Idorsia Ltd

Net revenue was CHF 214 million in 2025, including CHF 134 million of QUVIVIQ product sales excluding partner sales, versus CHF 61 million in 2024. EUCAN QUVIVIQ sales increased from CHF 32 million to CHF 108 million, while U.S. sales were described as flat. Non-GAAP contract revenue was CHF 72 million, including a CHF 40 million signing and approval milestone from Simcere and recognition of a USD 35 million exclusivity fee from an undisclosed aprocitentan partner. Non-GAAP operating loss improved to CHF 100 million from CHF 308 million, U.S. GAAP EBIT loss was CHF 33 million, and U.S. GAAP net loss was CHF 112 million. Cash started the year at CHF 106 million, ended at CHF 89 million, and Idorsia said it still had access to CHF 80 million from the new money facility, for CHF 169 million of liquidity available. For 2026, management guided QUVIVIQ sales of around CHF 200 million and said OpEx, including COGS, will be flat year over year.

Srishti Gupta framed 2025 as a year of stabilization and preparation after significant financial pressure, emphasizing that Idorsia reinforced the balance sheet, executed commercially, and advanced its pipeline. She highlighted QUVIVIQ as the key growth engine and said the company sees a path to making it the standard of care in insomnia, while TRYVIO/JERAYGO is being advanced through partnerships to address resistant hypertension. Her tone was confident but pragmatic, repeatedly stressing that 2026 is a catalyst-rich year and that the company is focusing on one-year guidance because of multiple moving parts.

Arno Groenewoud emphasized that improved QUVIVIQ sales and contract revenue, plus cost cuts, drove the operating turnaround. He cited CHF 214 million of net revenue, CHF 134 million of QUVIVIQ sales, more than CHF 80 million of cost savings versus 2024, and a non-GAAP operating loss improvement to CHF 100 million; he also noted a CHF 90 million gain from revised Viatris cost-sharing terms and a CHF 61 million noncash finance expense tied to convertible bond restructuring and the new money facility. On liquidity, he detailed the CHF 150 million funding facility, the CHF 70 million first tranche drawn in June, the CHF 68 million net equity raise in October, and said Idorsia finished 2025 with CHF 89 million cash plus CHF 80 million still available, or CHF 169 million of liquidity. He said 2026 OpEx including COGS will be flat versus 2025 and that this level of spending supports the next wave of growth drivers.

Analysts pressed on the U.S. direct-to-patient model for QUVIVIQ, and management said it is being explored as a 2026 pilot to reduce access friction, support forward sales momentum, and potentially lower OpEx over time. On TRYVIO/JERAYGO, management said partnering is a top priority because the asset is commercial-stage and needs the right partner and commercial fit in a complicated, cost-pressured U.S. market; they also said they are open to global or regional deals. Questions on guidance drew the clearest response: management said it is no longer meaningful to guide beyond 2026 given uncertainty around descheduling, partnerships, and pipeline inflection points, and that future guidance will be limited to the current year. On cash runway, Arno said the CHF 169 million of available liquidity should be enough to reach the next inflection points, but future cash needs will depend on what happens across commercial, partnership, and pipeline milestones.