Idorsia Ltd. · SIX:IDIA
Idorsia — H1 2022 Earnings Presentation
33 slides from Idorsia's earnings presentation, Jul 26, 2022
Slide 1: Half Year 2022 Financial Reporting
Financial Reporting 20 HALF YEAR 22 1 Half Year 2022 Financial Reporting | 26 Jul 2022
Slide 2: Forward-looking statements
The following 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”,
Slide 3: Our transformation to a fully-fledged biopharmaceutical company
“Our transformation to a fully-fledged biopharmaceutical company, including commercial capabilities, is happening now!” Jean-Paul Clozel Chief Executive Officer 3 Half Year 2022 Financial Reporting | 26 Jul 2022
Slide 4: Our Strategic Priorities
Our Strategic Priorities Our mid-term key priorities to 2 Build a world-class commercial organization achieve long-term 3 Bring Idorsia to success: sustainable profitability 1 Deliver at least three products to market 4 Fuel our pipeline with new discoveries 5 Utilize state-of-the-art technologies t
Slide 5: What we have achieved in the first 5 years
What we have achieved in the first 5 years US, Japan, and EUCAN commercial operations established On the path to Delivered 2 products profitability by 2025 to market, QUVIVIQ™ in the US and PIVLAZ ™ in Japan Continuously advanced our clinical pipeline Utilized state-of-the-art technologies and drive
Slide 6: Bring Idorsia to sustainable profitability: Our strategy
Bring Idorsia to sustainable profitability: Our strategy Revenue from our commercial Revenue from milestones products and royalty streams • QUVIVIQ / daridorexant • Ponvory™ / ponesimod • PIVLAZ / clazosentan • Aprocitentan • Lucerastat • T-type calcium channel • Cenerimod blocker • Selatogrel • Vam
Slide 7: Positive momentum will continue to build
“I am confident that the positive momentum will continue to build.” Simon Jose Chief Commercial Officer 7 Half Year 2022 Financial Reporting | 26 Jul 2022
Slide 8: QUVIVIQ launched in the US in May 2022 – awareness is growing
QUVIVIQ (daridorexant) launched in the US in May 2022 – awareness is growing QUVIVIQ Launched in May HCP Awareness is growing quickly QUVIVIQ Awareness* (% of HCPs) Aided Awareness 52% 32% Q1’22 May June Survey conducted after 34 days of field activity Source: Survey sample of 50 qualified HCPs fiel
Slide 9: Pre-launch research showed strength of product profile
Our pre-launch research showed the strength of our product profile in the market… US PCPS (N=120) STATISTICAL SIGNIFICANCE: +/- 6% AT 95% CONFIDENCE BENZODIAZEPINES 67% 19% 12% 2% (LIKE TRIAZOLAM OR TEMAZEPAM) Z-DRUGS 39% 28% 24% 9% (LIKE AMBIEN OR LUNESTA) DORAS 32% 34% 17% 17% (LIKE BELSOMRA OR DA
Slide 10: Early feedback has been positive
…and feedback in the early days has been positive “Patient said that after taking QUVIVIQ he “Patient called to report she was able to woke up in a panic thinking he had be a parent on QUVIVIQ. When her toddler overslept because he hadn’t slept that long woke her up, she was able to care for her in
Slide 11: Supporting patient access and generating demand
Supporting patient access and generating demand 0.4 CHF million net sales in Q2 2022 Daridorexant is only available in the US under the tradename QUVIVIQ. Market authorization has been granted by the European Commission. Daridorexant is under review in Switzerland and Canada. 11 Half Year 2022 Finan
Slide 12: Dispensed prescriptions since launch
Dispensed prescriptions since launch 1200 QUVIVIQ Dispensed TRx July 4th 1000 Total VPS Juneteenth 800 IQVIA Memorial Day 600 400 200 0 06-May 13-May 20-May 27-May 03-Jun 10-Jun 17-Jun 24-Jun 01-Jul 08-Jul 15-Jul Source: IQVIA + vitaCare (VPS) dispenses through 2022-07-15 Daridorexant is only availa
Slide 13: Demand is growing – along with our writer base
Demand is growing – along with our writer base ~75% of scripts written for 50mg dose 2’691 unique writers through July 8 ~60% scripts written with 1+ refill Cumulative QUVIVIQ Writers Weekly Dispensed TRx by strength 1,122 July 4th 2’691 50 mg 918 843 25 mg 802 Memorial 756 Day 711 838 669 506 618 5
Slide 14: QUVIVIQ quickly tracking to be the leading DORA in NBRx
QUVIVIQ quickly tracking to be the leading DORA in NBRx Weekly NBRx – DORA Class 2000 1800 1589 1600 1543 1400 Belsomra 1200 QUVIVIQ 1000 872 Dayvigo 800 700 600 400 531 200 0 1/14/22 1/21/22 1/28/22 2/11/22 2/18/22 2/25/22 3/11/22 3/18/22 3/25/22 4/15/22 4/22/22 4/29/22 5/13/22 5/20/22 5/27/22 6/10
Slide 15: Momentum building, catalysts coming soon
Momentum building catalysts coming soon Celebrity DTC campaigns ramping up late summer Taye Diggs Lindsey Vonn • Website and social channels launched • Website and social channels launched • Earned media (e.g., Good Day New York, • Earned media (e.g. TODAY show, PEOPLE Essence Magazine) magazine) •
Slide 16: On track to become a global brand
On track to become a global brand New Drug Submission Approved by the European under review with Medicines Agency Health Canada First EU launch in Germany expected in Q4 2022 Launched in the US Market authorization Phase 3 application under review recruitment with SwissMedic completed in Japan Darid
Slide 17: PIVLAZ launched in Japan in April 2022
PIVLAZ (clazosentan) launched in Japan in April 2022 Clazosentan is only approved in Japan under the tradename PIVLAZ and is investigational, in development and not approved or marketed in any other country. 17 Half Year 2022 Financial Reporting | 26 Jul 2022
Slide 18: Clazosentan physician quote
“Clazosentan is the only innovation in more than 20 years for the prevention of cerebral vasospasm after SAH treatment and the associated new cerebral infarctions and ischemic symptoms. I believe we can change the lives of many patients suffering from this unpredictable and devastating condition” Pr
Slide 19: Positive early momentum
Positive early momentum 11.4 ~60% ~10% CHF million net of target accounts of aSAH patients sales in Q2 2022 have ordered treated with PIVLAZ in June* * Based on estimated incidence of aSAH in Japan Clazosentan is only approved in Japan under the tradename PIVLAZ and is investigational, in developmen
Slide 20: CFO quote on raising further cash
“We remain confident that we will be able to raise further cash without accessing the equity markets.” André C. Muller Chief Financial Officer 20 Half Year 2022 Financial Reporting | 26 Jul 2022
Slide 21: US GAAP net results
US GAAP net results 20 FIRST HALF in CHF millions, rounding differences may occur 22 Non-GAAP US GAAP Financial results as of Jun 30, 2022 21 Half Year 2022 Financial Reporting | 26 Jul 2022
Slide 22: Non-GAAP operating expenses
Non-GAAP operating expenses 20 FIRST HALF in CHF millions, rounding differences may occur 22 0 -1 -54 -60 -5 0 -6 0 -115 -120 -68 -248 -407 6M 2021 -226 6M 2022 Cost of sales Research Development Milestones Inventory build SG&A Non-GAAP operating expenses Financial results as of Jun 30, 2022 22 Half
Slide 23: Cash flow
Cash flow 20 FIRST HALF in CHF millions, rounding differences may occur 22 Financial results as of Jun 30, 2022 23 Half Year 2022 Financial Reporting | 26 Jul 2022
Slide 24: Liquidity
Liquidity 20 FIRST HALF in CHF millions, rounding differences may occur 22 1,188 1,188 8 160 157 Cash deposits Other FX 733 733 > 12 months 15 Cash deposits USD < 12 months 146 927 500 1,023 Cash and CHF Cash equivalents 572 233 101 Liquidity @ Liquidity @ Liquidity @ Liquidity @ Dec 31, 2021 Jun 30
Slide 25: Financial Guidance for 2022
Financial Guidance for 2022* US GAAP operating loss of around CHF 840 million and non-GAAP operating loss of around CHF 785 million *Excluding unforeseen events Non-GAAP metrics do not include Depreciation and Amortization, and Shared-Based Compensation 25 Half Year 2022 Financial Reporting | 26 Jul
Slide 26: Profitability target
Profitability target The company is committed to become profitable and expects to reach this goal in 2025 with annual net sales above CHF 1 billion Based on: • Daridorexant (US + EU4 + UK + Canada + Switzerland) • Clazosentan Japan Excluding unforeseen events 26 Half Year 2022 Financial Reporting |
Slide 27: An innovative pipeline is key for the future
“An innovative pipeline is key for the future of Idorsia.” Jean-Paul Clozel Chief Executive Officer 27 Half Year 2022 Financial Reporting | 26 Jul 2022
Slide 28: Idorsia's growth potential
Idorsia’s growth potential Compound Mechanism of Action Target Indication Status Launched as QUVIVIQ in the US. Approved in the EU. Under review in Daridorexant Dual orexin receptor antagonist Insomnia Switzerland and Canada. Phase 3 in Japan – recruitment complete. Phase 2 in pediatric insomnia – r
Slide 29: Aprocitentan Phase 3 study PRECISION – all endpoints met
Aprocitentan Phase 3 study “PRECISION” – all primary and secondary endpoints met In patients with resistant hypertension, despite at least triple combination anti-hypertensive therapy: 1. aprocitentan reduces blood pressure compared to placebo by week 4 of treatment 2. the effect is maintained and c
Slide 30: Aprocitentan for difficult-to-control hypertension
Aprocitentan for difficult-to- control hypertension New mode of action in systemic hypertension Next steps • File the NDA with the US FDA by the end of 2022 – closely followed by other health authorities • Share data through scientific presentation and peer-reviewed publications • Collaborate with J
Slide 31: 2022 is a transformative year for Idorsia
2022 is a transformative year for Idorsia 2022 Idorsia became a commercial company… 1Q 1Q 2Q 2Q 2Q 2Q Aprocitentan QUVIVIQ RESULTS Clazosentan QUVIVIQ APPROVAL Phase 3 Commercial Commercial Clazosentan LAUNCH in US in EU “PRECISION” LAUNCH in QUVIVIQ APPROVED in JAPAN APPROVED in JAPAN US 31 Half Ye
Slide 32: 2022 is a transformative year for Idorsia
2022 is a transformative year for Idorsia 2022 …plus a key year for future growth 2H 2H 2H end- Clazosentan Daridorexant CONCLUDE Cenerimod QUVIVIQ RESULTS Phase 3 INITIATION First commercial Phase 3 Phase 3 Japan “REACT” LAUNCH in EU 32 Half Year 2022 Financial Reporting | 26 Jul 2022
Slide 33: Idorsia – Be prepared for more
Idorsia – Be prepared for more