Addex Therapeutics (ADXN) Q1 2026 earnings summary

Executive summary

• Achieved significant progress in the GABAB positive modulator program for chronic cough, demonstrating robust antitussive activity in preclinical models and preparing for IND-enabling studies, pending financing.

• Advanced repositioning of dipraglurant (mGluR5 NAM) for brain injury recovery, with preclinical profiling ongoing in collaboration with Sinntaxis and Lund University, targeting post-stroke and TBI patients.

• Retained a 20% equity interest in Neurosterix after spinning out preclinical neuropsychiatric assets, with Neurosterix advancing its M4 PAM and mGluR7 NAM programs and progressing Phase 1 study of NTX-253 for schizophrenia, expected to complete in July 2026.

• Lead compound dipraglurant is under evaluation for brain injury recovery; ADX71149 program returned from Janssen after failed Phase 2 study.

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

Financial highlights

• Q1 2026 operating loss was CHF 0.5 million, down from CHF 0.6 million in Q1 2025, mainly due to reduced outsourced R&D.

• Net loss for Q1 2026 was CHF 1.7 million, compared to CHF 1.5 million in Q1 2025, driven by increased share of Neurosterix net loss.

• Ended Q1 2026 with CHF 0.9 million in cash, down from CHF 1.6 million at end of 2025; raised CHF 0.3 million in Q2 to extend cash runway into Q4 2026.

• Shareholders’ equity decreased to CHF 3.3 million from CHF 4.8 million at December 31, 2025.

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

Outlook and guidance

• Cash runway expected through Q4 2026 due to low cash burn post-Neurosterix spin-out, but substantial doubt exists about going concern beyond July 2026.

• IND-enabling studies for the GABAB cough program and further clinical development of dipraglurant are contingent on securing additional funding.

• Anticipates Phase I data from Neurosterix’s NTX-253 M4 PAM program in Q3 2026.