Addex Therapeutics Ltd

Addex reported H1 2026 operating loss of CHF 1.1 million, versus CHF 1.3 million in H1 2025, helped by lower outsourced R&D on the GABAB PAM program. Net loss was stable at around CHF 3.4 million in both H1 2026 and H1 2025. The company ended June 30, 2026 with CHF 0.8 million in cash, down from CHF 1.6 million at December 31, 2025, and said it raised $2.8 million through its ATM facility in Q3, which provides runway into Q4 2027. On guidance, management said the SUD candidate is ready for IND filing, the cough program’s IND-enabling studies are ready to start subject to financing, and Neurosterix expects phase I data for NTX-253 in Q4 this year.

Tim Dyer framed the quarter around strategic value creation rather than near-term revenue, emphasizing the ATM raise, regained GABAB rights, and Addex’s continued ownership of 20% of Neurosterix. He described the Indivior termination as a positive because it returns full freedom to develop the platform and broadens partnering options across multiple indications. His tone was constructive and opportunistic, with repeated references to finding the right capital structure and partners to advance the portfolio.

Dyer’s financial commentary focused on a modest reduction in operating loss to CHF 1.1 million from CHF 1.3 million, which he attributed mainly to lower outsourced R&D. He said Addex used CHF 1.2 million in operations during the six-month period and received CHF 0.4 million from treasury ADS sales, ending with CHF 0.8 million in cash. He also highlighted the $2.8 million ATM raise and reiterated that this extends runway into Q4 2027, while current liabilities were CHF 1.4 million and non-current liabilities CHF 0.2 million.

Analysts focused on the patent estate around the reacquired Indivior-related compounds and the strategic path for unlocking value. Management said five patents were filed in 2024, two were licensed to Indivior and have come back, and the expected expiration date, if granted, is 2044. Dyer also said Addex filed and managed the patents itself, none were joint patents, and the company is considering both partnerships and a possible spin-out, but first wants to secure capital to move the programs forward.