Core Viewpoint - Addex Therapeutics has selected a GABAB PAM drug candidate for development in substance use disorders and is initiating IND enabling studies while also seeking partners for later clinical development stages [2][3] Financial Performance - For Q3 2024, Addex reported a net loss of CHF 1.5 million, an improvement from a net loss of CHF 2.6 million in Q3 2023, primarily due to the sale of part of its business [7] - Total operating loss for Q3 2024 was CHF 622,000, down from CHF 749,000 in Q3 2023, reflecting a decrease in R&D and G&A expenses [3][13] - Cash and cash equivalents decreased to CHF 3.3 million as of September 30, 2024, from CHF 4.7 million a year earlier, attributed to cash used in operating activities [9] Income and Expenses - Income for Q3 2024 was CHF 59,000, a significant decrease from CHF 329,000 in Q3 2023, mainly due to the completion of a research agreement with Indivior [3][10] - R&D expenses decreased to CHF 205,000 in Q3 2024 from CHF 490,000 in Q3 2023, reflecting the completion of the research agreement [3][11] - G&A expenses were stable at around CHF 1.9 million for the nine-month periods ended September 30, 2024, and 2023, with a slight decrease in Q3 2024 [12] Discontinued Operations - During the nine-month period ended September 30, 2024, net profit from discontinued operations was CHF 12.0 million, primarily due to a net gain of CHF 14.0 million from the sale of part of the business [5][6] - The net profit for the nine-month period was CHF 8.3 million, driven by the profit from discontinued operations, offset by a net loss from continuing operations of CHF 3.7 million [6] Corporate Developments - Addex is advancing an independent GABAB PAM program for chronic cough while collaborating with Indivior on substance use disorders [2][17] - The company holds a 20% equity interest in Neurosterix LLC, which is developing a portfolio of allosteric modulator programs [17]
Addex Reports Third Quarter 2024 Financial Results and Provides Corporate Update