Addex Therapeutics (ADXN) H2 2024 earnings summary

Executive summary

• Launched Neurosterix via a $65M Series A, securing CHF 5M in cash and a 20% equity stake, and spun out key preclinical programs to address funding challenges.

• Advanced GABAB PAM program with Indivior, selecting a candidate for substance use disorders and starting IND-enabling studies.

• Repositioned dipraglurant for brain injury recovery, with strong preclinical rationale and plans for clinical pharmacology studies.

• Regained rights to ADX71149 from J&J, now evaluating new development and partnership opportunities.

Financial highlights

• Recognized CHF 400K income in 2024 (down from CHF 1.6M in 2023) due to completion of funded research phase with Indivior.

• R&D expenses for continuing operations were CHF 0.9M, down CHF 0.2M year-over-year; G&A expenses were CHF 2.3M, down CHF 0.4M.

• Ended 2024 with CHF 3.3M in cash, providing runway through mid-2026.

• Share of net loss of associates (CHF 2.2M) reflects 20% equity in Neurosterix, accounted for under IFRS 12.

• Current liabilities at CHF 0.8M, down CHF 2.1M from prior year; non-current liabilities at CHF 0.2M, down CHF 0.4M.

Outlook and guidance

• IND-enabling studies for GABAB PAM in chronic cough planned for 2024, pending funding.

• Dipraglurant clinical studies to begin with healthy volunteers, then post-stroke patients, focusing on neuroplasticity.

• Exploring collaborations and new indications for returned ADX71149 asset.