Board Change • Jul 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Independent Director Isaac Manke was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jul 09
Addex Therapeutics Publishes Preclinical Research Demonstrating Therapeutic Potential Of ADX71743 In Regulating Sleep And Wakefulness Addex Therapeutics announced publication of new preclinical research demonstrating that ADX71743, a selective negative allosteric modulator (NAM) of metabotropic glutamate receptor 7 (mGlu7), significantly modulates sleep-wake regulation and stress-related neurochemistry in animal models. The data, published in the International Journal of Neuropsychopharmacology, expands the growing body of evidence supporting mGlu7 as an important mechanism regulating key brain functions and a promising therapeutic target across a range of central nervous system disorders, including mood disorders, anxiety disorders, post-traumatic stress disorder (PTSD), and other conditions associated with dysregulated stress responses. In the study, ADX71743 increased wakefulness while reducing both REM and non-REM sleep in rats. The compound also altered stress-induced changes in key neurotransmitters, including glutamate, GABA and monoamines, across multiple brain regions in awake animals, producing neurochemical effects consistent with modulation of stress-responsive neural circuits. Together, these findings further validate the pharmacological profile of selective mGlu7 inhibition in vivo and provide additional support for the therapeutic potential of this novel mechanism. Previous studies have demonstrated that selective mGlu7 inhibition can modulate anxiety-related behaviours, disrupt maladaptive fear memory reconsolidation and influence glutamatergic signalling in both rodent and human brain tissue. ADX71743 is a potent, selective, brain-penetrant negative allosteric modulator of metabotropic glutamate receptor 7 (mGlu7). The compound has served as the prototype molecule underpinning numerous publications investigating the therapeutic potential of mGlu7 modulation across anxiety, stress-related disorders, sleep regulation, fear memory and visceral pain. ADX71743 was discovered by Addex and now forms part of the mGlu7 program being advanced by Neurosterix, the neuroscience company launched by Addex and Perceptive Advisors in 2024. Announcement • Jun 09
Addex Therapeutics Ltd, Annual General Meeting, Jun 29, 2026 Addex Therapeutics Ltd, Annual General Meeting, Jun 29, 2026, at 11:00 W. Europe Standard Time. Location: at the campus biotech, chemin des mines 9,1202., geneva Switzerland Announcement • May 02
Addex Therapeutics Ltd announced delayed 20-F filing On 04/30/2026, Addex Therapeutics Ltd announced that they will be unable to file their next 20-F by the deadline required by the SEC. Announcement • May 01
Addex Therapeutics Demonstrates Solid Anti-Tussive Activity of GABAB PAM Candidate in Bleomycin IPF-Related Chronic Cough Model Addex Therapeutics announced encouraging preclinical data demonstrating antitussive activity of its GABAB positive allosteric modulator (PAM) candidate in a bleomycin (BLM)-induced idiopathic pulmonary fibrosis (IPF) exacerbated chronic cough model. In studies evaluating chronic once-daily (QD) administration of a lead GABAB PAM candidate in BLM-exposed animals, robust and sustained antitussive efficacy was observed, with significant reductions in cough frequency and increased cough latency over the treatment period. Improved lung pathology outcomes, including lower Ashcroft scores and reduced percentage of affected lung tissue suggesting an impact on fibrosis, were demonstrated compared to untreated BLM-exposed animals at both Day 7 and Day 28. The safety profile remained favorable, with no meaningful changes in respiratory rate, or body temperature. The compound was well tolerated throughout the study, supporting its potential for chronic administration. The main inhibitory neurotransmitter GABA activates ionotropic (GABAA) and metabotropic (GABAB) types of receptors. GABAB receptors are widely expressed throughout the central and peripheral cough neural circuit as well as in the lungs and airways. Activating GABAB receptors to treat chronic cough has been clinically validated with baclofen, a selective GABAB agonist, that binds the receptor within the GABA binding, orthosteric site. Baclofen is used off-label to treat chronic cough patients, but its wider use is limited due to serious side effects including sedation, short half-life and gradual loss of efficacy during chronic treatment. Targeting an allosteric site of the receptor encompasses many advantages, including higher selectivity, better tolerability and lack of tolerance compared to an orthosteric compound. Announcement • Apr 22
Addex Therapeutics Ltd Demonstrates Robust Anti-Tussive Activity of Gabab Pam Candidate in Non-Human Primate Chronic Cough Model Addex Therapeutics Ltd. announced robust anti-tussive activity of its novel gamma-aminobutyric acid sub-type B receptor (GABAB) positive allosteric modulator (PAM) in a non-human primate (NHP) chronic cough model. In the NHP model of chronic cough, the GABAB PAM drug candidate significantly reduced citric acid-induced cough frequency. In the same model, the antitussive efficacy of the GABAB PAM drug candidate was similar to that observed with baclofen. As previously reported, in the citric acid induced guinea pig model of chronic cough, the GABAB PAM drug candidate significantly reduced cough frequency, increased cough latency and showed no signs of tolerance after sub-chronic treatment. In the same model, the antitussive efficacy of the GABAB PAM drug candidate appears to be superior to that observed with nalbuphine, baclofen, codeine or a P2X3 inhibitor. In addition, the GABAB PAM candidate demonstrated better tolerability and a wider therapeutic margin than that observed with nalbuphine, baclofen, or codeine, while being similar to that of a P2X3 inhibitor, based on the compound’s activity on respiratory rate. Announcement • Mar 09
Addex Therapeutics Ltd to Report Fiscal Year 2025 Final Results on Apr 27, 2026 Addex Therapeutics Ltd announced that they will report fiscal year 2025 final results at 9:00 AM, Central European Standard Time on Apr 27, 2026 New Risk • Mar 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swiss stocks, typically moving 7.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CHF1.6m free cash flow). Share price has been highly volatile over the past 3 months (7.6% average weekly change). Revenue is less than US$1m (CHF159k revenue, or US$203k). Market cap is less than US$10m (CHF5.36m market cap, or US$6.87m). Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). Announcement • Jan 07
Addex Spin-Out Neurosterix Starts A Phase 1 Clinical Study with M4 Pam - Ntx-253 for Schizophrenia Addex Therapeutics Ltd. announced that its spin-out company, Neurosterix, has started a Phase 1 clinical study of NTX-253. NTX-253 is a potent, selective, orally available positive allosteric modulator (PAM) of the muscarinic M4 receptor being developed for the treatment of schizophrenia. The Phase 1 study is designed to evaluate the safety, tolerability, pharmacokinetics, and pharmacodynamics of NTX-253 in healthy volunteers. The progression of NTX-253 into clinical studies represents an important milestone for both Neurosterix and Addex. The M4 muscarinic receptor is a validated target for treating schizophrenia and related disorders through indirect modulation of dopamine signaling. NTX-253 is an potent, selective, orally available PAM of M4 that fine-tunes muscarinic signaling with the potential to reduce psychosis symptoms while avoiding the movement disorders and metabolic complications associated with traditional dopamine antagonists. Preclinical studies demonstrate robust antipsychotic-like activity and a favorable safety profile, supporting advancement into first-in-human clinical studies. Currently available antipsychotics typically target dopamine receptors, providing some success in ameliorating the positive symptoms of the disorder. However, targeting dopamine also can induce metabolic, cognitive, and motor side effects, limiting their therapeutic utility. Research suggest that M4 PAMs could indirectly modulate dopamine levels and induce antipsychotic activity without peripheral muscarinic side- effects seen with direct agonists. Highly selective M4 PAMs have been found to have robust antipsychotic-like effects in multiple rodent models and reverse multiple in vivo effects of psychomotorstimulants that induce increases in extracellular dopamine. Reported Earnings • Dec 05
Third quarter 2025 earnings released: CHF0.01 loss per share (vs CHF0.016 loss in 3Q 2024) Third quarter 2025 results: CHF0.01 loss per share. Net loss: CHF1.58m (loss widened 3.3% from 3Q 2024). Revenue is forecast to grow 73% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Pharmaceuticals industry in Switzerland. New Risk • Oct 31
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 48% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Revenue is less than US$1m (CHF167k revenue, or US$208k). Minor Risk Market cap is less than US$100m (CHF9.43m market cap, or US$11.7m). Reported Earnings • Sep 30
Second quarter 2025 earnings released: CHF0.021 loss per share (vs CHF0.015 loss in 2Q 2024) Second quarter 2025 results: CHF0.021 loss per share (further deteriorated from CHF0.015 loss in 2Q 2024). Net loss: CHF1.96m (loss widened 35% from 2Q 2024). Revenue is forecast to grow 72% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Pharmaceuticals industry in Switzerland. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Price Target Changed • Jul 30
Price target decreased by 36% to CHF0.16 Down from CHF0.25, the current price target is provided by 1 analyst. New target price is 178% above last closing price of CHF0.058. Stock is down 8.3% over the past year. The company is forecast to post a net loss per share of CHF0.04 next year compared to a net loss per share of CHF0.05 last year. Board Change • Jul 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Independent Director Isaac Manke was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jun 18
Addex Therapeutics Ltd to Report Q1, 2025 Results on Jun 19, 2025 Addex Therapeutics Ltd announced that they will report Q1, 2025 results on Jun 19, 2025 Announcement • Jun 06
Addex Therapeutics Announces Robust Anti-Tussive Activity in Multiple Chronic Cough Preclinical Models Addex Therapeutics announced robust anti-tussive activity of its novel gamma-aminobutyric acid sub-type B receptor (GABAB) positive allosteric modulator (PAM) in multiple preclinical models of chronic cough compared to reference drugs. Some of these preclinical data with Addex GABAB PAM drug candidate will be presented on June 7, 2025 at the 10thAmerican Cough Conference, in Dulles, Virginia by Dr. Mikhail Kalinichev, Head of Translational Science at Addex. In models of chronic cough, the GABAB PAM drug candidate significantly reduced citric acid-induced cough frequency, increased cough latency and showed no signs of tolerance after sub-chronic treatment. In the same model, the antitussive efficacy of the Addex GABAB PAM Drug candidate appears to be superior to that observed with nalbuphine, baclofen, codeine or a P2X3 inhibitor. In addition, the tolerability of the GABAB PAM candidate demonstrated better tolerability and a wider therapeutic margin than that observed with nalbuPHine, baclofen), or codeine, while being similar to that of a P2X3 inhibitor, based on the compound's activity on respiratory rate. About GABAB activation and cough: The main inhibitory neurotransmitter GABA activates ionotropic (GABAA) and metabotropic (GABAB) types of receptors. GABAB receptors are widely expressed on airways and in the central and peripheral components of the cough neural circuit. Activating GABAB receptors to treat chronic cough has been clinically validated with baclofen, a selective GABAB agonist, that binds the receptor within the GABA binding, orthosteric site. Baclofen is used off-label to treat chronic cough patients, but its wider use is limited due to serious side effects, short half-life and gradual loss of efficacy during chronic treatment. Targeting an allosteric site of the receptor encompasses many advantages, including higher selectivity, better tolerability and lack of tolerance compared to an orthosteric compound. Announcement • Jun 04
Addex Therapeutics Ltd, Annual General Meeting, Jun 24, 2025 Addex Therapeutics Ltd, Annual General Meeting, Jun 24, 2025, at 11:00 W. Europe Standard Time. Location: campus biotech, chemin des mines 9, 1202, geneva Switzerland Announcement • May 01
Addex Therapeutics Ltd announced delayed 20-F filing On 04/30/2025, Addex Therapeutics Ltd announced that they will be unable to file their next 20-F by the deadline required by the SEC. Announcement • Apr 24
Addex Therapeutics Ltd to Report Fiscal Year 2024 Results on Apr 25, 2025 Addex Therapeutics Ltd announced that they will report fiscal year 2024 results at 12:00 PM, Central European Standard Time on Apr 25, 2025 Announcement • Apr 17
Addex Regains Rights to Phase 2 Mglu2 Pam Asset ADX71149 Addex Therapeutics announced that following the previously announced termination of development of ADX71149 (JNJ-40411813) in epilepsy, its partner Janssen Pharmaceuticals Inc. (now known as J&J Innovative Medicine) has return all development and commercialization rights to ADX71149 (JNJ-40411813) and the partnership between the two companies has been terminated. Reported Earnings • Nov 24
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: CHF0.02 loss per share (improved from CHF0.034 loss in 3Q 2023). Net loss: CHF1.53m (loss narrowed 42% from 3Q 2023). Revenue missed analyst estimates by 47%. Earnings per share (EPS) also missed analyst estimates by 100%. Revenue is forecast to grow 44% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Biotechs industry in Europe. New Risk • Oct 16
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: CHF863k (US$997k) This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Revenue is less than US$1m (CHF863k revenue, or US$997k). Market cap is less than US$10m (CHF7.37m market cap, or US$8.52m). Minor Risk Less than 1 year of cash runway based on current free cash flow (-CHF7.8m). Reported Earnings • Oct 01
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: CHF0.015 loss per share (improved from CHF0.037 loss in 2Q 2023). Net loss: CHF1.46m (loss narrowed 46% from 2Q 2023). Revenue missed analyst estimates by 48%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Biotechs industry in Europe. Announcement • Sep 10
Addex Therapeutics Ltd to Report First Half, 2024 Results on Sep 16, 2024 Addex Therapeutics Ltd announced that they will report first half, 2024 results on Sep 16, 2024 Announcement • Aug 27
Addex Therapeutics Ltd and Indivior PLC Selects Clinical Candidates from Gabab Positive Allosteric Modulator Research Collaboration Addex Therapeutics Ltd. and Indivior PLC announced the selection of clinical candidates from their GABAB positive allosteric modulator (PAM) research collaboration. Indivior has selected a compound for future development in substance use disorder and will now undertake all future development of their selected compound. Under the terms of the agreement, Addex is eligible for payment of up to USD 330 million on successful achievement of prespecified regulatory, clinical and commercial milestones as well as tiered royalties on the level of net sales from high single digits up to low double-digit. Under the terms of the Agreement, Addex has also exercised its right to select a compound to advance its own independent GABAB PAM program for the treatment of chronic cough. The selection of GABAB PAM clinical candidates is the culmination of more than five years of research at Addex in close collaboration with the team at Indivior. During this time, the company were able to pinpoint specific candidates from thousands of compounds using the power of industrial-scale allosteric modulator discovery platform. The selection of GAM clinical candidates is the culmination the culmination of more than five year of research at Addex in near collaboration with the team at IndIVior. During this time, company were able to pinpoint specific candidate from thousands of compounds using the Power of industrial-scale allosterIC modulator discovery platform. The company look forward to the next steps in the development of the substance use disorder program under the control of Indivior. On the Addex side, the company are now focused on advancing its selected clinical candidate for chronic cough into IND enabling studies. Activation of gamma-aminobutyric acid subtype BGABAB) receptor, a Family C class of GPCR, is clinically and commercially validated. The generic GABAB receptor agonist, baclofen, marketed for spasticity, has been shown to be efficacious in several other disease areas, including alcohol use disorder, CMT1A, overactive bladder, chronic cough and pain. However, its wider use is limited due to a variety of side effects, rapid clearance and the development of tolerance. novel, potent, selective and orally available PAMs that potentiate GABA responses, rather than acting as orthosteric agonists at the GABAB receptor, like baclofen, are expected to deliver efficacy and have fewer adverse effects. Furthermore, PAMs only act when the natural ligand (GABA) activates the natural ligand (GAB) receptor. Announcement • Jul 15
Addex Therapeutics Ltd Presents Positive Results from GABAB PAM Cough Program at the Thirteenth London International Cough Symposium Addex Therapeutics Ltd. announced that positive results from the Company's novel gamma-aminobutyric acid sub-type B receptor (GABAB) positive allosteric modulator (PAM) chronic cough program will be presented during the Thirteenth London International Cough Symposium (13 LICS) on July 19 and an abstract is available to conference participants on-line from July 15, 2024. In models of chronic cough in guinea pigs, the candidate GABAB PAM, significantly and dose-dependently reduced citric acid-induced cough frequency (minimal efficacious dose 1 mg/kg), increased cough latency and showed no signs of tolerance after sub-chronic treatment. In comparison with the GABAB agonist baclofen, the selective GABAB PAM showed a wider safety margin, separating its minimal efficacious dose from the dose linked to side-effects. Baclofen exhibits antitussive properties, but its broad clinical use is hampered by its short half-life and central nervous system side effects including sedation. New Risk • Jun 09
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CHF7.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CHF7.8m free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Negative equity (-CHF1.4m). Market cap is less than US$10m (CHF7.95m market cap, or US$8.87m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (CHF3.6m net loss in 2 years). Shareholders have been diluted in the past year (44% increase in shares outstanding). Revenue is less than US$5m (CHF1.4m revenue, or US$1.5m). Announcement • Jun 08
Addex Therapeutics Ltd, Annual General Meeting, Jun 28, 2024 Addex Therapeutics Ltd, Annual General Meeting, Jun 28, 2024, at 11:00 W. Europe Standard Time. Location: geneva Switzerland Breakeven Date Change • May 31
No longer forecast to breakeven The 2 analysts covering Addex Therapeutics no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of CHF41.0m in 2025. New consensus forecast suggests the company will make a loss of CHF2.80m in 2026. Reported Earnings • Apr 18
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: CHF0.14 loss per share (improved from CHF0.46 loss in FY 2022). Revenue: CHF1.65m (up 14% from FY 2022). Net loss: CHF10.6m (loss narrowed 49% from FY 2022). Revenue exceeded analyst estimates by 50%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 89% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Biotechs industry in Europe. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 54% per year, which means it is significantly lagging earnings. New Risk • Apr 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings are forecast to decline by an average of 4.1% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (CHF12m net loss in 2 years). Revenue is less than US$5m (CHF2.1m revenue, or US$2.3m). Market cap is less than US$100m (CHF26.3m market cap, or US$28.9m). Breakeven Date Change • Apr 18
No longer forecast to breakeven The 2 analysts covering Addex Therapeutics no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of CHF41.0m in 2025. New consensus forecast suggests the company will make a loss of CHF50.0k in 2025. Announcement • Apr 11
Addex Therapeutics Ltd to Report Fiscal Year 2023 Results on Apr 18, 2024 Addex Therapeutics Ltd announced that they will report fiscal year 2023 results at 12:00 PM, Central European Standard Time on Apr 18, 2024 Announcement • Apr 05
Addex Therapeutics Announces the Launch of Neurosterix, Company Focused on Developing Allosteric Modulators for the Treatment of Underserved Neurological Disorders Addex Therapeutics announced the launch of Neurosterix, a company focused on developing allosteric modulators for the treatment of underserved neurological disorders. With initial funding of $63 million from Perceptive Xontogeny Venture Fund II, with participation from Perceptive Life Sciences Fund and Acorn Bioventures, Neurosterix will acquire a portfolio of preclinical assets and the allosteric modulator drug discovery technology platform from Addex and accelerate their development. Addex's pipeline now consists of: ADX71149 - a metabotropic glutamate receptor subtype 2 positive allosteric modulator (mGlu2 PAM) currently in a Phase 2 clinical study for the treatment of epilepsy in collaboration with Janssen Pharmaceuticals Inc.; A GABAB PAM program licensed to Indivior currently in clinical candidate selection with a focus on substance use disorder; Dipraglurant a Phase 2 ready mGlu5 NAM under evaluation for future development in dyskinesia associated with Parkinson's disease and post-stroke/traumatic brain injury (TBI) recovery; and GABAB PAMs in clinical candidate selection for chronic cough. The launch of Neurosterix in partnership with Perceptive is an important validation of the Addex allosteric modulator drug discovery technology platform and provides the resources to accelerate development of important preclinical assets, including the M4 PAM and mGlu7 negative allosteric modulator (NAM) programs, into the clinic This transaction significantly reduces Addex operating costs and provides CHF5 million of cash thereby extending cash runway beyond 2026. This allows to reach important milestones from partnered programs, including the Phase 2 epilepsy data from Janssen partnership in the second quarter of 2024 as well as retaining an important upside in the future of Neurosterix through 20% equity interest. Allosteric modulators bind to their target receptor outside of the active site, where the natural ligand and traditional drugs operate. This non-competitive mode of action brings greater selectivity and more precision over the control of biological pathways, potentially delivering improved efficacy and safety. Addex pioneered the development of high-throughput industrial-scale discovery tools for allosteric modulator drug discovery, which have delivered a broad pipeline of oral small molecule drug candidates with the potential to transform the treatment of multiple neurological disorders. Addex's pipeline now consists of: ADX71149 - a metabotropic glutamate receptor subtype 2 positive allosteric modulator (mGlu2 PAM) currently in a Phase 2 clinical study for the treatment of epilepsy in collaboration with Janssen Pharmaceuticals Inc.; A GABAB PAM program licensed to Indivior currently in clinical candidate selection with a focus on substance use disorder; Dipraglurant a Phase 2 ready mGlu5 NAM under evaluation for future development in dyskinesia associated with Parkinson's disease and post-stroke/traumatic brain injury (TBI) recovery; and GABAB PAMs in clinical candidate selection for chronic cough. New Risk • Mar 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 74% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Shareholders have been substantially diluted in the past year (74% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CHF10m net loss in 3 years). Revenue is less than US$5m (CHF2.1m revenue, or US$2.3m). Market cap is less than US$100m (CHF13.4m market cap, or US$14.9m). Announcement • Jan 31
Addex Therapeutics Ltd has filed a Follow-on Equity Offering in the amount of $2.15 million. Addex Therapeutics Ltd has filed a Follow-on Equity Offering in the amount of $2.15 million.
Security Name: American Depositary Shares
Security Type: Depositary Receipt (Common Stock)
Transaction Features: At the Market Offering Recent Insider Transactions • Dec 01
Co-Founder recently bought CHF911k worth of stock On the 27th of November, Timothy Dyer bought around 7m shares on-market at roughly CHF0.13 per share. This transaction amounted to 71% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Timothy's only on-market trade for the last 12 months. Reported Earnings • Nov 30
Third quarter 2023 earnings: EPS in line with expectations, revenues disappoint Third quarter 2023 results: CHF0.03 loss per share (improved from CHF0.086 loss in 3Q 2022). Revenue: CHF329.0k (down 21% from 3Q 2022). Net loss: CHF2.62m (loss narrowed 36% from 3Q 2022). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Biotechs industry in Europe. Announcement • Nov 15
Addex Therapeutics' ADX71149 Epilepsy Phase 2 Study Completes Recruitment of Patients Addex Therapeutics announced that the last patient has been randomized in Cohort 2 of the ADX71149 (JNJ-40411813) Phase 2 epilepsy clinical study. Results evaluating the efficacy, safety and tolerability of ADX71149 in combination with levetiracetam or brivaracetam from patient Cohorts 1 and Cohort 2 are anticipated for the second quarter of 2024. The primary efficacy endpoint of this study is time to baseline monthly seizure count. The trial is being conducted in collaboration with Janssen Pharmaceuticals Inc., a Johnson & Johnson company. ADX71149 is a selective metabotropic glutamate sub-type 2 (mGlu2) receptor positive allosteric modulator (PAM). The multi-center Phase 2 study has been designed to assess the efficacy, safety, tolerability, and pharmacokinetics of adjunctive ADX71149 administration in patients with focal onset seizures with suboptimal response to levetiracetam or brivaracetam. The primary objective of the study is to evaluate the efficacy of ADX71149 in combination with levetiracetam or brivaracetam using a time to baseline seizure count endpoint. Part 1 of the study evaluates the acute efficacy of ADX71149 over 4 weeks. Patients who do not reach their monthly baseline seizure count in Part 1 continue double-blind treatment during Part 2 until they reach their monthly baseline seizure count or 8 weeks, deemed the maintenance efficacy phase. In addition, patients who complete Part 1 and/or Part 2 of the study have the option to continue treatment in the open-label extension part of the study, which evaluates the long-term efficacy and safety of ADX71149. More information on the study can be found with Clinicaltrials.gov identifier NCT04836559. Announcement • Nov 08
Addex Regains Nasdaq Listing Compliance Addex Therapeutics announced it had received written notification from The Nasdaq Stock Market LLC (Nasdaq) that it has regained compliance with the minimum bid price requirement of $1.00 per ADS under Nasdaq Listing Rule 5550(a)(2) and currently meets all other applicable criteria for continued listing. Addex announced on May 18, 2023 that it had been notified by Nasdaq that its ADSs were not in compliance with the minimum bid price rule. To regain compliance, Addex was required to maintain a minimum closing bid price of $1.00 per ADS for at least 10 consecutive business days. This requirement was met on November 3, 2023. New Risk • Oct 10
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: CHF13m Forecast net loss in 3 years: CHF6.9m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Market cap is less than US$10m (CHF6.28m market cap, or US$6.94m). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CHF6.9m net loss in 3 years). Revenue is less than US$5m (CHF2.1m revenue, or US$2.4m). Major Estimate Revision • Sep 06
Consensus revenue estimates increase by 31% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from CHF1.75m to CHF2.30m. Forecast losses expected to reduce from -CHF0.155 to -CHF0.145 per share. Biotechs industry in Switzerland expected to see average net income growth of 6.4% next year. Consensus price target of CHF0.16 unchanged from last update. Share price rose 4.0% to CHF0.083 over the past week. Announcement • Sep 05
Addex Therapeutics Announces Data Published in Brain Addex erapeutics announced that data published in Brain demonstrating the potential therapeutic role of mGlu5 receptor negative allosteric modulators (NAMs) in facilitating functional recovery following stroke supports the future development of dipraglurant in post-stroke recovery. Dipraglurant is a novel, orally available, highly selective mGlu5 NAM ready for Phase 2 clinical studies, currently being evaluated in preclinical models of post-stroke recovery. Functional recovery following stroke relies on the formation of new or reactivation of existing neural connections while accumulating evidence suggests that the mGlu5 receptor modulates brain plasticity and function. The researchers investigated the influence of mGlu5 inhibition on this network reorganization and functional recovery in preclinical models of stroke. In the publication, titled "Inhibiting metabotropic glutamate receptor 5 after stroke restores brain function and connectivity", the data showed that daily treatment with mGlu5 NAMs for 12 days, starting 2 or 10 days after stroke, restored lost somatosensory functions without diminishing infarct size. Within hours of treatment, somatosensory recovery expressed in normalized use of affected limbs, was apparent and progressed for the subsequent 12 days. There is a huge unmet medical need for novel treatments to help stroke patients recover, and there are currently no approved drugs that promote functional recovery. New Risk • Aug 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CHF8.56m (US$9.74m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Shareholders have been substantially diluted in the past year (94% increase in shares outstanding). Market cap is less than US$10m (CHF8.56m market cap, or US$9.74m). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CHF14m net loss in 3 years). Revenue is less than US$5m (CHF2.1m revenue, or US$2.4m). Reported Earnings • Aug 13
Second quarter 2023 earnings released: CHF0.04 loss per share (vs CHF0.19 loss in 2Q 2022) Second quarter 2023 results: CHF0.04 loss per share (improved from CHF0.19 loss in 2Q 2022). Revenue: CHF632.0k (up 239% from 2Q 2022). Net loss: CHF2.68m (loss narrowed 63% from 2Q 2022). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Biotechs industry in Europe. Announcement • Aug 04
Addex Therapeutics Ltd announced that it has received CHF 2.7 million in funding from Indivior PLC Addex Therapeutics Ltd announced that it has received CHF 2,700,000 in a round of funding on August 3, 2023. The transaction included participation from returning investor Indivior PLC. Announcement • Jul 25
Addex mGlu2PAM Demonstrates Potential in Substance Use Disorder Addex Therapeutics announced data showing that administration of a metabotropic glutamate 2 (mGlu2) positive allosteric modulator significantly reduces oxycodone self-administration in preclinical models, supporting a potential role in opioid use disorder. The data were published in Neuropharmacology by Addex and The Scripps Research Institute. The aim of the study was to test whether the mGlu2 receptor positive allosteric modulator ADX106772 could reduce oxycodone self-administration and the conditioned reinstatement of oxycodone seeking without affecting behaviors directed toward a highly palatable non-drug reinforcer (sweetened condensed milk, SCM). Rats were trained to self-administer oxycodone (0.15 mg/kg/infusion, i.v.,12 h/day) or sweetened condensed milk for 13 days in the presence of a contextual/discriminative stimulus (SD). Oxycodone, SCM, and the SD were then withheld. Once oxycodone or SCM self-administration was acquired and oxycodone dependence verified, the effect of ADX106772 (0.3, 1, 3, or 10 mg/kg, s.c.) was tested on oxycodone or SCM self-administration. ADX106772 was found to reduce oxycodone self-administration and conditioned reinstatement without affecting SCM self-administration or conditioned reinstatement. ADX106772 reduced oxycodone taking and seeking but did not affect the motivation for the palatable conventional reinforcer. Announcement • May 19
Addex Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency On May 18, 2023, Addex Therapeutics Ltd. announced that it had received written notification from Nasdaq indicating that, for the last thirty consecutive business days, the bid price for the Company’s American Depositary Shares (ADSs) had closed below the minimum USD 1.00 per ADS requirement for continued listing on Nasdaq under listing rule 5550(a)(2). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), Addex has been provided an initial period of 180 calendar days to regain compliance and will receive written notification if the Company achieves compliance at any time during this period. Compliance will be achieved if the bid price of the ADSs closes at USD 1.00 per ADS or more for a minimum of ten consecutive business days. Addex will monitor the bid price of its ADSs and evaluate options to regain compliance with Nasdaq’s minimum bid price rule within the compliance period. If compliance with Rule 5550(a)(2) is not regained by November 8, 2023, the Company may be eligible for an additional 180 calendar day compliance period. Addex’s operations are not affected by the receipt of the notification letter and The Company fully intends to resolve the deficiency and regain compliance with the Nasdaq Listing Rules. Reported Earnings • May 12
First quarter 2023 earnings released: CHF0.04 loss per share (vs CHF0.15 loss in 1Q 2022) First quarter 2023 results: CHF0.04 loss per share (improved from CHF0.15 loss in 1Q 2022). Revenue: CHF502.0k (up 106% from 1Q 2022). Net loss: CHF2.41m (loss narrowed 59% from 1Q 2022). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Biotechs industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 54% per year, which means it is significantly lagging earnings. Announcement • May 11
Addex Therapeutics Announces ADX71149 Phase 2 Epilepsy Clinical Study’s Independent Interim Review Committee Recommends Continuing Study Addex Therapeutics announced that the ADX71149 (JNJ-40411813) Phase 2 epilepsy clinical study has been recommended to continue by an Independent Interim Review Committee (IRC) following review of unblinded data from Part 1 of patient Cohort 1. The clinical study is being conducted by Janssen Pharmaceuticals Inc., one of the Janssen Pharmaceutical Companies of Johnson & Johnson. ADX71149 is a selective metabotropic glutamate sub-type 2 (mGlu2) receptor positive allosteric modulator (PAM). The multi-center Phase 2 study has been designed to assess the efficacy, safety, tolerability, and pharmacokinetics of adjunctive ADX71149 administration in patients with focal onset seizures with suboptimal response to levetiracetam or brivaracetam. Up to 3 doses (low, medium, high) of ADX71149 in up to 160 patients will be evaluated. The primary objective of the study is to evaluate the efficacy of ADX71149 in combination with levetiracetam or brivaracetam using a time to baseline seizure count endpoint. Part 1 of the study evaluates the acute efficacy of ADX71149 over 4 weeks. Subjects who do not reach or exceed their monthly baseline seizure count in Part 1 continue double-blind treatment during Part 2 until they reach their monthly baseline seizure count or 8 weeks, deemed the maintenance efficacy phase. Cohort 1 has completed Part 1 and is currently in Part 2. Cohort 2 has started to recruit patients in Part 1. In addition, patients who complete Part 1 and/or Part 2 of the study have the option to continue treatment in the open-label extension part of the study, which evaluates the long-term efficacy and safety of ADX71149 for up to 2 years. More information on the study can be found with Clinicaltrials.gov identifier NCT04836559. Glutamate mGlu2 Receptors and Epilepsy, Glutamate is the primary excitatory neurotransmitter in the brain and plays a key role in the initiation and spread of seizures. When activated, the mGlu2 receptor decreases the release of glutamate and consequently, helps to maintain neurotransmitter balance. In the presence of agonist-induced activation, positive allosteric modulation of mGlu2 receptors could result in the normalization of the excessive glutamate release seen during a seizure. There is still an urgent need for more effective treatments for epilepsy, with improved tolerability and safety. ADX71149 was described in the Eilat 15 conference summary review as a promising novel approach currently in development (Bialer et al., 2020. Epilepsia). Proof of concept data with ADX71149 and other mGlu2 PAMs in animal models of epilepsy have been published in peer-reviewed journals (Metcalf et al., 2017 and 2018. Epilepsia). Board Change • Apr 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 2 highly experienced directors. Chairman of Scientific Advisory Board Darryle Schoepp was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Breakeven Date Change • Mar 31
No longer forecast to breakeven The 2 analysts covering Addex Therapeutics no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of CHF2.30m in 2024. New consensus forecast suggests the company will make a loss of CHF13.6m in 2025. Announcement • Feb 10
Addex Regains Nasdaq Listing Compliance Addex Therapeutics announced notification from The Nasdaq Stock Market LLC (Nasdaq) that it has regained compliance with the minimum bid price requirement of $1.00 per ADS share under Nasdaq Listing Rule 5550(a)(2) and currently meets all other applicable criteria for continued listing. Addex announced on November 3, 2022 that it had been notified by Nasdaq that its ADSs were not in compliance with the minimum bid price rule. To regain compliance, Addex was required to maintain a minimum closing bid price of $1.00 for at least 10 consecutive business days. This requirement was met on February 7, 2023. Breakeven Date Change • Nov 16
No longer forecast to breakeven The 3 analysts covering Addex Therapeutics no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of CHF2.30m in 2024. New consensus forecast suggests the company will make a loss of CHF7.10m in 2024. Announcement • Nov 03
Addex Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency Addex Therapeutics Ltd. announced that it had received written notification from Nasdaq indicating that, for the last thirty consecutive business days, the bid price for the Company’s American Depositary Shares (ADSs) had closed below the minimum $1.00 per ADS requirement for continued listing on Nasdaq under listing rule 5550(a)(2). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days to regain compliance and will receive written notification if the Company achieves compliance at any time during this period. Compliance will be achieved if the bid price of the ADSs closes at $1.00 per ADS or more for a minimum of ten consecutive business days. The Company will monitor the bid price of its ADSs and evaluate options to regain compliance with Nasdaq’s minimum bid price rule within the compliance period. If compliance with Rule 5550(a)(2) is not regained by April 26, 2023, the Company may be eligible for an additional 180 calendar day compliance period. The Company’s operations are not affected by the receipt of the notification letter and The Company fully intends to resolve the deficiency and regain compliance with the Nasdaq Listing Rules. Major Estimate Revision • Aug 31
Consensus revenue estimates fall by 27% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from CHF1.24m to CHF910.0k. Forecast losses increased from -CHF0.42 to -CHF0.43 per share. Biotechs industry in Switzerland expected to see average net income growth of 8.6% next year. Consensus price target of CHF0.16 unchanged from last update. Share price was steady at CHF0.20 over the past week. Announcement • Jul 28
Addex Therapeutics Ltd announced that it has received funding from Armistice Capital LLC On July 26, 2022, Addex Therapeutics Ltd closed the transaction. The company issued to Armistice Capital LLC unregistered warrants to purchase up to 15,000,000 shares in the form of 2,500,000 American Depositary Shares as well as unregistered pre-funded warrants to purchase up to 10,500,000 shares in the form of 1,750,000 American Depositary Shares and together with the unregistered warrants. Announcement • Jul 23
Addex Therapeutics Ltd announced that it expects to receive funding from Armistice Capital LLC Addex Therapeutics Ltd announced a private placement of unregistered pre-funded warrants to purchase up to 11,700,000 shares in the form of 1,950,000 American Depositary Shares at a price of $1.69 per warrant on July 22, 2022. The transaction will include participation from returning investor, Armistice Capital LLC. The company will also issue unregistered warrants to purchase up to 15,000,000 shares in the form of 2,500,000 American Depositary Shares. The unregistered pre-funded warrants have an exercise price of $0.01 and the unregistered warrants have an exercise price of $1.90 per American Depositary Shares. The warrants will become exercisable in 60 days after their date of issuance and will expire five years from their date of issuance. The closing of the transaction is expected to occur on or about on or about July 26, 2022, subject to the satisfaction of customary closing conditions. The warrants and shares underlying the warrants are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D promulgated thereunder and, along with the shares underlying the warrants, have not been registered under the Act, or applicable state securities laws. Breakeven Date Change • Jun 30
No longer forecast to breakeven The 2 analysts covering Addex Therapeutics no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of CHF2.30m in 2024. New consensus forecast suggests the company will make a loss of CHF7.10m in 2024. Major Estimate Revision • Jun 29
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 losses forecast to reduce from -CHF0.48 to -CHF0.39 per share. Revenue forecast unchanged from CHF1.24m at last update. Biotechs industry in Switzerland expected to see average net income growth of 10% next year. Consensus price target of CHF0.25 unchanged from last update. Share price fell 5.9% to CHF0.19 over the past week. Announcement • Jun 17
Addex Terminates Dipraglurant Phase 2b/3 Study in Patients with Dyskinesia Associated with Parkinson's Disease due to Slow Recruitment Rate Addex Therapeutics Ltd. announced that it has terminated the Phase 2b/3 study evaluating dipraglurant as a potential treatment for dyskinesia associated with Parkinson's disease (PD-LID) due to the slow recruitment of patients. This has been attributed to the consequences of COVID-19 related patient concerns about participation in clinical studies as well as staffing shortages and turnover within study sites. Major Estimate Revision • May 28
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 losses forecast to reduce from -CHF0.61 to -CHF0.54 per share. Revenue forecast unchanged from CHF1.00m at last update. Biotechs industry in Switzerland expected to see average net income growth of 6.5% next year. Consensus price target of CHF0.84 unchanged from last update. Share price fell 5.6% to CHF0.58 over the past week. Announcement • May 27
Addex Therapeutics Ltd Provides Update on Dipraglurant Blepharospasm Phase 2 Feasibility Clinical Study Addex Therapeutics Ltd. announced that the outcome of a small Phase 2a feasibility study of dipraglurant in patients with blepharospasm was inconclusive and did not meet all of its objectives. Dipraglurant is a metabotropic glutamate receptor subtype 5 negative allosteric modulator, or mGlu5 NAM. A total of 15 patients were enrolled into this double-blind, placebo controlled Phase 2a feasibility study. The primary objective of the study was to evaluate the safety and tolerability of dipraglurant in patients administered with 50mg and 100mg doses. The effects on the severity and frequency of blepharospasm signs and symptoms using objective measures, clinical ratings and patient reported outcomes were also evaluated as secondary endpoints. There were no safety concerns. Blepharospasm is a form of dystonia characterized by involuntary contractions or spasms of the eyelid muscleswhich can result in sustained eyelid closure causing substantial visual disturbance or functional blindness. It currently affects around 50,000 people in the US, with approximately 2,000 new cases diagnosed each year and qualifies for orphan drug designation. The cause of blepharospasm is thought to involve overstimulation of the blink reflex resulting from excessive glutamate stimulation. Botulinum toxin injections are the only approved drug treatment. Breakeven Date Change • May 25
No longer forecast to breakeven The 2 analysts covering Addex Therapeutics no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of CHF40.7m in 2024. New consensus forecast suggests the company will make a loss of CHF4.70m in 2024. Reported Earnings • May 06
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: CHF0.15 loss per share (down from CHF0.079 loss in 1Q 2021). Revenue: CHF243.9k (down 74% from 1Q 2021). Net loss: CHF5.82m (loss widened 121% from 1Q 2021). Revenue missed analyst estimates by 48%. Earnings per share (EPS) also missed analyst estimates by 87%. Over the next year, revenue is forecast to grow 43%, compared to a 130% growth forecast for the industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Price Target Changed • Apr 27
Price target decreased to CHF1.40 Down from CHF1.90, the current price target is an average from 3 analysts. New target price is 75% above last closing price of CHF0.80. Stock is down 50% over the past year. The company is forecast to post a net loss per share of CHF0.40 next year compared to a net loss per share of CHF0.45 last year. Breakeven Date Change • Apr 27
Forecast to breakeven in 2024 The 3 analysts covering Addex Therapeutics expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 15% per year to 2023. The company is expected to make a profit of CHF40.7m in 2024. Average annual earnings growth of 55% is required to achieve expected profit on schedule. Announcement • Apr 13
Addex Therapeutics Ltd Completes Patient Enrollment for Dipraglurant Blepharospasm Phase 2 Clinical Study Addex Therapeutics Ltd. announced that patient enrollment has been completed in its Phase 2a clinical study evaluating dipraglurant as a potential treatment for blepharospasm, a type of dystonia characterized by involuntary contractions or spasms of the eyelid muscles. Dipraglurant selectively targets the metabotropic glutamate receptor subtype 5 (mGlu5) through allosteric modulation to downregulate the neurotransmission believed to cause blepharospasm. A total of 15 patients have been enrolled into this double-blind, placebo controlled Phase 2a feasibility study. The primary objective of the study is to evaluate the safety and tolerability of dipraglurant in patients administered with 50mg and 100mg doses. The effects on the severity and frequency of blepharospasm signs and symptoms using objective measures, clinical ratings and patient reported outcomes will also be evaluated as secondary endpoints. Blepharospasm is a form of dystonia characterized by involuntary contractions or spasms of the eyelid muscles which can result in sustained eyelid closure causing substantial visual disturbance or functional blindness. It currently affects around 50,000 people in the US, with approximately 2,000 new cases diagnosed each year and qualifies for orphan drug designation. The cause of blepharospasm is thought to involve overstimulation of the blink reflex resulting from excessive glutamate stimulation. Botulinum toxin injections are the only approved drug treatment. Announcement • Apr 06
Addex Therapeutics Ltd Expands Pipeline with Selective M4 Positive Allosteric Modulator Program Addex Therapeutics announced that it has moved a selective and potent M4 muscarinic receptor positive allosteric modulator (PAM) program into lead optimization. M4 PAMs have the potential to treat schizophrenia and other types of debilitating neuropsychiatric disorders. Using its proprietary allosteric modulator screening platform, Addex has identified multiple novel series of structurally differentiated M4 PAMs. These novel series of compounds have rapidly progressed into lead optimization and are anticipated to enter clinical candidate selection phase in 2023. Currently available antipsychotics typically target dopamine receptors, providing some success in ameliorating the positive symptoms of the disorder. However, targeting dopamine also can induce metabolic, cognitive, and motor side effects, limiting their therapeutic utility. In 2008, Shekhar et al. demonstrated that the M1/M4 agonist xanomeline exhibited robust antipsychotic efficacy in schizophrenia patients however, treatment was non-selective so activated peripheral muscarinic receptors, leading to adverse effects. Targeting allosteric sites on muscarinic receptors sub-types has been shown to avoid unwanted side-effects. Highly selective M4 PAMs have been found to have robust antipsychotic-like effects in multiple rodent models and reverse multiple in vivo effects of psychomotor stimulants that induce increases in extracellular dopamine. This dopamine release is potentiated by M4 PAMs and persists for more than 30 min after receptor activation. Announcement • Mar 31
Addex Therapeutics Ltd, Annual General Meeting, May 09, 2022 Addex Therapeutics Ltd, Annual General Meeting, May 09, 2022, at 11:00 Central European Standard Time. Location: Campus Biotech, Chemin des Mines 9 Geneva Switzerland Agenda: To consider approval of the Annual Report, the Annual Financial Statements and the Consolidated Financial Statements for the business year 2021; to consider consultative vote on the Compensation Report for the business year 2021; to consider appropriation of the results; to consider discharge of the members of the Board of Directors and of the Executive Management; to consider re-elections of the members of the Board of Directors and re-election of the Chairman of the Board of Directors; to consider re-elections of the members of the Compensation Committee; to consider re-election of the Auditors BDO AG; to consider re-election of the Independent Voting Rights Representative; to consider amendments to the Articles of Association; and to transact other matters. Major Estimate Revision • Mar 17
Consensus revenue estimates fall by 64% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from CHF5.57m to CHF1.99m. Forecast losses increased from -CHF0.41 to -CHF0.42 per share. Biotechs industry in Switzerland expected to see average net income growth of 25% next year. Consensus price target down from CHF1.90 to CHF1.40. Share price fell 6.0% to CHF0.78 over the past week. 
