Addex Therapeutics Reports Q3 2024 Financial Performance Insights

Introduction to Addex Therapeutics' Q3 2024 Results

Addex Therapeutics (SIX/NASDAQ: ADXN), a pioneering clinical-stage biopharmaceutical company, has recently announced its provisional results for the third quarter of 2024, revealing a significant shift in its financial landscape. The recent report highlights a net loss during this period, a topic much discussed in both investor community and healthcare news.

Financial Performance Overview

In examining the third quarter results, Addex reported a net loss of CHF 1.5 million. This contrasts sharply with a net profit of CHF 12.9 million recorded in the preceding quarter. The abrupt decline of CHF 14.4 million can largely be attributed to a pivotal transaction that saw part of Addex's business sold to Neurosterix, which resulted in a one-time gain from that sale.

Q3 Losses and Future Outlook

The company foresees continued quarterly losses in the forthcoming months, reflecting the ongoing strategic adjustments necessary as it positions itself in the competitive landscape of biopharmaceuticals.

Year-to-Date Performance

Despite the losses reported in Q3, Addex's overall performance for the nine-month period ending September 30, 2024 remains largely positive. It reported a net profit of CHF 8.3 million, albeit lower than the CHF 9.8 million profit for the first half of the year. This highlights the company's resilience in navigating turbulent financial waters while maintaining a core focus on its innovative products.

Cash Position Analysis

As of the end of September 2024, Addex maintained a cash position of CHF 3.3 million. This financial buffer is crucial for facilitating ongoing research and development in their drug programs, ensuring they can continue to innovate without significant interruptions.

Upcoming Financial Updates

Addex is set to publicly release its third quarter financial results on November 22, 2024. CEO Tim Dyer, alongside Mikhail Kalinichev, Head of Translational Science, will provide deeper insights and updates during a scheduled teleconference and webcast, aimed at providing stakeholders clarity regarding the company's strategic direction moving forward.

Details for the upcoming conference include:

• Date: November 22, 2024
• Time: 16:00 CET (15:00 GMT / 10:00 EST / 07:00 PST)

Attending the Conference Call

To participate in the conference call, interested parties will need to register in advance for access. This process involves receiving specific dial-in details and a Personal Identification Number (PIN) that will ensure secure participation in the session.

Webcast and Conference Call Registration

For those interested in attending, registration links will be provided leading up to the event.

Insights into Addex’s Business Model

Addex Therapeutics is at the forefront of developing allosteric modulators for neurological disorders, showcasing its lead candidate, dipraglurant. This innovative drug is being evaluated for applications in recovery from brain injuries, such as those inflicted by strokes or traumatic events.

Partnerships and Future Developments

The company is also progressing alongside its partner, Indivior, which has selected an exciting GABAB positive allosteric modulator drug candidate. They are gearing up to start initial studies in the first half of 2025. Furthermore, Addex is advancing its own GABAB PAM program targeting chronic cough, with similar timelines for future studies.

Conclusion and Contact Information

As the biopharmaceutical landscape evolves, Addex is also navigating its path forward with a dedicated focus on innovation and strategic collaborations, actively working to address unmet medical needs. For more details about Addex, stakeholders can reach out through the following contact:

Tim Dyer
Chief Executive Officer
Telephone: +41 22 884 15 55
Email: PR@addextherapeutics.com

Frequently Asked Questions

What were Addex Therapeutics' Q3 2024 financial results?

In Q3 2024, Addex reported a net loss of CHF 1.5 million compared to a net profit of CHF 12.9 million in Q2 2024.

What main factors led to the net loss in Q3 2024?

The net loss was largely due to the absence of a one-time gain from the sale of part of their business that occurred in Q2 2024.

When will Addex publish its detailed Q3 financial results?

Addex is scheduled to publish its third quarter financial results on November 22, 2024.

What future studies is Addex planning to conduct?

Addex plans to begin IND enabling studies for its drug candidates in 2025, focusing on chronic cough and substance use disorders.

How can participants join the upcoming conference call?

Participants need to register in advance to receive dial-in information and a unique PIN for the conference call scheduled for November 22, 2024.

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