# Addex Therapeutics Ltd. > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/en/companies/Addex Therapeutics Ltd.). ## Overview Addex Therapeutics Ltd. is a clinical-stage biopharmaceutical company focused on discovering and developing small-molecule allosteric modulators for neurological and neuropsychiatric disorders. Its work spans in-licensing, internal drug development, and equity interests in partnered and spin-out programs, with listings on the SIX Swiss Exchange and Nasdaq Capital Market. ## Products & services • Dipraglurant (mGlu5 NAM) for brain injury recovery • GABAB PAM program for chronic cough • Partnered GABAB PAM program for substance use disorders • Neurosterix allosteric modulator portfolio • Stalicla investment in precision medicine for neuro disorders - **Clinical-stage drug candidates** (55%) — Internal small-molecule programs targeting neurological and respiratory indications. - **Partnered development programs** (20%) — Allosteric modulator assets advanced with external partners such as Indivior. - **Equity interests and spin-outs** (15%) — Ownership stakes in private companies advancing related neuroscience assets. - **Research and platform assets** (10%) — Discovery-stage neuroscience compounds and modulator platforms with optionality. - Dipraglurant (mGlu5 NAM) for brain injury recovery - GABAB PAM program for chronic cough - Partnered GABAB PAM program for substance use disorders - Neurosterix allosteric modulator portfolio - Stalicla investment in precision medicine for neuro disorders ## Customers Addex does not sell commercial medicines to end patients; its main counterparties are pharmaceutical partners, clinical development collaborators, and future licensees. The company’s assets are designed for neurological, psychiatric, substance use, cough, and brain-injury indications, so value creation depends on out-licensing or partnering with larger drug developers. Equity interests in Neurosterix and Stalicla also align Addex with specialized biotech investors and strategic neuroscience collaborators. - **Pharmaceutical licensing partners** (primary) — Large and mid-sized drug companies that license Addex compounds for development and commercialization. - **Development collaboration partners** (primary) — Partners like Indivior that co-fund or advance selected programs through preclinical and clinical stages. - **Spin-out and portfolio companies** (secondary) — Private neuroscience companies such as Neurosterix and Stalicla that expand the platform and option value. - **Scientific and translational researchers** (secondary) — Research groups and translational collaborators that use Addex compounds as tool assets or development candidates. - Pharma partners that license or co-develop neuroscience assets - Development collaborators funding preclinical and clinical work - Future commercialization partners for approved therapies - Private biotech spin-out investors and strategic shareholders - Research-focused buyers seeking differentiated allosteric modulators ## Geography Addex is headquartered in the United States in a corporate sense here, but its operational footprint is centered in Switzerland through its Swiss listing and European biopharmaceutical base. The company also has exposure to the United States through its NASDAQ-listed ADSs and U.S.-linked development partnerships, while its programs are intended for global pharmaceutical markets. Geography matters mainly through regulatory pathways, clinical trial execution, and cross-border partnering rather than manufacturing or commercial distribution. - Swiss corporate and capital-markets base - NASDAQ Capital Market ADS listing in the U.S. - Global partnering model for drug development - Clinical and regulatory exposure across major pharma markets ## Strategy Addex’s strategy is to build value in neuroscience by advancing a portfolio of differentiated allosteric modulators and preserving optionality through partnerships and spin-outs. The company focuses on indications where novel mechanism-of-action assets can be partnered to larger developers, while retaining selective internal programs such as chronic cough and brain-injury recovery. - **Advance lead neurological programs** (short-term) — Later-stage assets are the clearest path to partnering value and clinical validation. - **Leverage external partnerships** (short-term) — Partnering can share development cost and broaden the reach of the platform. - **Build platform and equity optionality** (medium-term) — Spin-outs and equity holdings can create non-dilutive value from adjacent programs. - Advance small-molecule allosteric modulators in neuroscience - Use partnerships to fund and de-risk development - Retain internal control of selected higher-optionality programs - Expand portfolio value through equity stakes in spin-outs - Progress assets toward Phase 2-ready development opportunities ## Risks Addex depends on successful clinical development, partner execution, and regulatory progress across a small number of scientific programs, so setbacks in any one asset can materially affect value. As a clinical-stage biopharma company, it also faces the usual industry risks of trial failure, financing needs, IP protection, and uncertainty around when or whether partnered assets will advance. - **Clinical development failure** [critical] — The portfolio is still clinical-stage and depends on positive efficacy and safety data. - **Partner dependence** [high] — Some programs are advanced or funded by partners, so timelines and priorities are partly outside Addex’s control. - **Capital and dilution risk** [high] — Drug development requires sustained funding before any commercialization cash flow exists. - **Regulatory approval uncertainty** [high] — CNS and novel-mechanism assets face stringent evidence requirements and unpredictable review outcomes. - Clinical trial failure could eliminate value in lead programs - Partner execution risk where third parties control development timelines - Financing risk if capital is needed before milestones are reached - IP and patent risk for novel allosteric modulator chemistry - Regulatory risk in neurologic and CNS indications ## Accounting For Addex, the key accounting issues are not revenue recognition but valuation and judgment around equity-method investments, share-based compensation, and treasury share transactions. As a clinical-stage company with limited operating revenue, changes in fair value, associate losses, and financing-related share movements can materially affect reported results and equity. - **Equity-method investments** — Neurosterix and other equity interests - **Share-based compensation** — Operating expenses and reserves - **Treasury shares and ADS transactions** — Capital structure and cash flows - **Foreign currency translation** — Other comprehensive income and balance sheet - Equity-accounted investments can drive recognized losses or gains - Share-based compensation affects operating expense and equity - Treasury share sales and liquidity agreements affect capital structure - Lease accounting impacts reported liabilities and cash flow presentation - Foreign exchange can affect Swiss-franc reported balances --- *Last updated: 2026-09-28T11:57:36.126126+00:00*