expenses and other discounts3 64,627 66,907 Commercial profit on sales of LINZESS $ 207,898 $ 71,570 Commercial Margin4 76 % 52 % Ironwood’s share of net profit 103,949 35,785 Reimbursement for Ironwood’s commercial expenses5 273 2,983 Ironwood’s U.S. collaborative arrangements revenue $ 104,222 $ 38,768 1 The purpose of this table is to present calculations of Ironwood’s share of net profit (loss) generated from the sales of LINZESS in the U.S. and Ironwood’s collaboration revenue/expense; however, the table does not present the research and development expenses related to LINZESS in the U.S. that are shared equally between the parties under the collaboration agreement. Please refer to the table at the end of this press release for net profit for the U.S. LINZESS brand collaboration with AbbVie. 2 LINZESS net sales are recognized using AbbVie’s revenue recognition accounting policies and reporting conventions. As a result, certain rebates and discounts are classified as LINZESS U.S. commercial costs, expenses and other discounts within Ironwood’s calculation of collaborative arrangements revenue. 3 Includes certain discounts recognized and cost of goods sold incurred by AbbVie; also includes commercial costs incurred by AbbVie and Ironwood that are attributable to the cost-sharing arrangement between the parties. 4 Commercial margin is defined as commercial profit on sales of LINZESS as a percent of total LINZESS U.S. net sales. 5 Year-over-year decrease reflects impact of the reduction to Ironwood’s commercial expenses and corresponding reimbursement from AbbVie due to Ironwood’s strategic reorganization announced in January 2025. US LINZESS Full Brand Collaboration1 Revenue/Expense Calculation (In thousands) (unaudited) Three Months Ended March 31, 2026 2025 LINZESS U.S. net sales as reported by AbbVie2 $ 272,525 $ 138,477 AbbVie & Ironwood commercial costs, expenses and other discounts3 64,627 66,907 AbbVie & Ironwood R&D Expenses4 3,202 5,678 Total net profit on sales of LINZESS $ 204,696 $ 65,892 1 Ironwood collaborates with AbbVie on the development and commercialization of linaclotide in North America. Under the terms of the collaboration agreement, Ironwood receives 50% of the net profits and bears 50% of the net losses from the commercial sale of LINZESS in the U.S. The purpose of this table is to present calculations of the total net profit (loss) generated from the sales of LINZESS in the U.S., including the commercial costs and expenses and the research and development expenses related to LINZESS in the U.S. that are shared equally between the parties under the collaboration agreement. 2 LINZESS net sales are recognized using AbbVie’s revenue recognition accounting policies and reporting conventions. As a result, certain rebates and discounts are classified as LINZESS U.S. commercial costs, expenses and other discounts within Ironwood’s calculation of collaborative arrangements revenue. 3 Includes certain discounts recognized and cost of goods sold incurred by AbbVie; also includes commercial costs incurred by AbbVie and Ironwood that are attributable to the cost-sharing arrangement between the parties. 4 Expenses related to LINZESS in the U.S. are shared equally between Ironwood and AbbVie under the collaboration agreement.