Idorsia Ltd. · SIX:IDIA
Idorsia — Investor Presentation (November 2026)
31 slides from Idorsia's investor presentation, Nov 4, 2026
Slide 1: Unlocking the value of TRYVIO/JERAYGO
Unlocking the value of TRYVIO/JERAYGO Investor presentation
Slide 2: Forward-looking statements
Forward-looking statements The information in this presentation contains certain "forward-looking statements", relating to the company's business or aprocitentan, which can be identified by the use of forward-looking terminology such as “intend”, "estimates", "believes", "expects", "may", "are expec
Slide 3: Advancing key value drivers for Idorsia
Advancing key value drivers for Idorsia Roland Wandeler Chief Executive Officer 3 Unlocking the value of TRYVIO/JERAYGO | 04 Nov 2026
Slide 4: Advancing the key drivers of growth and value creation
Advancing the key drivers of growth and value creation Focus today Develop Daridorexant Accelerate QUVIVIQ TRYVIO / JERAYGO Advance pipeline in ASD Maximize the current Unlock the value of Expand the long-term value Advance innovation and QUVIVIQ opportunity in TRYVIO / JERAYGO of daridorexant beyon
Slide 5: Unique opportunity to unlock the value of TRYVIO/JERAYGO
Unique opportunity to unlock the value of TRYVIO/JERAYGO Market Asset Momentum High unmet needs Differentiated, 1st-in-class Increasing awareness • Large medical need in difficult-to- • Compelling clinical data • Encouraging early commercial control hypertension adoption in the US • Distinct pathway
Slide 6: Today's presentation
Today’s presentation Four perspectives on the opportunity for TRYVIO/JERAYGO Scientific foundation Clinical practice Market feedback Funding approach Martine Clozel, Amer Joseph, Rudy Sharan, Arno Groenewoud, Chief Scientific Officer & Chief Medical Officer & Head Head of Commercial, US Chief Financ
Slide 7: Importance of endothelin pathway in the treatment of hypertension
Importance of endothelin pathway in the treatment of hypertension Martine Clozel, MD, Chief Scientific Officer & Head of Research 7 Unlocking the value of TRYVIO/JERAYGO | 04 Nov 2026
Slide 8: Endothelin via both ETA and ETB receptors reproduces all features of hypertension
Endothelin via both ETA and ETB receptors reproduces all features of hypertension and correlates with end-organ damage Heart - Cardiomyocyte hypertrophy Smooth muscle cells - Cardiac fibrosis – Vasoconstriction Endothelial cells – Proliferation - Endothelial dysfunction – Cardiovascular remodeling -
Slide 9: Endothelin is a distinct novel pathway, untapped up to TRYVIO / JERAYGO
Endothelin is a distinct novel pathway, untapped up to TRYVIO / JERAYGO RAAS pathway Endothelin pathway Aprocitentan RNAi ASI MRA Aldosterone PreProET-1 Increased blood Inflammation / Angiotensinogen Aldosterone volume Fibrosis RI Proliferation / Endothelin-1 Big ET-1 Hypertrophy Hypertension Angiot
Slide 10: Endothelin upregulation is the key driver of difficult-to-control hypertension
Endothelin upregulation is the key driver of difficult-to-control hypertension Upregulated endothelin system Increased risks for patients African Obesity Americans Elderly Chronic kidney disease Obstructive Type 2 Heart failure sleep apnea diabetes Difficult-to- Chronic kidney Post-menopausal contro
Slide 11: Aprocitentan was selected for its efficacy, safety and practical use
Aprocitentan was selected for its efficacy, safety and practical use Drug properties Relevance for clinical practice Expectation of better efficacy, safety profile Dual ETA and ETB antagonism and organ protection No known drug-drug Highly relevant for a heavily poly-medicated interaction population
Slide 12: In PRECISION, TRYVIO 12.5 mg decreased BP when all combinations had failed
In PRECISION, TRYVIO 12.5 mg decreased BP when all combinations had failed, including 17% of patients on MRAs ≥3 ≥4 ≥5 antihypertensive medications antihypertensive medications antihypertensive medications Switch to SBAT Aprocitentan Switch to SBAT Aprocitentan Switch to SBAT Aprocitentan -2.9 mmHg
Slide 13: Implications for the treatment of patients with uncontrolled hypertension
Implications for the treatment of patients with uncontrolled hypertension Amer Joseph, MD, Chief Medical Officer & Head of Global Clinical Development 13 Unlocking the value of TRYVIO/JERAYGO | 04 Nov 2026
Slide 14: Uncontrolled hypertension remains a key unmet need in clinical practice
Uncontrolled hypertension remains a key unmet need in clinical practice Hypertension is a key driver of mortality and comorbidity However, 36 million patients remain above target BP Resistant hypertension is associated with 1,000+ higher risk of: Kidney failure +95% deaths every hour Heart failure S
Slide 15: Why TRYVIO/JERAYGO will matter for physicians
Why TRYVIO/JERAYGO will matter for physicians Benefits of a new ERA Ease of Efficacy Patient population Safety administration 15.4 mmHg eGFR ≥15 Safe and tolerable Once daily absolute SBP reduction at Usable across almost the Week 4 on top of entire CKD spectrum one 12.5 mg dose in the No hyperkalem
Slide 16: Double-digit SBP reduction consistent across subgroups
Double-digit SBP reduction consistent across subgroups Efficacy maintained regardless of CKD stage, diabetes, age, race or disease severity All CKD Type 2 Black Age ≥65 CKM CKM patients Stage 3–4 diabetes race years Stage 2 Stage 4a 0 Mean absolute change in office SBP from baseline to Week 36 (mm H
Slide 17: TRYVIO/JERAYGO shows effects beyond office BP, across ambulatory BP and kidney measures
TRYVIO/JERAYGO shows effects beyond office BP, across ambulatory BP and kidney measures Providing 24-hour BP control Stabilizing kidney function Greatest lowering at night Night-time Annualized chronic eGFR slope (mL/min/1.73m2) was • Ambulatory systolic BP, Placebo −2.6 stable in patients with and
Slide 18: Edema is early, transient, mild to moderate, and peripheral
Edema is early, transient, mild to moderate, and peripheral Pre-randomization (switched to SBAT) 10% Part 1: 12.5 mg Part 2: 25 mg fluid retention events 8% New edema and/or 6% After 8 weeks of treatment, incidence returned to levels observed before randomization 4% 2% 0% -8 -4 0 4 8 12 16 20 24 28
Slide 19: Early experience strengthens confidence in the opportunity
Early experience strengthens confidence in the opportunity Rudy Sharan, Head of US Commercial 19 Unlocking the value of TRYVIO/JERAYGO | 04 Nov 2026
Slide 20: TRYVIO approved with broad and differentiated US label
TRYVIO approved with broad and differentiated US label Inclusive indication statement which includes the outcome benefits INDICATION AND USAGE TRYVIO is an endothelin receptor antagonist indicated for the treatment of hypertension in combination with other antihypertensive drugs, to lower blood pres
Slide 21: Early market feedback aligned with clinical evidence
Early market feedback aligned with clinical evidence U.S. Key Opinion Leaders identify several key value drivers SAFETY AND SIMPLICITY AND INITIAL FEEDBACK – WHAT EFFICACY TOLERABILITY NOVELTY RESONATES BY SPECIALTY 4 ↓15.4 mm Hg 48 weeks Once daily Cardiologists • Double-digit reductions in the • N
Slide 22: A market ready for expanded TRYVIO adoption
A market ready for expanded TRYVIO adoption With the major foundations now in place, the next phase is disciplined execution to convert growing market readiness into adoption. 1H24 2H24 1H25 2H25 1H26 2H26 1H27 FDA Approval March 2024 Expand retail distribution Guideline Inclusion; IMPACT-HTN; Flags
Slide 23: Early TRYVIO experience at Top HTN centers validates the differentiated profile
Early TRYVIO experience at Top HTN centers validates the differentiated profile ““I’m seeing ~10 to 15 mmHg drops in BP. Patients on “ multiple other medications are tolerating TRYVIO well” “Now with TRYVIO we have for the Cardiologist first time the option to treat patients down to an eGFR of 15 an
Slide 24: Strengthened confidence in the clinical profile and commercial strategy
Strengthened confidence in the clinical profile and commercial strategy Specialist focused launch will unlock broad adoption NEXT Early market experience reinforces differentiation • Focused specialty strategy to drive adoption TODAY • Targeted deployment of capital Limited awareness and aligned wit
Slide 25: US | Targeted approach while leveraging Idorsia US commercial platform
US | Targeted approach while leveraging Idorsia US commercial platform Targeting specialists in key centers Targeting specific populations • “Fast follower" strategy, leveraging new market • Large medical need with highly identifiable entrant investment in developing the market patients who benefit
Slide 26: Aligning the interest of all stakeholders
Aligning the interest of all stakeholders Arno Groenewoud, Chief Financial Officer 26 Unlocking the value of TRYVIO/JERAYGO | 04 Nov 2026
Slide 27: CHF 120 m committed funding to reach expected break-even in 2029
CHF 120 m committed funding to reach expected break-even in 2029 SPV noteholders Idorsia CHF 72 investment in the TRYVIO / CHF 48 contribution to the TRYVIO / million JERAYGO launch in 2027 & 2028 million JERAYGO launch in 2027 & 2028 new sit economically between Notes existing A and B notes 30% sha
Slide 28: New notes to be issued by the SPV; consent solicitation to be launched
New notes to be issued by the SPV --> consent solicitation to be launched in coming weeks CHF 72 m 6% 12% Pay-as-you-can notes in Interest rate earn-out to be distributed by the SPV to: Idorsia Investments SARL (“SPV”) 2050 noteholders who backstop the funding B noteholders offered existing notehold
Slide 29: Strong alignment of interests between Idorsia and SPV noteholders
Strong alignment of interests between Idorsia and SPV noteholders over the lifecycle of the SPV assets Simplified illustrative example of how aprocitentan net sales could be Net Sales allocated to stakeholders 3% to J&J1) 30% to Idorsia 67% to SPV (70% after J&J) Before paying back all notes in the
Slide 30: The path forward: disciplined execution
The path forward: disciplined execution 30 Unlocking the value of TRYVIO/JERAYGO | 04 Nov 2026
Slide 31: Path to unlock the value of TRYVIO/JERAYGO
Path to unlock the value of TRYVIO/JERAYGO Market Asset Momentum High unmet needs Differentiated, 1st-in-class Increasing awareness Focused specialty launch strategy gives clear path to blockbuster status Drive uptake in the US Phased approach to EUCAN Out-license opportunities Targeting specialis