Members of this family exhibit phosphatase activity towards IP₃, as well as towards other inositol derivatives, including the phospholipids PIP₂ and PIP₃. With IP₃ as substrate, 1-phosphatase (EC 3.1.3.57) generates 4,5,-IP₂, 4-phosphatases (EC 3.1.3.66, ENSFM00250000001432) generate 1,5,-IP₂ and 5-phosphatases (E.C. 3.1.3.36 or 3.1.3.56) generate 1,4,-IP₂.

In vitro analysis suggested IP₃ and IP₄ were poor substrates for SKIP, synaptojanin 1 and synaptojanin 2, but suggested that PIP₂ and PIP₃ were more efficiently hydrolysed [3].

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