Top Bucket AI

What went well

Sustained an extremely low cash-burn structure after the 2024 Neurosterix spin-out, allowing a micro-cap clinical-stage company to keep four programs moving (GABAB PAM cough, dipraglurant brain injury, the reacquired mGlu2 PAM ADX71149, and the Indivior-partnered GABAB PAM for substance use disorders).
Continued preclinical de-risking of the independent GABAB PAM cough candidate and preparation of dipraglurant for clinical studies in post-stroke/TBI recovery.
Retained a 20% equity interest in Neurosterix, whose lead M4 PAM candidate (NTX-253) advanced into Phase 1 - a source of potential value not reflected in Addex's share price, per management.

What went wrong

Reported a FY2025 net loss of CHF 6.7 million, versus a CHF 7.1 million net profit in FY2024 that had been driven by the one-time gain on the Neurosterix divestment.
Cash fell to just CHF 1.6 million at December 31, 2025, leaving the company dependent on additional financing and/or IP monetization on a going-concern basis.
Accumulated losses reached about CHF 360 million since inception.
FY2025 net cash from financing was only about CHF 1.2 million (treasury-share sales via the Kepler Cheuvreux sale-agency arrangement and private placements); the company remains pre-revenue with no dividend and no buyback.

Guidance Changes

Metric	Period	Current guidance
Cash runway / going concern	FY2025	Dependent on monetizing IP and/or raising additional (dilutive) capital
GABAB PAM chronic-cough IND-enabling studies	upcoming	Subject to securing financing
Neurosterix NTX-253 (M4 PAM)	2026	Phase 1 data expected in Q3 2026

Metric	YoY	Note
Net loss (FY2025)	CHF 6.7M loss (FY2024: CHF 7.1M profit)	Prior-year profit reflected the one-time Neurosterix divestment gain; FY2025 is an operating and equity-method loss.
Cash and cash equivalents	CHF 1.6M at Dec 31, 2025	Very limited liquidity after a year of low-level financing.
Net cash from financing	~CHF 1.2M	Treasury-share sales via Kepler Cheuvreux and private placements.
Accumulated deficit	~CHF 360M since inception	Cumulative R&D and G&A spend as a long-running pre-revenue biotech.

Topic	Previous mention	Current period	Trend
Going concern	Thin cash	CHF 1.6M cash; reliance on financing / IP monetization	—
Neurosterix stake	20% equity interest	NTX-253 (M4 PAM) into Phase 1; potential value not reflected in Addex's share price (management)	—

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