Addex Therapeutics (ADXN) reported a net loss of CHF 4.9 million for the nine‑month period ended September 30 2025, a sharp reversal from the CHF 8.3 million profit recorded in the same period a year earlier. The loss reflects a CHF 5.0 million net loss from continuing operations, offset by the absence of the CHF 14.0 million gain that drove the prior year’s profit from the sale of a business segment to Neurosterix in April 2024.
Revenue figures were not disclosed in the release, so the company’s top‑line performance cannot be assessed from the available data. The focus of the report is on the loss drivers and cash position rather than revenue growth.
The loss is largely attributable to a CHF 1.3 million increase in the share of loss from the company’s equity investment in Neurosterix US Holdings LLC, combined with the lack of the one‑time CHF 14.0 million gain that was recorded in 2024. R&D expenses fell by CHF 0.2 million year‑to‑year, reflecting the completion of the research phase of the Indivior collaboration, while G&A expenses decreased by CHF 0.4 million due to reduced professional fees.
Cash and cash equivalents at September 30 2025 were CHF 2.2 million, down from CHF 3.3 million a year earlier. The CHF 1.1 million decline is primarily attributable to operating activities, underscoring the company’s ongoing burn and the need for additional financing to support its pipeline.
CEO Tim Dyer emphasized progress on the GABAB PAM candidate for chronic cough and the dipraglurant program for post‑stroke recovery, while acknowledging the cash runway challenge. A conference call to discuss the results will be held on December 4 at 16:00 CET, with Dyer and Head of Translational Science Mikhail Kalinichev presenting.
Investors reacted negatively, citing concerns about the company’s high operating expenses and declining cash reserves, which may impact its ability to fund future development without additional capital injections.
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