Idorsia takes steps to address short-term liquidity needs

Ad hoc announcement pursuant to Art. 53 LR

• A bondholders meeting is expected to take place on April 30, 2024, to request the right to repay the bonds maturing in 2024, fully or partially in shares of Idorsia
• Main investors Jean-Paul and Martine Clozel fully support this request
• Financial status as of March 31, 2024, to be published on April 17, 2024, in conjunction with the invitation to the bondholder meeting
• Postponement of the Full Year 2023 and Q1 2024 Financial Results publication to May 21, 2024, as granted by the SIX Exchange Regulation (SER)

Allschwil, Switzerland – April 11, 2024
Idorsia Ltd (SIX: IDIA) today announced that the company intends to call a bondholder meeting for holders of its outstanding convertible bond maturing on July 17, 2024 (ISIN: CH0426820350). The company will propose a change to the current Terms and Conditions to be voted upon by bondholders.

Over the course of the past days, Idorsia has reached out to several of the bondholders and received positive feedback on the amenability to adopting additional Terms and Conditions: the proposed change to the Terms and Conditions would give Idorsia the right at maturity, at its option, to repay the Bonds fully or partially in shares of Idorsia. Any amount not repaid in shares would be repaid in cash.

Idorsia's main investors, Jean-Paul and Martine Clozel, are fully committed to Idorsia over the long-term and as such commit to participating in adopting amended Terms and Conditions. Furthermore, Jean-Paul and Martine Clozel have agreed to a 180-day lock-up period post maturity in the event that the convertible bond will be repaid in shares, subject to customary exceptions.

For a full or partial settlement in shares, Idorsia would need to give notice on the elected settlement alternative no later than 30 calendar days prior to the maturity date. The reference price used to calculate the number of shares to be delivered in case of a redemption in shares will be set as 95% of the average daily volume-weighted average price (VWAP) of one share in the 20 consecutive Trading Days commencing on (and including) the 20th Trading Day before the Maturity Date, or if later, the Effective Date. Holders of the bonds who are Institutional Investors will have the option to receive shares or opt for an organized share sale which will be conducted by way of a private placement of shares on or about the Maturity Date. Idorsia intends to include a provision in the proposed amendment of the Terms and Conditions to provide bondholders participating in such placement with some protection against potential downside in connection with such placement. Up to CHF 10 million could be used by the company to limit potential downside in a share placement.