Addex Therapeutics Ltd. Q3 FY2024 earnings call

• GABAB PAM program: Indivior selected a compound for substance use disorder development and started IND enabling studies; Addex selected a compound for chronic cough, expecting IND enabling studies in 2025. - Dipraglurant: Plans to reposition development for brain injury recovery; working with Janssen on path forward for ADX71149 in epilepsy. - Neurosterix: Made progress, with M4 PAM program starting IND enabling studies in Q3 2024. - Q3 financials: Continuing operations income, R&D/G&A expense changes, and cash balance details.

In Q3 2024, continuing operations income was CHF0.1 million compared to CHF0.3 million in Q3 2023. Continuing R&D expenses were CHF0.2 million, a decrease of CHF0.3 million from Q3 2023, mainly due to completion of the R&D phase in June. Continuing G&A expenses were CHF0.5 million, a decrease of CHF0.1 million from Q3 2023. The company had CHF3.3 million in cash as of September 30, 2024. The primary revenue source is research funding from the collaboration with Indivior, recognized as associated research costs are incurred.

• Indivior milestones: Pre-specified, roughly 50-50 between clinical and commercial milestones. - Neurosterix: M4 PAM program expected to file an IND and move into clinic within the next 12 months, with $63 million in financing to support progress.

• Dilution risk: If Neurosterix raises additional capital and Addex doesn't participate, Addex could be diluted. - Neurosterix cash burn: Ramping up as programs progress into later preclinical and clinical stages.

Q: Could you tell us what would be the next key triggers for Indivior's milestones? And what is the cash autonomy for Neurosterix?

A: We're not at liberty to disclose detail around Indivior's milestones as they are pre-specified; Neurosterix is capitalized with $63 million in financing, cash burn is ramping up as programs move forward into later stages.

Q: Do you see a risk for Addex to be diluted over the coming three, four years in Neurosterix?

A: Addex is a passive shareholder, not at liberty to disclose details about Neurosterix's financials; with $63 million on Neurosterix's balance sheet, don't see Addex subjected to dilution risk in the near future.