Addex Therapeutics Regains GABAB Rights, Posts CHF 3.5M H1 Loss

Addex Therapeutics (SIX and Nasdaq: ADXN) reported a net loss of CHF 3.456 million for the first half of 2026, the clinical-stage biopharmaceutical company said on September 28, 2026, alongside a corporate update confirming it had regained full rights to its GABAB positive allosteric modulator portfolio from Indivior. Cash and cash equivalents fell to CHF 767,000 at June 30, 2026, from CHF 2.301 million a year earlier. The company separately disclosed that it sold 52,970,533 shares between July 1 and August 25, 2026 at an average price of CHF 0.043 for gross proceeds of CHF 2.3 million.

Context — why Addex's H1 2026 update matters now

Addex is a Geneva-based company developing small molecule allosteric modulators for neurological disorders. Its pipeline spans a Phase 2-ready mGlu5 negative allosteric modulator, a GABAB PAM candidate for substance use disorders, and a second GABAB PAM program aimed at chronic cough. The company also holds a 20% equity interest in Neurosterix US Holdings LLC, a private spin-out.

The Indivior transaction gives Addex back an asset it had previously out-licensed. Chief executive Tim Dyer tied the return to Indivior's own pipeline review following its merger with Supernus Pharmaceuticals, describing the regained program as a valuable asset that solidifies the company's GABAB receptor portfolio.

The half-year comparison is the clearest signal of what changed operationally. Total operating loss narrowed to CHF 1.125 million in H1 2026 from CHF 1.339 million in H1 2025. R&D expenses fell to CHF 74,000 from CHF 391,000 over the same window, a reduction the company attributed to lower outsourced GABAB PAM spending and fewer zero-cost services received from Neurosterix.

That decline in R&D is not purely efficiency. Addex's balance sheet is thin, and the CHF 767,000 cash position at the half-year mark is small relative to a clinical development budget. The post-period share sales, which raised CHF 2.3 million gross, are the funding event that matters most for near-term runway.

None of the financial figures in the report indicate revenue from product sales. Income of CHF 18,000 in H1 2026 and CHF 107,000 in H1 2025 was primarily related to the fair value of services received from Neurosterix's group at zero cost.

Data — what the numbers show

The headline figures come from the company's condensed consolidated statements for the six months ended June 30, 2026.

Metric (CHF thousands)	H1 2026	H1 2025
Income	18	107
R&D expenses	(74)	(391)
G&A expenses	(1,069)	(1,056)
Total operating loss	(1,125)	(1,339)
Share of net loss of associates	(2,331)	(2,079)
Net loss for the period	(3,456)	(3,314)
Cash and cash equivalents	767	2,301
Shareholders' equity	1,909	7,213

Basic and diluted loss per share held steady at CHF 0.03 for both six-month periods. The net loss widened slightly, by CHF 142,000, because a larger share of Neurosterix's losses offset the R&D savings.

G&A expenses stayed essentially flat at roughly CHF 1.1 million, driven by staff costs and professional fees. The net decrease in cash during the half was CHF 872,000, narrower than the CHF 1.041 million outflow in the prior-year period.

Shareholders' equity fell to CHF 1.909 million from CHF 7.213 million a year earlier. The company reported no net profit from discontinued operations in H1 2026, compared with CHF 118,000 in H1 2025. The report gives no peer or sector comparison, and no market-cap figure.

Analysis — what it means for ADXN holders

The central tension in these results is that Addex is spending less on research while its equity base shrinks. R&D at CHF 74,000 for a half-year is close to dormant, and the company's own framing points to the ATM facility with H.C. Wainwright and the post-period share sales as what keeps the GABAB cough program moving toward clinical development.

For holders of ADXN on SIX and the Nasdaq Capital Market, dilution is the live variable. The report lists 52,970,533 shares sold at an average CHF 0.043, a price well below the CHF 0.03 half-year loss per share only in absolute terms — but the volume is the point. Shareholders' equity of CHF 1.909 million against a reported net loss of CHF 3.456 million for the half means the company is dependent on continued market access.

The Neurosterix stake cuts both ways. It contributed CHF 2.331 million to the net loss through Addex's share of associate losses, up from CHF 2.079 million a year earlier. At the same time, Neurosterix's NTX-253, an M4 positive allosteric modulator, is on track to complete a Phase 1 study in the fourth quarter of 2026, per the company. Any readout is a potential revaluation event for Addex's 20% interest, though the report gives no valuation for that stake.

The counter-argument worth stating: reduced R&D expense improves the optics of the loss line but reflects a slower spend on Addex's own programs, not necessarily greater efficiency. The company said it continues advancing the GABAB PAM chronic cough candidate through preclinical development, and that the substance use disorder candidate has completed IND-enabling studies.

Positioning runs through the ATM. Flow into ADXN over the past quarter came from the share sales themselves rather than from institutional accumulation, and the SIX and Nasdaq listings mean European and US holders are exposed to both the dilution and any NTX-253 data from Neurosterix.

Outlook — what to watch next

The nearest dated catalyst is Neurosterix's Phase 1 completion for NTX-253, which the company expects in the fourth quarter of 2026. A readout there would inform how the market values Addex's 20% associate stake, which currently drags on the income statement.

Second is the GABAB PAM chronic cough program. Addex describes it as ready to start IND-enabling studies, a step that would require capital the company does not currently hold on its balance sheet. Whether it funds that through further ATM issuance or a partnership is not addressed in the report.

Third is the substance use disorder candidate, for which the company says IND-enabling studies are already complete. No timeline for a filing is given.

Cash of CHF 767,000 at June 30 was reported before the CHF 2.3 million in gross proceeds from the July and August share sales. The report does not disclose the company's cash position after those sales, nor the terms of the ATM agreement beyond the H.C. Wainwright counterparty.

Frequently Asked Questions

What does the Indivior GABAB PAM rights return mean for Addex shareholders?

Addex regained rights to its GABAB positive allosteric modulator portfolio for substance use disorders after Indivior rationalized R&D following its merger with Supernus Pharmaceuticals. The company now controls the asset outright, which removes a partner from the equation but also means Addex must fund development itself. The report does not state any financial terms attached to the return of rights.

Why did Addex's net loss widen in H1 2026 despite lower R&D spending?

The net loss rose to CHF 3.456 million from CHF 3.314 million. R&D fell by CHF 317,000 and the operating loss narrowed by CHF 214,000, but Addex's share of Neurosterix's net loss increased by CHF 252,000 to CHF 2.331 million. The associate loss outweighed the operating improvement.

Is Addex's cash position enough to fund its pipeline?

The company held CHF 767,000 at June 30, 2026, down from CHF 2.301 million a year earlier. It then sold 52,970,533 shares between July 1 and August 25, 2026 for CHF 2.3 million in gross proceeds. Addex did not disclose its cash balance after those sales or how long the proceeds are expected to last.

Bottom Line

Addex regained a GABAB asset from Indivior but is funding its pipeline through share sales, with cash of CHF 767,000 at the half-year mark.

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