Addex Therapeutics Ltd

Addex reported Q1 2026 operating loss of CHF 500 thousand versus CHF 600 thousand in Q1 2025, with the decline mainly due to lower outsourced R&D. The company’s share of Neurosterix net loss was CHF 1.3 million versus CHF 800 thousand a year earlier, driven by NTX-53 moving into clinical development, and net loss was CHF 1.7 million versus CHF 1.5 million. Cash at quarter-end was CHF 900 thousand, down from CHF 1.6 million at year-end 2025; operations used CHF 766 thousand of cash, and the company said a small Q2 raise extended runway into Q4 2026. No quarterly revenue, EPS, or gross margin figures were stated, and management did not provide formal next-quarter or full-year financial guidance.

Timothy Mark Dyer framed the quarter as one of pipeline execution and capital discipline, saying Addex made “excellent progress” across its portfolio despite limited cash. He highlighted the cough program, the dipraglurant repositioning effort, and the retained 20% Neurosterix stake as the main value drivers. His tone was pragmatic: optimistic about scientific progress, but explicit that additional funding is required to advance unpartnered programs into the clinic.

Dyer said the company’s operating loss improved to CHF 500 thousand from CHF 600 thousand a year ago, helped by reduced outsourced R&D. He walked through the quarter-end balance sheet, noting CHF 900 thousand of cash versus CHF 1.6 million at year-end and explaining the decline mainly by the CHF 500 thousand operating loss plus CHF 300 thousand of working-capital outflows tied to annual payments such as retirement contributions and insurance. He also noted current liabilities of CHF 1.2 million and noncurrent liabilities of CHF 300 thousand, and said the balance sheet was strengthened by a small Q2 capital raise and ATM activity, but current cash still does not fund clinical development of unpartnered programs.

Analyst Raghuram Selvaraju asked how Addex’s GABAB PAM compares with nalbuphine extended-release and whether the company is considering a dosing form that reduces frequency. Management said Compound A appears more potent in the guinea pig model, with a 1 mg/kg minimal effective dose versus 3 mg/kg for nalbuphine, similar maximal efficacy, and a wider therapeutic margin because nalbuphine caused respiratory-rate reductions at higher doses; they also said the current formulation is expected to support once-daily dosing. On Neurosterix, Selvaraju asked how Addex views long-term monetization and also raised receptor biology questions; Dyer said the stake could be sold to fund the cough program or held through a future financing/public offering, while Mikhail Kalinichev said m4 appears more clearly linked to antipsychotic efficacy than m1, and that he was not aware of a direct functional interaction between m4 and mGluR7.