Addex Therapeutics (ADXN) H1 2025 earnings summary

Executive summary

• Significant progress in GABA-B PAM program, with Indivior completing IND-enabling studies for substance use disorders and selection of a candidate for chronic cough; company exercised rights to develop a chronic cough compound.

• Regained rights to mGluR2 PAM program (ADX71149) from Johnson & Johnson/Janssen, with new indications under evaluation.

• Lead compound dipraglurant (mGluR5 NAM) repositioned for brain injury recovery, with a new collaboration with Sinntaxis AB announced in April 2025.

• Divested allosteric modulator discovery platform and preclinical programs to Neurosterix in April 2024, receiving CHF 5.0 million and a 20% equity interest.

• Invested in Stalicla, a neurodevelopmental disorder-focused company, with a precision medicine platform.

Financial highlights

• Ended H1 2025 with CHF 2.3 million in cash, providing runway through mid-June 2026.

• Net loss for H1 2025 was CHF 3.3 million, compared to a net profit of CHF 9.8 million in H1 2024, which included a one-time gain from the Neurosterix Transaction.

• Revenue for H1 2025 was CHF 0.35 million, down from CHF 0.65 million in H1 2024, due to completion of the Indivior research phase.

• R&D expenses were CHF 0.2 million and G&A expenses CHF 0.5 million in Q2 2025, both down CHF 0.1 million year-over-year.

• Share of net loss from Neurosterix was CHF 2.1 million for H1 2025.

Outlook and guidance

• Cash runway extends to mid-June 2026, but additional funding is required to advance unpartnered programs and future development.

• Expenses expected to increase as GABA-B PAM for chronic cough and other clinical trials advance.

• Management is seeking additional funding through equity, collaborations, or licensing.