Idorsia (IDIA) Investor Update summary

Debt restructuring and new funding

• Secured CHF 150 million in new funding and restructured CHF 800 million in convertible bonds, extending the cash runway into 2026.

• Over two-thirds of bondholders agreed to a 10-year maturity extension for 2025 and 2028 bonds, with an 8-month extension for the 2025 bond and a 2% consent fee capitalized.

• An SPV was created to hold rights to key assets (aprocitentan, cenerimod, selatogrel), facilitating bond exchange for new notes, shares, and warrants, with asset rights returning after SPV debt repayment.

• Sale of 5 million shares to certain bondholders and a backstopped new money facility provided additional capital, with total potential dilution estimated at 20%.

• Binding lock-up agreements signed by significant bondholders, including Jean-Paul Clozel, ensured majority support.

Operational and strategic updates

• Workforce reduced by approximately 250 positions as part of operational restructuring.

• Collaboration with Viatris revised, reducing 2025 development cost contributions by USD 100 million and future milestone payments by USD 250 million, and transferring global rights to selatogrel and cenerimod.

• Commercial operations for QUVIVIQ in Europe show strong growth, with 2024 sales reaching CHF 32 million and further expansion planned.

• US commercialization of QUVIVIQ shifts to a virtual sales model to reduce costs while maintaining presence.

• Limited launch of TRYVIO (aprocitentan) in the US continues, with ongoing efforts to secure a new global partner.

Financial impact and guidance

• Financial liabilities reduced from CHF 1.15 billion to CHF 493 million if all bondholders participate, with liabilities shifting to the SPV.

• Immediate cash requirements for 2025 alleviated, enabling operations into 2026 and providing strategic flexibility.

• 2025 guidance: QUVIVIQ net sales of CHF 110 million, COGS CHF 15 million, SG&A CHF 210 million, R&D CHF 100 million, non-GAAP operating loss of CHF 215 million, US-GAAP loss of CHF 155 million.

• Amended Viatris deal expected to drive US-GAAP EBIT of CHF 105 million for partnered business.

• Full Year 2024 Financial Report publication postponed to March 4, 2025; other annual reports scheduled for March 27, 2025.