Addex Therapeutics(ADXN) - 2023 Q4 - Annual Report

Full Year 2023 Financial Results and Corporate Update Addex Therapeutics reported full-year 2023 financial results, emphasizing Neurosterix launch, operational milestones, and improved financial performance Introduction and CEO Remarks Addex Therapeutics announced 2023 financial results, emphasizing the transformational Neurosterix launch and key upcoming milestones - The launch of Neurosterix, in collaboration with Perceptive Advisors, is considered a transformational transaction for Addex, validating decades of work[3] - Top-line data from the ADX71149 Phase 2 epilepsy study is anticipated by mid-May 2024[1][3] - The company plans to start IND-enabling studies for drug candidates from its GABAB PAM collaboration with Indivior by the end of 2024[3] Operating Highlights Key operational milestones in 2023 include the Neurosterix launch, extended Indivior collaboration, and preclinical program advancements - Launched Neurosterix with Perceptive Advisors, securing USD 63 million to advance the allosteric modulator drug discovery platform and unpartnered preclinical portfolio[1][4] - The GABAB PAM collaboration with Indivior for substance use disorders was extended to the end of June 2024, with an additional CHF 2.7 million in research funding[4] - An Addex-led consortium secured a EUR 4 million Eurostars grant for its mGlu2NAM mild neurocognitive disorders discovery program[4] - Data supporting the development of dipraglurant in post-stroke recovery was published in the journal Brain[4] Financial Performance Addex significantly reduced 2023 operating and net losses, driven by decreased R&D and G&A expenses Key Financial Data (CHF in thousands) | Financial Metric | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Income | 1,647 | 1,445 | 202 | | R&D expenses | (6,962) | (14,665) | 7,703 | | G&A expenses | (4,966) | (7,300) | 2,334 | | Total operating loss | (10,281) | (20,520) | 10,239 | | Net loss for the period | (10,556) | (20,804) | 10,248 | | Basic and diluted net loss per share (CHF) | (0.14) | (0.46) | 0.32 | | Cash and cash equivalents | 3,865 | 6,957 | (3,092) | - R&D expenses decreased by CHF 7.7 million to CHF 7.0 million in 2023, mainly due to reduced external R&D activities related to dipraglurant[7] - G&A expenses fell by CHF 2.3 million to CHF 5.0 million in 2023, primarily due to lower share-based service costs and D&O insurance costs[7] - The net loss decreased by CHF 10.2 million, largely as a result of the reduction in R&D expenses[7] - Cash and cash equivalents decreased by CHF 3.1 million, reflecting cash used in operations, partially offset by proceeds from a USD 5 million equity offering in April 2023 and research funding from Indivior[7] Corporate Information Addex Therapeutics, a clinical-stage biopharmaceutical company, provided corporate details and forward-looking statements - Addex is a clinical-stage biopharmaceutical company focused on developing novel small molecule allosteric modulators for neurological disorders[11] - The company's lead drug candidate is ADX71149 for epilepsy, followed by dipraglurant for Parkinson's-related dyskinesia and post-stroke recovery[11] - A conference call and webcast to review the financial results was scheduled for April 18, 2024, with registration details provided[9][10] - The press release contains forward-looking statements, and actual results may differ materially due to various risks and uncertainties detailed in the company's SEC filings, including the Annual Report on Form 20-F[13]