Addex Therapeutics posts CHF 6.7m net loss as cash falls to CHF 1.6m
Addex Therapeutics closed the 2025 financial year with a net loss of CHF 6.7 million and cash and cash equivalents of just CHF 1.6 million, down from CHF 3.3 million at the end of 2024, according to the company's full-year results published on 30 April 2026. The SIX- and NASDAQ-listed biotech framed the year as one of sustained progress across its allosteric modulator pipeline, even as its balance sheet narrowed appreciably.
The cash burn accelerated relative to 2024, with operating and investing activities consuming a combined CHF 2.9 million over the twelve-month period. That was partially offset by CHF 1.3 million raised through the sale of treasury shares. Shareholders' equity fell from CHF 9.7 million to CHF 4.8 million, and the company recognised a CHF 4.0 million share of net losses from Neurosterix US Holdings — the spin-out in which Addex holds a 20% equity stake — versus CHF 2.2 million in 2024. Income from continuing operations fell to CHF 0.2 million after the research phase of the Indivior collaboration concluded in mid-2024.
Pipeline milestones
Despite the financial pressure, 2025 delivered several substantive pipeline events. Addex regained full rights to ADX71149, its mGlu2 positive allosteric modulator (PAM), which had previously been partnered. The asset completed Phase 2 studies and the company says it is now available for out-licensing or further internal development. The move restores a second clinical-stage asset alongside dipraglurant, the mGlu5 negative allosteric modulator (NAM) that Addex is repositioning for post-stroke and traumatic brain injury recovery.
On dipraglurant, Addex signed an option and collaboration agreement with Sinntaxis to access additional intellectual property covering the use of mGlu5 NAMs in brain injury recovery — a move that broadens the intellectual estate ahead of planned clinical studies. Meanwhile, partner Indivior successfully completed IND-enabling studies for its GABAB PAM candidate in substance use disorders, validating the broader platform without drawing on Addex's own cash. The company's independent GABAB PAM programme for chronic cough also continued advancing through preclinical models, with chief executive Tim Dyer noting "robust anti-tussive activity in multiple disease models."
Market context and competitive outlook
The allosteric modulator field has attracted sustained interest from both large pharma and specialist investors over the past several years, with the GABAB and mGlu receptor families drawing particular attention in neurological and psychiatric indications. Chronic cough is an increasingly competitive space, with several late-stage programmes — including approved and pending agents targeting the P2X3 and TRPV1 pathways — raising the bar for a differentiated mechanism to demonstrate clear clinical utility.
Brain injury recovery represents a less crowded but also less validated therapeutic area, and dipraglurant's repositioning there carries meaningful clinical and commercial risk. Regulatory precedent for stroke-recovery compounds is limited, and endpoints remain contested within the field, which is likely to make partnership discussions challenging in the near term.
At CHF 1.6 million in cash, Addex's operational runway is narrow, and the company will need either a licensing deal, a new financing round, or an acceleration of milestone payments to sustain its current programmes into the second half of 2026. Addex held a conference call on 30 April to discuss the results; CEO Tim Dyer and head of translational science Mikhail Kalinichev were scheduled to present.