Addex Therapeutics Ltd (ADXN) Earnings
Addex Therapeutics Ltd is expected to report next earnings on August 24, 2026 (in NaN days). ADXN has beaten EPS estimates in 1 of its last 10 reported quarters (average surprise -4459.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 25, 2026 | — | $-1.53 | — | $9878 | — |
| Dec 4, 2025 | — | $-1.50 | — | $37364 | -84.2% |
| Jun 20, 2025 | $-4.26 | $-1.33 | +68.8% | — | — |
| Nov 22, 2024 | $-1.40 | $-2.77 | -97.9% | $62725 | -58.2% |
| Sep 30, 2024 | $-0.01 | $-1.77 | -17600.0% | $128657 | -50.5% |
| Jun 6, 2024 | $-0.44 | $-1.37 | -210.3% | $257832 | -66.6% |
| Nov 29, 2023 | $-4.00 | $-4.07 | -1.8% | $357333 | -46.0% |
| Aug 10, 2023 | $-0.83 | $-5.00 | -506.0% | $703351 | +127.3% |
| May 11, 2023 | $-1.03 | $-5.20 | -404.2% | $546616 | +76.7% |
| Mar 9, 2023 | $-0.31 | $-0.83 | -167.7% | $640557 | — |
| Nov 11, 2022 | $-11.20 | $-11.20 | +0.0% | $416057 | +79.3% |
| Aug 18, 2022 | $-11.20 | $-23.60 | -110.7% | $191401 | -63.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · June 25, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Pipeline Progress & R&D Achievements * GABA-B positive allosteric modulator (PAM) chronic cough program: Completed preclinical characterization, with robust antitussive efficacy demonstrated in guinea pig citric acid-induced cough models, guinea pig idiopathic pulmonary fibrosis (IPF)-related exacerbated cough models, and non-human primate cough models. The lead candidate Compound A showed 70% maximum cough reduction in guinea pigs, 60%+ reduction in non-human primates, no tolerance after 7 days of subchronic dosing, a >60-fold safety margin, and markedly reduced sedative side effects compared to existing treatments (including nalbuphine, baclofen, and codeine). The candidate also reduced lung fibrosis in IPF model animals. All pre-IND activities are complete, and the program is ready to initiate IND-enabling studies pending financing. * mGluR5 negative allosteric modulator (Dipraglurant) post-brain injury recovery program: Repositioned Dipraglurant for post-stroke and traumatic brain injury (TBI) recovery, with a collaboration in place with Syntaxis and Lund University to complete preclinical profiling ahead of clinical studies. Preclinical data shows the candidate improves sensory motor function and stimulates restoration of disrupted brain connectivity after stroke, with existing good tolerability data from prior clinical testing in healthy and Parkinson's patients, and GMP material already on hand. Management is evaluating indications and discussing the asset with potential partners. * Indivior-partnered GABA-B PAM program for substance use disorders: Indivior has selected a development candidate and completed IND-enabling studies, with edX eligible for up to 330 million USD in pre-specified clinical, regulatory, and commercial milestones, plus tiered royalties from high single-digit to low double-digit on net sales. * Spin-out NeuroSterics (20% equity stake retained by edX): NeuroSterics is advancing its neuropsychiatric pipeline. Lead candidate NTX253 (M4 PAM for neuropsychiatric indication) is in Phase 1, with data expected in Q3 2026. Backup M4 PAM candidate NTX529 is selected and ready for IND-enabling studies, which will start shortly. First-in-class mGluR7 NAM candidate NTX819 has completed preclinical development and is expected to finish IND-enabling studies in the coming months. Management believes the 20% stake is undervalued in edX's current share price. ### Financial Updates * After the NeuroSterics spin-out, edX maintains a very low cash burn profile. Ended Q1 2026 with 0.9 million Swiss francs in cash, and successfully raised an additional 0.3 million Swiss francs via at-the-market (ATM) facilities in Q2 2026, extending cash runway through Q4 2026 as a going concern.
Guidance
• Phase 1 data from NeuroSterics' lead M4PAM candidate NTX253 is expected to be released in Q3 2026 • NeuroSterics' backup M4PAM candidate NTX529 will start IND-enabling studies shortly, and mGluR7 NAM candidate NTX819 is expected to complete IND-enabling studies in the coming months • edX's independent GABA-B PAM chronic cough program will initiate IND-enabling studies in 2026, subject to securing required financing • Current cash on hand plus Q2 2026 financing is sufficient to fund operations through Q4 2026
Segment performance
edX Therapeutics is a clinical-stage biotech focused on two core internal pipeline programs and a 20% equity stake in spin-out NeuroSterics. For Q1 2026: 1. Core internal R&D operations: Generated an operating loss of 0.5 million Swiss francs, a 0.1 million Swiss franc reduction from Q1 2025 driven by lower outsourced R&D spending after the 2024 NeuroSterics spin-out. 2. Equity method investment in NeuroSterics: edX recognized a 1.3 million Swiss franc share of NeuroSterics' net loss, up from 0.8 million Swiss francs in Q1 2025 due to NeuroSterics advancing its lead NTX253 program into Phase 1 clinical development. Overall net loss for the quarter was 1.7 million Swiss francs, compared to 1.5 million Swiss francs in the prior year period. Balance sheet: Ended Q1 2026 with 0.9 million Swiss francs in cash, down from 1.6 million Swiss francs at end-2025; current liabilities totaled 1.2 million Swiss francs, and non-current liabilities totaled 0.3 million Swiss francs. Cash runway after raising 0.3 million Swiss francs in Q2 2026 extends through Q4 2026, but current cash does not fund advancing unpartnered internal programs into the clinic.
Risks & headwinds
• Current cash resources are not sufficient to fund advancement of edX's unpartnered internal pipeline programs into clinical development; successful progression of the chronic cough and Dipraglurant programs is dependent on securing new financing or partnership deals • The 20% equity stake in NeuroSterics is not properly reflected in edX's current share price, creating valuation risk for shareholders • Clinical development of novel drug candidates carries inherent regulatory and efficacy risk; positive preclinical data does not guarantee positive clinical trial results or regulatory approval
Analyst Q&A
Q: How does edX's GABA-B PAM cough candidate compare to extended-release nalbuphine, what formulation is planned, and how are cough measurements collected in guinea pig models? /
A: The lead candidate Compound A has similar maximum efficacy (≈70% cough reduction) to nalbuphine but is more potent, with a lower minimal effective dose (1 mcg/kg vs 3 mcg/kg for nalbuphine in the same model). Critically, Compound A has a markedly wider therapeutic margin, as nalbuphine causes significant respiratory rate reduction (a marker for sedation) at efficacious doses while Compound A does not. The current formulation supports once-daily dosing, which is more convenient than nalbuphine's required twice-daily extended release dosing. Cough frequency and latency are measured via plethysmography chambers; cough intensity cannot be measured with this setup, and robust intensity measurement is still in development even for human patients.
Q: What is edX's strategic long-term plan for its 20% NeuroSterics equity stake, particularly around potential monetization if NeuroSterics pursues a public listing? /
A: edX founded NeuroSterics in 2024 to advance its preclinical neuropsychiatric pipeline, retaining a 20% stake after NeuroSterics raised $65 million in financing. Management confirms the stake is undervalued in edX's current share price and is evaluating all options to maximize shareholder value. One option is monetizing the stake via a sale to fund the internal chronic cough program, as edX has already received inbound interest. Another path is retaining the stake through NeuroSterics' next financing round, which could be a private Series B or a public offering, though management cannot comment on NeuroSterics' specific plans at this time.
Q: What is the relative therapeutic role of M1 vs M4 muscarinic receptor modulation for schizophrenia, and is there functional interaction between M4 and mGluR7 for neuropsychiatric indications? /
A: Current robust clinical data does not support a meaningful contribution of M1 modulation to antipsychotic efficacy, as multiple prior M1-selective candidates failed to show cognitive or antipsychotic activity in clinical trials and caused significant cholinergic side effects. Preclinical data confirms that nearly all antipsychotic-like activity of mixed M1/M4 modulators is driven by M4 receptor modulation, so a selective M4 PAM should deliver full clinical efficacy. There is no documented functional interaction between muscarinic M4 and mGluR7 receptors, so the programs act independently.