Addex Therapeutics(US:ADXN) Newsfilter·2024-06-06 05:00Core Viewpoint - Addex Therapeutics reported its Q1 2024 financial results, highlighting a focus on advancing drug candidates in collaboration with Indivior and other partners, while also addressing financial performance and operational changes following the Neurosterix transaction. Financial Summary - Income for Q1 2024 was CHF 235,000, down from CHF 502,000 in Q1 2023, a decrease of CHF 267,000 [5] - R&D expenses remained stable at CHF 245,000 in Q1 2024 compared to CHF 255,000 in Q1 2023, showing a slight decrease of CHF 10,000 [5] - G&A expenses increased to CHF 778,000 in Q1 2024 from CHF 615,000 in Q1 2023, an increase of CHF 163,000 primarily due to legal fees [5] - Total operating loss for Q1 2024 was CHF 788,000, compared to CHF 368,000 in Q1 2023, an increase of CHF 420,000 [5] - Net loss from continuing operations was CHF 735,000 in Q1 2024, up from CHF 370,000 in Q1 2023, an increase of CHF 365,000 [5] - Net loss for the period was CHF 3,087,000, compared to CHF 2,407,000 in Q1 2023, an increase of CHF 680,000 [5] Operational Highlights - The selection of drug candidates under the GABAB PAM collaboration with Indivior is expected by the end of Q2 2024 [2] - The company launched Neurosterix with Perceptive Advisors, raising USD 63 million in Series A funding to accelerate the development of a preclinical portfolio [5] - Addex received CHF 5 million and a 20% equity stake in Neurosterix in April 2024, extending its cash runway beyond 2026 [5] - The partner, Janssen Pharmaceuticals Inc., completed the Phase 2 study of ADX71149 for epilepsy, but the top-line results did not show statistical significance [5] Cash Position - Cash and cash equivalents decreased to CHF 1.6 million as of March 31, 2024, down from CHF 5.6 million a year earlier, a decrease of CHF 4 million [7] - The decrease in cash was primarily due to cash used in operating activities, partially offset by funds raised from an institutional investor in April 2023 [7]