On June 16, 2015, Ionis Pharmaceuticals, Inc. and Morgan Stanley Private Bank, National Association entered into a Line of Credit Agreement. On December 30, 2015, Ionis drew $8.5 million in principal under the credit agreement to finance capital equipment, which is consistent with practice of utilizing equipment financing to fund capital equipment needs. The current total amount of principal borrowed by Ionis under the Credit Agreement is $8.5 million.

On December 30, 2015, Ionis and Morgan Stanley entered to that certain Amendment No.1 to the loan documents, to change references to Isis Pharmaceuticals, Inc. in the Credit Agreement and all other documents executed in connection therewith, to Ionis Pharmaceuticals, Inc. to reflect a recent change to the company's name, revise a financial covenant relating to Ionis' debt to assets ratio; and update a schedule of Ionis' subsidiaries and holders of greater than 5% of Ionis' voting stock.