Addex Therapeutics (ADXN) Q3 2025 earnings summary

Executive summary

• Advanced GABAB PAM program for chronic cough, with preclinical characterization completed and a backup compound selected; Indivior selected a GABAB PAM for substance use disorder.

• Dipraglurant repositioned for brain injury recovery, with preclinical profiling ongoing and clinical study preparations underway.

• Neurosterix spin-out progressing with M4 PAM schizophrenia program and IND-enabling studies completed; divestment of allosteric modulator platform to Neurosterix in April 2024, receiving CHF 5.0 million and a 20% equity stake.

• Investment in Stalicla, which is advancing patient stratification studies in autism and exploring broader applications.

• Lead compound ADX71149 returned from Janssen after failed Phase 2 study.

Financial highlights

• Q3 2025 income was CHF 0.1 million, mainly from Indivior patent license and Neurosterix services; revenue for the nine months ended September 30, 2025 was CHF 30k, down from CHF 402k year-over-year.

• Net loss for the nine months ended September 30, 2025 was CHF 4.9 million, compared to a net profit of CHF 8.3 million in 2024.

• Cash and cash equivalents at September 30, 2025 were CHF 2.2 million, down from CHF 3.3 million at year-end 2024.

• Operating costs for the nine months ended September 30, 2025 decreased to CHF 2.2 million from CHF 2.7 million year-over-year.

• Recognized CHF 0.9 million share of Neurosterix net loss in Q3, and CHF 3.0 million for the nine months ended September 30, 2025.

Outlook and guidance

• Existing cash is expected to fund operations through mid-June 2026, but does not fund unpartnered programs into the clinic; additional financing required.

• IND-enabling studies for GABAB PAM chronic cough program ready to start pending financing.

• Neurosterix M4 PAM program on track to dose patients this year.

• Stalicla pursuing Series C financing and considering IPO as markets improve.

• Expenses are expected to increase as clinical and preclinical programs advance.