Idorsia Pharmaceuticals maintains guidance as it works on pipeline

Idorsia Pharmaceuticals announced its financial results for the first half of 2018 on Tuesday, reporting a US GAAP operating loss of CHF 155m (£119m) and a non-GAAP operating loss of CHF 139m.

The Swiss drugmaker said its US GAAP operating expenses totalled CHF 168m, while its non-GAAP operating expenses were CHF 153m.

It left its guidance for 2018 unchanged, with non-GAAP operating expenses expected to be around CHF 390m.

At the end of the first half, Idorsia's liquidity - including cash, cash equivalents, short and long-term deposits - amounted to CHF 949m.

“We have made significant progress in the first half of 2018, with three of our four Phase 3 programmes enrolling the first patients and the fourth on-track to commence enrollment later this year,” said chief executive officer Jean-Paul Clozel.

“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.”