Q1 2026 Addex Therapeutics Ltd Earnings Call Transcript
Key Points
- Addex Therapeutics Ltd (ADXN) made significant progress in its GABAB positive modulator program for chronic cough, demonstrating robust antitussive activity in preclinical models.
- The company has repositioned dipraglurant, an mGLu5 negative allosteric modulator, for brain injury recovery, with promising preclinical results in post-stroke recovery models.
- Addex Therapeutics Ltd (ADXN) retains a 20% equity stake in Neurosterix, which has advanced its M4 PAM program into Phase I clinical trials, potentially adding value to Addex's portfolio.
- The company has a low cash burn rate following the spin-out of Neurosterix, providing financial stability through Q4 2026.
- Addex Therapeutics Ltd (ADXN) has a strong patent position and drug product readiness for dipraglurant, positioning it as a potential first-in-class drug for post-stroke recovery.
- Addex Therapeutics Ltd (ADXN) ended Q1 2026 with only CHF0.9 million in cash, raising concerns about its ability to fund unpartnered programs into clinical stages without additional financing.
- The company's current share price does not reflect the value of its 20% equity in Neurosterix, indicating a disconnect between market perception and asset value.
- Despite progress, the GABAB PAM program for chronic cough still requires financing to start IND-enabling studies, posing a risk to its advancement.
- Addex Therapeutics Ltd (ADXN) reported a net loss of CHF1.7 million in Q1 2026, driven by its share of Neurosterix's net loss, highlighting financial challenges.
- The company faces competition in the development of mGLu5 and GABAB modulators, which could impact its market positioning and potential partnerships.
Good day, and thank you for standing by. Welcome to the Addex Therapeutics first quarter 2026 financial results and corporate update conference call and webcast. (Operator Instructions)
Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Tim Dyer, CEO. Please go ahead.
Hello, everyone. I would like to thank you all for attending our Q1 2026 financial results conference call. I am 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 disclaimer. We will be making some 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
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