ADXN — Addex Therapeutics Ltd

Summary of ADXN Q3 2025 Earnings Call

1. Key Financial Results and Metrics:

• Income: CHF 0.1 million, consistent with Q3 2024, primarily from patent maintenance and services from Neurosterix.
• R&D Expenses: CHF 0.2 million, stable compared to Q3 2024, mainly related to the GABAB PAM program.
• G&A Expenses: CHF 0.5 million, unchanged from the previous year.
• Net Loss from Neurosterix: CHF 0.9 million, similar to Q3 2024.
• Cash Position: CHF 2.2 million at the end of Q3 2025, providing a runway through mid-2026. However, current cash levels do not support progression of unpartnered programs into clinical studies.

2. Strategic Updates and Business Highlights:

• GABAB PAM Program: Significant progress in preclinical characterization, with a backup compound selected. IND-enabling studies are ready to commence pending financing.
• Dipraglurant Program: Repositioned for brain injury recovery with preparations for clinical studies underway. Collaboration with Sinntaxis and the University of Lund is ongoing to complete preclinical profiling.
• Neurosterix: Spin-out company advancing its portfolio, including an M4 PAM program set to start Phase I trials this year.
• Investment in Stalicla: Focused on neurodevelopmental disorders with a proprietary patient stratification technology, making progress in clinical studies and discussions for out-licensing.

3. Forward Guidance and Outlook:

• Anticipate further progress in the GABAB PAM program and dipraglurant development, with a focus on securing financing for IND-enabling studies.
• Expect updates from Neurosterix and Stalicla regarding their respective clinical programs and potential funding activities.

4. Bad News, Challenges, or Points of Concern:

• Cash Burn: While reduced due to the Neurosterix spinout, current cash reserves limit the ability to advance unpartnered programs.
• Market Competition: The commercial outlook for chronic cough treatments is uncertain, especially with competitors like gefapixant underperforming, which could impact market entry strategies.
• Regulatory and Development Risks: The need for financing to initiate IND-enabling studies poses a risk to timelines for both the GABAB PAM and dipraglurant programs.

5. Notable Q&A Insights:

• Chronic Cough Market: The CEO noted significant unmet needs in chronic cough treatments, especially with high discontinuation rates for existing therapies. The GABAB PAM approach may address central mechanisms of cough that are currently unmet.
• Stalicla's Future: The company is pursuing Series C financing to fund clinical studies and is considering an IPO as a potential funding mechanism.
• Post-Stroke Recovery Insights: Discussions around the CAMAROS trial indicate potential learnings for dipraglurant's development, particularly regarding sensory and motor recovery metrics.
• Indivior Collaboration: While progress is being made, specific details on future steps in the collaboration were not disclosed.

Overall, Addex Therapeutics has made notable advancements in its pipeline, although financial constraints and competitive pressures present challenges moving forward.