Addex Therapeutics (ADXN) H2 2025 earnings summary

Executive summary

• Advanced GABAB PAM chronic cough candidate with robust preclinical results and prepared dipraglurant for clinical studies in brain injury recovery, including new collaborations with Sinntaxis and Lund University.

• Regained rights to ADX71149 (mGlu2 PAM) after partner J&J terminated development, now evaluating new indications and partnership opportunities.

• Partner Indivior selected a compound for substance use disorders, completed IND-enabling studies, and a milestone/royalty structure is in place.

• Strategic investment in Stalicla, which is advancing autism and cocaine use disorder programs, and maintained a 20% equity interest in Neurosterix.

Financial highlights

• Income from continuing operations decreased to CHF 0.2 million in 2025 from CHF 0.4 million in 2024, mainly due to the end of the Indivior collaboration.

• R&D expenses were CHF 0.7 million, down CHF 0.2 million year-over-year, mainly due to project phase completions and lower outsourced costs.

• G&A expenses remained stable at CHF 2.3 million.

• Net loss from continuing operations widened to CHF 6.8 million in 2025 from CHF 4.9 million in 2024.

• Cash and cash equivalents at year-end were CHF 1.6 million, down by CHF 1.7 million from the prior year, providing runway through mid-2026.

Outlook and guidance

• Current cash does not fund unpartnered programs into the clinic; additional financing required.

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

• Focus remains on advancing clinical assets in neurological disorders, including GABAB PAM and dipraglurant, and broadening patient populations.

• Evaluating new indications for ADX71149 and seeking partners.