Idorsia | Financial Information

The company reports on its financial performance on a quarterly basis starting its financial year on January 01.

Guidance for 2026

QUVIVIQ sales: CHF 200 million
Non-GAAP operating expenses: ~CHF 330 million
Non-GAAP operating loss: ~CHF 120 million (US GAAP operating loss: ~CHF 140 million)

The financial guidance for 2026 reflects continued growth of QUVIVIQ, investment in the lucerastat registration program, and development of the company’s immunology portfolio. TRYVIO/JERAYGO revenues and investments are not included, as these will be considered in any potential partnership agreement. All amounts exclude unforeseen events and any potential upsides from new direct-to-patient distribution models currently being implemented in several geographies and revenue related to additional business development activities.

Financial Result (as of September 30, 2026)

US GAAP results

	Nine Months		Third Quarter
in CHF millions, except EPS (CHF) and number of shares (millions)	2026	2025	2026	2025
Net revenue	172	173	62	41
Operating expenses	(272)	(162)	(98)	(87)
Operating income (loss)	(99)	23	(36)	(41)
Net income (loss)	(206)	(34)	(53)	(86)
Basic and diluted EPS	(0.80)	(0.17)	(0.20)	(0.40)
Basic and diluted weighted average number of shares	258.1	203.4	266.2	214.5

Net revenue of CHF 172 million in the first nine months of 2026 resulted from product sales (CHF 142 million), product sales to partners (CHF 12 million), and contract revenues (CHF 18 million). This compares to net revenue of CHF 173 million in the first nine months of 2025 as a result of QUVIVIQ product sales (CHF 92 million), product sales to partners (CHF 3 million), and contract revenue (CHF 78 million).

US GAAP operating expenses were CHF 272 million in the first nine months of 2026, with an increase of CHF 20 million compared to the first nine months of 2025 (excluding a one-off gain of CHF 90 million in the first nine months of 2025). Cost of sales of CHF 33 million increased by CHF 21 million due to higher product sales. R&D expenses of CHF 80 million and SG&A expenses of CHF 159 million together remain almost flat.

US GAAP net loss in the first nine months of 2026 of CHF 206 million compared to CHF 34 million in the first nine months of 2025. The increased net loss was primarily driven by the increase of financial expenses of CHF 54 million (mainly non-cash interests on the debt notes, non-cash accretion of the New Money Facility loan, and non-cash debt extinguishment loss), as well as the increase in operating expenses of CHF 110 million, of which CHF 21 million related to cost of sales driven by higher product sales and CHF 90 million relate to a non-recurring one-off gain in 2025.

The US GAAP net loss resulted in a net loss per share of CHF (0.80) (basic and diluted) in the first nine months of 2026, compared to a net loss per share of CHF (0.17) basic and diluted in the first nine months of 2025.

Non-GAAP* measures

	Nine Months		Third Quarter
in CHF millions, except EPS (CHF) and number of shares (millions)	2026	2025	2026	2025
Net revenue	166	167	61	37
Operating expenses	(251)	(232)	(91)	(80)
Operating income (loss)	(85)	(53)	(30)	(38)
Net income (loss)	(123)	(65)	(44)	(40)
Basic and diluted EPS	(0.48)	(0.32)	(0.17)	(0.19)
Basic and diluted weighted average number of shares	258.1	203.4	266.2	214.5

* Idorsia measures, reports and issues guidance on non-GAAP operating performance. Idorsia believes that these non-GAAP financial measurements more accurately reflect the underlying business performance and therefore provide useful supplementary information to investors. These non-GAAP measures are reported in addition to, not as a substitute for, US GAAP financial performance.

Non-GAAP net loss in the first nine months of 2026 amounted to CHF 123 million; the difference versus US GAAP net loss was mainly driven by depreciation and amortization (CHF 11 million), share-based compensation (CHF 9 million), accretion expenses (CHF 16 million), interest expense recognized under the R-Bridge royalty monetization agreement (CHF 6 million) and debt extinguishment loss (CHF 47 million) relating to the repayment of the New Money Facility loan, offset by non-cash revenue recognized under the R-Bridge royalty monetization agreement (CHF 7 million).

The non-GAAP net loss resulted in a net loss per share of CHF 0.48 (basic and diluted) in the first nine months of 2026, compared to a net loss per share of CHF 0.32 (basic and diluted) in the first nine months of 2025.

Company Funding

Liquidity and indebtedness as of September 30, 2026

Liquidity on September 30, 2026, amounted to CHF 85 million. This amount does not include the remaining CHF 100 million available under the secured term loan.

*(in CHF millions)**	Sept 30, 2026	June 30, 2026	Dec 31, 2025
Liquidity
Cash and cash equivalents	85	89	89
Total liquidity	85	89	89

Indebtedness
Convertible loan	250	250	335
Convertible bond	44	49	49
Debt notes in the SPV**	783	766	753
Term loan	146	146	18
Other financial debt	188	186	187
Total indebtedness	1,410	1,397	1,342
Total indebtedness excl. debt notes in the SPV	627	631	589

*rounding differences may occur

** The debt notes issued by Idorsia Investments SARL (“SPV”) in exchange for convertible bonds are senior secured with the shares in Idorsia Investments SARL. The A Notes only benefit from a limited and subordinated Swiss-law governed guarantee by Idorsia Ltd.

Idorsia Investments SARL

Idorsia Investments SARL was incorporated as a part of the financial restructuring of Idorsia Ltd and its subsidiaries in 2025. Idorsia launched an exchange offer for all of its outstanding convertible bonds (CB 2025 and CB 2028) into waterfall ranked senior secured pay-if-you-can 2.0% A1 Notes due 2048, 4.6% A2 Notes due 2048 and 4.6% B Notes due 2050. The nominal value of these Notes are unchanged to the exchanged convertible bonds.

The repayment of Notes (principal and interest) is contractually linked to potential future net cash inflows derived from selatogrel, cenerimod and aprocitentan. Upon full repayment of the Notes, the rights to future cash inflows related to these assets will revert back to Idorsia Pharmaceuticals Ltd.

Bondholders accepted the exchange offer for the CB 2025 with an aggregate nominal value of CHF 187,476,000, corresponding to 91.90% of the total issued nominal value of the CB 2025, and for the CB 2028 with an aggregate nominal value of CHF 567,200,000, corresponding to 94.53% of the total issued nominal value of the CB 2028.

The A1 Notes, A2 Notes and B Notes are listed (but not traded) on the International Stock Exchange ("TISE").

The Notes issued by Idorsia Investments SARL are senior secured by a pledge over the shares in Idorsia Investments SARL. The A Notes benefit from a limited and subordinated Swiss-law governed guarantee by Idorsia Ltd.

More information can be found in the latest Financial Report.