Idorsia Ltd (IDIA) Earnings Call Transcript & Summary

Good day, and thank you for standing by. Welcome to the Idorsia Half Year 2026 Financial Results Webcast and Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Kevin Boss. Please go ahead.

Thank you, Nadia. 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 6 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; Shal Jacobovitz, President of Idorsia U.S.; 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. QUVIVIQ sales reached CHF 91 million, 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 Shal will provide you more details in a few moments. I'm also delighted that Roland Wandeler will join Idorsia as CEO on October 1. 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 2026, we have built a strong foundation for a new phase of company growth. Together with the management team, we have defined 4 clear drivers of growth, which should fundamentally change the trajectory of the company. Next slide, please. These are the 4 key drivers of growth that are guiding our priorities. First, maximizing the current QUVIVIQ opportunity in insomnia. Second, expanding the long-term value of daridorexant beyond insomnia. Third, unlocking the value of TRYVIO/JERAYGO. 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 QUVIVIQ 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. Benjamin and Shal 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 3 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, QUVIVIQ is the only treatment specifically approved for the long-term treatment of insomnia disorder. By targeting the overactive wake signaling, QUVIVIQ 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., Idorsia has a presence and QUVIVIQ 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 phased launch of QUVIVIQ is driving steady growth in our quarterly sales. 63 million tabs of QUVIVIQ have already been prescribed to patients in the EUCAN this year. Public and private reimbursement, rapid adoption by specialists, primarily psychiatrists and neurologists and increased awareness among general practitioners are the 3 drivers of our growth. France, Germany, the U.K. continue to be our largest European market and are driving a substantial portion of overall growth. Next slide, please. QUVIVIQ is publicly reimbursed in these 3 markets, and the sleep medicine community has quickly recognized QUVIVIQ'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 3 countries, ranging from 60% in Germany to 90% of the insomnia market in the U.K. So by collaborating with Menarini to support the launch of QUVIVIQ to primary care physicians, we are accelerating 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 U.K. Almost 40% of specialists in Germany and France, 26% of French GPs and 13% of German GPs have adopted QUVIVIQ already. To put this into perspective, DORAs were first launched in Japan 10 years ago. And today, accounts 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 all know that especially in Europe and Canada, access remains an important driver. Public reimbursement has been secured in France, in Germany, the U.K. and Australia, 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 QUVIVIQ's reach beyond the specialist prescribers. We saw the effect of the existing co-promotion agreement with the Menarini Group in France, Germany and the U.K., and we also have an agreement with Menarini in Switzerland. We have very recently entered into an additional co-promotion agreement with Viatris, which initially covers Italy and Canada. Idorsia 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, and I look forward to updating you on our progress at the full year result presentation. With that, I'll hand over to Shal to provide an update on QUVIVIQ on the U.S. market. Shal?

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 QUVIVIQ reaches, converts, retains patients, creating a more scalable, profitable growth model while strengthening our position in the insomnia drug -- in insomnia as drug of choice and the preferred DORA. Next slide, please. Our strategy is built around 3 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 QUVIVIQ 50 milligram 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 QUVIVIQ. 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 nocturia continue to strengthen QUVIVIQ's differentiated profile. We are incorporating the data into updated value proposition designed to better communicate the full clinical and economic value of QUVIVIQ to payers, providers and patients. We are initiating a new study designed to confirm the daytime functioning results previously observed with the 50 milligram dose in our Phase III program with the objective of supporting inclusion of these benefits in the U.S. 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 QUVIVIQ 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 written across our various payer types. Perhaps the most significant evolution in our commercial strategy is our focus on innovative patient access models, including direct-to-patient or DTP. Next slide. We believe DTP is innovative with the potential to fundamentally revamp our patients' access to QUVIVIQ 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, improve patient outcomes and create durable competitive advantage beyond the traditional model. We have completed the design phase and are well advanced in the platform build and 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 QUVIVIQ 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 life cycle initiatives we are pursuing with daridorexant.

Thank you, Jean-Paul. After many years of breakthrough research and publications around dual orexin, the team at Idorsia is now leveraging the differentiation of daridorexant 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 the time line 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. Next slide, please. Of course, the key news just a few months ago was a positive study of daridorexant in pediatric insomnia. Remember, there are no medications approved for pediatric insomnia in the U.S. 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 concerned of subthreshold 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 and 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 disorder. Very importantly, the excellent safety and tolerability profile of daridorexant was confirmed in these children, including at the highest adult recommended dose of 50 milligrams 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. Next slide. The results from the pediatric study in addition suggest 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 daridorexant beyond insomnia. To capitalize on these findings, a second clinical program for daridorexant in neurodevelopmental disorder beyond insomnia is being designed. This could open an entirely new therapeutic for patients with NDDs, another area of significant unmet 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 Le Terrier, who will guide you through the third driver of growth, unlocking the value of aprocitentan. Dominique, please. Next slide.

Thank you, Martine. I'd like to take you through the third growth drivers, unlocking the value of aprocitentan marketed as TRYVIO in the United States and approved as JERAYGO 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 the comorbid 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 engagements at the leading hypertension centers in the U.S., interest in TRYVIO's profile is strong and real-world feedback continues to reinforce its differentiated clinical profile. TRYVIO/JERAYGO 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 aprocitentan that addresses this pathway. As a result, TRYVIO/JERAYGO brings physicians a uniquely differentiated therapeutic approach. Importantly, TRYVIO and JERAYGO demonstrated double-digit reductions in systolic blood pressure in patients already receiving at least 3 antihypertensive therapies with the majority receiving 4 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 tolerability profile. There is no potential for drug-drug interaction, which is important in these poly medicated patients and our U.S. product information includes just 2 adverse events, mild and transient peripheral edema and an expected 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 hypotension continues to increase. This growing focus on the significant unmet need in these patient populations is creating an increasingly favorable environment for launch. While pre-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, generate experience and further demonstrate the value of aprocitentan. Next slide. So to support this opportunity, we are discussing a dedicated financing structure with investor in Idorsia Investments SARL, the special purpose vehicle that owns the rights to aprocitentan. 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 U.S. 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 noteholders will be offered the opportunity to participate on 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 TRYVIO/JERAYGO 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 Idorsia. I will now hand over to Amer, who will take you through the fourth growth driver, advancing of 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, focused, 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 2 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 selatogrel as a self-administered treatment of myocardial infarction is expected to complete later this year. And the 2 Phase III studies evaluating cenerimod 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 Idorsia. 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 the 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 lucerastat 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 lucerastat as the first oral therapy suitable for all patients with Fabry disease. Next slide, please. We now come to our Phase II proof-of-concept and proof-of-mechanism portfolio. Now 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. Now 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-of-concept 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 is largely focused on controlling inflammatory activity. This study reflects our broader development philosophy, generate maximum insights 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 U.S. 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 I 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-IV 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 I first-in-human studies later this year. This program is a prime example of the scientific innovation that continues to emerge from Idorsia, combining an Idorsia-discovered compound acting on an Idorsia-discovered binding site. So taken together, we believe that Idorsia has a differentiated innovative pipeline with opportunities in rare disease, immunology, neurology and vaccines with several value inflection points emerging over the near term and over the coming years. And with that, I hand over to Arno. Next slide.

Thank you, Amer. Good afternoon, and good morning to everyone following on the call. Next slide, please. In my first slide, you can really see the continuous growth of our QUVIVIQ sales, which has been achieved with a flat OpEx. As a result, the non-GAAP operating loss, excluding one-off contract revenue, significantly reduced compared to H1 2025. QUVIVIQ product sales, excluding partner sales, increased with 62% from CHF 56 million in the first half of '25 to CHF 91 million in H1 2026. The main driver of the sales increase is the EUCAN region, where sales increased from CHF 44 million to CHF 74 million. But at the same time, also the U.S. returned to growth. As explained earlier by Shal, due to various measures that were taken in 2025 and '26, the product sales increased from CHF 12 million in H1 '25 to CHF 17 million in H1 '26. Further, the reported quarterly sales numbers for Q1 and Q2 are distorted by stocking. You may have seen that. And 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 QUVIVIQ sales. Non-GAAP contract revenue of CHF 8 million mainly includes upfront payments from our partners for QUVIVIQ licenses for Latin America and the Middle East. This all resulted in a non-GAAP EBIT loss of CHF 54 million. Next slide, please. In addition to an outstanding operational performance in H1 '26, we were also able to successfully strengthen our financial position and access to liquidity. As you know, we started the year with CHF 89 million in cash. Operational cash inflows included CHF 97 million from QUVIVIQ product sales, including sales to partners and operational cash outflows included CHF 96 million of SG&A and CHF 45 million of R&D costs. The CHF 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 Pharmakon. As you may recall, at the time of the debt restructuring in 2025, the bondholders provided a short term new money facility for CHF 150 million to fund the ongoing operations, of which we had drawn already CHF 105 million. We have now refinanced that new money facility with a term loan from Pharmakon, which pushes out the maturity to June 2031. On signing of the loan, the company received CHF 147 million, net of the cost in OID, which is mainly used to repay the new money facility for CHF 117 million, including the OID and accrued interest. This resulted in liquidity of CHF 89 million at the end of June 2026. In addition to that, we have access to a further CHF 100 million from the term loan as additional drawings, totaling CHF 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 CHF 85 million of the outstanding convertible loan into 7.4 million Idorsia shares, which leaves a remaining loan of CHF 250 million that can be converted at any time into 21.7 million shares based on a conversion rate of CHF 11.48 per share. Any outstanding amount at maturity in June '27 can be converted at the same fixed conversion price of CHF 11.48 at the discretion of Idorsia, so will not result -- necessarily result in a cash out. The debt notes held in Idorsia Investments SARL have a very long maturity, extending to 2048 or 2050, and are secured by assets held within the SPV, namely aprocitentan, selatogrel and cenerimod. These instruments are structured as pay-as-you-gain 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 Pharmakon, 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 target sales of CHF 200 million and a non-GAAP EBIT of CHF 120 million. And therefore, we reaffirm our 2026 guidance. And with that, I hand back to Jean-Paul. Next slide, please.

Thank you, Arno. I would like to conclude where we began. We all believe that Idorsia has significant untapped value and this will need to focus on our 4 key drivers: maximizing QUVIVIQ in insomnia, expanding the long-term value of daridorexant beyond insomnia, unlocking the value of TRYVIO/JERAYGO 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. Now we have time to take your questions. So operator, please open the lines for the Q&A.

[Operator Instructions] And the first question comes from the line of Kate Farrelly from Deutsche Bank.

This is Kate Farrelly from Deutsche Bank. Firstly, on QUVIVIQ on the direct patient launch, what's the expected uptake here? And is this included in the CHF 200 million guidance? And secondly, if you don't mind, on TRYVIO 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 Idorsia 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, Kate. Shal, do you want to take the first question on DTP?

Yes. Right now, remember, we are 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, Shal. And Dominique on TRYVIO?

First, I will respond to the co-promotion, I mean, piece of the question. So we are currently discussions -- very active discussions with co-promotion partner. 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.

Yes, about the time line. 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.

And now we're taking the question from Sushila Hernandez from Van Lanschot Kempen.

This is Anna for Sushila. This is on QUVIVIQ and expanding the reach into primary care. Could you provide a bit more color and on how many primary care physicians are currently prescribing for chronic insomnia also specifically DORAs? And could you elaborate on your strategy to expand your reach into primary care?

Thank you. Benjamin?

Yes. 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 GP and to primary care. So we have already an established relationship with -- and partnership with Menarini in 4 markets in France, in Germany, in the U.K. and in Switzerland. In France, we see that already 26% of the GPs have started using QUVIVIQ, when 13% of the GPs in Germany already prescribed QUVIVIQ. We don't have yet the numbers in the U.K. and Switzerland because we just started the collaboration, the partnership in these 2 markets. We are entering into a new partnership, partnership that we just announced this morning with Viatris, who is going to detail QUVIVIQ 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 Viatris.

Does that answer your question?

Yes. Perfect. And if I can squeeze another in. This is also on QUVIVIQ for the DTP. 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 6 months?

Shal, 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. But acquiring a patient, having them see -- 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 within 25 days.

And the question comes from the line of Raghuram Selvaraju from H.C. Wainwright & Co.