Addex Therapeutics Ltd

Addex reported an operating loss of CHF 500 thousand in Q1 26 versus CHF 600 thousand in Q1 25, helped by lower outsourced R&D. The company’s share of Neurosterix net loss was CHF 1.3 million versus CHF 800 thousand a year earlier, and net loss was CHF 1.7 million versus CHF 1.5 million in Q1 25. Cash at quarter-end was CHF 900 thousand, down from CHF 1.6 million at the end of 2025; operating cash use was CHF 766 thousand and the company received CHF 65 thousand from the sale of treasury shares, finishing the quarter with CHF 935 thousand of cash mentioned in cash flow. Management said the current cash position supports runway through Q4 2026 on a going-concern basis, but does not fund progression of unpartnered programs into the clinic. No formal revenue or EPS guidance was given on the call.

Timothy Mark Dyer emphasized that Addex made progress across both lead programs: the GABAB cough asset is now at a selected clinical-candidate stage with preclinical work largely complete, and Dipraglurant is being repositioned for brain injury recovery with a new collaboration and IP package. He also highlighted the Neurosterix spinout as a strategic source of value and financing optionality, saying Addex’s 20% stake is not being reflected in the share price and could potentially be monetized. His tone was pragmatic and resource-constrained, with repeated emphasis that external financing will be needed to move programs forward.

Dyer’s financial comments focused on the company’s low burn and limited balance-sheet capacity. He said the operating loss improved to CHF 500 thousand from CHF 600 thousand year over year, while the bigger loss below the operating line came from the equity-method share of Neurosterix’s CHF 1.3 million net loss. Cash declined to CHF 900 thousand at quarter-end from CHF 1.6 million at year-end, driven by the operating loss and CHF 300 thousand of working-capital outflow tied to annual payments. He said Addex raised a small amount in Q2 through its ATM facilities and that the current cash balance provides runway into Q4 2026, but not enough to finance clinical advancement of unpartnered assets.

The main analyst focus was the chronic cough asset and how it compares with nalbuphine ER. Management said Compound A looks similar on efficacy, may be more potent based on a 1 mg/kg minimal effective dose versus 3 mg/kg for nalbuphine in the same guinea pig model, and appears to have a wider therapeutic margin because it did not show the respiratory-rate reductions seen with nalbuphine. On formulation, management said the current formulation is expected to support once-daily dosing, which they view as better than nalbuphine’s twice-daily extended-release profile. The analyst also asked about Neurosterix; management said they are considering monetization options, have had inbound interest, and are evaluating whether to sell the stake to help fund Addex’s cough program. In a scientific follow-up, management argued m4 is the more relevant muscarinic target for schizophrenia efficacy, while saying there is no direct evidence of a functional interaction between mGluR7 and muscarinic M4.