Idorsia (IDIA) Investor update summary

Strategic priorities and commercial opportunity

• Four priorities remain unchanged: grow QUVIVIQ, unlock TRYVIO/JERAYGO, develop daridorexant in autism spectrum disorder and advance pipeline innovation, with disciplined capital allocation.

• TRYVIO/JERAYGO (aprocitentan) is positioned as the first and only dual endothelin receptor antagonist approved for systemic hypertension, targeting difficult-to-control hypertension and unmet need among patients with comorbidities.

• Differentiators include dual ET-A/ET-B antagonism, once-daily oral dosing, no known drug interactions and elimination independent of kidney function; the market opportunity includes an estimated 36 million patients above BP targets.

• US execution targets leading hypertension centers and 300 affiliates, plus nephrology and cardiology practices, reaching 5,000+ priority HCPs; ~4 million patients with stage 3B/4 CKD are in the target population, with 17% estimated directly accessible through centers.

• US plans focus on specialist uptake and access, with phased EUCAN commercialization, selected co-promotion and licensing opportunities in other territories; TRYVIO has been commercially available in the US since October 2024, while JERAYGO is approved in the EU, UK, Switzerland and Canada.

Clinical evidence

• In PRECISION, aprocitentan 12.5 mg reduced mean office systolic BP by 15.4 mmHg at Week 4 on background therapy; reductions emerged by Week 2 and persisted through 48 weeks, with double-digit reductions across reported Week 36 subgroups.

• Week 36 subgroup analyses showed double-digit absolute office systolic BP reductions in stage 3/4 CKD, type 2 diabetes, Black patients and older individuals; analyses were exploratory.

• Ambulatory BP fell by 8.1 mmHg at night and 2.6 mmHg during daytime; UACR fell 56% in patients with micro-albuminuria and 67% with macro-albuminuria at Week 36, with stable kidney function reported.

• Nearly 90% remained on treatment over 48 weeks; edema/fluid retention was generally early, transient and mild to moderate, with fewer than 1% discontinuing due to edema. No hyperkalemia, hyponatremia or hypotension was reported in the cited trial period.

Launch funding and financial structure

• CHF 120 million of committed funding supports launch investment in 2027–2028, comprising CHF 72 million from SPV noteholders and CHF 48 million in contributions; expected break-even is in 2029.

• Proposed CHF 72 million SPV notes mature in 2050 and rank between existing A and B notes; financing is backstopped by a significant majority of noteholders and remains subject to required approvals, consents and final documentation.

• Proposed sales allocation includes 3% to J&J and 30% of global net sales and net licensing revenue allocated directly; the balance goes to the SPV until debt repayment, after which SPV upside is split 88%/12% with earn-out holders.

• SPV noteholders provide CHF 72 million for new notes and a 12% earn-out across aprocitentan, selatogrel and cenerimod after SPV debt repayment; rights to the assets were transferred to Idorsia Investments SARL in connection with repayment of existing notes.