Addex Therapeutics Announces First Quarter 2024 Financial Results and Corporate Update

Addex Therapeutics, a clinical-stage biopharmaceutical company, has reported its Q1 2024 financial results and provided a corporate update. The company is focused on developing small molecule allosteric modulators for neurological disorders. Addex anticipates the selection of drug candidates under the collaboration with Indivior by the end of the second quarter of 2024.

CEO Tim Dyer stated, “Building on the recent Neurosterix transaction, which extended our cash runway beyond 2026, we anticipate the selection of drug candidates under the agreement with Indivior by the end of the second quarter of 2024.” The company will focus on advancing its GABAB PAM drug candidate for chronic cough and dipraglurant for brain injury recovery.

In addition to the collaboration with Indivior, Addex is working with partner Janssen Pharmaceuticals Inc. to evaluate the future development of ADX71149. The company also launched Neurosterix with Perceptive Advisors, raising USD 63 million in Series A to accelerate the development of a preclinical portfolio.

Financially, Addex reported a net loss from continuing operations of CHF 735,000 in Q1 2024, an increase from the previous year. R&D expenses remained stable, while G&A expenses increased primarily due to legal fees. Cash and cash equivalents decreased to CHF 1.6 million at the end of March 2024.

Investors can find the Q1 2024 financial report on the company’s website. A conference call will be held on June 6, 2024, to review the financial results. Addex Therapeutics continues to focus on developing innovative treatments for neurological disorders and advancing its drug candidates through clinical trials.