Addex Therapeutics Ltd Q1 FY2025 earnings call

• Made progress in GABAB positive allosteric modulator program with Indivior, completed IND-enabling studies for substance use disorders. • Regained rights to mGluR2 positive allosteric modulator program including ADX71149. • Repositioned dipraglurant for brain injury recovery and entered option agreement with Sinntaxis. • Selected GABAB PAM compound for chronic cough, completed preclinical profiling and published antitussive data. • Neurosterix made progress with M4 PAM program, completing IND-enabling studies.

In Q1 2025, continuing operations had CHF 0.1 million income compared to CHF 0.2 million in Q1 2024. Continuing R&D expenses were CHF 0.1 million, down from previous quarter. Cash balance was CHF 2.8 million, providing a cash runway through mid-2026. Non-current assets included a 20% equity interest in Neurosterix group. Current liabilities were CHF 1.1 million, decreased from prior period.

• Plan to start IND-enabling studies for GABAB PAM chronic cough program this year (subject to financing). • Cash balance of CHF 2.8 million provides runway through mid-2026. • Expect to continue advancing pipeline programs including dipraglurant in brain injury recovery and GABAB programs.

• Current cash does not fund progression of unpartnered programs into clinic. • Dependence on successful completion of IND-enabling studies and regulatory milestones for pipeline programs.

Q: Could you provide updated thoughts on the current competitive landscape in chronic cough and clinical development pathway for the asset?

A: Mikhail Kalinichev mentioned nalbuphine has promising efficacy but challenging tolerability; plans include SAD, MAD, challenge studies, Phase II in refractory chronic cough patients, and using advanced monitoring tech. Timothy Dyer added that their compound A is both central and peripheral, with potential for over 60% efficacy and better tolerability than P2X3 inhibitors.

Q: Comment on potential applicability to chronic painful coughs outside IPF?

A: Timothy Dyer stated GABAB activation is sustained across multiple pain conditions, making it suitable for chronic painful coughs like pulmonary sarcoidosis.

Q: Detail on control arm for dipraglurant in post-stroke rehabilitation?

A: Timothy Dyer said dipraglurant would be used with physiotherapy, planning clinical pharmacology studies to explore timing with exercise and measures of plasticity in sensorimotor cortex, mid brain, and spinal cord.