In This Article:
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Top-line data from ADX71149 Phase 2 epilepsy study expected by mid-May 2024
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Launched Neurosterix with Perceptive Advisors, raising USD 63 million in Series A to accelerate development of preclinical portfolio
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Received CHF 5 million upfront and 20% equity in Neurosterix, providing cash runway beyond 2026
Ad Hoc Announcement Pursuant to Art. 53 LR
Geneva, Switzerland, April 18, 2024 - Addex Therapeutics (SIX and Nasdaq: ADXN), a clinical-stage pharmaceutical company pioneering allosteric modulation-based drug discovery and development, today reported its full-year 2023 financial results for the period ended December 31, 2023 and provided a corporate update.
“The progress made in 2023 and commitment from the whole team has recently resulted in the launch of Neurosterix, a transformational transaction for Addex. The Neurosterix transaction has validated decades of work and positions Addex in a very favorable position moving forward in 2024. Importantly, top-line data from the ADX71149 Phase 2 epilepsy study is expected soon and we anticipate starting IND enabling studies with drug candidates from our GABAB PAM collaboration with Indivior by the end of 2024,” said Tim Dyer CEO of Addex. “In our other programs, we continue to prepare dipraglurant for a phase 2 study in post-stroke recovery and characterize GABAB PAM drug candidates for our cough program.”
Operating Highlights:
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ADX71149 epilepsy Phase 2 study completed - results expected by mid-May 2024
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Dipraglurant ready to restart Phase 2 development for PD-LID
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Data validating dipraglurant in post-stroke recovery in vivo models published in Brain supporting development in post-stroke recovery
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GABAB PAM Indivior collaboration for substance use disorders extended through to end June 2024 with CHF 2.7 million of additional research funding
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GABAB PAM drug candidates demonstrated robust in vivo proof of concept in preclinical models of substance use disorder and cough
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Addex led consortium secured EUR 4 million Eurostars grant for mGlu2NAM mild neurocognitive disorders discovery program
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Secured USD 63 million to advance our allosteric modulator drug discovery platform and unpartnered preclinical portfolio through the launch of Neurosterix with Perceptive Advisors
Key 2023 Financial Data
| CHF’ thousands | 2023 | 2022 | Change |
| Income | 1,647 | 1,445 | 202 |
| R&D expenses | (6,962) | (14,665) | 7,703 |
| G&A expenses | (4,966) | (7,300) | 2,334 |
| Total operating loss | (10,281) | (20,520) | 10,239 |
| Finance result, net | (275) | (284) | 9 |
| Net loss for the period | (10,556) | (20,804) | 10,248 |
| Basic and diluted net loss per share | (0.14) | (0.46) | 0.32 |
| Net decrease in cash and cash equivalents | (3,092) | (13,528) | 10,436 |
| Cash and cash equivalents | 3,865 | 6,957 | (3,092) |
| Shareholders’ equity | 1,145 | 4,913 | (3,768) |
Financial Summary:
Income primarily relates to amounts received under our funded research collaboration with Indivior and is recognized as related costs are incurred. In 2023, income increased by CHF 0.2 million to CHF 1.6 million compared to CHF 1.4 million in 2022. R&D expenses decreased by CHF 7.7 million to CHF 7.0 million in 2023 compared to CHF 14.7 million in 2022, primarily due to decreased dipraglurant related external research and development activities. G&A expenses decreased by CHF 2.3 million to CHF 5.0 million in 2023 compared to CHF 7.3 million in 2022, primarily due to decreased share-based service costs and D&O insurance costs. Our net loss decreased by CHF 10.2 million to CHF 10.6 million in 2023 compared to CHF 20.8 million in 2022, primarily due to reduced R&D expenses. Basic and diluted loss per share decreased to CHF 0.14 in 2023 compared to CHF 0.46 in 2022. Cash and cash equivalents decreased to CHF 3.9 million in 2023, compared to CHF 7.0 million in 2022. The decrease of CHF 3.1 million is primarily due to the cash used in our operating activities, partially offset by the proceeds from financing activities mainly related to the USD 5 million equity offering executed on April 3, 2023 and to a lesser extent research funding from Indivior.