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.

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

• Repositioned dipraglurant for brain injury recovery, regaining rights to ADX71149 after J&J's termination.

• Completed year with CHF 3.3M in cash, providing runway through mid-2026.

Financial highlights

• Recognized CHF 400K income from continuing operations in 2024, down from CHF 1.6M in 2023 due to completion of Indivior research phase.

• 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 year-over-year.

• Cash balance at year-end was CHF 3.3M, a decrease of CHF 0.6M from the start of the year.

• Net loss of associates of CHF 2.2M relates to the 20% Neurosterix equity interest.

Outlook and guidance

• IND-enabling studies for GABAB PAM in chronic cough planned for 2025, pending funding.

• Dipraglurant clinical development for brain injury recovery to restart, with initial pharmacology studies in healthy volunteers and post-stroke patients.

• Exploring collaborations for the returned ADX71149 asset.