Core Insights - The fourth quarter of the 2024/2025 financial year was challenging for the company due to market volatility and a weak economic environment in Estonia, particularly influenced by high food VAT rates affecting food producers and consumer demand [1][2] - The unaudited consolidated revenue for the fourth quarter was 3.8 million euros, a decrease of 15% compared to the same period last year, while the net loss decreased from 2.4 million euros to 0.6 million euros [2] - For the full financial year, the company reported a 10% increase in revenue to 18.9 million euros, with a net loss of 1.7 million euros, an improvement from 4.7 million euros in the previous year [3] Financial Performance - Fourth quarter revenue: 3.8 million euros, down 15% from 4.5 million euros in the same quarter last year [2][7] - Full year revenue: 18.9 million euros, up 10% from 17.1 million euros [3][12] - Fourth quarter EBITDA: -0.2 million euros, a decline from 0.0 million euros a year earlier [2][7] - Full year EBITDA: 0.2 million euros, an increase from -0.3 million euros [3][12] - Net loss for the fourth quarter: -0.7 million euros, improved from -2.6 million euros [7] - Full year net loss: -1.7 million euros, improved from -4.7 million euros [3][12] Operational Highlights - The UK production unit, John Ross Jr., continues to operate profitably and is experiencing growth with an increase in clients [4] - The Estonian unit has completed restructuring of production processes and aims to become the market leader in trout and salmon categories [5] - The company's brand reputation in Estonia is improving, with growing awareness of the Saare Kala brand and a positive association with quality [6] Key Ratios and Balance Sheet - Net debt as of June 30, 2025, was 13.9 million euros, down from 14.3 million euros a year earlier [10] - Equity decreased to 1.5 million euros from 3.2 million euros [10] - Liquidity ratio: 0.2, down from 0.3x [10] - ROE for the year was -70.0%, an improvement from -81.4% [10]

Core Viewpoint - Idorsia Ltd is conducting bondholder meetings on June 25, 2025, to vote on proposed amendments to the terms of its outstanding convertible bonds, CB 2025 and CB 2028, as part of a holistic restructuring plan [1][2][3]. Group 1: Bondholder Meetings - The bondholder meetings are scheduled for June 25, 2025, to discuss amendments to the terms of the CHF 200 million convertible bonds maturing in 2025 (CB 2025) and CHF 600 million convertible bonds maturing in 2028 (CB 2028) [2][3]. - Approximately 87% of CB 2025 holders and 90% of CB 2028 holders have entered legally binding lockup agreements in support of the restructuring, committing to vote in favor of the proposed amendments [4]. Group 2: Restructuring and Conditions - The proposed amendments to the terms of CB 2025 and CB 2028 are part of a larger holistic restructuring plan announced earlier in 2025 [3]. - The amendment of the terms will be contingent upon the successful completion of an exchange offer expected to be launched around the time of the bondholder meetings [5]. Group 3: Company Overview - Idorsia Ltd aims to challenge accepted medical paradigms and is focused on discovering, developing, and commercializing transformative medicines [8]. - The company is headquartered near Basel, Switzerland, and has a strong scientific core with a promising in-house development pipeline [9].