What went well
- Broad pipeline progress in the half: partner Indivior completed IND-enabling studies for its GABAB PAM substance-use-disorder compound (May 12, 2025); Addex announced robust antitussive activity for its own cough candidate across multiple preclinical models (June 6, 2025); and it signed a Sinntaxis AB option and collaboration for dipraglurant/mGlu5 in brain injury recovery (April 30, 2025).
- Made an equity investment in Stalicla (a private clinical-stage neurodevelopmental-disorders company), broadening its neuroscience portfolio.
- Kept an ultra-low cost base after the Neurosterix spin-out: H1 2025 revenue was down only CHF 0.3 million YoY, R&D down CHF 0.2 million and G&A down CHF 0.4 million (lower legal fees).
- Operating cash use was modest at CHF 1.0 million for the half.
What went wrong
- Net result swung to a CHF 3.3 million loss for H1 2025, versus a CHF 9.8 million net profit in H1 2024 - the prior-year profit having been driven by the one-time gain on the Neurosterix divestment.
- The equity-method share of Neurosterix's net loss increased by CHF 1.5 million year over year.
- Cash was just CHF 2.3 million at June 30, 2025, with a stated runway only through mid-June 2026; unpartnered programs cannot reach the clinic without additional capital.
- Accumulated losses reached CHF 356.7 million since inception, and future financings are expected to be dilutive.
Guidance Changes
| Metric | Period | Current guidance |
|---|---|---|
| Cash runway | as of H1 2025 report | Funds operations through mid-June 2026; future viability depends on IP monetization and/or additional financing |
| GABAB PAM chronic-cough IND-enabling studies | upcoming | Ready to start, subject to securing financing |
Performance Breakdown
| Metric | YoY | Note |
|---|---|---|
| Net loss (H1 2025) | CHF 3.3M loss (H1'24: CHF 9.8M profit) | Prior-year profit reflected the one-time Neurosterix divestment gain; current period is an operating loss plus equity-method losses. |
| Revenue | -CHF 0.3M YoY | Completion of the Indivior funded research phase on June 30, 2024. |
| R&D expense | -CHF 0.2M YoY | Lower GABAB PAM outsourced R&D after research-phase completion. |
| G&A expense | -CHF 0.4M YoY | Primarily decreased legal fees. |
| Share of net loss of associate (Neurosterix) | +CHF 1.5M YoY | Higher Neurosterix losses recognized under the equity method. |
| Cash and cash equivalents | CHF 2.3M at Jun 30, 2025 | Operating use CHF 1.0M, CHF 0.8M invested in Stalicla, CHF 0.7M raised from treasury-share sales. |
Earnings Call Themes & Trends
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Balance sheet / going concern | Low cash post-spin-out | CHF 2.3M cash; runway to mid-June 2026; dependent on financing / IP monetization | — |
| Portfolio breadth | GABAB PAM + dipraglurant | Added Stalicla equity investment; Sinntaxis collaboration; mGlu2 PAM reacquired earlier in 2025 | — |
More on Addex Therapeutics Ltd.
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