What Management Said
Read the full Q1 2026 transcript ↗I will start this conference call by giving a quick overview of our recent activities and achievements before reviewing our pipeline. Starting with the highlights, Q1 has seen several important achievements across our pipeline. As a reminder, we spun out our portfolio of preclinical neuropsychiatric assets in 2024 to create Neurosterix and raised CHF 65 million from a syndicate of investors led by Perceptive Advisors. Neurosterix has made excellent progress in advancing its pipeline, including its M4 PAM and mGluR7 NAM programs.
On the financial side, we completed the quarter with CHF 0.9 million of cash and have successfully raised CHF 0.3 million in Q2. No signs of tolerance were seen after subchronic dosing, and more than 60-fold safety margin was demonstrated based on respiratory depression as sedation biomarker. Also, there were no changes in the respiratory rate, body temperature, and growth hormone release in animals treated subchronically with compound A. This difference between the groups grew progressively larger over time, indicative of exacerbated cough in IPF-like condition.
This increase is primarily driven by the move of NTX-253 into clinical development by Neurosterix. It was strongly driven by the increase in our share of the Neurosterix net loss, compensated by a reduction in our own internal net loss, which reduced by 23%. We are very pleased by the progress Delixia is making in advancing on its business strategy and pipeline. So based on that, we expect similar efficacy to nalbuphine, but markedly wider therapeutic margin.
- Reduced internal net loss: the internal (ex-associate) net loss fell about 23% year over year, and the operating loss was CHF 0.5 million (versus CHF 0.6 million in Q1 2025) on lower outsourced R&D.
- Generated strong new preclinical cough data - robust antitussive activity in a non-human-primate model (>60% cough reduction at 2 mg/kg) and activity in an IPF-related exacerbated-cough (bleomycin) model, with reduced lung fibrosis on histology - reinforcing the differentiated profile of its GABAB PAM candidate.
- Progress at 20%-owned Neurosterix: lead M4 PAM candidate NTX-253 in Phase 1 (data expected Q3 2026), backup NTX-529 selected for IND-enabling studies, and mGlu7 NAM candidate NTX-819 nearing completion of IND-enabling studies.
- Raised a small amount of additional capital (about CHF 0.3 million) in Q2 2026 via ATM facilities on Nasdaq and the SIX, extending the going-concern runway into Q4 2026.
- Net loss widened to CHF 1.7 million (from CHF 1.5 million in Q1 2025), driven by a higher CHF 1.3 million equity-method share of Neurosterix's loss (up from CHF 0.8 million) as NTX-253 moved into clinical development.
- Cash fell to just CHF 0.9 million (CHF 935k) at March 31, 2026 (from CHF 1.6 million at year-end 2025), after CHF 766k of operating outflows and CHF 0.3 million of one-off annual payments.
- The going-concern runway extends only into Q4 2026, and IND-enabling studies for the independent GABAB PAM cough program remain gated on securing financing.
- Management noted the value of the 20% Neurosterix interest is not reflected in Addex's share price.
Guidance Changes
| Metric | Period | Current guidance |
|---|---|---|
| Cash runway / going concern | as of Q1 2026 | Into Q4 2026 on a going-concern basis (after the small Q2 2026 raise) |
| Neurosterix NTX-253 (M4 PAM) Phase 1 data | 2026 | Expected in Q3 2026 |
| GABAB PAM chronic-cough IND-enabling studies | upcoming | Expected to start in 2026, subject to securing financing |
Performance Breakdown
| Metric | YoY | Note |
|---|---|---|
| Operating loss | CHF 0.5M (Q1'25: CHF 0.6M) | Lower outsourced R&D. |
| Share of net loss of associate (Neurosterix) | CHF 1.3M (Q1'25: CHF 0.8M) | Higher Neurosterix losses as NTX-253 moved into clinical development. |
| Net loss | CHF 1.7M (Q1'25: CHF 1.5M) | Higher equity-method loss, partly offset by a ~23% lower internal net loss. |
| Cash and cash equivalents | CHF 0.9M at Mar 31, 2026 (Dec 31'25: CHF 1.6M) | CHF 766k operating use plus CHF 0.3M of one-off annual payments; CHF 65k from treasury-share sales. |
Earnings Call Themes & Trends
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Liquidity / going concern | CHF 1.6M at year-end 2025 | CHF 0.9M at Q1'26; small Q2 raise extends runway into Q4 2026 | — |
| GABAB PAM cough data | Guinea-pig efficacy | Non-human-primate and IPF-model antitussive data reinforce the candidate | — |
| Neurosterix pipeline | NTX-253 entering clinic | NTX-253 Phase 1 (data Q3 2026); NTX-529 and NTX-819 advancing | — |
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