Addex Therapeutics (NASDAQ:ADXN) reported a CHF 1.1 million operating loss for the first half of 2026, compared with CHF 1.3 million a year earlier, as reduced outsourced research and development spending on its GABAB positive allosteric modulator, or PAM, program lowered expenses.
Chief Executive Officer Tim Dyer said the company also raised $2.8 million through its at-the-market facility during the third quarter, extending its expected cash runway into the fourth quarter of 2027. Addex ended the first half with CHF 0.8 million in cash, down from CHF 1.6 million at the beginning of the year, after using CHF 1.2 million in operations that was partly offset by CHF 0.4 million from the sale of treasury American depositary shares.
GABAB Rights Return From Indivior
Indivior selected a drug candidate in late 2024 and moved it into IND-enabling studies in 2025. The returned substance use disorder candidate has completed IND-enabling work and is ready for an IND filing and Phase 1 clinical trials, according to Addex.
Dyer said the company now has freedom to develop all candidates from the platform across indications and is pursuing both its substance use disorder and chronic cough programs. He said the expanded portfolio could also support potential industry collaborations.
During the question-and-answer session, Dyer said Addex filed five patents related to the GABAB PAM program in 2024 and that the applications are progressing toward grant. He said the patents are new chemical entity patents, with anticipated expiration in 2044 if granted. Two of the patents had been licensed to Indivior, while the other three were not covered by that license, he said.
Addex is considering multiple routes to finance further development, including discussions with potential partners and investors about a potential spinout, Dyer said.
Substance Use Disorder and Cough Programs
Mikhail Kalinichev, Addex’s head of translational science, said the substance use disorder program is based on GABAB receptor activation, which he described as clinically validated by off-label use of baclofen for alcohol use disorder. He said Addex’s ADX71441 previously reduced alcohol self-administration and relapse in rats, alcohol consumption in mice, and cocaine self-administration in non-human primates.
The company said its substance use disorder candidate is supported by differentiated lead and backup compounds with potential for new intellectual property. Addex plans to file an IND as the program’s next milestone.
For chronic cough, Kalinichev said Addex has selected a clinical candidate and completed pre-IND activities, including in vivo proof-of-concept work, non-GLP toxicology and chemistry, manufacturing and controls work. IND-enabling studies are planned and ready to begin, subject to financing.
In guinea pig cough models, the company’s compound A reduced cough frequency dose-dependently, achieving a 70% reduction at the highest doses tested, according to Kalinichev. He said the compound also delayed the onset of cough and did not produce marked changes in respiratory rate at doses up to 60 milligrams per kilogram, unlike several reference drugs discussed by the company.
Addex also reported more than a 60% reduction in cough count at 2 milligrams per kilogram in a non-human primate citric acid-induced cough model. In a bleomycin-exposed guinea pig model intended to reflect idiopathic pulmonary fibrosis-related exacerbated cough, the company said 28 days of treatment was associated with a 40% to 60% reduction in coughs and lower measures of lung fibrosis relative to vehicle-treated animals.
Other Pipeline and Neurosterix Updates
Addex said it continues to position dipraglurant, its proprietary mGlu5 negative allosteric modulator, for brain injury recovery. The company has an option agreement for an exclusive license covering the use of mGlu5 inhibitors in stroke and traumatic brain injury recovery and is conducting preclinical profiling work with Sinntaxis and Lund University in preparation for clinical studies.
The company is also evaluating potential therapeutic indications and partnership opportunities for ADX-71149, an mGlu2 PAM for which it previously regained rights from Janssen Pharmaceuticals.
Addex retains a 20% equity stake in Neurosterix, the neuropsychiatric-focused company it spun out in 2024. Neurosterix’s lead candidate, NTX-253, a selective brain-penetrant M4 PAM for schizophrenia, is expected to complete Phase 1 during the fourth quarter, Dyer said. Neurosterix has also selected NTX-529 as a backup M4 PAM candidate for IND-enabling studies and expects its mGlu7 NAM candidate, NTX-819, to complete IND-enabling studies in the coming months.
Addex recorded CHF 2.3 million as its share of Neurosterix’s net loss during the first half, compared with CHF 2.1 million in the prior-year period. Total net loss remained around CHF 3.4 million in both periods, the company said.
About Addex Therapeutics (NASDAQ:ADXN)
Addex Therapeutics Ltd. (NASDAQ: ADXN) is a clinical-stage biopharmaceutical company headquartered in Geneva, Switzerland. The company develops small-molecule medicines that act through allosteric modulation, a drug-discovery approach designed to influence G protein-coupled receptors (GPCRs) at sites distinct from where naturally occurring signaling molecules bind.
Addex’s research has focused primarily on treatments for disorders of the central nervous system. Its development programs have included ADX71149, an investigational positive allosteric modulator of the metabotropic glutamate receptor 2 (mGluR2), and other compounds targeting neurological and psychiatric conditions.
