Idorsia Pharmaceuticals Ltd

Good day and thank you for standing by. Welcome to the IdleCyfl Year 2024 Financial Results webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference has been recorded. I would now like to hand the conference over to your first speaker today. Andrew Jones, Head of Corporate Communications. Please go ahead.

Thank you, Sonia. Good afternoon, good morning, everyone, and welcome to our webcast to discuss the 2024 Financial Results. On the call today, we have our CEO, Andre Muller, our President of the UCAN region, Benjamin Limahl, our President of US, Michael Moy, joining us in this capacity for the first time since the departure of Tosh, our Chief Scientific Officer, Martin Closell, and our Chief Financial Officer, Arno Grunewald. Then joining us for the Q&A session, we have our Group General Counsel, Julian Gander, in case of questions related to the recently announced agreement. So a lot to get through today. Next slide. Before handing over, I need to remind everyone that we will be making forward-looking statements. You have therefore been appropriately warned about the risks and opportunities of investing in Eidosia shares. With that, I hand over to Andre for his introductory remarks. Next slide.

Yeah, thank you, Andrew. Good afternoon, or good morning, everyone, and thank you for joining the call today. Before going into the 2024 highlights, let's deal with the elephant in the room, the envisaged out-licensing agreement for our ProCETentan that we eventually could not close, for reasons unrelated to the drug. As you can imagine, the undisclosed party did not agree to pay an exclusivity fee of US$35 million without a thorough assessment of the quality of the data and the potential of our ProCETentan. Very frustrating. But we need to move on. And now pivot to potential alternative partners. As a result of this unexpected setback, we need to look for alternative ways to keep the company operational. Due to tight timelines, we had to discuss with partners that had a vested interest in Eidosia. One partner is Vitris. The original deal was in March 2024 and secured the future of Celatorel and Cenarimod two phase three programs, allowing Eidosia to retain long-term upside through potential milestone and royalties. Last week, we announced an update to the agreement that reduced Eidosia commitment to R&D costs by US$100 million, which was due in 2025, therefore relieving significant pressure on our cash. At the same time, we have worked with bondholders for holistic restructuring of the convertible bond debt, to remove the debt and cash overhang and to fancy a company's operation with a new money facility of 150 million Swiss francs. This is obviously a huge relief, but with so much attention going to see a financial situation of the company during the past months, it's easy to lose sight of how well the company was performing in other areas. Let's start with QVIC. QVIC is doing well around the world, and particularly in the European and Canadian region, we call it UTAN. Benjamin will give you an update today. We could also slightly grow CSL since US, despite some significant lower marketing and selling investments. And Michael will also give you an update. Approxitentan, we have secured the approval of Trivio in the US, Jerrego in the EU, and we strongly believe that Approxitentan has the potential to revolutionize a serious and growing public cash cash problem. Michael will give you an update on launch preparation in the US, and Martin will also give you more background on what was called and considered up to recently as resistant hypertension, where the risk of cardiovascular complications such as strokes, heart failure, renal failure, is considered almost twice higher than in the usual forms of hypertension. Martin will also give you some color on our R&D portfolio. And finally, Arnaud will provide the usual financial update for 2024 and the guidance for 2025. As Andrew said, a lot to get through, so I hand over to Benjamin for the UKAN commercial update. Benjamin, the floor is yours.