Addex Therapeutics narrows Q1 loss, advances GABAB program
Addex Therapeutics reported a Q1 2026 net loss of $1.53 per share, compared to a loss of $1.33 per share in the prior year, with sales dropping to $10.214 thousand. The company highlighted progress in its GABAB Positive Modulator Cough program and the preparation of Diproglurant for post-stroke recovery studies. Cash reserves decreased to $0.9 million, while the company continues to hold a 20% equity interest in Neurosterix, which is advancing its M4 PAM program into Phase 1.
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Addex Therapeutics reported a net loss of $1.53 per share for the first quarter of 2026, an increase from the loss of $1.33 per share in the same period last year. The clinical-stage biopharmaceutical company, focused on developing small molecule allosteric modulators for neurological disorders, saw sales decline to $10.214 thousand, down 87.06% from $78.928 thousand in the prior year. Despite the financial dip, the company highlighted significant progress in its GABAB Positive Modulator Cough program, with preclinical data showing strong antitussive activity in non-human primates and guinea pigs, and is preparing Diproglurant for clinical studies in post-stroke recovery patients.
Q1 2026 Financial Performance
The decrease in sales was primarily driven by reduced services received from Neurosterix. Research and development (R&D) expenses decreased due to lower activity levels, while general and administrative (G&A) expenses fell driven by lower professional fees. The increase in net loss per share was attributed to a rise in the share of net loss of associates. The company reported an operating loss of 0.5 million Swiss francs for Q1 2026, a decrease from the previous year due to reduced outsourced R&D.
| Financial Metric | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Sales ($ thousands) | 10.214 | 78.928 | (68.714) |
| Net loss per share ($) | (1.53) | (1.33) | (0.20) |
Balance Sheet and Liquidity
Cash and cash equivalents decreased to $0.9 million at March 31, 2026, from $2.8 million at March 31, 2025. The decrease was primarily due to operating and investing activities, partially offset by the sale of treasury shares and American Depositary Shares (ADSs). Shareholders’ equity stood at $3.3 million, down from $8.3 million in the prior year. The company holds a 20% equity interest in Neurosterix US Holdings LLC, which is advancing programs including M4 PAM for schizophrenia and mGlu7 NAM for mood disorders.
Operational Updates
Tim Dyer, Chief Executive Officer, confirmed that Neurosterix is on track to complete a Phase 1 study with NTX-253, an M4 positive allosteric modulator for schizophrenia, in July 2026. The company is in discussions to secure funding for its independent GABAB program for cough and has potential milestone payments of up to 330 million in its collaboration with Indivior for substance use disorders. The company hosted a conference call on June 25, 2026, to review the financial results, covering the Addex product pipeline, including the dipraglurant program for brain injury recovery and the partnership with Indivior.
How will Addex secure sufficient funding to sustain operations given the sharp decline in cash reserves to $0.9 million?
What are the expected timelines for initiating clinical studies for Diproglurant in post-stroke recovery patients?
What potential milestones or triggers could unlock the $330 million in payments from the Indivior collaboration?
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