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Idorsia announces financial results for the first nine months of 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
By: Nasdaq / GlobeNewswire - 22 Oct 2019 | Back to overview list |
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Allschwil, Switzerland – October 22, 2019 Idorsia Ltd (SIX: IDIA) today announced its financial results for the first nine months of 2019. Key figures
Jean-Paul Clozel, MD and Chief Executive Officer, commented: Financial results
US GAAP revenue of CHF 20 million in the first nine months of 2019 as well as 2018 related to deferred contract revenue recognized in connection to the collaboration agreements with Janssen (CHF 15.9 million) and Roche (CHF 3.8 million). US GAAP operating expenses in the first nine months of 2019 amounted to CHF 375 million (of which CHF 327 million R&D and CHF 48 million SG&A expenses), whilst operating expenses in the first nine months of 2018 amounted to CHF 290 million (of which CHF 245 million R&D and CHF 45 million SG&A expenses). US GAAP net loss in the first nine months of 2019 amounted to CHF 352 million compared to CHF 278 million for the first nine months of 2018. The increase of the net loss was mainly driven by higher operating costs. The US GAAP net loss resulted in a net loss per share of CHF 2.68 (basic and diluted) for the first nine months of 2019 compared to a net loss per share of CHF 2.27 (basic and diluted) for the first nine months of 2018.
* 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 2019 amounted to CHF 326 million: the difference versus US GAAP net loss was mainly due to depreciation and amortization (CHF 15 million), share-based compensation (CHF 13 million), and positive non-cash financial result (CHF 3 million). The non-GAAP net loss resulted in a net loss per share of CHF 2.49 (basic and diluted) for the first nine months of 2019 compared to a net loss per share of CHF 2.03 (basic and diluted) for the first nine months of 2018. André C. Muller, Chief Financial Officer, commented: Liquidity and indebtedness
*rounding differences may occur The first Phase 3 registration study investigating daridorexant (25 and 50mg) for the treatment of adult and elderly patients with insomnia, ID-078A301, closed screening in October 2019. The study has a 3-month treatment period with a 1-month safety follow-up so, based on this progress, initial results are expected towards mid-2020. Recruitment into the Phase 3 registration study with lucerastat for the treatment of patients with Fabry disease has passed the halfway mark but is slower than initially anticipated and the study is now expected to last into 2021. Idorsia is making progress with its early development pipeline and is initiating a Phase 1 program with a new compound, ACT-1014-6470, intended to be developed in immunological disorders, towards the end of 2019. Details of the pipeline can be found in our clinical development fact sheet.
* In collaboration with Janssen Biotech Inc. to jointly develop and solely commercialize aprocitentan worldwide Results Day Center Upcoming Financial Updates
________________ Notes to the editor About Idorsia 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 750 highly qualified specialists dedicated to realizing our ambitious targets. For further information, please contact 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. Attachment |
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Copyright 2019 Nasdaq / GlobeNewswire | Back to overview list |