What Management Said

Read the full Q3 2025 transcript ↗

I will start this conference call by giving a quick overview of our recent activities and achievements before reviewing our pipeline. The third quarter of 2025 has seen several important achievements across our pipeline. Now, for a quick review of our pipeline, we continue to believe in Dipraglurant and are executing our plans to reposition the development of brain injury recovery.

Neurosterix has made excellent progress in advancing its pipeline, including completing IND-enabling studies for their M4 PAM program. No signs of tolerance were seen after sub-chronic dosing, and more than 60-fold safety margin was demonstrated based on respiratory depression as sedation biomarker. We're very pleased to be able to see the progress Stalicla is making at advancing its business strategy and pipeline.

Now, the question regarding IPO, I mean, private companies are always staying close to the idea of IPOs, especially if there's a strong need for capital.

What went well
  • Continued preclinical characterization of the independent GABAB PAM chronic-cough candidate and selected a backup compound, strengthening the program's optionality.
  • Advanced dipraglurant (mGlu5 NAM) toward clinical studies in brain injury recovery under the Sinntaxis option/collaboration, including a research collaboration with Lund University.
  • Made an equity investment in Stalicla (June 2025), whose precision-medicine patient-stratification platform is progressing an autism study and pharma discussions.
  • Maintained a stable, ultra-low cost base - income CHF 0.1 million, R&D CHF 0.2 million and G&A CHF 0.5 million, all broadly in line with Q3 2024 - and highlighted progress at 20%-owned Neurosterix, whose M4 PAM program was on track to dose patients.
What went wrong
  • Still pre-revenue: only CHF 0.1 million of income, mainly patent-license maintenance funded by Indivior plus the fair value of zero-cost services from Neurosterix.
  • Recognized a CHF 0.9 million equity-method share of Neurosterix's net loss.
  • Cash was just CHF 2.2 million at September 30, 2025, with a runway only through mid-2026; unpartnered programs still cannot progress into the clinic without financing.
  • Current liabilities rose CHF 0.4 million versus year-end 2024 to CHF 1.2 million on higher professional-services payables.

Guidance Changes

MetricPeriodCurrent guidance
Cash runwayas of Q3 2025Through mid-2026
GABAB PAM chronic-cough IND-enabling studiesupcomingReady to start, subject to securing financing
Neurosterix M4 PAM2025On track to dose patients in 2025

Performance Breakdown

MetricYoYNote
Income (continuing operations) CHF 0.1M (~flat vs Q3'24) Indivior-funded patent-license maintenance plus fair value of Neurosterix zero-cost services.
R&D expense (continuing) CHF 0.2M (~flat) Primarily the GABAB PAM program.
G&A expense (continuing) CHF 0.5M (stable) Corporate activities.
Share of net loss of associate (Neurosterix) CHF 0.9M (~flat) 20% equity interest under the equity method.
Cash and cash equivalents CHF 2.2M at Sep 30, 2025 Held in Swiss francs and US dollars; runway to mid-2026.

Earnings Call Themes & Trends

TopicPrevious mentionCurrent periodTrend
GABAB PAM coughLead candidate selectedBackup compound selected; preclinical characterization ongoing—
Dipraglurant brain injurySinntaxis option signedPreclinical profiling with Lund University to prepare clinical studies—
Neurosterix / Stalicla20% Neurosterix stakeNeurosterix M4 PAM to dose patients in 2025; new Stalicla equity investment—

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Q3 2025 call
Reported 2025-12-04 · figures from the Addex Therapeutics Ltd. Q3 2025 earnings call.

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