Idorsia announces financial results for the first quarter 2018
Allschwil, Switzerland - 19 April 2018
Idorsia Ltd (SIX: IDIA) today announced its financial results for the first quarter of 2018.
Jean-Paul Clozel, MD and Chief Executive Officer, commented:
"We are advancing four compounds into Phase 3 clinical development - in parallel - which is a great achievement for a young company such as ours. Moving multiple assets into the final stage of development reduces our dependency on the results of any single program. We are well on our way to building a financially sustainable company with a highly innovative pipeline and I am very optimistic about Idorsia's future."
- US GAAP operating results in Q1 2018: loss of CHF 74 million
- Non-GAAP* operating results Q1 2018: loss of CHF 67 million
- US GAAP operating expenses Q1 2018: CHF 81 million
- Non-GAAP* operating expenses Q1 2018: CHF 73 million
- Guidance for 2018: Non-GAAP operating expenses of around CHF 390 million
|First quarter 2018|
|(in CHF millions, except EPS)||US GAAP||Non-GAAP|
|Operating income (loss)||(74)||(67)|
|Net income (loss)||(79)||(69)|
|Basic number of shares (weighted average)||119.1||119.1|
|Diluted number of shares (weighted average)||119.1||119.1|
|March 31,||Dec 31,|
|(in CHF millions)||2018||2017|
|Cash and cash equivalents||549||622|
|Other financial debt||-||-|
Clinical Development Pipeline
Idorsia has a diversified and balanced clinical development pipeline covering multiple therapeutic areas, including CNS, cardiovascular and immunological disorders, as well as orphan diseases. In the course of 2018, Idorsia aims to move four of its projects into Phase 3 clinical development. All projects are progressing according to plan, as presented on February 6, 2018 on the occasion of Idorsia's Annual Report.
|Compound||Mechanism of Action||Target Indication||Status|
|Aprocitentan*||Dual endothelin receptor antagonist||Resistant hypertension management||Advancing to Phase 3|
|ACT-541468||Dual orexin receptor antagonist||Insomnia||Advancing to Phase 3|
|Clazosentan**||Endothelin receptor antagonist||Vasospasm associated with aneurysmal subarachnoid hemorrhage (aSAH)||Advancing to Phase 3|
|Lucerastat||Glucosylceramide synthase inhibitor||Fabry disease||Advancing to Phase 3|
|Cenerimod||S1P1 receptor modulator||Systemic lupus erythematosus||Phase 2|
|Vamorolone***||Dissociative steroid||Duchenne muscular dystrophy||Phase 2|
|ACT-246475||P2Y12 receptor antagonist||Acute coronary syndrome (ACS)||Phase 2|
|ACT-774312||CRTH2 receptor antagonist||Asthma and allergy disorders||Phase 1|
|ACT-519276||GBA2/GCS inhibitor||Orphan CNS diseases||Phase 1|
|ACT-539313||Selective orexin 1 receptor antagonist||Anxiety||Phase 1|
|ACT-709478||T-type calcium channel blocker||Epilepsy||Phase 1|
* In collaboration with Janssen Biotech to jointly develop and solely commercialize aprocitentan worldwide
** In Japan, market registration trials are being conducted, with results expected in the second half of 2018
*** Idorsia has exclusive option to worldwide rights to ReveraGen's Vamorolone.
Actelion Pharmaceuticals Ltd has informed Idorsia that - following completion of Phase 3 data analysis of cadazolid - it has decided to discontinue the development of the compound.
Results Day Center
Investor community: To make your job easier, we provide all relevant documentation via the Results Day Center on our corporate website: www.idorsia.com/results-day-center.
Note to Shareholders
The Annual General Meeting (AGM) of Shareholders to approve the Business Report of the year ending December 31, 2017 will be held on April 24, 2018. The invitation was published in the Swiss Official Gazette of Commerce (Schweizerisches Handelsamtsblatt) on April 3, 2018 and is available, together with the Company's Annual Report and Compensation Report, on www.idorsia.com/agm.
In order to attend and vote at the Annual General Meeting of Shareholders, Shareholders must have been registered in the Company's shareholder register by April 13, 2018.
Upcoming Financial Updates
- Annual General Meeting of Shareholders on April 24, 2018
- Half-Year 2018 Financial Results reporting on July 24, 2018
- 9 Months 2018 Financial Results reporting on October 23, 2018
Notes to the editor
Idorsia Ltd is reaching out for more - We have more ideas, we see more opportunities and we want to help more patients. In order to achieve this, we will develop Idorsia into Europe's leading biopharmaceutical company, with a strong scientific core.
Headquartered in Switzerland - a biotech-hub of Europe - Idorsia is specialized in the discovery and development of small molecules, to transform the horizon of therapeutic options. Idorsia has a broad portfolio of innovative drugs in the pipeline, an experienced team, a fully-functional research center, and a strong balance sheet - the ideal constellation to bringing R&D efforts to business success.
Idorsia was listed on the SIX Swiss Exchange (ticker symbol: IDIA) in June 2017 and has over 600 highly qualified specialists dedicated to realizing our ambitious targets.
For further information please contact:
Andrew C. Weiss
Senior Vice President, Head of Investor Relations & Corporate Communications
Idorsia Pharmaceuticals Ltd, Hegenheimermattweg 91, CH-4123 Allschwil
+41 (0) 58 844 10 10
The above information contains certain "forward-looking statements", relating to the company's business, which can be identified by the use of forward-looking terminology such as "estimates", "believes", "expects", "may", "are expected to", "will", "will continue", "should", "would be", "seeks", "pending" or "anticipates" or similar expressions, or by discussions of strategy, plans or intentions. Such statements include descriptions of the company's investment and research and development programs and anticipated expenditures in connection therewith, descriptions of new products expected to be introduced by the company and anticipated customer demand for such products and products in the company's existing portfolio. Such statements reflect the current views of the company with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performances or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected.