Addex Therapeutics Ltd Q4 FY2025 earnings call

• Pipeline progress: Made excellent progress in the GABA - B PAM chronic cough program with robust anti - tusive activity in non - human primate chronic cough model and IPF model in guinea pigs; repositioned dipregluerant for brain injury recovery and made progress; entered into an option agreement for mGluR5 inhibitors in brain injury recovery; regained rights to ADX 71149 and is evaluating therapeutic indications; partner Indivior selected a compound for substance use disorders and completed IMD - enabling studies; invested in Stelikla with its precision medicine patient stratification technology platform; spun out neuropsychiatric assets to create NeurAsterix which advanced its pipeline including starting phase one studies with Ntx253. - Cash and runway: Ended 2025 with 1.6 million Swiss francs of cash, cash burn reduced following Nearest DERIC spin - out, but current cash doesn't fund unpartnered programs into clinic.

In 2025, ADEX Therapeutics recognized 0.2 million of income compared to 0.4 million in 2024. The decrease was primarily due to the completion of the funded research phase of the collaboration with Indivior in June 2024, partially offset by the fair value of services received from Nearest Derricks Group at zero cost. R&D expenses were 0.7 million, primarily related to the GABA - B PAM programme, and decreased by 0.2 million in 2025 compared to 2024, mainly due to the completion of the research phase of the collaboration with Indivior. G&A expenses remained stable at 2.3 million in 2024 and 2025. As of December 31, 2025, the cash balance was 1.6 million Swiss francs, providing cash runway through mid - 2026.

• Cash runway: Current cash provides cash runway through mid - 2026. - Program progression: Current cash does not fund the progression of unpartnered programs into the clinic; need to secure funding for independent GABA - B PAM program for chronic cough to start IND - enabling studies.

No specific detailed discussion of risks provided in the transcript

Q: Which subsets of patients with chronic cough is the gabapam most likely to be aimed at? Would you say it's IPF or goidosis or something else? And how large could that total market be if the compound had a broad antitussive label?

A: Misha said considering the compound's profile with balanced central peripheral activity, it's suitable for a broad range of chronic patients, initially aiming to confirm efficacy in unexplained or refractory chronic cough patients and then broaden patient population.

Q: Which psychiatric clinical indications might be best suited to address whether addicts' portfolios include seven NAM candidates?

A: NAM - 7 candidate is in spin - out company NeuroSterix. Academically, MGOR7 knockouts show reduced anxiety, depression - like reactivity, conditioned fear, aggressivity, agitation and reduced responsiveness to psychostimulants, suggesting MGOR7 negative modulators could be oriented towards anxiety, panic, agitation, aggressivity, depression, perhaps psychosis and mania.