Idorsia releases first quarter 2023 financials

Idorsia’s (SIX: IDIA) shares were down more than 9% at 8.76 Swiss francs by early afternoon, as the Switzerland-based biotech announced its financial results for the first quarter of 2023.

Net revenue for the quarter came in at 21 million francs ($23.6 million), a more than four-fold increase on the 5 million francs posted in the like 2022 period.

US generally accepted accounting principles (GAAP) net loss in the first quarter of 2023 amounted to 212 million francs (198 million francs in the first quarter of 2022). The increase of the net loss was mainly driven by higher operating expenses, largely in the commercial functions, a negative financial result and partially offset by higher net revenues.