Idorsia (IDIA) 43rd Annual J.P. Morgan Healthcare Conference summary

Immediate priorities and operational restructuring

• Four key prerequisites: Aprocitentan deal, operational restructuring, balance sheet restructuring, and additional funding are essential for continued operations.

• Operational restructuring included a 50% R&D cut in 2023 and a further reduction of approximately 250 positions globally by end of 2024, focusing on a leaner R&D model with fewer projects.

• Ongoing efforts to restructure outstanding convertible bonds and loans, with bondholder meetings convened to amend and extend 2025 bond terms, and further restructuring needed for CHF 200m and CHF 600m bonds.

• Exploring new funding sources from both incumbent stakeholders and third-party investors to extend cash runway, which is projected to last until end of Q1 2025 with CHF 100m+ cash at 2024 year-end.

• Dual business model aims to achieve sustainable profitability through both Idorsia-led product sales and partner-led milestones and royalties.

Strategic partnerships and pipeline developments

• Exclusive negotiations for global rights to aprocitentan continue, with a $35m exclusivity fee received; deal closure expected in coming months, though an agreement is not expected soon.

• Aprocitentan (TRYVIO/JERAYGO) approved in the US, EU, and UK for uncontrolled hypertension, with ongoing marketing applications in Canada and Switzerland.

• QUVIVIQ approved in US, Europe, Japan, and pending in China; strong alliances and regional partnerships in place to maximize portfolio value.

• Viatris partnership for selatogrel and cenerimod supports rapid phase 3 recruitment and milestone/royalty potential.

• Lucerastat phase 3 did not meet primary endpoint but showed promising kidney function data; open-label extension ongoing, with FDA discussions possible in 2025.

Commercial performance and market access

• QUVIVIQ sales stable at CHF 30m per quarter despite reduced field force and shift to digital marketing; US sales maintained despite reduced OPEX.

• Reimbursement secured in Germany, UK, France, and private coverage in Canada; Spain and other countries targeted for 2025 reimbursement.

• Co-promotion with Menarini in France accelerated launch; similar partnerships planned for other European markets.

• Phase 4 and investigator-initiated studies underway to expand QUVIVIQ's indications, including nocturia, pediatric insomnia, and comorbid conditions.

• Adherence and refill rates higher with 50mg dose; digital marketing and focused field force sustain US momentum.