Core Insights - Addex Therapeutics is a clinical-stage pharmaceutical company focused on allosteric modulation for neurological disorders, with a pipeline that includes several promising drug candidates [2] Group 1: Corporate Update - CEO Tim Dyer will present at the Biotech Showcase in San Francisco on January 8, 2024, discussing recent advances in Addex's CNS pipeline [1] - The presentation will cover key programs including ADX71149 for epilepsy, dipraglurant for post-stroke recovery, and partnerships for substance use disorders [1][2] Group 2: Pipeline Overview - ADX71149 is currently in Phase 2 clinical trials for epilepsy in collaboration with Janssen Pharmaceuticals [2] - Dipraglurant is being evaluated for post-stroke recovery, while the GABAB PAM program has been licensed to Indivior for substance use disorders [2] - Additional preclinical programs include GABAB PAM for chronic cough, mGlu7 NAM for stress-related disorders, M4 PAM for schizophrenia, and mGlu2 NAM for mild neurocognitive disorders and depression [2]

Innovative Treatments for Central Nervous System Disorders November 2023 Allosteric modulators for human health Disclaimer These materials do not constitute or form part, or all, of any offer or invitation to sell or issue, neither in the United States of America nor elsewhere, or any solicitation of any offer to purchase or subscribe for, any securities, nor shall part, or all, of these materials or their distribution form the basis of, or be relied on in connection with, any contract or investment decisio ...

Addex Therapeutics Ltd. (NASDAQ:ADXN) Q3 2023 Earnings Conference Call November 29, 2023 10:00 AM ET Company Participants Tim Dyer - Chief Executive Officer Robert Lutjens - Head of Discovery-Biology Mikhail Kalinichev - Head of Translational Science Conference Call Participants Operator Good day and thank you for standing by. Welcome to the Addex Therapeutics Third Quarter 2023 Financial Results and Corporate Update Conference Call. At this time, all participants are in a listen-only mode. After the speake ...

[Unaudited Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) [Unaudited Interim Condensed Consolidated Balance Sheets](index=2&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Balance%20Sheets) The balance sheet provides a snapshot of the company's financial position as of September 30, 2023, compared to December 31, 2022, showing a decrease in total assets and total equity, primarily driven by a reduction in cash and cash equivalents and current liabilities Consolidated Balance Sheet Summary | Metric | Sep 30, 2023 (CHF) | Dec 31, 2022 (CHF) | Change (CHF) | Change (%) | | :---------------------- | :----------------- | :----------------- | :----------- | :--------- | | Total assets | 6,138,100 | 8,282,050 | (2,143,950) | -25.89% | | Current assets | 5,742,707 | 7,828,961 | (2,086,254) | -26.65% | | Cash and cash equivalents | 4,754,107 | 6,957,086 | (2,202,979) | -31.67% | | Total liabilities | 2,193,665 | 3,369,139 | (1,175,474) | -34.90% | | Current liabilities | 1,930,995 | 3,282,111 | (1,351,116) | -41.16% | | Total equity | 3,944,435 | 4,912,911 | (968,476) | -19.71% | [Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss](index=3&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) The company reported a significant reduction in net loss and total comprehensive loss for both the three-month and nine-month periods ended September 30, 2023, compared to the same periods in 2022, primarily driven by decreased operating costs, especially in research and development Consolidated Statements of Comprehensive Loss Summary | Metric (CHF) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | Change (CHF) | Change (%) | | :---------------------------- | :-------------------------- | :-------------------------- | :----------- | :--------- | | Revenue | 327,733 | 409,417 | (81,684) | -19.95% | | Operating costs | (2,981,825) | (4,582,666) | 1,600,841 | -34.93% | | Operating loss | (2,652,607) | (4,166,967) | 1,514,360 | -36.34% | | Net loss for the period | (2,617,070) | (4,107,630) | 1,490,560 | -36.29% | | Total comprehensive loss | (2,642,501) | (3,974,734) | 1,332,233 | -33.52% | | Basic and diluted loss per share | (0.03) | (0.09) | 0.06 | -66.67% | | Metric (CHF) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | Change (CHF) | Change (%) | | :---------------------------- | :-------------------------- | :-------------------------- | :----------- | :--------- | | Revenue | 1,459,502 | 830,008 | 629,494 | 75.84% | | Operating costs | (9,062,130) | (17,867,857) | 8,805,727 | -49.28% | | Operating loss | (7,598,888) | (17,021,767) | 9,422,879 | -55.36% | | Net loss for the period | (7,699,391) | (17,152,617) | 9,453,226 | -55.11% | | Total comprehensive loss | (7,891,373) | (15,874,718) | 7,983,345 | -50.30% | | Basic and diluted loss per share | (0.11) | (0.42) | 0.31 | -73.81% | [Unaudited Interim Condensed Consolidated Statements of Changes in Equity](index=4&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) The statements of changes in equity reflect a decrease in total equity for both the nine-month and three-month periods ended September 30, 2023, primarily due to net losses, despite capital-raising activities through share and warrant sales. Significant movements include the issuance and sale of treasury shares and pre-funded warrants Changes in Equity (Nine-Month Period Ended Sep 30, 2023 vs. Jan 1, 2023) | Metric (CHF) | Jan 1, 2023 | Sep 30, 2023 | Change (CHF) | | :------------------------ | :------------ | :------------ | :----------- | | Total Equity | 4,912,911 | 3,944,435 | (968,476) | | Net loss for the period | - | (7,699,391) | (7,699,391) | | Other comprehensive loss | - | (191,982) | (191,982) | | Sales under shelf registration | - | 1,159,759 | 1,159,759 | | Sale of pre-funded warrants | - | 3,382,259 | 3,382,259 | | Exercise of pre-funded warrants | - | 300 | 300 | | Sales agency agreement | - | 1,176,781 | 1,176,781 | Changes in Equity (Three-Month Period Ended Sep 30, 2023 vs. Jun 30, 2023) | Metric (CHF) | Jun 30, 2023 | Sep 30, 2023 | Change (CHF) | | :------------------------ | :------------ | :------------ | :----------- | | Total Equity | 6,126,103 | 3,944,435 | (2,181,668) | | Net loss for the period | - | (2,617,070) | (2,617,070) | | Other comprehensive loss | - | (25,431) | (25,431) | | Exercise of pre-funded warrants | - | 261 | 261 | | Value of share-based services | - | 483,464 | 483,464 | [For the nine-month periods ended September 30, 2023 and 2022](index=4&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity%20for%20the%20nine-month%20periods%20ended%20September%2030,%202023%20and%202022) [For the three-month periods ended September 30, 2022](index=5&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity%20for%20the%20three-month%20periods%20ended%20September%2030,%202022) [For the three-month periods ended September 30, 2023](index=6&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity%20for%20the%20three-month%20periods%20ended%20September%2030,%202023) [Unaudited Interim Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The company experienced a significant decrease in cash and cash equivalents for the nine-month period ended September 30, 2023, primarily due to net cash used in operating activities, despite positive cash flows from financing activities Consolidated Statements of Cash Flows Summary (Nine-Month Period) | Metric (CHF) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | Change (CHF) | Change (%) | | :------------------------------------------ | :-------------------------- | :-------------------------- | :----------- | :--------- | | Net loss for the period | (7,699,391) | (17,152,617) | 9,453,226 | -55.11% | | Net cash used in operating activities | (7,369,388) | (13,365,377) | 5,995,989 | -44.86% | | Net cash used in investing activities | (5,637) | 2,981 | (8,618) | -289.17% | | Net cash from financing activities | 5,322,949 | 3,271,588 | 2,051,361 | 62.70% | | Decrease in cash and cash equivalents | (2,052,076) | (10,090,808) | 8,038,732 | -79.66% | | Cash and cash equivalents at end of period | 4,754,107 | 10,422,835 | (5,668,728) | -54.39% | [Unaudited Notes to the Interim Condensed Consolidated Financial Statements](index=8&type=section&id=Unaudited%20Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) [1. General information](index=8&type=section&id=1.%20General%20information) Addex Therapeutics Ltd is a clinical-stage pharmaceutical group focused on CNS disorders, applying an allosteric modulator drug discovery platform. The company is domiciled in Switzerland and its shares are traded on SIX Swiss Exchange (ADXN) and Nasdaq Stock Market (ADXN ADSs) - Addex Therapeutics Ltd is a clinical-stage pharmaceutical group specializing in allosteric modulator drug discovery for central nervous system disorders[23](index=23&type=chunk) - The company's registered shares are traded on the SIX Swiss Exchange (**ADXN**) and its American Depositary Shares (ADSs) are listed on the Nasdaq Stock Market (**ADXN ADSs**)[23](index=23&type=chunk) [2. Basis of preparation](index=8&type=section&id=2.%20Basis%20of%20preparation) These interim condensed consolidated financial statements are prepared under IAS 34 and the historic cost convention, consistent with IAS 1, but do not include all notes required for a complete set of financial statements. They rely on estimates and assumptions, which may differ from actual results, and should be read in conjunction with the 2022 annual financial statements - Interim financial statements are prepared under **IAS 34** and **IAS 1**, using the historic cost convention[25](index=25&type=chunk) - The preparation involves estimates and assumptions that may differ from actual results, and the report should be read with the 2022 consolidated financial statements[26](index=26&type=chunk) - New or amended standards applicable from January 1, 2023, did not have a material impact on the Group's financial position or disclosures[27](index=27&type=chunk) [3. Critical accounting estimates and judgments](index=8&type=section&id=3.%20Critical%20accounting%20estimates%20and%20judgments) The Group's financial statements rely on critical accounting estimates and judgments, particularly regarding its going concern ability, given its reliance on future capital raises. Other key areas include revenue recognition, grants, accrued R&D costs, share-based compensation, and pension obligations, all of which involve significant management judgment and assumptions - Estimates and assumptions are continually evaluated based on historical experience and expectations of future events[28](index=28&type=chunk) [Going concern](index=9&type=section&id=Going%20concern) - The Group's existing cash and cash equivalents are expected to fund operations until **Q1 2024**, raising substantial doubt about its ability to continue as a going concern for one year from the issuance date[31](index=31&type=chunk) - Future viability depends on raising additional capital through financings or collaboration agreements, with no assurance of success, which could lead to delays or cessation of R&D programs[31](index=31&type=chunk) [COVID-19](index=9&type=section&id=COVID-19) - The Group terminated its dipraglurant US registration program in June 2022 due to slow patient recruitment, attributed to COVID-19 related concerns and staffing shortages at study sites[32](index=32&type=chunk) [Russia's invasion of Ukraine](index=9&type=section&id=Russia's%20invasion%20of%20Ukraine) - The conflict poses risks of supply chain disruption for R&D activities and potential adverse impacts on the Group's ability to raise capital[33](index=33&type=chunk) [Revenue recognition](index=9&type=section&id=Revenue%20recognition) - Revenue from licenses, milestones, and research services requires judgment to identify performance obligations, allocate transaction prices, and determine when obligations are met, especially regarding estimated stand-alone selling prices[34](index=34&type=chunk) [Grants](index=9&type=section&id=Grants) - Grants are recorded at fair value when receipt is reasonably assured and recognized as income upon satisfaction of underlying conditions, sometimes before explicit grantor acknowledgment[35](index=35&type=chunk) [Accrued research and development costs](index=9&type=section&id=Accrued%20research%20and%20development%20costs) - Accrued R&D costs for third-party services are based on estimated services provided but not yet invoiced, and these estimates may change with new information[35](index=35&type=chunk) [Research and development costs](index=9&type=section&id=Research%20and%20development%20costs) - R&D expenditure is recognized until future economic benefits are probable, leading to recognition as intangible assets, which involves a degree of judgment[36](index=36&type=chunk) [Share-based compensation](index=10&type=section&id=Share-based%20compensation) - Share-based compensation expense is recognized based on Black-Scholes valuation model, which relies on assumptions about share volatility and risk-free rates; significant variations in these assumptions could materially alter the expense[38](index=38&type=chunk) [Pension obligations](index=10&type=section&id=Pension%20obligations) - The present value of the pension obligations is calculated by an independent actuary using assumptions like discount rates, salary/pension increases, and mortality rates, with changes impacting the carrying amount[39](index=39&type=chunk) [4. Interim measurement note](index=10&type=section&id=4.%20Interim%20measurement%20note) The Group's business is not seasonal, but expenses and revenue are project-phase dependent, particularly external R&D. Costs incurred unevenly are anticipated or deferred in interim reports only if appropriate for year-end financial statements - The business is not subject to seasonality; expenses and revenue are determined by project phase, especially external R&D expenditures[40](index=40&type=chunk) - Unevenly incurred costs are anticipated or deferred in interim reports only if consistent with year-end financial reporting practices[40](index=40&type=chunk) [5. Segment reporting](index=10&type=section&id=5.%20Segment%20reporting) The Group operates as a single segment focused on discovering, developing, and commercializing small-molecule pharmaceutical products. Revenue is primarily from collaborative research funding with Indivior PLC, and operating costs are predominantly incurred in Switzerland - The Group identifies one single operating segment: discovery, development, and commercialization of small-molecule pharmaceutical products[41](index=41&type=chunk) Revenue from Contract with Customer and Other Income by Nature (CHF) | Category | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Collaborative research funding | 327,733 | 409,417 | 1,459,502 | 830,008 | | Other service income | 1,485 | 6,282 | 3,740 | 16,082 | | Total | 329,218 | 415,699 | 1,463,242 | 846,090 | Operating Costs by Geographical Area (CHF) | Geographical Area | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :---------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Switzerland | 2,978,234 | 4,575,915 | 9,051,194 | 17,840,466 | | United States | 2,432 | 5,275 | 7,706 | 23,723 | | France | 1,159 | 1,476 | 3,230 | 3,668 | | Total | 2,981,825 | 4,582,666 | 9,062,130 | 17,867,857 | [6. Cash and cash equivalents](index=11&type=section&id=6.%20Cash%20and%20cash%20equivalents) Cash and cash equivalents decreased by 31.67% to CHF 4.75 million as of September 30, 2023, from CHF 6.96 million at December 31, 2022. The currency composition shifted, with USD holdings increasing significantly while CHF holdings decreased Cash and Cash Equivalents (CHF) | Metric | Sep 30, 2023 | Dec 31, 2022 | | :---------------------- | :----------- | :----------- | | Cash at bank and on hand | 4,754,107 | 6,957,086 | | Total | 4,754,107 | 6,957,086 | Cash and Cash Equivalents by Currency (%) | Currency | Sep 30, 2023 | Dec 31, 2022 | | :------- | :----------- | :----------- | | CHF | 21.29% | 52.98% | | USD | 73.38% | 42.10% | | EUR | 2.57% | 2.69% | | GBP | 2.76% | 2.23% | | Total | 100.00% | 100.00% | - The Group no longer pays interest on CHF cash and cash equivalents from **Q3 2022** but earns interest on USD cash and cash equivalents[47](index=47&type=chunk) [7. Other current assets](index=11&type=section&id=7.%20Other%20current%20assets) Total other current assets increased to CHF 988,600 as of September 30, 2023, from CHF 871,875 at December 31, 2022, primarily due to a significant increase in prepayments, while trade and other receivables decreased Other Current Assets (CHF) | Category | Sep 30, 2023 | Dec 31, 2022 | | :------------------------ | :----------- | :----------- | | Other financial assets | 426 | 3,165 | | Trade and other receivables | 184,266 | 416,875 | | Contract asset (Indivior PLC) | 189,099 | 181,441 | | Prepayments | 614,809 | 270,394 | | Total other current assets | 988,600 | 871,875 | - Prepayments increased by **CHF 0.3 million** due to D&O Insurance premium and retirement benefits paid annually[49](index=49&type=chunk) - The combined amount of contract asset, trade receivables, and other receivables decreased by **CHF 0.2 million**, with a low risk of default and nil expected loss allowance[49](index=49&type=chunk) [8. Right-of-use assets](index=12&type=section&id=8.%20Right-of-use%20assets) Right-of-use assets decreased to CHF 313,465 as of September 30, 2023, from CHF 357,613 at December 31, 2022, reflecting depreciation charges partially offset by the effect of lease modifications Right-of-Use Assets (CHF) | Metric | Sep 30, 2023 | Dec 31, 2022 | | :---------------------- | :----------- | :----------- | | Opening net book amount | 357,613 | 469,989 | | Depreciation charge | (207,390) | (291,573) | | Lease modifications | 163,242 | 179,197 | | Closing net book amount | 313,465 | 357,613 | [9. Property, plant and equipment](index=12&type=section&id=9.%20Property,%20plant%20and%20equipment) Property, plant and equipment decreased to CHF 27,581 as of September 30, 2023, from CHF 41,121 at December 31, 2022, primarily due to depreciation charges, despite minor additions Property, Plant and Equipment (CHF) | Metric | Sep 30, 2023 | Dec 31, 2022 | | :---------------------- | :----------- | :----------- | | Opening net book amount | 41,121 | 72,111 | | Additions | 5,637 | 581 | | Depreciation charge | (19,177) | (31,571) | | Closing net book amount | 27,581 | 41,121 | [10. Non-current financial assets](index=13&type=section&id=10.%20Non-current%20financial%20assets) Non-current financial assets, primarily security rental deposits, remained stable at CHF 54,347 as of September 30, 2023, compared to CHF 54,355 at December 31, 2022 Non-Current Financial Assets (CHF) | Category | Sep 30, 2023 | Dec 31, 2022 | | :----------------------- | :----------- | :----------- | | Security rental deposits | 54,347 | 54,355 | | Total | 54,347 | 54,355 | [11. Payables and accruals](index=13&type=section&id=11.%20Payables%20and%20accruals) Total payables and accruals significantly decreased by CHF 1.3 million to CHF 1,724,580 as of September 30, 2023, from CHF 2,996,004 at December 31, 2022, mainly due to reduced clinical development activities Payables and Accruals (CHF) | Category | Sep 30, 2023 | Dec 31, 2022 | | :---------------------------- | :----------- | :----------- | | Trade payables | 389,781 | 1,276,546 | | Social security and other taxes | 112,515 | 120,875 | | Accrued expenses | 1,222,284 | 1,598,583 | | Total | 1,724,580 | 2,996,004 | - The decrease of **CHF 1.3 million** is primarily due to reduced clinical development activities[55](index=55&type=chunk) - Payables and accruals mainly relate to R&D services from contract research organizations, consultants, and professional fees[55](index=55&type=chunk) [12. Share capital](index=13&type=section&id=12.%20Share%20capital) The outstanding shares increased to 98,369,691 as of September 30, 2023, from 77,134,020 at December 31, 2022, driven by sales under shelf registration, exercise of pre-funded warrants, and sales agency agreements. The company also issued new shares to its subsidiary and engaged in various capital-raising activities Share Capital Movements (Number of Shares) | Metric | Jan 1, 2023 | Sep 30, 2023 | Change | | :-------------------------------------- | :------------ | :------------ | :------------ | | Common shares | 115,348,311 | 142,499,261 | 27,150,950 | | Treasury shares | (38,214,291) | (44,129,570) | (5,915,279) | | Total outstanding shares | 77,134,020 | 98,369,691 | 21,235,671 | - During the nine-month period ended September 30, 2023, the Group sold **3,742,506 treasury shares** under a sale agency agreement for gross proceeds of **CHF 1.18 million**[59](index=59&type=chunk) - On June 14, 2023, the Company issued **17,600,000 new shares** to its subsidiary, Addex Pharma SA, which are held as treasury shares[60](index=60&type=chunk) - On April 3, 2023, the Group sold **7,999,998 treasury shares** and **23,578,950 pre-funded warrant shares** to an institutional investor, generating **USD 5.0 million (CHF 4.5 million)** in gross proceeds[61](index=61&type=chunk) - As of September 30, 2023, **14,028,000 pre-funded warrant shares** remain to be exercised, and **9,550,950 pre-funded warrant shares** were exercised during the period[61](index=61&type=chunk) [13. Share-based compensation](index=14&type=section&id=13.%20Share-based%20compensation) Share-based compensation expense decreased significantly for both the three-month and nine-month periods ended September 30, 2023, compared to the prior year, primarily due to lower fair value of equity incentive units compared to the prior year. The Group granted 13,320,581 new options during the nine-month period Share-Based Compensation Expense (CHF) | Period | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total expense recognized | 483,464 | 897,996 | 1,405,261 | 2,997,307 | - The decrease of **CHF 0.4 million** (3-month) and **CHF 1.6 million** (9-month) is primarily due to the increase in fair value of equity incentive units in the prior year following term modifications[64](index=64&type=chunk) - As of September 30, 2023, **14,097,581 options** were outstanding, with **13,320,581 new options** granted during the nine-month period[66](index=66&type=chunk) - **17,431,572 shares** benefiting from the Deferred Strike Price Payment Plan (DSPPP) were outstanding, recorded as treasury shares under IFRS 2[67](index=67&type=chunk) [14. Retirement benefits obligations](index=15&type=section&id=14.%20Retirement%20benefits%20obligations) The funded status of retirement benefits shifted from a CHF 0.2 million surplus at December 31, 2022, to a CHF 0.1 million shortfall as of September 30, 2023, mainly due to a decrease in the discount rate. The company pension amount decreased for both three-month and nine-month periods Company Pension Amount (CHF) | Period | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Company pension amount | (69,022) | (70,524) | (179,143) | (210,347) | Funded Status of Retirement Benefits (CHF) | Metric | Sep 30, 2023 | Dec 31, 2022 | | :------------------------ | :----------- | :----------- | | Defined benefit obligation | (8,636,535) | (7,682,529) | | Fair value of plan assets | 8,490,767 | 7,867,835 | | Effect of asset ceiling | - | (185,306) | | Funded status shortfall | (145,768) | - | - The decrease in funded status is primarily due to the discount rate decreasing from **2.30% (Dec 31, 2022)** to **1.85% (Sep 30, 2023)**[70](index=70&type=chunk) [15. Revenue from contract with customer](index=15&type=section&id=15.%20Revenue%20from%20contract%20with%20customer) Revenue from contracts with customers primarily stems from the license and research agreement with Indivior PLC, which was extended until June 30, 2024, with additional research funding. No revenue was recognized from the Janssen Pharmaceuticals Inc. agreement during the periods Revenue from Contract with Customer (CHF) | Period | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Revenue recognized | 327,733 | 409,417 | 1,459,502 | 830,008 | [License & research agreement with Indivior PLC](index=15&type=section&id=License%20%26%20research%20agreement%20with%20Indivior%20PLC) - The agreement with Indivior PLC, for GABAB PAM compounds, was extended until **June 30, 2024**, with Indivior committing **CHF 2.7 million** in additional research funding[75](index=75&type=chunk) - The Group recognized **CHF 0.3 million** and **CHF 1.5 million** as revenue for the three-month and nine-month periods ended September 30, 2023, respectively, from this agreement[76](index=76&type=chunk) - Indivior terminated the development of ADX71441 in February 2019 but continues to fund research for novel GABAB PAM compounds[75](index=75&type=chunk) [Janssen Pharmaceuticals Inc. (formerly Ortho-McNeil-Janssen Pharmaceuticals Inc)](index=16&type=section&id=Janssen%20Pharmaceuticals%20Inc.%20(formerly%20Ortho-McNeil-Janssen%20Pharmaceuticals%20Inc)) - No amounts were recognized under the research collaboration and license agreement with Janssen Pharmaceuticals Inc. for mGlu2 PAM compounds during the reported periods[77](index=77&type=chunk) - The Group is eligible for up to **EUR 109 million** in success-based milestones and low double-digit royalties on net sales from this agreement[76](index=76&type=chunk) [16. Other income](index=16&type=section&id=16.%20Other%20income) Other income primarily includes grants from Eurostars/Innosuisse and IT consultancy agreements. The Group was awarded a CHF 0.5 million grant in September 2023 for its mGlu2 NAM program, but no income was recognized in accordance with grant conditions - In September 2023, the Group was awarded a **CHF 0.5 million** grant by Eurostars/Innosuisse for its mGlu2 NAM program, but no income was recognized yet[79](index=79&type=chunk) - Receivables related to Eurostars/Innosuisse grants were nil as of September 30, 2023[79](index=79&type=chunk) - Other income also includes IT consultancy agreements[79](index=79&type=chunk) [17. Operating costs](index=17&type=section&id=17.%20Operating%20costs) Total operating costs significantly decreased by CHF 8.8 million for the nine-month period and CHF 1.6 million for the three-month period ended September 30, 2023, compared to the prior year. This reduction was primarily driven by decreased external research and development activities, lower staff costs, and reduced D&O insurance expenses Operating Costs (CHF) | Category | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Staff costs | 1,322,528 | 1,573,011 | 4,077,916 | 5,118,068 | | External research and development costs | 833,475 | 1,737,712 | 2,294,117 | 8,922,204 | | D&O Insurance | 157,399 | 397,753 | 472,311 | 1,193,441 | | Total operating costs | 2,981,825 | 4,582,666 | 9,062,130 | 17,867,857 | - Total operating costs decreased by **CHF 8.8 million** for the nine-month period, mainly due to a **CHF 6.6 million** decrease in dipraglurant-related external R&D activities[81](index=81&type=chunk) - Staff costs decreased by **CHF 1.0 million** (9-month) and **CHF 0.3 million** (3-month) primarily due to lower share-based service costs[81](index=81&type=chunk) - D&O insurance decreased by **CHF 0.7 million** (9-month) and **CHF 0.2 million** (3-month)[81](index=81&type=chunk) [18. Staff costs](index=17&type=section&id=18.%20Staff%20costs) Total staff costs decreased by CHF 1.0 million for the nine-month period ended September 30, 2023, compared to the same period in 2022, primarily driven by lower share-based service costs Staff Costs (CHF) | Category | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Wages and salaries | 758,231 | 680,231 | 2,427,921 | 2,193,349 | | Social charges and insurances | 85,589 | 79,287 | 280,322 | 258,733 | | Value of share-based services | 409,686 | 742,969 | 1,190,530 | 2,455,639 | | Retirement benefit | 69,022 | 70,524 | 179,143 | 210,347 | | Total staff costs | 1,322,528 | 1,573,011 | 4,077,916 | 5,118,068 | - The **CHF 1.0 million** decrease in total staff costs for the nine-month period is primarily due to lower share-based service costs[82](index=82&type=chunk) [19. Finance result, net](index=17&type=section&id=19.%20Finance%20result,%20net) The net finance result for the nine-month period ended September 30, 2023, was a loss of CHF 100,503, an improvement from the CHF 130,850 loss in the prior year, driven by increased interest income and reduced interest costs, despite foreign exchange losses Finance Result, Net (CHF) | Category | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Interest income | 13,658 | 3,605 | 50,833 | 3,904 | | Interest cost | - | (1,509) | (93) | (25,878) | | Interest expense on leases | (3,503) | (4,875) | (13,158) | (15,252) | | Foreign exchange (losses)/gains, net | 25,382 | 62,116 | (138,085) | (93,624) | | Finance result, net | 35,537 | 59,337 | (100,503) | (130,850) | [20. Loss per share](index=18&type=section&id=20.%20Loss%20per%20share) Basic and diluted loss per share significantly improved for both the three-month and nine-month periods ended September 30, 2023, reflecting a reduced net loss and an increased weighted average number of shares in issue Loss Per Share (CHF) | Metric | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Loss attributable to equity holders | (2,617,070) | (4,107,630) | (7,699,391) | (17,152,617) | | Weighted average number of shares in issue | 77,278,532 | 47,785,707 | 70,299,213 | 41,238,494 | | Basic and diluted loss per share | (0.03) | (0.09) | (0.11) | (0.42) | - Dilutive potential shares (treasury shares, ESCs, share options, and warrants) were ignored as they would be antidilutive[86](index=86&type=chunk) [21. Related party transactions](index=18&type=section&id=21.%20Related%20party%20transactions) Key management compensation, including salaries, benefits, consulting fees, and share-based compensation, decreased for both the three-month and nine-month periods ended September 30, 2023, compared to the prior year, primarily due to a reduction in share-based compensation Key Management Compensation (CHF) | Category | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :---------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Salaries, other short-term employee benefits and post-employment benefits | 356,505 | 348,262 | 1,284,010 | 1,270,926 | | Consulting fees | 3,889 | 20,403 | 13,614 | 144,110 | | Share-based compensation | 416,890 | 781,638 | 1,200,430 | 2,603,742 | | Total | 777,284 | 1,150,303 | 2,498,054 | 4,018,778 | - The decrease in total compensation is mainly attributable to lower share-based compensation[88](index=88&type=chunk) [22. Events after the balance sheet date](index=18&type=section&id=22.%20Events%20after%20the%20balance%20sheet%20date) Post-balance sheet events include an ADS ratio change (1-for-20 reverse split effect) to regain Nasdaq compliance, which was confirmed in November 2023. The company also sold treasury shares and issued new shares from exercised pre-funded warrants and an employee/director retention plan, with some new shares subject to sales restrictions - On October 23, 2023, the ADS ratio changed from one ADS to six shares to one ADS to one hundred and twenty shares, effectively a **1-for-20 ADS reverse split**, to regain Nasdaq minimum bid price compliance[89](index=89&type=chunk) - Nasdaq confirmed compliance was regained on **November 8, 2023**[89](index=89&type=chunk) - In October 2023, **263,867 treasury shares** were sold, and in November 2023, **7,908,000 shares** were issued from exercised pre-funded warrants[89](index=89&type=chunk)[90](index=90&type=chunk) - On November 27, 2023, **12,527,235 equity incentive units** were exercised as part of an employee and director retention plan, resulting in new share issuance, with **10,961,330 shares** subject to sales restrictions[90](index=90&type=chunk)

Addex Therapeutics Ltd (NASDAQ:ADXN) Q2 2023 Results Conference Call August 10, 2023 10:00 AM ET Company Participants Tim Dyer - Chief Executive Officer Robert Lutjens - Head of Discovery-Biology Mikhail Kalinichev - Head of Transition Science Conference Call Participants Boobalan Pachaiyappan - H.C. Wainwright Operator Good day and thank you for standing by. Welcome to the Addex Therapeutics Half Year 2023 Financial Results and Corporate Update Conference Call. At this time, all participants are in a liste ...

Exhibit 99.1 ADDEX THERAPEUTICS LTD INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Unaudited Interim Condensed Consolidated Financial Statements Unaudited Interim Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 2 Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss for the three-month and six-month periods ended 3 June 30, 2023 and 2022 Unaudited Interim Condensed Consolidated Statements of Changes in Equity for the six-month perio ...

Addex Therapeutics Ltd. (NASDAQ:ADXN) Q1 2023 Earnings Conference Call May 11, 2023 10:00 AM ET Company Participants Timothy Dyer – Chief Executive Officer Robert Lütjens – Head of Discovery-Biology Conference Call Participants Boobalan Pachaiyappan – H.C. Wainwright Leonildo Delgado – Baader Helvea Timothy Dyer Hello, everyone. I would like to thank you all for attending our First Quarter 2023 Financial Results Conference Call. I'm here with Robert Lütjens, our Head of Discovery Biology. I draw your attent ...

Financial Performance - Revenue from contracts with customers increased to CHF 500,892 for the three months ended March 31, 2023, compared to CHF 237,237 for the same period in 2022, marking a growth of approximately 111%[7] - Total revenue for Q1 2023 was CHF 502,047, up from CHF 243,948 in Q1 2022, marking a 106% increase[39] - Net loss for the period narrowed to CHF 2,407,169 in Q1 2023 from CHF 5,823,735 in Q1 2022, indicating an improvement of approximately 59%[7] - The loss attributable to equity holders for Q1 2023 was CHF 2,407,169, an improvement from 5,823,735 in Q1 2022[83] - Basic and diluted loss per share improved to CHF (0.04) in Q1 2023 from CHF (0.15) in Q1 2022[7] Operating Costs - Total operating costs decreased from CHF 6,006,533 in Q1 2022 to CHF 2,901,552 in Q1 2023, a reduction of approximately 52%[7] - Total operating costs for Q1 2023 decreased to CHF 2,901,552, down CHF 3.1 million from CHF 6,006,533 in Q1 2022, primarily due to reduced external research and development expenses[76][77] - General and administration expenses decreased from CHF 2,241,086 in Q1 2022 to CHF 1,197,577 in Q1 2023, a decline of approximately 47%[7] - Research and development expenses were CHF 1,703,975 in Q1 2023, down from CHF 3,765,447 in Q1 2022, a reduction of approximately 55%[7] - Total staff costs for Q1 2023 were CHF 1,343,428, a decrease of CHF 0.8 million compared to CHF 2,192,973 in Q1 2022, mainly due to lower share-based service costs[80] Cash and Assets - Total assets decreased from CHF 8,282,050 as of December 31, 2022, to CHF 7,294,522 as of March 31, 2023, representing a decline of approximately 12%[4] - Cash and cash equivalents decreased from CHF 6,957,086 as of December 31, 2022, to CHF 5,594,872 as of March 31, 2023, a decline of approximately 20%[4] - Cash and cash equivalents at the end of the period were CHF 5,594,872, down from CHF 14,887,838 at the end of the same period in 2022, reflecting a decrease of 62.4%[18] - Other current assets increased to CHF 1,319,871 as of March 31, 2023, compared to CHF 871,875 as of December 31, 2022, an increase of 51%[45] - Total equity decreased from CHF 4,912,911 as of December 31, 2022, to CHF 4,071,228 as of March 31, 2023, a decrease of approximately 17%[4] Cash Flow and Financing - Net cash used in operating activities decreased to CHF 2,359,437 from CHF 4,844,624, indicating a 51.3% reduction in cash outflow[18] - The Group's cash flows from financing activities resulted in a net cash inflow of CHF 1,028,343, contrasting with a net cash outflow of CHF 744,352 in the prior year[18] - The Group's existing cash and cash equivalents are expected to be insufficient to fund operations for the next 12 months, raising substantial doubt about its ability to continue as a going concern[27] - The Group is exploring options to obtain additional funding through collaborations and public or private financings to support future operations[27] Shareholder Information - The total number of shares outstanding as of March 31, 2023, was 80,871,291, excluding 34,477,020 treasury shares[56] - The Group sold 3,742,506 treasury shares at an average price of CHF 0.31 per share, generating gross proceeds of CHF 1,176,781 during Q1 2023[57] - Total share-based compensation expense for Q1 2023 was CHF 431,196, a decrease of CHF 1.0 million from CHF 1,440,052 in Q1 2022[13] - The Group's share-based compensation expense was CHF 431,196 for the period, down from CHF 1,440,052 in the same period last year, indicating a 70% decrease[18] Revenue Recognition - The Group's revenue primarily comes from fees related to licenses, milestones, and research services, with significant judgment required in revenue recognition[30] - Collaborative research funding revenue increased to CHF 500,892 in Q1 2023 from CHF 237,237 in Q1 2022, representing a growth of 111%[37] - Other service income decreased to CHF 1,155 in Q1 2023 from CHF 6,711 in Q1 2022, a decline of 83%[37]

Financial Data and Key Metrics Changes - The company recognized $1.4 million of income in 2022, a decrease from $3.2 million in 2021, primarily due to reduced research funding from collaboration with Indivior [26] - R&D expenses increased to $14.7 million in 2022 from $12.8 million in 2021, attributed to increased outsourced clinical activities and share-based compensation [26] - G&A expenses rose to $7.3 million in 2022 from $5.8 million in 2021, mainly due to increased share-based compensation costs [27] - The company ended 2022 with CHF 7 million in cash, down from $20.5 million at the start of the year, after consuming $17.6 million in operations [28] Business Line Data and Key Metrics Changes - The collaboration with Indivior was extended, with an additional research funding of $1.8 million expected [5] - The mGlu2 NAM program faced challenges during the clinical candidate selection phase, leading to a return to lead optimization [5] - The M4 PAM program for schizophrenia is progressing rapidly through lead optimization, especially following positive Phase III data from a competitor [5][6] Market Data and Key Metrics Changes - The market opportunity for ADX71149 in epilepsy is significant, with over 2 million patients on Keppra, which generates close to $1 billion in annual sales [7][8] - The company has retained significant economic rights in its deal with Janssen, including prelaunch milestones of EUR 109 million and low double-digit royalties on net sales [8] Company Strategy and Development Direction - The company is focusing on advancing its preclinical pipeline, with multiple candidates moving towards IND-enabling studies [25] - Future development plans for dipraglurant include exploring indications in post-stroke recovery and pain management [29] - The company aims to secure partnerships to strengthen its balance sheet and advance its portfolio [30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged disappointing stock performance and market capitalization but expressed optimism about ongoing business discussions and potential partnerships [30] - The company is evaluating the future development of dipraglurant and believes in its value for treating PD-LID and other indications [29] Other Important Information - The company implemented cost-saving measures that significantly reduced monthly cash burn, providing a runway through the end of Q3 2023 [6] - The independent interim review committee established by Janssen will provide recommendations on the ADX71149 study in early Q2 2023 [11][28] Q&A Session Summary Question: What might Janssen consider an unexpectedly positive outcome from the epilepsy proof-of-concept study? - Management explained that Janssen is looking for a go/no-go decision based on how many patients reached their baseline seizure count in Part 1 of the study [32][33] Question: How does the M4 allosteric modulator compare to xanomeline plus trospium? - Management highlighted that their approach uses a selective positive allosteric modulator, which may avoid tolerance issues seen with agonists [35][36] Question: Why has the compensation for the Board and executives increased significantly? - The increase is linked to a reorganization of the share-based compensation program, driven by IFRS 2 calculations [40][41] Question: Why are IND-enabling studies for GABAB not happening earlier? - Management noted that Indivior is conducting thorough profiling of compounds, which has delayed the selection process [44][45] Question: Are patients being recruited for the second part of the ADX71149 study? - Management confirmed that recruitment is ongoing and that patients from Part 1 who did not meet their baseline seizure count have rolled over into Part 2 [47][49]

[Key 2022 Financial Data](index=1&type=section&id=Key%202022%20Financial%20Data) Addex Therapeutics reported a widened net loss and a significant decrease in cash and equity in 2022 [Financial Summary Table](index=1&type=section&id=1.1_Financial%20Summary%20Table) Addex Therapeutics reported a net loss of CHF 20.8 million in 2022, an increase from CHF 15.4 million in 2021. Cash and cash equivalents significantly decreased to CHF 7.0 million from CHF 20.5 million, reflecting increased operating losses and a decrease in net cash 2022 vs 2021 Financial Summary (CHF thousands) | Metric | 2022 | 2021 | Change | | :----- | :--- | :--- | :----- | | Income | 1,445 | 3,153 | (1,708) | | R&D expenses | (14,665) | (12,840) | (1,825) | | G&A expenses | (7,300) | (5,819) | (1,481) | | Total operating loss | (20,520) | (15,506) | (5,014) | | Finance result, net | (284) | 154 | (438) | | Net loss for the period | (20,804) | (15,352) | (5,452) | | Basic and diluted net loss per share | (0.46) | (0.45) | (0.01) | | Net increase / (decrease) in cash and cash equivalents | (13,528) | 1,790 | (15,318) | | Cash and cash equivalents | 6,957 | 20,485 | (13,528) | | Shareholders' equity | 4,913 | 16,931 | (12,018) | - Cash and cash equivalents at December 31, 2022, were **CHF 7.0 million ($7.4 million)**[1](index=1&type=chunk) [Detailed Financial Analysis](index=1&type=section&id=1.2_Detailed%20Financial%20Analysis) Addex Therapeutics experienced a decrease in income due to the advanced stage of its Indivior collaboration, while both R&D and G&A expenses increased, primarily driven by outsourced activities and higher share-based compensation costs, leading to a widened net loss and a significant reduction in cash and cash equivalents [Income Statement Components](index=1&type=section&id=1.2.1_Income%20Statement%20Components) Income decreased due to collaboration progression, while R&D and G&A expenses rose, leading to a higher net loss - Income decreased by **CHF 1.7 million** to **CHF 1.4 million** in 2022 (from CHF 3.2 million in 2021), primarily due to the positive progression of the Indivior collaboration into late stages of clinical candidate selection and the transfer of R&D activities to Indivior[4](index=4&type=chunk)[5](index=5&type=chunk) - R&D expenses increased by **CHF 1.8 million** to **CHF 14.6 million** in 2022 (from CHF 12.8 million in 2021), mainly due to increased outsourced R&D expenses (**CHF 1.0 million**) and increased share-based compensation costs (**CHF 0.6 million**)[5](index=5&type=chunk) - G&A expenses increased by **CHF 1.5 million** to **CHF 7.3 million** in 2022 (from CHF 5.8 million in 2021), primarily due to higher share-based compensation costs[5](index=5&type=chunk) - Net loss increased by **CHF 5.5 million** to **CHF 20.8 million** in 2022 (from CHF 15.4 million in 2021), primarily due to increased expenses and decreased income. Basic and diluted loss per share increased to **CHF 0.46** (from CHF 0.45)[5](index=5&type=chunk) [Cash and Equity Position](index=2&type=section&id=1.2.2_Cash%20and%20Equity%20Position) Cash and cash equivalents significantly decreased, primarily due to net loss, despite proceeds from a July 2022 offering - Cash and cash equivalents decreased by **CHF 13.5 million** to **CHF 7.0 million** at December 31, 2022 (from CHF 20.5 million at December 31, 2021)[1](index=1&type=chunk)[6](index=6&type=chunk) - The decrease in cash was mainly due to the net loss of **CHF 20.8 million**, adjusted for non-cash expense items such as share-based compensation of **CHF 3.7 million** and net proceeds of **CHF 3.7 million** from the offering executed on July 22, 2022[6](index=6&type=chunk) - Shareholders' equity decreased by **CHF 12.0 million** to **CHF 4.9 million** at December 31, 2022 (from CHF 16.9 million at December 31, 2021)[1](index=1&type=chunk) [2022 Operating Highlights](index=1&type=section&id=2022%20Operating%20Highlights) Addex Therapeutics advanced its clinical and preclinical pipeline, pursued strategic partnerships, and implemented financial initiatives in 2022 [Clinical Development Progress](index=1&type=section&id=2.1_Clinical%20Development%20Progress) Addex made significant strides in its clinical programs, with ADX71149 completing part 1 of its Phase 2 epilepsy study and Dipraglurant being Phase 2 ready for potential development in PD-LID, post-stroke recovery, and pain - ADX71149 epilepsy Phase 2 study part 1 completed with Independent interim review committee recommendation expected early Q2 2023[3](index=3&type=chunk) - Dipraglurant is Phase 2 ready, with future development in PD-LID, post-stroke recovery, and pain under evaluation[3](index=3&type=chunk) [Preclinical Pipeline & Strategic Partnerships](index=1&type=section&id=2.2_Preclinical%20Pipeline%20%26%20Strategic%20Partnerships) The preclinical pipeline advanced with a drug candidate selected for IND-enabling studies for mGlu7 NAM in stress-related disorders, and multiple drug candidates in the clinical candidate selection phase for the GABAB PAM program, which has an extended strategic partnership with Indivior - mGlu7 NAM for stress-related disorders, including PTSD: drug candidate selected for IND enabling studies, with study preparation underway[3](index=3&type=chunk) - GABAB PAM strategic partnership with Indivior for substance use disorders extended, with multiple drug candidates in clinical candidate selection phase[3](index=3&type=chunk) - GABAB PAM CMT1A, chronic cough and pain program profiling multiple drug candidates[3](index=3&type=chunk) - Continued to progress with mGlu2 NAM mild neurocognitive disorders program and M4 PAM schizophrenia program through lead optimization[3](index=3&type=chunk) [Corporate & Financial Initiatives](index=1&type=section&id=2.3_Corporate%20%26%20Financial%20Initiatives) Addex actively pursued partnering discussions across its portfolio, completed the close-down of dipraglurant PD-LID development, implemented cost-saving measures, and successfully raised gross proceeds of $4.2 million through an offering in July 2022 - Partnering discussions across the portfolio progressing well[3](index=3&type=chunk) - Completed the close-down of dipraglurant PD-LID development and implemented cost-saving measures[3](index=3&type=chunk) - Completed offering in July 2022, raising gross proceeds of **$4.2 million**[3](index=3&type=chunk) [Corporate Overview and Disclosures](index=1&type=section&id=Corporate%20Overview%20and%20Disclosures) This section provides an overview of Addex Therapeutics' 2022 financial results, corporate updates, company profile, and important disclosures [Corporate Announcement and CEO Statement](index=1&type=section&id=3.1_Corporate%20Announcement%20and%20CEO%20Statement) Addex Therapeutics announced its full-year 2022 financial results and corporate update, with CEO Tim Dyer highlighting progress in the ADX71149 Phase 2 study and the company's continued focus on securing financial resources through collaborative arrangements - Addex Therapeutics, a clinical-stage pharmaceutical company, reported financial results for the full-year ended December 31, 2022, and provided a corporate update[2](index=2&type=chunk) - CEO Tim Dyer noted excellent progress in the ADX71149 Phase 2 clinical study and a continued focus on pursuing collaborative arrangements to secure financial resources and strengthen the balance sheet[2](index=2&type=chunk) [About Addex Therapeutics](index=2&type=section&id=3.2_About%20Addex%20Therapeutics) Addex Therapeutics is a clinical-stage pharmaceutical company specializing in orally available, small molecule allosteric modulators for neurological disorders. Its lead candidate, ADX71149, is in Phase 2a for epilepsy, and it has a broad preclinical pipeline and partnerships for various indications - Addex Therapeutics is a clinical-stage pharmaceutical company focused on the development and commercialization of novel orally available, small molecule allosteric modulators for neurological disorders[10](index=10&type=chunk) - Lead drug candidate, ADX71149 (mGlu2 PAM), developed in collaboration with Janssen Pharmaceuticals, Inc., is in a Phase 2a proof of concept clinical trial for epilepsy[10](index=10&type=chunk) - Addex's second clinical program, dipraglurant (mGlu5 NAM), is under evaluation for future development in a range of indications[10](index=10&type=chunk) - Indivior PLC has licensed Addex's GABAB PAM program for the development of drug candidates, with a focus on substance use disorder[10](index=10&type=chunk) - Addex is also advancing a broad preclinical pipeline, including GABAB PAMs for CMT1A, chronic cough and pain; mGlu7 NAM for stress-related disorders; mGlu2 NAM for mild neurocognitive disorders and depression; M4 PAM for schizophrenia; and mGlu4 PAM and mGlu3 PAM[10](index=10&type=chunk) [Conference Call Details](index=2&type=section&id=3.3_Conference%20Call%20Details) A conference call was scheduled for March 30, 2023, at 16:00 CEST to review the financial results, featuring CEO Tim Dyer and Head of Discovery - Biology Robert Lütjens, followed by a Q&A session. Participants were required to register in advance - A conference call was held on March 30, 2023, at 16:00 CEST to review the financial results[7](index=7&type=chunk) - Tim Dyer (Chief Executive Officer) and Robert Lütjens (Head of Discovery - Biology) were scheduled to deliver a presentation followed by a Q&A session[7](index=7&type=chunk) - Participants were required to register in advance using a provided link, which would then provide dial-in numbers and a unique Personal PIN[8](index=8&type=chunk)[9](index=9&type=chunk) [Press Contacts](index=3&type=section&id=3.4_Press%20Contacts) Contact information for media inquiries is provided, including Tim Dyer (CEO) and Mike Sinclair (Partner, Halsin Partners) Press Contacts | Name | Title/Company | Contact Information | | :--- | :------------ | :------------------ | | Tim Dyer | Chief Executive Officer | Telephone: +41 22 884 15 55, PR@addextherapeutics.com | | Mike Sinclair | Partner, Halsin Partners | +44 (0)7968 022075, msinclair@halsin.com | [Forward Looking Statements](index=3&type=section&id=3.5_Forward%20Looking%20Statements) This section contains standard forward-looking statements regarding clinical trial progress, collaboration outcomes, and strategic direction, emphasizing that actual results may differ due to various risks and uncertainties detailed in SEC filings. The company explicitly disclaims any obligation to update these statements - This press release contains forward-looking statements regarding the ability to discover molecules, progress of clinical trials and preclinical studies, timing of data read-outs, and intended strategic direction[13](index=13&type=chunk) - These statements are based on management's current expectations and beliefs and are subject to risks, uncertainties, and important factors that may cause actual events or results to differ materially, as described in Addex Therapeutics' Annual Report on Form 20-F for the year ended December 31, 2022, and other SEC filings[13](index=13&type=chunk) - Addex Therapeutics explicitly disclaims any obligation to update any forward-looking statements[13](index=13&type=chunk)