Addex Therapeutics posts H1 2026 loss as cash falls to CHF 0.8m
Addex Therapeutics, the Geneva-based allosteric modulator specialist dual-listed on SIX and NASDAQ, has reported a net loss of CHF 3.5 million for the six months ended 30 June 2026, broadly flat against the CHF 3.3 million loss in the same period a year earlier. Cash and cash equivalents stood at CHF 0.8 million at the period end, down sharply from CHF 2.3 million at 30 June 2025.
The company raised USD 2.8 million (CHF 2.3 million) through an at-the-market equity offering via H.C. Wainwright between 1 July and 25 August 2026, selling more than 52 million shares at an average price of CHF 0.043 each. That capital injection arrived after the balance sheet date and is not reflected in the period-end cash figure, giving the company additional short-term runway as it advances its preclinical programmes.
Pipeline and corporate developments
Research and development expenditure fell CHF 0.3 million year-on-year to CHF 0.1 million in H1 2026, reflecting a reduction in outsourced work on the GABAB positive allosteric modulator (PAM) programme and fewer zero-cost services received from spin-out Neurosterix. General and administrative costs held steady at around CHF 1.1 million.
A notable strategic development during the period was Addex regaining full rights to its GABAB PAM portfolio for substance use disorders from Indivior. The reversion followed Indivior's merger with Supernus Pharmaceuticals and subsequent R&D rationalisation. Chief executive Tim Dyer described the recovery as providing "a valuable asset for Addex and solidifying our leading portfolio of drug candidates targeting GABAB receptor biology." The GABAB PAM substance-use asset had previously completed IND-enabling studies, giving Addex a relatively advanced starting point should it seek a new development partner or proceed independently.
Meanwhile, the company's separate GABAB PAM programme targeting chronic cough remains in preclinical development and is described as ready to begin IND-enabling studies. Neurosterix, in which Addex holds a 20% equity stake, is progressing its M4 PAM candidate NTX-253 through Phase 1 in schizophrenia, with study completion targeted for the fourth quarter of 2026. The share of Neurosterix's net loss attributable to Addex increased to CHF 2.3 million in H1 2026, from CHF 2.1 million a year earlier, reflecting the spin-out's advancing clinical spend.
Market context and outlook
Addex operates in a competitive but thinly capitalised segment of CNS drug development. Allosteric modulation of metabotropic glutamate and GABA receptors has attracted sustained scientific interest as a way to achieve selectivity advantages over orthosteric ligands, but the approach has a mixed clinical track record, and several larger programmes at major pharmaceutical companies have been discontinued after Phase 2 failures. For small-cap players such as Addex, the principal challenge is sustaining enough cash to reach value-creating milestones, typically a Phase 2 readout or a partnering deal, before dilution becomes structurally damaging.
With cash at CHF 0.8 million at the period end and shares trading below CHF 0.05, Addex's near-term financing position remains stretched. The post-period ATM proceeds provide temporary relief, but the board will need to articulate a clear path to a non-dilutive catalyst, whether through a licensing deal on the GABAB assets or an out-licensing of dipraglurant, the company's Phase 2-ready mGlu5 NAM being evaluated for post-stroke and traumatic brain injury recovery, to reassure investors ahead of a likely further raise.