Idorsia operated with US GAAP 155 million CHP ($156M) net loss for the first half of 2018. According to the company’s financial results guidance for 2018, it expects non-GAAP operating expenses for 2018 to be around 390 million Swiss francs.
Jean-Paul Clozel, MD and Chief Executive Officer, said that the company has made significant progress in the first half of 2018, with three of its four Phase 3 programs enrolling the first patients and the fourth on-track to commence enrollment later this year. “In addition, we have secured the financing for the development of our pipeline, keeping us on track to deliver on our strategic priorities. We are in the very fortunate position to have many exciting compounds that have the potential to transform treatment in their target indications,” Clozel said.
Switzerland-headquartered Idorsia said that its US GAAP operating loss of CHF 168 million, was based on revenues of CHF 13 million, non-GAAP R&D expenses of CHF 127 million, non-GAAP G&A expenses of CHF 25 million, depreciation and amortization of CHF 9 million, and share-based compensation of CHF 7 million.
The US GAAP net loss reached CHF 159 million resulting in a net loss per share of CHF 1.34, the company said in its results announcement.
Functional after demerger from Actelion
André C. Muller, Chief Financial Officer, said:
“Thanks to the excellent collaboration with J&J, we were fully functional from day one after the demerger from Actelion. This allowed us to advance our pipeline rapidly without any interruption to our programs. A little over a year later we can also say that we are now operationally independent from Actelion, running our own infrastructure and systems.”
Muller said that the company’s financial guidance for 2018 remains unchanged, unforeseen events and potential milestone expenses excluded. “With this level of investment and the 505 million Swiss francs cash raised in July, we are confident that we can develop our late-stage pipeline through to completion, so that we know the true potential of our assets and make strategic decisions on how to commercialize them,” Muller said.