Financial Data and Key Metrics Changes - The company recognized CHF0.4 million of income in Q3 2022, a decrease from CHF0.8 million in Q3 2021, primarily due to reduced research funding from collaboration with Indivior [27] - R&D expenses were CHF2.8 million in Q3 2022, slightly down from CHF2.9 million in Q3 2021, attributed to reduced dipraglurant development activities [28] - G&A expenses increased to CHF1.8 million in Q3 2022 from CHF1.5 million in Q3 2021, mainly due to higher share-based compensation costs [28] - The company completed Q3 2022 with cash reserves of CHF10.4 million, providing a cash runway through Q2 2023 [5][29] Business Line Data and Key Metrics Changes - The GABAB PAM program is progressing towards late clinical candidate selection, with multiple candidates being profiled [4][17] - The mGluR7 negative allosteric modulator program has selected a clinical candidate ready to enter IND-enabling studies [22] - The mGluR2 NAM program is in the clinical candidate selection phase, with plans to start IND-enabling studies in the second half of 2023 [24] Market Data and Key Metrics Changes - The epilepsy market remains a significant opportunity, with the anti-epileptic market estimated at close to $20 billion in sales revenue [8] - The company’s partner, Janssen Pharmaceuticals, is on track to complete Part 1 of the Phase 2 epilepsy clinical study, with results expected in Q1 2023 [29] Company Strategy and Development Direction - The company aims to develop independent programs in Charcot-Marie-Tooth 1A neuropathy, chronic cough, and pain, alongside its partnered programs [4][18][20] - The focus on allosteric modulation is expected to yield differentiated drug candidates with improved efficacy and safety profiles compared to existing treatments [17][25] Management's Comments on Operating Environment and Future Outlook - Management expressed moderate confidence in closing a partnership deal by mid-next year, emphasizing the importance of securing a partner for restarting development activities [33] - The company recognizes its disappointing stock performance but believes successful execution of its partnering strategy will enhance stock value [30] Other Important Information - The company has retained rights to select drug candidates from the Indivior-funded research activities for its independent GABAB PAM program [4][17] - The company is pursuing multiple business discussions related to dipraglurant for various indications and plans to restart development once a partner is secured [14][29] Q&A Session Summary Question: Can you provide more details on your BD efforts and the timeline for closing a deal? - Management stated that discussions are ongoing with multiple potential partners for dipraglurant and expressed moderate confidence in closing a deal by mid-next year [33] Question: What is the main goal of Part 1 of the epilepsy study and what follows after? - The goal of Part 1 is to evaluate the difference in time to baseline seizure counts between the active group and placebo group, with results expected in Q1 2023 [35]
Addex Therapeutics(ADXN) - 2022 Q3 - Earnings Call Transcript