Q4 2024 Addex Therapeutics Ltd Earnings Call Transcript
Key Points
- Addex Therapeutics Ltd (ADXN) successfully launched Neurosterix with a USD65 million Series A financing, securing CHF5 million in cash and a 20% equity interest.
- The GABAB PAM program made significant progress, with Indivior selecting a compound for development in substance use disorders and starting IND-enabling studies.
- Addex Therapeutics Ltd (ADXN) regained rights to the Phase II asset ADX71149 from Johnson & Johnson, providing a high-value data set and significant materials.
- The company has a strong patent position and a ready drug product for dipraglurant, which is being repositioned for brain injury recovery.
- Addex Therapeutics Ltd (ADXN) has a cash runway through mid-2026, with reduced cash burn following the Neurosterix spinout transaction.
- Current cash does not fund the progression of unpartnered programs into the clinic, indicating a need for additional financing.
- The completion of the funded research phase with Indivior led to a decrease in recognized income from CHF1.6 million in 2023 to CHF400,000 in 2024.
- Continuing R&D expenses primarily related to the GABAB PAM program decreased, reflecting the completion of the research phase of the Indivior collaboration.
- The company faces challenges in raising significant capital due to its low market capitalization, which could be highly dilutive to shareholders.
- Addex Therapeutics Ltd (ADXN) has divested its allosteric modulator technology platform and the majority of its staff to Neurosterix, potentially impacting internal capabilities.
Good day, and thank you for standing by. Welcome to the Addex Therapeutics full-year 2024 financial results and corporate update conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Tim Dyer. Please go ahead.
Thank you. Hello, everyone. I would like to thank you all for attending our 2024 full-year financial results conference call. I'm here with Mikhail Kalinichev, our Head of Translational Science, who will provide an update on our R&D programs. I draw your attention to the press release and the financial statements issued earlier today, which are available on our website.
I also draw your attention to our disclaimers. We will be making certain forward-looking statements that are based on the knowledge we have today. I will start this conference call by giving a quick overview of our recent activities and
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