Addex Therapeutics (ADXN) Q3 2025 earnings summary

Executive summary

• Significant progress in GABAB PAM program, including completion of preclinical characterization and selection of a backup compound for chronic cough; Indivior selected a GABAB PAM compound for substance use disorder.

• Dipraglurant repositioned for brain injury recovery, with preparations underway for clinical studies and strong preclinical evidence supporting its mechanism.

• Neurosterix spin-out advancing preclinical programs, notably M4 PAM for schizophrenia, with IND-enabling studies completed; divestment of allosteric modulator discovery platform and preclinical programs to Neurosterix in April 2024, receiving CHF 5.0 million and a 20% equity stake.

• Investment in Stalicla, which is advancing precision medicine for neurodevelopmental disorders and progressing with patient stratification studies in autism.

• Lead compound ADX71149 program returned from Janssen after failed Phase 2 study.

Financial highlights

• Q3 2025 income was CHF 0.1 million, mainly from Indivior patent license and services from Neurosterix; revenue for the nine months ended September 30, 2025 was CHF 30k, down from CHF 402k year-over-year.

• R&D expenses were CHF 0.2 million, primarily for GABAB PAM, and G&A expenses were CHF 0.5 million, both stable compared to Q3 2024; operating costs for the nine months ended September 30, 2025 decreased to CHF 2.2 million from CHF 2.7 million year-over-year.

• Net loss for the nine months ended September 30, 2025 was CHF 4.9 million, compared to a net profit of CHF 8.3 million in 2024 (driven by Neurosterix Transaction gain).

• Recognized share of Neurosterix net loss at CHF 0.9 million for Q3 and CHF 3.0 million for the nine months ended September 30, 2025.

• Ended Q3 2025 with CHF 2.2 million in cash, providing runway through mid-June 2026.

Outlook and guidance

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

• IND-enabling studies for GABAB PAM in chronic cough ready to start pending financing.

• Neurosterix M4 PAM program on track to dose patients this year.

• Stalicla pursuing Series C financing and considering IPO as markets improve.

• Expenses are expected to increase as clinical and preclinical programs advance.