Addex Therapeutics Ltd (ADXN) Q2 2024 Earnings Call Transcript Highlights: Key Financials and ...
Series A Financing: USD 63 million led by Perceptive Advisors.
Equity Interest in Neurosterix: CHF 5 million and a 20% equity interest.
Milestone Payments: Up to $330 million from Indivior for GABAB PAM program.
Revenue: CHF 0.1 million in Q2 2024, down from CHF 0.6 million in Q2 2023.
R&D Expenses: CHF 0.3 million in Q2 2024, stable compared to Q2 2023.
G&A Expenses: CHF 0.7 million in Q2 2024, stable compared to Q2 2023.
Cash Position: CHF 3.8 million as of June 30, 2024.
Current Liabilities: CHF 0.9 million as of June 30, 2024, decreased by CHF 1.9 million compared to June 30, 2023.
Non-Current Liabilities: CHF 0.1 million, decreased by CHF 5.5 million compared to December 31, 2023.
Release Date: September 30, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
Addex Therapeutics Ltd (NASDAQ:ADXN) secured USD 63 million in Series A financing led by Perceptive Advisors, providing resources to advance their preclinical portfolio without diluting shareholders' interests.
The company received CHF 5 million and a 20% equity interest in Neurosterix, strengthening their balance sheet and retaining significant upside potential.
Excellent progress in the GABAB PAM program with partner Indivior selecting a compound for development in substance use disorders, with potential milestone payments up to $330 million.
Dipraglurant is being repositioned for brain injury recovery, addressing a large unmet medical need in post-stroke rehabilitation.
Neurosterix has made significant advancements, including starting IND-enabling studies with the M4 PAM program for schizophrenia.
Negative Points
Technical issues during the earnings call presentation, requiring attendees to download the presentation separately.
Janssen Pharmaceuticals discontinued development of ADXM1149 in epilepsy, although the partnership remains ongoing.
The companys financials show a decrease in income from CHF 0.6 million in Q2 2023 to CHF 0.1 million in Q2 2024.
Current liabilities decreased by CHF 1.9 million compared to June 30, 2023, indicating potential financial constraints.
Uncertainty remains regarding the specific clinical indications for the chronic cough program, with no finalized patient population yet.
Q & A Highlights
Q: Can you provide details on the specific clinical indications for the chronic cough program? A: We haven't finalized the clinical patient population yet. Currently, we are considering refractory and unexplained chronic cough as one possibility, but we are also open to targeting COPD or IPF-related chronic cough.
Q: Do you use the terms MED (Minimum Effective Dose) and ED50 (Effective Dose 50%) interchangeably? A: No, MED refers to the minimum effective dose, while ED50 is the dose that achieves 50% of the maximum effect.
Q: What are the most appropriate comparator or competitor molecules for your chronic cough program? A: We consider baclofen and other GABAB agonists as benchmarks. We aim to achieve similar or better efficacy with improved tolerability.
Q: Are you expecting Guinea Pigs to be the standard of care by the time you reach later-stage development? A: Yes, we expect Guinea Pigs to be the standard of care and will compare our compound with them.
Q: What are your thoughts on the recent developments in the neurology and neuropsychiatry space, particularly regarding the Neurosterix spin-out? A: We haven't had a chance to thoroughly review the label for Cobenfy, but its broad label bodes well for other M4 compounds coming up for regulatory approval.
Q: How does your M4 modulation chemistry differ from others? A: Our M4 modulation chemistry is novel and completely different from any described M4 chemistry, including those in other M4 PAM programs.
Q: When do you anticipate completing IND-enabling studies for the Neurosterix portfolio compounds? A: We are on track to complete IND-enabling studies by mid-2025 and aim to file the IND to move into Phase 1 in the second half of 2025.
Q: Are you in a position to discuss the prospects for a public listing of Neurosterix? A: I'm not at liberty to discuss the strategy of Neurosterix on this conference call.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This article first appeared on GuruFocus.