Financial Data and Key Metrics Changes - Income in Q3 2025 remained similar to Q3 2024, amounting to CHF 0.1 million, primarily related to patent license maintenance and fair value of services from Neurosterix [16] - R&D expenses were CHF 0.2 million in Q3 2025, consistent with Q3 2024, mainly for the GABA-B PAM program [16] - G&A expenses were CHF 0.5 million in Q3 2025, stable compared to Q3 2024 [16] - Cash at the end of Q3 2025 was CHF 2.2 million, providing a runway through mid-2026, with a significant reduction in cash burn following the Neurosterix spin-out [5][16] Business Line Data and Key Metrics Changes - The GABA-B PAM program has made excellent progress, with IND-enabling studies ready to start, subject to financing [6][12] - The Dipraglurant program for post-stroke recovery is being repositioned, with preparations for clinical studies underway [4][6] Market Data and Key Metrics Changes - There is a significant unmet medical need in chronic cough treatment, with current standards of care ineffective in 30% of patients and only moderately effective in up to 60% [10][11] - The market for post-stroke recovery is growing, with over 100 million stroke survivors worldwide, increasing at an annual rate of 12 million [7] Company Strategy and Development Direction - The company is focused on advancing its GABA-B PAM program for chronic cough and Dipraglurant for post-stroke recovery, with plans to collaborate with Neurosterix and Lund University [4][6][18] - The company is evaluating potential indications for its mGluR2 PAM program and continuing to advance its portfolio towards clinical studies [18] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges in the chronic cough market, noting that up to 50% of patients on current treatments are non-responders or discontinue due to side effects [24][25] - The company is optimistic about the potential of Dipraglurant and GABA-B PAMs, believing they can address unmet needs in their respective therapeutic areas [10][11][18] Other Important Information - The company has a strong patent position for Dipraglurant and believes it can become a first-in-class drug for post-stroke recovery [9] - Neurosterix is advancing its portfolio, including an M4 PAM program set to start phase one this year [18] Q&A Session Summary Question: Commercial outlook for chronic refractory cough - Management noted that Gefapixent is not performing well and that there is a significant unmet medical need in the cough market [23][24] Question: Funding catalyst for Stalicla and potential IPO - Stalicla is working on Series C financing to fund clinical programs and is considering an IPO as a potential funding mechanism [26][28] Question: Competitive clinical development in post-stroke recovery - Management discussed the Camaris trial with Maraviroc and its potential learnings for Dipraglurant development [22][29] Question: Indivior collaboration and future catalysts - Indivior has completed IND-enabling studies and is preparing to move the program forward, with no further details available at this stage [31]