Addex Therapeutics (ADXN) Q1 2026 earnings summary

Executive summary

• Advanced GABAB PAM program for chronic cough and dipraglurant for brain injury recovery, both showing robust preclinical efficacy and safety, with IND-enabling studies for GABAB PAM pending financing.

• Retained 20% equity in Neurosterix, which is advancing M4 PAM (NTX-253 in phase I for schizophrenia, data expected summer 2026) and mGluR7 NAM programs.

• Divested allosteric modulator discovery platform and preclinical programs to Neurosterix, receiving CHF 5.0 million in cash.

• No product sales to date; revenue derived from licensing, research funding, and grants.

Financial highlights

• Q1 2026 net loss was CHF 1.7 million, up from CHF 1.5 million in Q1 2025, mainly due to increased share of Neurosterix net loss.

• Operating loss for Q1 2026 was CHF 0.5 million, down from CHF 0.6 million year-over-year, reflecting reduced outsourced R&D.

• Cash and cash equivalents at March 31, 2026, were CHF 0.9 million, down from CHF 1.6 million at year-end 2025.

• Raised CHF 0.3 million in Q2 2026 to strengthen the balance sheet.

• No revenue recognized in Q1 2026; other income of CHF 7,691 from services received at zero cost.

Outlook and guidance

• IND-enabling studies for GABAB PAM cough program expected to start in 2026, subject to financing.

• Anticipate phase I data from Neurosterix's NTX-253 M4 PAM program in summer 2026.

• Additional funding required to advance clinical programs and maintain operations beyond July 2026.

• Ongoing evaluation of indications for mGlu2 PAM program and seeking financial resources to advance clinical portfolio.