Addex Therapeutics Ltd. Q2 2025 earnings summary — revenue, EPS & margin

What went well

Broad pipeline progress in the half: partner Indivior completed IND-enabling studies for its GABAB PAM substance-use-disorder compound (May 12, 2025); Addex announced robust antitussive activity for its own cough candidate across multiple preclinical models (June 6, 2025); and it signed a Sinntaxis AB option and collaboration for dipraglurant/mGlu5 in brain injury recovery (April 30, 2025).
Made an equity investment in Stalicla (a private clinical-stage neurodevelopmental-disorders company), broadening its neuroscience portfolio.
Kept an ultra-low cost base after the Neurosterix spin-out: H1 2025 revenue was down only CHF 0.3 million YoY, R&D down CHF 0.2 million and G&A down CHF 0.4 million (lower legal fees).
Operating cash use was modest at CHF 1.0 million for the half.

What went wrong

Net result swung to a CHF 3.3 million loss for H1 2025, versus a CHF 9.8 million net profit in H1 2024 - the prior-year profit having been driven by the one-time gain on the Neurosterix divestment.
The equity-method share of Neurosterix's net loss increased by CHF 1.5 million year over year.
Cash was just CHF 2.3 million at June 30, 2025, with a stated runway only through mid-June 2026; unpartnered programs cannot reach the clinic without additional capital.
Accumulated losses reached CHF 356.7 million since inception, and future financings are expected to be dilutive.

Guidance Changes

Metric	Period	Current guidance
Cash runway	as of H1 2025 report	Funds operations through mid-June 2026; future viability depends on IP monetization and/or additional financing
GABAB PAM chronic-cough IND-enabling studies	upcoming	Ready to start, subject to securing financing

Metric	YoY	Note
Net loss (H1 2025)	CHF 3.3M loss (H1'24: CHF 9.8M profit)	Prior-year profit reflected the one-time Neurosterix divestment gain; current period is an operating loss plus equity-method losses.
Revenue	-CHF 0.3M YoY	Completion of the Indivior funded research phase on June 30, 2024.
R&D expense	-CHF 0.2M YoY	Lower GABAB PAM outsourced R&D after research-phase completion.
G&A expense	-CHF 0.4M YoY	Primarily decreased legal fees.
Share of net loss of associate (Neurosterix)	+CHF 1.5M YoY	Higher Neurosterix losses recognized under the equity method.
Cash and cash equivalents	CHF 2.3M at Jun 30, 2025	Operating use CHF 1.0M, CHF 0.8M invested in Stalicla, CHF 0.7M raised from treasury-share sales.

Topic	Previous mention	Current period	Trend
Balance sheet / going concern	Low cash post-spin-out	CHF 2.3M cash; runway to mid-June 2026; dependent on financing / IP monetization	—
Portfolio breadth	GABAB PAM + dipraglurant	Added Stalicla equity investment; Sinntaxis collaboration; mGlu2 PAM reacquired earlier in 2025	—