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Idorsia leaves guidance unchanged after third quarter losses

By Josh White

Date: Tuesday 23 Oct 2018

Idorsia leaves guidance unchanged after third quarter losses

(Sharecast News) - Idorsia announced its financial results for the first nine months of 2018 on Tuesday, reporting a loss of CHF 271m on a US GAAP basis for the period, and a non-GAAP loss of CHF 247m.
The Swiss drugmaker said its US GAAP operating expenses for the nine months ended 30 September were CHF 290m, while non-GAAP operating expenses totalled CHF 266m.

It raised CHF 505m in July through the issue of new registered shares and senior unsecured convertible bonds.

The board left its guidance for 2018 unchanged, with non-GAAP operating expenses expected to be around CHF 390m.

At the end of September, Idorsia's liquidity - including cash, cash equivalents, short-term and long-term deposits - amounted to CHF 1.35bn, the company's board claimed.

"Idorsia continues to move full steam ahead, following the key strategic priorities we set out on 'day 1'," said chief executive officer Jean-Paul Clozel.

"We have moved our assets forward into Phase 3 and now, as announced this morning, with the addition of Simon Jose to our team, we are building our commercial capabilities to maximise the value of those assets.

"This progress, together with the advances I can see with our drug discovery efforts and the early stage pipeline, make me more confident than ever that Idorsia is on the path to success."

Idorsia also announced the appointment of UK and US pharmaceuticals veteran Simon Jose as its chief operating officer in a separate announcement on Tuesday.

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