ITRM Iterum Therapeutics Plc

$ITRM The fire sale that could have occurred back in April was always possible, since then we are 7 months in with what I deem has been a positive (not great) liquidation process, especially regarding the asset itself which is very clearly alive and well. Teneo had a head start (two confirmed interested parties) so in reality we are much further on from 7 months. I know nothing, I’m not an expert, but I did always feel this coming (ID)week was the week for some noises moreso if we have an agreement (if there were one not announcing anything would be like proposing to someone on Xmas eve and not mentioning to your families who are all gathered for Xmas dinner the next day, it would be weird). It’s starting to drag now & Teneo have to pull their finger out. I’m still confident for news in Oct, but the desire to turn to the bottle to escape this nightmare draws closer. Good luck my long suffering soldiers. Here’s to a good week 🍀

$ITRM Octoberfest - some dates: * Oct 13: IDWeek full abstracts released. * Oct 16: CMS penalty becomes final/due if unchallenged. * Oct 21–24: IDWeek 2026. * Oct 25: 2-year ORLYNVAH FDA approval anniversary and original Pfizer $20M note maturity date. * Oct 26: Pfizer note interest rises from 8% to 10%. * Oct 27: 7 months since liquidation began. * Oct 29: Shionogi Q2 earnings. * Late Oct: FDA PMR/PMC database refresh. * By Oct 31: Estimated completion window for ORLYNVAH adolescent study. * Throughout Oct: Iterum’s mid-to-late-2026 inventory horizon becomes more relevant. * Pre-holiday sweet spot: Natural window to announce/close before Thanksgiving and year-end slowdown.

$ITRM Shionogi announced today, that it has signed a definitive agreement to acquire U.S. biotech IntraBio for $2.0 billion. On August 5 the CEO Teshirogi told Bloomberg that Shionogi was actively pursuing at least three acquisitions in the U.S., Japan and Europe, specifically in infectious and rare diseases, and said it had plenty of financial firepower. Two months later, one substantial U.S. transaction has now materialized. The thesis that they would announce acquisitions leading up to IDweek is coming to fruition, they have a heavy presence & will want to strut their stuff. 1 down 2 to go.

$ITRM Here's how I'm thinking about it. Overestimating $100M in front of shareholders. (My AI model says it is far lower.) Then with roughly 50M shares outstanding, every $100M after is ~$2/share. So if Teneo gets $400M, then after debt that leaves $300M or ~$6/share. See you gamblers in Vegas for the party.

$ITRM Fishman and Whalen effectively neutralized any chance of Sarissa using Iterum’s collapsing cash runway to steer sulopenem toward Innoviva at a distressed price. Instead of leaving the asset trapped in a desperate bilateral negotiation, they surrendered control to Teneo through an Irish High Court process, with Jamie Ensor involved before the provisional-liquidator appointment, and put two already-engaged buyers into a structure built to widen the field and force real price discovery. That move changed the game. Sarissa could still participate through its existing economic interests, and Innoviva could still bid if it wanted the asset — but neither could rely on Iterum running out of money and having no alternative. Teneo’s job was to create alternatives, manufacture competitive tension and make every serious strategic buyer pay for sulopenem’s strategic value. If the fear was a cheap Sarissa/Innoviva outcome, the liquidation structure was the mechanism that said F’ck you.

$ITRM https://www.sec.gov/Archives/edgar/data/1080014/000119312520316331/d69428dex101.htm?utm_source=chatgpt.com Sarissa helped Innoviva seek acquisitions. The agreement between Sarissa and Innoviva established that Sarissa was to assist Innoviva in: developing the acquisition strategy; identifying potential targets; evaluating opportunities; conducting due diligence; executing acquisitions; and integrating the acquired companies. The attorney listed in the RLN (Iterum) contract for Sarissa is Willkie Farr & Gallagher (Russell Leaf / Jared Fertman). Who represents Innoviva in its acquisitions? Willkie Farr & Gallagher.

$ITRM Dear Customer, Following up on the communication sent to you on May 29, 2026, we are writing to inform you that Iterum Therapeutics PLC has completed its corporate restructuring. This has affected the trading status, the identification code (IE000TTOOBX0) To keep you informed about these changes to your portfolio, here are the details of the adjustment made: - New share code: The old ISIN code (IE000TTOOBX0) has been retired, and the new shares have been assigned the identifier IEMM00746P43. The shares are no longer traded on Nasdaq. - Allocation ratio: You receive 1 new share for every 1 share previously held in your portfolio. - New registration system: The shares have moved from the US Central Securities Depository (DTC) to the Direct Registration System (DRS), administered by the company's transfer agent, Computershare. These shares do not trade on any regulated market. What do you need to do now? You do not need to do anything. This change has been processed automatically.

$ITRM I’m sure many missed the new tab titled “liquidation” under the Investor section on the Iterum website. Unlike the 3/27 and 7/10 time stamped message, this stealthly loaded today with no stamp. Layman’s summary: Here is the current insolvency position. Here is the very low disclosed liability picture. Here is the statutory ranking. Here is the fact that realization work is ongoing. And here is what happens if realizations clear the creditor stack. After nearly seven months of silence, I am making a public record of why we used the same boiler plate message for shareholders. Irish liquidation gives us the rights to not even float the ideas of recovery until a deal is signed and the time has come. Glory to all.

$ITRM two bidders right around FDA approval. No rush to launch though. Must have been RLN max pay out demands piled on top of bids based on no real world sales numbers that chewed up more than 1 months. So they decide to go to liquidation( right around arrival of Whalen-was it his idea?) to remove teeth/negotiating power of RLNs-so what’s the reason for the 7 months? If BO was low, we’d be done months ago. So it’s either a really big number or no one wants to pay much for the uUTI indication and other uUTI markets ex US don’t pay a high price/dose. Potentiality is there but requires a lot of extra money, time and head count(sales team). If we had multiple bidder tension you’d think we would have heard something by now- starting to think things could get worse

$ITRM Pre-liquidation, Sarissa actually had teeth: a major RLN position, the holders’ representative role, and contractual veto/consent rights that could interfere with transactions touching the notes. Then Iterum went into liquidation and those teeth got pulled. The board lost control, Teneo took the keys under Irish High Court supervision, and Sarissa went from having leverage over corporate action to being a creditor constituency inside somebody else’s process. So the idea that liquidation was designed to increase Sarissa’s ability to engineer a cheap Innoviva deal is backwards. If anything, Fishman and Whalen took the one structure where Sarissa had real contractual leverage and cut its corporate power off at the knees by handing the process to Teneo. That is a spectacularly stupid way to run a sweetheart deal—and a very effective way to stop one.

$ITRM Get it done Teneo! $6+ 🤞🙏🍀💰🍾 IDWeek 2026 is scheduled for October 21–24, 2026. Location: Walter E. Washington Convention Center in Washington, D.C.

$ITRM I understand the desperation and boredom of this wait without any information or update on the status of the liquidation process by Teneo, but in my opinion, right now 6 months after that announcement of voluntary liquidation of Iterum, what is really valuable is what that until now we have not seen: We have not seen an announcement of Orlynvah's termination in the pharmaceutical market. Teneo keeps Orlynvah active and hasn't let him die. Teneo is doing his job.

$ITRM I also got the letter from Teneo. Here is why I don't think it's cause to panic. The letter is essentially a restatement of the liquidation waterfall: shareholders are last. But look at what is actually happening: More than $400K in FDA fees to keep Orlynvah's regulatory position active. Nobody spends that kind of money preserving a dead asset. Orlynvah continues to show broad formulary coverage extending into 2027. Teneo specifically says it is “continuing to assess the affairs” and “evaluating strategies for the realisation of the Companies' assets.” And Teneo isn't doing all of this for free. The entire point of their appointment is to realize value from the estate and get paid from the estate. The drug is still alive. The assets are still being evaluated. Teneo is still working on realization strategies. The fat lady hasn't sung yet. We just have to wait for her to take the stage.

$ITRM Ok, you have dog me about my $12.04 stock price and now you are seeing a 1B dollar buyout. The Debt Stack by Gemini Pro last week was 30M-35M with the understanding the RLNs will be getting nothing. With that said all the stars will have to line up in the sky to get to a 1B dollar price. Not saying it couldn't happen. Shinogoi is a player which I point out in Jan,Feb, and Mar but that does not mean they are the winner. Lets see what shakes out.

$ITRM Teneo charges an hourly fee every time they do any work for this liquidation and then they get a percentage based on the total dollar price I think that’s what’s on the website again we’re all sitting here locked and loaded. I don’t care who’s right who’s wrong- I just want to see the money in my account. The reason I’m pretty animated about all of this is because I feel like I was lied to by a CEO who made it sound like it was all about a launch and it was this whole other 4D chessboard. he had no problem, knowing that we were going to lose all of our equity either way either it goes to zero or reverse split but either way we get wiped out and that guy gets to keep his salary and whatever deal he cut with Teneo so yes, I want to see the money, but this guy is a bad man, even if you set aside the tough environment that antibiotics are in this is also particular to him. He’s just the kind of guy that doesn’t care if we are collateral damage. So,

$ITRM This group doesn't miss much so most of you all are probably well aware of this. But on LinkedIn two commercial consultants are still working with Iterum. Got rid of Fish, Coyne, the millionaire CFO and all the deadweight. Just a couple of experts and a liquidator is all we need. Running lean baby!

$ITRM Shionogi has 3 primary care positions posted in the last two weeks (2 sales reps and 1 manager). They don’t currently have a drug to sell directly to PCPs. Breadcrumbs. Hopefully meaningful ones.

$ITRM Teneo does not waste their time on fire sales. This is a complex liquidations inside the sweet spot of the 6-9 month time frame.

$ITRM air castles lays it out- Teneo would have some explaining to do if they wasted all this time and they ended up dumping this for low $. Creditor meeting being cancelled says they’ve figured out the debt stack. Waiting is the hardest part.

$ITRM reasons for 7 months: the uUTI market in the U.S. will be a long uphill effort- will require full sales team- even though repeated use of the cheap generics is not great for the gut microbiome and builds a better super resistant pathogen. Sadly, payors, behind closed doors just care about treating patient as cheaply as possible. Also, bluejepa isn’t setting the market on fire- Orly did better in many ways- but it’s still not the market Orly would capture in cUTI, but that will require big money/trial, to get FDA approval. Rest of the world will pay lower amount per dose- so it’s a volume play overseas-no other country will pay a WAC of $3500/dose. All the potentiality is great but my fear is all these other uses will require more money invested and because it’s a liquidation, fantastic molecule or not, big pharma wants a deal in a liquidation. Hoping I’m wrong and we get a huge number. Oh yes, RLNs will fight to get as much money as possible- bad loan terms- big mistake CF-