Addex Therapeutics Ltd Q2 FY2025 earnings call

• Achievements in GABAB PAM program: Partner Indivior completed IND-enabling studies for substance use disorders drug candidate; Addex selected compound for chronic cough program, preclinical profiling done with published antitussive data.
• Regained rights to mGlu2 positive allosteric modulator program including Phase II asset ADX71149 from J&J, evaluating therapeutic indications.
• Repositioned dipraglurant for brain injury recovery, entered option agreement for mGlu5 inhibitors in this area.
• Invested in Stalicla, a neurodevelopmental disorder company with precision medicine patient stratification tech.
• Financials: Ended H1 2025 with CHF 2.3 million cash, cash runway through mid-2026; reduced cash burn post-Neurosterix spin-out.
• Pipeline updates: Continued work on dipraglurant repositioning, Indivior's GABAB PAM for substance use disorders, Addex's independent GABAB PAM for cough ready for IND-enabling studies with financing, Neurosterix's M4 PAM program on track to dose patients this year.

No detailed product segment financial performance with revenue contribution percentages provided in the transcript. Overall, cash at the end of H1 2025 was CHF 2.3 million, cash burn reduced post-Neurosterix spin-out, but current cash doesn't fund unpartnered programs into clinic. Income, R&D, G&A expenses, and balance sheet details were discussed but not in terms of product segments with revenue contribution.

• Cash runway through mid-2026 with CHF 2.3 million cash.
• Need financing to progress unpartnered programs into clinic.
• Neurosterix's M4 PAM program on track to dose patients this year, expecting further progress in coming months.

Q: Comment on recent developments in neuropsychiatry space re: M&A, licensing, Stalicla's future funding and public listing, long-acting injectables for Neurosterix, and target patient population for chronic cough.

A: Timothy Dyer mentioned Neurosterix is a passive 20% investor, can't speculate on its future; Stalicla pursuing Series C financing, discussing with pharma partners; re: M4 PAM, Neurosterix's compound is once-daily, long-acting formulations possible for compliance; Mikhail Kalinichev noted GABAB PAM selected is centrally acting to broaden chronic cough patient coverage, citing nalbuphine's efficacy in cough patients as support for central approach.