Idorsia Pharmaceuticals Ltd

Good afternoon or good morning everyone and welcome to our half year 2026 investor webcast. My name is Kevin Boss and I'm responsible for investor relations at IDORSIA. Today, rather than simply reviewing what happened during the first six months of the year, we want to focus on what will drive the next phase of growth and value creation at IDORSIA. Joining me on the call, we have Jean-Paul Clozel, chairman and interim CEO, Benjamin Limal, head of Europe and international markets, Charlie Jacobovitz, President of Eidosia US, Martine Clozel, Chief Scientific Officer and Head of Research, Dominique Le Terrier, Global Commercial Strategy and New Product Planning, Amer Joseph, Chief Medical Officer and Head of Global Clinical Development, and Arno Groenewoud, our Chief Financial Officer. Each of them will take you through the progress being made across the business before joining the Q&A session.

Next slide.

As always, today's presentation contains forward-looking statements that involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by such statements. With that, let me hand over to Jean-Paul. Next slide.

Hello, everyone. It's a pleasure to be with you today. Next slide. Let's start with a quick overview of top-line achievements. QVVX sales reached 91 million Swiss francs, an increase of 62% year-on-year, and we remain well on track to reach our full-year guidance. This performance reflects strong commercial momentum in Europe and Canada. In the United States, after resetting the business on a more efficient cost base, We are now seeing a return to growth. Benjamin and Charles will provide you more details in a few moments. I'm also delighted that Roland Vandeleur will join IDORSIA as CEO on October the 1st. Finally, we significantly strengthened our financial position during the first half. Arno will come back to this and the guidance later in the presentation. During the first half of 2026, we have built a strong foundation for a new phase of company growth. Together with the management team, we have defined four clear drivers of growth. We should fundamentally change the trajectory of the company. Next slide, please. These are the four key drivers of growth that are guiding our priorities. First, maximizing the current QBV copertinity in insomnia. Second, expanding the long-term value of daridorexam beyond insomnia. Third, unlocking the value of Trivio and Jericho. And fourth, continuing to advance a broad and innovative pipeline. The team on the call will go through these growth drivers one by one. Next slide. Let me begin by explaining how we intend to maximize the sales of Qvivik in insomnia. We will continue the growth momentum through geographic expansion, expanded market access, greater reach into primary care, innovative patient engagement initiative, and continued improvement of our label, including data in pediatrics. Vashama and Charles will cover the progress in the different regions, and then Martine will present some of the life cycle initiatives we have to reinforce differentiation. Benjamin, please take us through Europe, Canada, and other international markets. Next slide.

Thank you, Jean-Paul. Good morning, good afternoon. As you all know, nutrition, exercise, and sleep are three fundamental pillars of health. And despite the enormous impact insomnia has on quality of life and overall health, There remains a significant unmet need for effective long-term treatment options. In Europe, Curilic is the only treatment specifically approved for the long-term treatment of insomnia disorder. By targeting the overactive wake signaling, Curilic helps patients sleep without acting as a traditional sedative and with positive impact on the daytime functioning. Across Europe and Canada alone, we estimate the addressable market to exceed 5 billion standard units annually. This remains a very large opportunity and we are still in the early stage of unlocking its potential. Next slide, please. On top of the U.S., Eidosia has a presence and QEVIC is available in 10 European countries and Canada. We plan to expand into the Benelux countries Republic of Ireland, Norway, Denmark, and Portugal. On the left hand side, you see that the phase launch of QEVIC is driving steady growth in our quarterly sales. 63 million tabs of QEVIC have already been prescribed to patients in the UCAM this year. Public and private reimbursement, rapid adoption by specialists, primarily psychiatrists and neurologists, and increased awareness among general practitioners are the three drivers of our growth. France, Germany, the UK continue to be our largest European markets and are driving a substantial portion of overall growth. Next slide, please. QMEDIC is publicly reimbursed in these three markets. and the sleep medicine community has quickly recognized TUVIC's innovative approach to treating patients with insomnia. European guidelines published end of 2023 also support the use of DORAS in the treatment of chronic insomnia. But insomnia is a condition primarily managed by primary care physicians in these three countries, ranging from 60% in Germany to 90%. So by collaborating with Menarini to support the launch of QIVIC to primary care physicians, we are accelerating the awareness and adoption of the product in primary care. We have achieved a significant market share in France, we are experiencing a rapid growth in Germany, and we are entering into a phase of accelerated growth in the UK. Almost 40% of specialists in Germany and France, 26% of French GPs, and 13% of German GPs have adopted CURIVIC already. To put this into perspective, DORAS were first launched in Japan 10 years ago and today account for approximately 38% of the total insomnia market in Japan. So we believe Europe and Canada remains at a much earlier stage of adoption, creating significant room for future growth. Next slide, please. We are also continuing to expand geographic reach. Our footprint now extends far beyond our directly commercialized markets. In the first half of 26, we've added strategic partnerships in Latin America and the Middle East and we are close to agreeing a distribution partnership for Central and Eastern European markets. Of course, signing an agreement is only the beginning. The real value comes from successful execution in the market and we look forward to working closely with our partners as these launches progress. Next slide. You will know that Especially in Europe and Canada, access remains an important driver. Public reimbursement has been secured in France, in Germany, the UK, and Austria, while Canada and Switzerland benefit from broad private insurance coverage. Discussions to further expand publicly reimbursed access are ongoing in Spain, Canada, and across the Nordic region. As already mentioned, we also plan to expand into the Benelux countries, Republic of Ireland, Norway, Denmark, and Portugal. Next, please. Co-promotion partnerships continue to extend QBVIX reach beyond the specialist prescribers. We saw the effect of the existing co-promotion agreements with the Menarini Group in France, Germany, and the UK, and we also have an agreement with Menarini in Switzerland. We have very recently entered into an additional co-promotion agreement with Viatrice, which initially covers Italy and Canada. Idortia has already been detailing GPs in Canada, but this agreement will significantly expand our reach and improve our share of voice in a competitive market. Together, these initiatives increase the addressable patient population, I look forward to updating you on our progress at the full year result presentation. With that, I'll hand over to Charles to provide an update on QBVIC on the U.S. market. Charles?

We're pleased to present the U.S. performance with you today. Over the past 12 months, our commercial strategy has evolved. We have taken concrete steps to streamline execution across all spend to maximize revenue and profitability. We are systematically transforming how QIVIC reaches, converts, retains patients, creating a more scalable, profitable growth model while strengthening our position in insomnia as drug of choice and the preferred DORA. Next slide, please. Our strategy is built around three principles, disciplined investment and execution, focused engagement with high-value prescribers, and profitable growth. We are allocating resources to physicians, accounts, and patient populations where we see the greatest opportunity to create long-term value. At the same time, We continue to build advocacy for Qvivik 50 mg as the preferred insomnia treatment option that delivers on both night and daytime efficacy with a safety profile that is comparable to placebo. These actions are driving the next, the return to growth that you'll see on the next slide. Next slide, please. Looking to the future, One of our most important opportunity lies in maximizing value of the growing body of clinical evidence supporting Qvivic. This is providing us the ability to further enhance the value proposition for payers and support efforts to drive profitable access. New and emerging data from pediatric development across areas such as menopause and arteria continue to strengthen QVIVX's differentiated profile. We are incorporating the data into updated value proposition designed to better communicate the full clinical and economic value of QVIVX to payers, providers, and patients. We are initiating a new study designed to confirm the daytime functioning results previously observed with the 50mg dose in our Phase 3 program, with the objective of supporting inclusion of these benefits in the US product label. We are continuing to support the process to remove scheduling restrictions for the DORA class, the enhanced Evidence Package strengthens our ability to negotiate improved access, optimize rebate strategies, and further differentiate Cubivic from other DORAs and legacy insomnia therapies. As access improves, we expect to unlock greater prescribing opportunities while simultaneously improving the profitability of each prescription The most significant evolution in our commercial strategy is our focus on innovative patient access models, including direct-to-patient, or DTP. We believe DTP is innovative. with the potential to fundamentally revamp our patients' access to Cuvivic by creating a more seamless end-to-end fulfillment experience. By reducing friction in the patient journey, we expect to increase overall treatment initiation, lower the abandonment rates, improve patient experience, and increase refill persistence rates over time. Importantly, this model has the potential to substantially reduce patient acquisition costs while increasing patient lifetime value, improving both growth and profitability. We view DTP not simply as an access initiative, but it's a scalable commercial ecosystem that can expand reach, We have completed the design phase and are well advanced in the platform build with the objective of launching the pilot program in the coming weeks. Learnings from a successful execution will pave the way not only for scale-up but also open up ways of further expanding patient access. Taken together, these initiatives will reflect a commercial organization that has evolved from optimizing the traditional model to building a next generation growth platform. By combining differentiated clinical evidence, precision execution, stronger market access, and innovative patient acquisition, and Retention Capabilities, we believe Qvivik is increasingly well positioned to accelerate profitable growth and strengthen its leadership in the insomnia market. And with that, I will hand it over to Martine to take you through some of the lifecycle initiatives we are pursuing with diarrhea to XRN.

Thank you, Sean. After many years of breakthrough research and publications around Oryxin, The team at AIDORSIA is now leveraging the differentiation of daridorexams by generating additional clinical evidence in order to widen and maximize its therapeutic potential. Next slide, please. This begins with a broad portfolio of investigator-initiated and investigator-sponsored studies across multiple patient populations, some with insomnia, but also many investigator-sponsored studies beyond insomnia. For example, in Alzheimer's prevention in persons with parents or siblings affected by Alzheimer's disease, a study to help smoking cessation, one in alcohol dependence to reduce craving for alcohol, one to enhance buprenorphine adherence to help treat opioid disorder, one with the Department of Defense to reduce post-traumatic stress disorder. The slide shows those studies which are ongoing with a timeline for data availability estimated based on the current patient recruitment status and study duration. We are also supporting a series of studies in additional areas currently in preparation and we will update you on as they progress. Collectively, these studies have the potential to further strengthen the medical utility and differentiation, as it is a very unique molecule, of daridorexant across a broad range of patient populations. Of course, the key news just a few months ago was the positive study of daridorexant in pediatric insomnia. Remember, there are no medications approved for pediatric insomnia in the US and daridorexant is the only DORA under pediatric investigation. The study enrolled 165 children aged from 10 up to less than 18 and importantly included 87 children with neurodevelopmental disorders, attention deficit hyperactivity disorder and autism spectrum disorder, either confirmed or sub-stressor traits. Overall, a group of patients with a very high prevalence of insomnia. The study delivered outstanding Phase II results in children with insomnia disorder, demonstrating a statistically significant end-dose-dependent increase in total sleep time and clinically meaningful improvements across multiple sleep measures. Efficacy was particularly pronounced in children with insomnia and neurodevelopmental disorders. Very importantly, the excellent safety and tolerability profile of the hydroxanth was confirmed in these children, including at the highest adult recommended dose of 50 mg per day. Following these results, we are engaging with regulators to define the pathway toward the potential pediatric indication in insomnia. We are also preparing presentations and publications that will provide a more detailed review of the data and we look forward to sharing these results with the scientific community. The results from the pediatric study, in addition, suggest that orexin signaling may play a broader role than just for treating insomnia in children with neurodevelopmental disorders. Here again, supporting Jean-Paul's introduction, we are expanding the long-term value of dihydroxanes beyond insomnia. To capitalize on these findings, a second clinical program for dihydroxanes in a neurodevelopmental disorder beyond insomnia is being designed. This could open an entirely new therapeutic avenue for patients with MDDs, another area of significant and met need. We are currently refining the development strategy and look forward to sharing more details Once the data are presented publicly and after discussions with health authorities. Now, I would like to hand over to Dominique Leterrier, who will guide you through the third driver of growth, Unlocking the Value of Apocytantin. Dominique, please. Next slide.

Thank you, Martine. I'd like to take you through the third growth driver, Unlocking the Value of Apocytantin, marketed as Trizio in the United States and approved and Gerrigo across Europe, the United Kingdom, Switzerland and Canada. We believe these assets represent a significant commercial opportunity and this is supported by a differentiated clinical profile with compelling efficacy and safety across a common population, increasing physician awareness of the significant unmet need in difficult to control and resistant hypertension, It's also supported by a compelling clinical and economic value proposition that resonates with current patient population-based payer needs, but also, and we'll come through this, a capital efficient path to commercialization. Next slide, please. So let's start with the opportunity. Based on our initial commercial presence and physician engagement at the leading hypertension centers in the US, Interest in Trivio's profile is strong and real-world feedback continues to reinforce its differentiated clinical profile. Trivio is the first and only therapy targeting the endothelin pathway approved for systemic hypertension. The endothelin pathway plays an important role in many patients with difficult to control and resistant hypertension, yet it is only aprocitin that addresses this pathway. As a result, Trivio Gerigo brings physicians a uniquely differentiated therapeutic approach. Importantly, Trivio and Gerigo demonstrated double-digit reductions in systolic blood pressure in patients already receiving at least three antihypertensive therapies, with the majority receiving four or more therapies and still hypertensive. We see this efficacy consistently across multiple comorbid patient populations, including patients with chronic kidney disease, obesity, diabetes, African-American, and elderly patients. Equally important is the favorable teri-herbity profile. There is no potential for drug-drug interaction, which is important in these polymedicated patients. and all US product information includes just two adverse events, mild and transient peripheral edema and unexpected decrease in hemoglobin from plasma volume expansion. Across the clinical program, we observed no evidence of hyperkalemia, no hypotension and no hyponatremia, which together create a highly differentiated profile. At the same time, Physician awareness of difficult to control and resistant hypertension continues to increase. This growing focus on the significant unmet need in these patient populations is creating an increasingly favorable environment for launch. While partnering discussions continue, we believe it is important to build on the initial momentum. The current environment presents a meaningful opportunity to establish market presence, To support this opportunity, we are discussing a dedicated financing structure with investors in Eidosia Investment S.A.R.L., the special purpose vehicle that holds the rights to a proceed antenna. These investors have made an offer to provide financing to support launch and patient access initiatives based on a commercialization strategy centered on the co-promotion partnerships in the US and in Europe. Consistent with this approach, we are currently engaged in discussions with potential co-promotion partners in both regions. As currently envisaged, the financing would be fully backstopped by existing SPV investors While all existing SPV node holders will be offered the opportunity to participate, all binding terms have been agreed under long-form documentation and subject to applicable approvals. The market for difficult-to-control and resistant hypertension is being actively developed, awareness is increasing, and Trivio Gerigo has a differentiated profile that positions it well to benefit from this momentum. We believe the financing and co-promotion model currently under discussion would provide an efficient way to capture this opportunity without allocating capital from Eidosia. I will now hand over to Hammer, who will take you through the fourth growth driver advancing your pipeline. Next slide.

Thank you very much, Dominique. I'm pleased to provide an update on our pipeline and the progress we continue to make across multiple programs. As you will see, we are advancing a broad portfolio using creative focus, but also efficient development strategies designed to generate meaningful value inflection points. Next slide, please. But before discussing the programs we're advancing directly, I'd like to remind you that two late-stage assets continue to progress under our partnership with Viatris. And based on the latest public update from Viatris, Recruitment into the Phase III SOS AMI study of salatogrel as a self-administered treatment of myocardial infarction is expected to complete later this year. And the two Phase III studies evaluating senerimod in systemic lupus erythematosus are expected to report results in the first half of 2027. These are very important upcoming milestones and both assets continue to represent significant long-term value creation potential for Eidosia. Next slide, please. Now, let me turn to the programs we are advancing ourselves. So earlier this year, we reached agreement with regulators on the registration pathway for Lucerastat as a monotherapy for all adult patients with Fabry disease, irrespective of mutation type or prior therapy. And since then, the team has made substantial progress preparing our development program The first component being a pivotal kidney biopsy study, which is designed to demonstrate a reduction in renal GB3 burden after 18 months of treatment. We expect to initiate this study in the third quarter of this year. In parallel, we are advancing preparations for the second study, evaluating the transition from intravenous enzyme replacement therapy to oral lucerostat. and looking at the impact on long-term renal function and other clinical parameters when compared to ERT. Together, these studies form the foundation of the registration program with potential regulatory filing as early as 2029, and this could position Lucerastan as the first oral therapy suitable for all patients with Fabry disease.

Next slide, please.

We now come to our phase two proof of concept to proof of mechanism portfolio. The most advanced program is our first-in-class oral CCR6 receptor antagonist currently being evaluated in a proof-of-mechanism study in adult patients with psoriasis. This compound targets the Th17 pathway through a differentiated mechanism designed to selectively reduce pathogenic immune cell migration while still preserving systemic immune function. We designed the study to assess efficacy, dose response, and safety in a well-characterized TH17-mediated disease. And a positive outcome would establish both proof concepts in psoriasis, but also provide us with some mechanistic validation for potential expansion into multiple additional CCR6 and TH17-driven indications. Recruitment is now completed, and we expect data towards the end of the year. Next slide, please. Our second immunology program is a first-in-class oral CXCR7 receptor antagonist being evaluated in progressive multiple sclerosis. Now, this program represents a potentially unique opportunity in MS as it addresses one of the most significant unmet needs in the field, which is restoring neurological function through remyelination while simultaneously reducing neuroinflammation. Now, of note, current therapies largely focus on controlling inflammatory activity. This study reflects our broader development philosophy, generate maximum insight while managing development risk efficiently. And this study has a very mechanistically rich study design with pioneering high quality brain imaging. And we aim to demonstrate biological activity and obtain early evidence of therapeutic benefit within a relatively short treatment period. A positive outcome would establish CXCR7 As a novel therapeutic approach in MS, recruitment is ongoing and we expect results in the second quarter of 2028. Next slide, please. Our third immunology program is the first-in-class oral CXCR3 receptor antagonist being developed for vitiligo. Now, vitiligo is driven by recruitment of CD8 cells, T cells, into the skin through the CXCR3 pathway. And by blocking CXCR3, our compound is designed to interrupt the migration of these pathogenic T cells that target and destroy melanocytes. Thereby, this addresses a fundamental disease mechanism, but still whilst we hope preserving systemic immune function. What makes this program particularly interesting is its differentiation from the current treatment landscape, which relies heavily on JAK inhibition, which is associated with a number of toxicities. Site initiation activities for the clinical trial are underway across the US and Europe, and we expect recruitment to commence in the coming weeks. This proof of concept study is expected to generate results next year. Next slide, please. And here you see an overview of the pipeline. During the first half of the year, we also reported additional positive results from our synthetic glycan vaccine program targeting Clostridium difficile infection. The phase one data demonstrated a favorable safety profile and a clear dose dependent increase in immune response with all participants in the high dose cohort generating high antibody responses. Now, these results further validate both the vaccine candidate, but also the broader synthetic glycan technology platform. And as a result, we have initiated partnering discussions to advance this program and potentially the platform more broadly. Looking further ahead, our novel CFTR type 4 corrector in the treatment of cystic fibrosis, which has the potential for universal additivity with all other therapies targeting CFTR, remains on track to enter phase 1 first in human studies later this year. This program is a prime example of the scientific innovation that continues to emerge from Eidosia, combining an Eidosia discovered compound acting on an Eidosia discovered binding site. So taken together, we believe that iDorcia has a differentiated, innovative pipeline with opportunities in rare disease, immunology, neurology and vaccines with several value infection points emerging over the near term and over the coming years. With that, I hand over to Arno. Next slide.

Thank you, Amer. Good afternoon. Good morning to everyone following on the call.

Next slide, please.

In my first slide, you can really see the continuous growth of our Qvivic sales, which has been achieved with a flat OPEX. As a result, the non-GAAP operating loss, excluding one of contract revenue, significantly reduced compared to H1 2025. Qvivic product sales, excluding partner sales, increased with 62% from 56 million in the first half of 2025 to 91 million in H1 2026. The main driver of the sales increase is the EU-Can region, where sales increased from 44 to 74 million. But at the same time, also the US returned to growth. As explained earlier by Shell, due to various measures that were taken in 2025 and 26, the product sales increased from 12 million Swiss francs in age 125 to 17 million in age 126. Further, the reported quarterly sales numbers for Q1 and Q2 are distorted by stocking. You may have seen that. They do not really reflect the actual growth, but I can tell you that also on a quarter-by-quarter basis, the sales volume in Q2 increased with more than 20% compared to Q1, which demonstrates the continuous growth of QVIVX sales. NomiGap contract revenue of 8 million Swiss francs mainly includes upfront payments from our partners for Qvivic licenses for Latin America and the Middle East. This all resulted in a non-GAAP EBIT loss of 54 million. Next slide, please. In addition to an outstanding operational performance in H126, we were also able to successfully strengthen our financial position and access to liquidity. As you know, we started the year with 89 million in cash. Operational cash inflows included 97 million from QVIVIC product sales, including sales to partners, and operational cash outflows included 96 million of SG&A and 45 million of R&D costs. The 27 million other cash outflows mainly included working capital movements. Further, as announced in June, we refinanced the short-term new money facility with a longer-term loan from Pharmacom. As you may recall, at the time of the debt restructuring in 2025, the bondholders provided a short-term new money facility for 150 million Swiss francs to fund the ongoing operations of which we had drawn already 105 million. We have now refinanced that new money facility with a term loan from Pharmacon which pushes out the maturity to June 2031. On signing of the loan, the company received 147 million Swiss francs, net of the cost in OID, which is mainly used to repay the new money facility for 117 million, including the OID and accrued interest. This resulted in liquidity of 89 million at the end of June 2026. In addition to that, we have access to a further 100 million from the term loan as additional drawings, totaling 189 million in liquidity available to IDORSIA. All in all, a strong liquidity that puts us in a very good position to fund our activities leading to inflection points. Next slide, please. This slide summarizes the maturities of our company's debt. The additional comments that I can give is that in Q2, J&J converted 85 million of the outstanding convertible loan into 7.4 million Eidosia shares, which leaves a remaining loan of 250 million. that can be converted at any time into 21.7 million shares, based on a conversion rate of 11.48 Swiss franc per share. Any outstanding amount at maturity in June 27 can be converted at the same fixed conversion price of 11.48 at the discretion of Eidosia, so will not necessarily result in a cash out. The debt notes held in Eidosia Investment Sorrel have a very long maturity, extending to 2048 or 2050, and are secured by assets held within the SPV, namely Aprositentan, Zolotogrel and Zenerimod. These instruments are structured as pay-as-you-can obligations, meaning repayment is linked to future cash flows generated by those assets, rather than near-term cash requirements for IDORSIA. This means that with the refinancing of the new money facility, By the term loan from Pharmacon, IDORSIA has no near-term cash-relevant debt maturities. Next slide, please. Based on our strong performance in the first half year of 2026, we are well on track to reach our targeted sales of 200 million Swiss franc and a non-GAAP EBIT of 120 million. And therefore, we reaffirm our 2026 guidance. And with that, I hand back to Jean-Paul. Next slide, please.

Thank you, Amel. I would like to conclude where we began. We all believe that eidosia has significant untapped value, and this will need to focus on our four key drivers. Maximizing QVB in insomnia, expanding the long-term value of daridorexan beyond insomnia, unlocking the value of Tragio, Jericho, and advancing innovation across our pipeline. Looking ahead, our focus will be on execution. And of course, the execution will be led by Roland. I am very much looking forward to handing over the leadership of the company to him later this year. Roland combines scientific expertise with exceptional commercial experience. He has worked across both large pharmaceutical companies and entrepreneurial biotech organizations in local as well as global leadership roles. I am convinced he is ideally suited to lead Idorsia through its next phase of development. Thank you for your time, your continued interest, and your support. Kevin, over to you for questions. Next slide.

Thank you, Jean-Paul. Thank you, everyone. And now we have time to take your questions. So, operator, please open the lines for the Q&A.

Thank you so much. Dear participants, as a reminder, if you wish to ask a question, please press star, one, one, on your telephone keypad and wait for a name to be announced. To withdraw a question, please press star, one, and one again. Please then bow. We'll compile the Q&A queue. This will take a few moments. And now we're going to take our first question. And the first question comes line of Kate Farrelly from Deutsche Bank. Your line is open, please ask a question.

Hi, this is Kate Farrelly from Deutsche Bank. Thanks for taking my questions. Firstly, on QVIVC, on the direct patient launch, what's the expected uptake here and is this included in the 200 million guidance? And secondly, if you don't mind, on Trivio, on the SPV financing offer, what's the expected timing to the binding terms? and what does the size and structure need to look like to fund a launch without Idortia Capital? And then just to double check, the co-promotion partner is a precondition for this launch and you wouldn't go ahead alone with just the SPV financing. Thank you very much.

Thank you very much, Kate. Charles, do you want to take the first question on DTP?

Yes. Right now, remember, we were launching a pilot program which will last between now and the end of the year. Once we get the results of the pilot program to see how effective it was, what needs to be adjusted, we'll have better guidance on any return of the DTP program.

Thank you, Cheryl. And then Dominique on Trivio.

First, I will respond to the co-promotion piece of the question. So we are currently very active discussions with co-promotion partners, but at this stage it's not possible to disclose anything as we don't have finalized that. So it will come a bit later. On the financing, maybe Arno?

Yeah, about the timeline, we are negotiating now, or do the final negotiations with the funding partners and the co-promotion partners.

And as soon as we have signed agreements, we will of course let you know. Nadia, next question?

Yes, of course. And now we're going to take our next question. And now we're taking the question from Sushila Hernandez from Van Lanshot Campen. Your line is open. Please ask a question.

Hi, this is Anna for Sushila. Thank you for taking our question. This is on QVVIC and expanding the reach into primary care. Could you provide a bit more color and How many primary care physicians are currently prescribing for chronic insomnia, also specifically DOROTS? And could you elaborate on your strategy to expand your reach into primary care?

Thank you, Benjamin.

Yeah, I'll take this question. Thank you for the question. So, the strategy is really to go with partners, co-promotion partners, to reach out to a GP and to primary care. We have already an established relationship and partnership with Menarini in four markets, in France, in Germany, in the UK, and in Switzerland. In France, we see that already 26% of the GPs have started using QVVIC, when 13% of the GPs in Germany already prescribe QEVIC. We don't have yet the numbers in the UK and Switzerland because we just started the collaboration, the partnership in these two markets. We are entering into a new partnership that we just announced this morning with Viaprice, who is going to detail QEVIC to GPs in Italy and in Canada. At this stage, we did not have any promotion to GPs in Italy, so it's really new when we already had some promotion to GPs in Canada, but we are expanding our share of voice through this collaboration with Viatrace. Does that answer your question?

Yes, perfect. And if I can squeeze another in, this is also on QVVIC for the DGP. How long could it take from reaching a patient through advertisement to treatment prescribed and home delivery? And would there be any review of treatment at six months?

Al, do you want to take this one?

Sure. So right now, the way the system is set up, the flow through really depends on the type of insurance that the patient has in terms of time end to end. Acquiring a patient, having them speak to a healthcare professional is the quickest part of the process. That can take minutes. The next phase, when it goes to the dispensing pharmacy, the online pharmacy, that can take a little while to sort out the insurance, but we expect that the average patient should be able to go through the entire process Thank you, Shel.

Nadia, next question, please.

Yes, of course. And now we're going to take our next question. And the question comes from H.C. Wainwright & Co. Your line is open. Please ask your question.

Thanks so much for taking our questions. Firstly, on daridorexant, I was wondering if you could comment on what you expect the effective dosage range to be for daridorexant in applications beyond insomnia and how you are thinking about prioritizing these indications, particularly from the perspective of adolescents and children versus adult indications. That's the first question. And then the second pertains to whether you can give us a broader update on the current status of the Viatris collaboration, particularly with respect to ongoing clinical development activities with Celatogrel and Cenarimod, and also just give us a sense of what the remaining financial obligations are for Eidosia under the terms of this agreement. Thank you.

Thank you, Ram. Martine, do you want to take the question on The NDD development for the redirection. Martine, are you there?

Yes, we are working currently on that and planning discussions with health authorities.

As Martine has said, this is Abba. So we are evaluating the correct dose range. What could be applicable in insomnia, of course, may be not applicable in NDDs, but this is a careful discussion internally with experts and also regulatory bodies. So we can't comment on the dose ranging at this point in NDDs or other indications beyond insomnia.

I also want to take the next question on the biojuice collaboration, then over to Arno for the financials. What was the first? The first question was on the collaboration, more details on the development and the collaboration with Viatris.

Yes, so with the collaboration with Viatris, Viatris are taking really the lead on all activities from the clinical study perspective. They're involving us in updates and safety updates, but they are really taking the full sponsorship role on both of these assets.

And then on the financial commitments, we have a fixed cost sharing obligation for 2026 and the total amount for this year was about 25 million, of which we already paid half. So roughly 12 and a half needs to be paid in the rest of the year. And that's the end of our financial obligations. After that, there will just be milestones and royalties that could come from the contract.

Thank you. To answer your question, Ram? Yes, thank you very much.

Thank you so much.

Thank you, Ron. Nadia, next question, please.

Yes, of course. And now we're going to take our next question. And it comes from the line of Joris Zimmermann from Octavian. Your line is open. Please ask your question.

Yes. Hi, everyone. This is Joris Zimmermann from Octavian. Congratulations to the whole Erdosia team on the H1 achievements. And two questions, if I may. Firstly, I wanted to come back to this potential new financing from bondholders or note holders in the SPV. Can you share the magnitude of amount or the expected magnitude of amount for those co-promotion launch activities? And then also, what does this mean for a potential Proceedings on Licensing Partner. Would that mean that the partner takes over this co-promotion agreement or could this partner then stop it again? And the second question would be on the development plans for cuvivic neurodevelopmental disorders. Am I correct to assume that you look at both indications, ADHD and autism, and then based on the current or the existing Phase 2 data that you already have, do you expect a shortened or accelerated pathway to potential approval? Thank you very much.

Thank you very much, Joris. Dominik, do you want to take the first two questions on Triview?

Yes. So, regarding the financing, I think it's a bit premature to give the magnitude of the investment and the numbers at this stage as we have active discussions here as well with the different investors. Regarding the partnering discussions, I think we still have partnering discussions and while partnering discussions continue, we believe it is important not to lose the momentum and making sure that we can also tap the current environment which presents a meaningful opportunity to establish market presence. So that's also why at the same time and in parallel we activated these two approaches.

And then Joris, maybe to add to that, I think you need to think about a significant amount that would allow us to really properly launch the drug and make the most of the potential of the drug So I think that will be important to understand.

And then over to Amer for ADHD autism and accelerated approval possibilities.

Thank you. So at this stage, we cannot comment on which specific neurodevelopment disease we will be evaluating further. We are carefully looking at the Phase 2 data with external experts and regulatory bodies to help contribute to that decision. Further, again, we are looking at different scenarios on how rapidly We can accelerate the development in NDDs with Q-Vivic. So this is clearly an avenue that we want to explore different designations with the FDA in order to accelerate development as much as possible. Does that answer your questions, Joris?

Yes, perfect.

Thank you very much. Thank you. Nadia, are there any further questions?

There are no questions at this moment, but dear participants, if you wish to ask a question, just please press Start 1 on your telephone keypad. So the speakers will just give a moment for our analysts. Okay, and now we're going to take our last question for today. And it comes from the line of Joris Zimmermann from Octavian. Your line is open. Please ask your question.

Yeah, thank you. Very short question on cash and cash reach. So you stated that you have the 89 million currently in the banks. There is 100 million remaining from the Pharmacon loan. Can you confirm the previously communicated 2028 cash cash reach timeline? Thanks, Joris.

Joris, no, you're absolutely right. I mean, with this cash and sort of the undrawn facility, we have a cash runway that brings us into 2028.

Thank you, Joris, for your questions. I think this concludes our call for today. Thank you, Arifan, for your time. Next scheduled on our events calendar is the First quarter results on October the 29th and we will also be present at several upcoming healthcare conferences in the near future. So we hope to get the opportunity to speak to more of you shortly. Operator, please close the lines.