Addex Therapeutics Ltd (ADXN) Q1 2025 Earnings Call Highlights: Strategic Advances and ...
Cash Balance: CHF2.8 million as of March 31, 2025.
Cash Runway: Expected to last through mid-2026.
Continuing R&D Expenses: CHF0.1 million, primarily related to the GABAB PAM program.
Continuing G&A Expenses: CHF0.5 million, primarily related to corporate loan activities.
Net Loss from Discontinued Operations: Specific line item due to divested business.
Current Liabilities: CHF1.1 million as of March 31, 2025.
Non-Current Liabilities: CHF0.1 million as of March 31, 2025.
Equity Interest: 20% equity interest in a divested business, recorded under non-current assets.
Warning! GuruFocus has detected 6 Warning Signs with ADXN.
Release Date: June 19, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Addex Therapeutics Ltd (NASDAQ:ADXN) has made significant progress in its GABAB positive allosteric modulator program with partner Indivior, completing IND-enabling studies for substance use disorders.
The company regained rights to its mGluR2 positive allosteric modulator program from Johnson & Johnson, opening new therapeutic opportunities.
Addex Therapeutics Ltd (NASDAQ:ADXN) has repositioned its mGluR5 negative allosteric modulator program for brain injury recovery, with promising preclinical data supporting its potential.
The company has a strong cash position with CHF2.8 million, providing a runway through mid-2026, and has reduced cash burn following the Neurosterix spinout.
Addex Therapeutics Ltd (NASDAQ:ADXN) has a robust pipeline with multiple programs advancing, including a promising candidate for chronic cough with favorable preclinical efficacy and tolerability.
The current cash position does not fund the progression of unpartnered programs into the clinic, indicating potential future financing needs.
Revenue decreased compared to the previous year due to the completion of the funded research phase with Indivior, impacting financial performance.
The company faces competition in the chronic cough market, with existing compounds showing promising efficacy but challenging tolerability profiles.
There is uncertainty regarding the clinical development pathway and competitive landscape for the chronic cough program, which could impact future success.
Addex Therapeutics Ltd (NASDAQ:ADXN) needs to conduct further studies to optimize the use of dipraglurant in post-stroke rehabilitation, indicating a longer timeline before potential market entry.
Q: Can you provide your updated thoughts on the current competitive landscape in chronic cough and the relevance of proceeding programs for your clinical development pathway? A: Mikhail Kalinichev, Head of Translational Science, explained that there are several compounds in development, such as now roofing, which has shown promising efficacy but with tolerability challenges. Addex aims to deliver similar efficacy with improved tolerability, targeting both IPF-related and refractory chronic cough. The development plan includes studies in healthy volunteers and a challenge study in chronic cough patients, followed by a Phase 2 study with advanced monitoring technologies.
Q: Can you comment on the potential applicability of your agent for chronic painful cough in indications outside of IPF, like pulmonary sarcoidosis? A: Mikhail Kalinichev noted that chronic painful cough could be a suitable indication due to the sustained activation of GABAB across multiple conditions, including chronic cough. Tim Dyer, CEO, added that they are considering this indication for Phase 2 development.
Q: Regarding dipraglurant in post-stroke rehabilitation, what would an appropriate control arm look like in a registration-quality study, and what is the efficacy bar in this indication? A: Mikhail Kalinichev stated that dipraglurant would be used alongside physiotherapy due to its short half-life and good tolerability. They plan to conduct clinical pharmacology studies to understand its modulation effects better, which will inform the design of a Phase 2 study. The efficacy bar is challenging as no pharmacotherapies are currently approved in this context.
Q: Can you elaborate on the strategic importance of your GABAB positive allosteric modulator program with Indivior? A: Tim Dyer highlighted the program's potential to deliver a better baclofen for substance use disorders, with a longer half-life and improved side effect profile. The partnership with Indivior is crucial, as it allows Addex to advance its own independent GABAB PAM program for chronic cough, leveraging the strong rationale for GABAB PAMs in this area.
Q: What are the financial implications of your recent achievements and strategic partnerships? A: Tim Dyer reported that Addex completed Q1 2025 with CHF2.8 million in cash, providing a runway through mid-2026. The cash burn has been reduced following the Neurosterix spinout, and the company is well-positioned to deliver on strategic objectives, including advancing their pipeline and exploring new partnerships.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This article first appeared on GuruFocus.
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