Addex Reports Significant Progress and Financial Results for 2024
Overview of Addex Therapeutics' Recent Developments
Addex Therapeutics (SIX and Nasdaq: ADXN) is a clinical-stage biopharmaceutical company dedicated to advancing novel small molecule allosteric modulators for neurological disorders. In a recent report, Addex shared its full-year financial results for 2024 and highlighted significant achievements that illustrate the progress of its clinical programs.
Launching Neurosterix: A New Horizon
One of the pivotal milestones in 2024 was the launch of Neurosterix, in partnership with Perceptive Advisors. This venture successfully raised USD 65 million in Series A funding aimed at accelerating the development of Addex's preclinical portfolio. The funds will support crucial research initiatives, including the exploration of M4 PAM for conditions like schizophrenia.
Strategic Partnerships and Drug Development
In a noteworthy collaboration, Indivior selected a GABAB PAM drug candidate and began IND enabling studies targeting substance use disorders. This strategic move empowers Addex to refine and develop its GABAB PAM for chronic cough, aligning with its therapeutic focus.
Advancements in Existing Programs
Further, Addex has repositioned dipraglurant, its phase 2 mGlu5 NAM asset, specifically targeting recovery from brain injuries. Additionally, the company regained rights to its phase 2 mGlu2 PAM asset, ADX71149, further strengthening its portfolio.
Financial Performance Overview
As reported, 2024 has been a transformative year for Addex, marked by significant financial updates. For the period ending December 31, 2024, the company reported an income of CHF 410,000, a decrease from CHF 1.6 million in the previous year, primarily due to the conclusion of the Indivior research agreement.
Detailed Financial Insights
The company’s operational expenses included R&D expenditures totaling CHF 854,000, reduced significantly compared to CHF 1.2 million in 2023, reflecting the streamlined focus on key projects. General and administrative expenses stood at CHF 2.3 million, down from CHF 2.7 million, highlighting effective cost management.
Despite facing a total operating loss of CHF 2.75 million, the financial landscape took a positive turn with a net profit of CHF 11.97 million from discontinued operations, driven by the sale of part of the business. Overall, Addex reported a net profit of CHF 7.06 million for the year, a substantial recovery from a net loss of CHF 10.56 million recorded in 2023.
Looking Ahead: Future Opportunities
Addex remains strategically positioned to explore future development prospects within its drug development portfolio. With the selection of a compound by Indivior for substance use disorder therapies, Addex is set to leverage its expertise while independently advancing its GABAB PAM program.
Public Engagement and Information Access
Tim Dyer, CEO of Addex, emphasized the importance of ongoing clinical advancements and strategic partnerships in driving the company toward achieving its goals. A conference call was organized to communicate these results and engage with stakeholders, offering an interactive platform for inquiries regarding Addex's future directions.
Frequently Asked Questions
What are the primary focuses of Addex Therapeutics?
Addex is focused on developing allosteric modulators for neurological disorders and advancing various clinical programs for conditions like schizophrenia and substance use disorders.
What was the outcome of the Neurosterix launch?
The launch of Neurosterix raised USD 65 million in Series A funding, significantly boosting Addex’s preclinical development efforts.
How did Addex’s financial performance in 2024 compare to 2023?
Addex reported a net profit of CHF 7.06 million in 2024, a notable turnaround from a net loss of CHF 10.56 million in 2023, supported by profits from discontinued operations.
What advancements were made with dipraglurant?
Dipraglurant was repositioned for research into brain injury recovery, reflecting Addex’s commitment to exploring new treatment avenues.
How does Addex plan to proceed with its GABAB PAM program?
Addex is advancing its GABAB PAM program independently, capitalizing on findings from its collaboration with Indivior.
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