Idorsia posts loss in first results since Actelion split
Idorsia Ltd
203.20p
16:34 02/05/24
Swiss small molecule discovery and development firm Idorsia Pharmaceuticals released its first set of results since the business's demerger from Actelion in June 2017, posting a full-year CHF 8m operating loss across the group.
Idorsia pulled in CHF 158m in revenue over the six and a half months since the split from Actelion, but research and development costs of CHF 123m, general administrative expenses of CHF 27m, CHF 10m of depreciation and amortization and CHF 6m worth of share-based compensation payments sent the group to a loss.
Net loss for the period ended 31 December came to CHF 14m, or CHF 0.13 per share.
As of 31 December 2017, Idorsia's liquidity position amounted to CHF 1.09bn.
Jean-Paul Clozel, chief executive of Idorsia, said, "We have made great progress in establishing Idorsia, while simultaneously advancing our pipeline without any loss of momentum. We have also entered into meaningful collaborations with industry leaders Janssen Biotech and Roche. Looking ahead, I am very excited by the prospect of advancing four compounds into Phase 3 development this year. With our substantial pipeline and these strong partnerships, we have every reason to be optimistic about our future."
André C. Muller, Idorsia's chief financial officer, added, "We have a diverse pipeline with unique assets that offer significant potential to patients and investors alike. We must invest in this pipeline now in order to make Idorsia a profitable company, in a sustainable manner, as quickly as possible. With this in mind, unforeseen events and potential milestone expenses excluded, we expect non-GAAP operating expenses for 2018 to be around 390 million Swiss francs, mainly depending on when each of the different Phase 3 programs commences."
As of 0840 GMT, shares remained untraded on CHF 24.90 each.