Addex Therapeutics (ADXN) Q2 2026 earnings summary

Executive summary

• Raised $2.8 million via ATM facility, extending cash runway into Q4 2027 and supporting advancement of the in-house GABAB cough program toward clinical development.

• Regained full rights to the GABAB PAM program from Indivior, enabling broad development opportunities across multiple indications.

• Retained 20% equity in Neurosterix, which is advancing its M4 PAM program for schizophrenia with phase I data expected in Q4 2026.

• Divested discovery platform to Neurosterix, retaining access to R&D staff at zero cost.

• Pipeline includes dipraglurant for brain injury recovery, ADX-71149 for new indications, and ongoing discussions with potential partners.

Financial highlights

• Net loss for H1 2026 was CHF 3.5 million, slightly higher than CHF 3.4 million in H1 2025.

• Cash and cash equivalents at June 30, 2026, were CHF 0.8 million, down from CHF 1.6 million at year-end 2025.

• Operating loss for H1 2026 was CHF 1.1 million, down from CHF 1.3 million in H1 2025, mainly due to reduced outsourced R&D.

• Share of net loss from Neurosterix was CHF 2.3 million in H1 2026, up from CHF 2.1 million in H1 2025.

• Raised CHF 2.3 million post-period through share sales.

Outlook and guidance

• Cash runway secured into Q4 2027 following recent fundraising, but material uncertainty remains regarding going concern due to the need for additional capital.

• IND filing planned for SUD program; IND-enabling studies for cough program pending financing.

• Neurosterix's NTX-253 phase I data expected in Q4 2026; backup M4 PAM and mGlu7 NAM programs advancing.

• Preparing dipraglurant for phase II in post-stroke recovery.

• Exploring new indications and potential partnerships for ADX-71149 and mGlu2 PAM program.