GABAB PAM (Compound A) — Strong Preclinical Antitussive Efficacy
Compound A demonstrated robust, reproducible antitussive activity across species: up to ~70% reduction in cough number at maximum dose in guinea pigs, 40–60% reductions in an IPF-exacerbated chronic cough guinea pig model after 28 days of dosing, and >60% reduction in coughs in a nonhuman primate citric-acid model at 2 mg/kg. Minimal effective dose ~1 mg/kg (ED50 ~6 mg/kg), no tolerance after 7 days, and >60-fold safety margin versus respiratory-depression/sedation biomarkers.
GABAB PAM — Favorable Tolerability and Differentiation vs Comparators
Compound A showed no marked changes in respiratory rate up to 60 mg/kg (a sedation biomarker) unlike reference drugs (nalbuphine, baclofen, codeine, etc.), and matched or exceeded comparator efficacy at doses free from respiratory effects, supporting potential best-in-class efficacy/tolerability profile.
Dipraglurant (mGluR5 NAM) — Repositioned for Brain Injury Recovery with Strong Preclinical Rationale
Dipraglurant repositioned for post-stroke and traumatic brain injury recovery; preclinical data (including comparison to MPEP/MTEP) show sustained and growing sensorimotor improvement and restored functional connectivity in stroke models. Drug product and significant GMP materials available; fast onset/short half-life and prior clinical tolerability data (mild–moderate CNS AEs) support readiness for clinical development and planned imaging study in stroke patients.
Indivior Collaboration — Major Upside from Partnered GABAB Program
Under the Indivior collaboration Addex is eligible for up to $313 million in development/regulatory/commercial milestones plus tiered royalties (high single-digit to low double-digit), and Indivior has selected a compound and completed IND-enabling studies for substance-use disorders.
Neurosterix Spinout — Progress and Near-Term Catalysts
Addex retains a 20% equity stake in Neurosterix. Neurosterix advanced its m4 PAM program (lead NTX-53 in Phase 1 with data expected in Q3) and has backup/selects for IND-enabling studies and an mGluR7 program progressing toward IND enabling — potential value creation from the spinout.
Improved Operating Efficiency vs Prior Year
Operating loss decreased to CHF 500k in Q1 FY26 from CHF 600k in Q1 FY25 (improvement of CHF 100k, ~16.7%), primarily due to reduced outsourced R&D spend following the spinout.