Addex Therapeutics Reports 2024 Half Year and Second Quarter Financial Results and Provides Corporate Update

Core Insights - Addex Therapeutics has launched Neurosterix with a Series A financing of $63 million led by Perceptive Advisors to accelerate the development of M4PAM for schizophrenia [1][2] - The company reported significant financial results for the first half of 2024, including a net profit from discontinued operations of CHF 11.98 million [5][6] Financial Performance - Total income for Q2 2024 was CHF 115,000, a decrease of CHF 517,000 from Q2 2023, while half-year income was CHF 350,000, down by CHF 784,000 compared to H1 2023 [4][9] - R&D expenses for H1 2024 were CHF 584,000, an increase of CHF 37,000 from H1 2023, while G&A expenses rose to CHF 1.45 million, up by CHF 102,000 [4][10] - The total operating loss for H1 2024 was CHF 1.69 million, compared to a loss of CHF 764,000 in H1 2023, indicating a significant increase in losses [4][11] Operational Highlights - Addex successfully completed its research agreement with Indivior, allowing both companies to select drug candidates for independent development [3][4] - The company holds a 20% equity interest in Neurosterix, which is advancing a portfolio of allosteric modulator programs [15] Cash Flow and Equity - Cash and cash equivalents decreased to CHF 3.8 million as of June 30, 2024, down from CHF 7.2 million a year earlier, primarily due to cash used in operating activities [8] - Shareholders' equity increased to CHF 12.65 million as of June 30, 2024, compared to CHF 6.13 million in the previous year [4]