Q3 2025 Addex Therapeutics Ltd Earnings Call

December 4, 2025

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Speaker #1: Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Tim Dyer, CO.

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Speaker #1: ahead. Thank you.

Tim Dyer: Thank you. Hello, everyone. I'd like to thank you all for attending our Q3 2025 financial results conference call. I am here with Mikhail Kalinichev, our Head of Translational Science, who will be providing an update on our R&D programs. I draw your attention to the press release, and the financial statements issued earlier today, which are available on our website. I also draw your attention to our disclaimers. We will be making certain forward-looking statements that are based on the knowledge we have today. I will start this conference call by giving a quick overview of our recent activities and achievements before reviewing our pipeline. I will then hand over to Mikhail, who will review in more detail our dipraglurant post-stroke recovery program, and GABA-B PAM preclinical program for cough. I will then review our Q3 2025 financial results. Following that, we will open the call for Q&A.

Speaker #2: Hello, everyone. I'd like to thank you all for attending our third quarter 2025 financial results conference call. I am here with Mikhail Kalinichev, our head of translational science, who will be providing an update on our R&D programs.

Speaker #2: I draw your attention to the press release and the financial statements issued earlier today which are available on our website. I also draw your attention to our disclaimers.

We will be making certain forward-looking statements that are based on the knowledge we have today. I will start this conference call by giving a quick overview of our recent activities and achievements before reviewing our pipeline. I will then hand over to Mikhail, who will review in more detail our dipraglurant post-stroke recovery program, and GABA-B PAM preclinical program for cough. I will then review our Q3 2025 financial results. Following that, we will open the call for Q&A.

Speaker #2: We will be making certain forward-looking statements that are based on the knowledge we have today. I will start this conference call by giving a quick overview of our recent activities and achievements, before reviewing our pipeline.

Speaker #2: I will then hand over to Mikhail, who will review in more detail our diploma post-stroke recovery program and gather the PAM preclinical program for cough.

Speaker #2: I will then review our Q3 2025 financial results, following that, we will open the call for Q&A. The third quarter of 2025 has seen several important achievements across our pipeline.

Tim Dyer: The Q3 of 2025 has seen several important achievements across our pipeline. We've made excellent progress in our GABA-B PAM program, with us, we continue to complete preclinical characterization of our selected compound. We've also selected a backup compound for this important program. As a reminder, our partner Indivior successfully completed IND-enabling studies with their selected drug candidate for substance use disorders. Under the terms of the agreement, Addex is eligible for payments of up to $330 million on successful achievement of pre-specified regulatory, clinical, and commercial milestones, as well as tiered royalties on the level of net sales from high single digits up to low double digits. Also, under the terms of the agreement, we have the right to select compounds for development in a predefined list of reserved indications. As mentioned, we have selected a compound on advancing its development for chronic cough.

The Q3 of 2025 has seen several important achievements across our pipeline. We've made excellent progress in our GABA-B PAM program, with us, we continue to complete preclinical characterization of our selected compound. We've also selected a backup compound for this important program. As a reminder, our partner Indivior successfully completed IND-enabling studies with their selected drug candidate for substance use disorders.

Speaker #2: We've made excellent progress in our Gather the PAM program. We continue to complete preclinical characterization of our selected compound. We've also selected a backup compound for this important program.

Speaker #2: As a reminder, our partner in DVR successfully completed IND enabling studies with their selected drug candidate for substance use disorders. Under the terms of the agreement, Addex is eligible for payments of up to US dollar 330 million on successful achievement of pre-specified regulatory clinical and commercial milestones, as well as tiered royalties on the level of net sales from high single digits up to low double digits.

Under the terms of the agreement, Addex is eligible for payments of up to $330 million on successful achievement of pre-specified regulatory, clinical, and commercial milestones, as well as tiered royalties on the level of net sales from high single digits up to low double digits. Also, under the terms of the agreement, we have the right to select compounds for development in a predefined list of reserved indications. As mentioned, we have selected a compound on advancing its development for chronic cough.

Speaker #2: Also, under the terms of the agreement, we have the right to select compounds for development in a predefined list of reserved indications. As mentioned, we've selected a compound on our advancing its development for chronic cough.

Speaker #2: We have repositioned diploma on our MGLA5 negative allosteric modulator for brain injury recovery and have made good progress in preparing the program for clinical studies.

Tim Dyer: We have repositioned dipraglurant, our mGlu5 negative allosteric modulator for brain injury recovery, and have made good progress in preparing the program for clinical studies. As a reminder, earlier this year, we entered into an option agreement giving us access to an exclusive license to intellectual property covering the use of mGlu5 inhibitors in this interesting therapeutic indication. Included in this agreement is a research collaboration in which we are working with Syntaxis and Lund University to complete preclinical profiling of dipraglurant and prepare the clinical studies. Our spin-out company, Neurosterix, is making excellent progress in advancing its portfolio of preclinical programs, including a potentially best-in-class M4 PAM schizophrenia. In June, we invested in STALICLA, a private clinical stage neurodevelopmental disorders focused company.

We have repositioned dipraglurant, our mGlu5 negative allosteric modulator for brain injury recovery, and have made good progress in preparing the program for clinical studies. As a reminder, earlier this year, we entered into an option agreement giving us access to an exclusive license to intellectual property covering the use of mGlu5 inhibitors in this interesting therapeutic indication.

Speaker #2: As a reminder, earlier this year, we entered into an option agreement giving us access to an exclusive license to intellectual property covering the use of MGLA5 inhibitors, in this interesting therapeutic indication.

Speaker #2: Included in this agreement is a research collaboration in which we are working with Syntaxis and the University of Lund to complete preclinical profiling diploma and prepare the clinical studies.

Included in this agreement is a research collaboration in which we are working with Syntaxis and Lund University to complete preclinical profiling of dipraglurant and prepare the clinical studies. Our spin-out company, Neurosterix, is making excellent progress in advancing its portfolio of preclinical programs, including a potentially best-in-class M4 PAM schizophrenia. In June, we invested in STALICLA, a private clinical stage neurodevelopmental disorders focused company.

Speaker #2: I'll spin out company Neurosterix, which is making excellent progress in advancing its portfolio of preclinical programs, including a potentially best-in-class M4 PAM for schizophrenia. In June, we invested in Stalicla, a private clinical-stage neurodevelopmental disorders-focused company.

Speaker #2: Stalicla has developed a proprietary precision medicine patient stratification technology platform, which allows the company to select patients based on their biological dysregulation rather than behavioral phenotype, proof of concept, platform has been demonstrated by applying the technologies to identify and develop drugs in subpopulations of patients suffering from autism spectrum disorders.

Tim Dyer: STALICLA has developed a proprietary precision medicine patient stratification technology platform, which allows the company to select patients based on their biological dysregulation rather than behavioral phenotype. Proof of concept platform has been demonstrated by applying the technologies to identify and develop drugs in subpopulations of patients suffering from autism spectrum disorders. STALICLA has made excellent progress in advancing its patient stratification study in autism, as well as advancing discussions with pharma to apply its technology more broadly in neuropsychiatric disorders. We completed the Q3 with CHF 2.2 million of cash, which provides us with a cash runway through mid-2026. I'd like to highlight that the cash burn has been significantly reduced following the Neurosterix spin-out transaction. However, current cash does not fund the progression of our unpartnered programs into the clinic.

STALICLA has developed a proprietary precision medicine patient stratification technology platform, which allows the company to select patients based on their biological dysregulation rather than behavioral phenotype. Proof of concept platform has been demonstrated by applying the technologies to identify and develop drugs in subpopulations of patients suffering from autism spectrum disorders.

STALICLA has made excellent progress in advancing its patient stratification study in autism, as well as advancing discussions with pharma to apply its technology more broadly in neuropsychiatric disorders.We completed the Q3 with CHF 2.2 million of cash, which provides us with a cash runway through mid-2026. I'd like to highlight that the cash burn has been significantly reduced following the Neurosterix spin-out transaction. However, current cash does not fund the progression of our unpartnered programs into the clinic.

Speaker #2: Stalicla has made excellent progress in advancing its patient stratification study in autism, as well as advancing discussions with pharma to apply its technology more broadly in neuropsychiatric disorders.

Speaker #2: We completed the third quarter with 2.2 million Swiss francs of cash, which provides us with a cash runway through mid-2026. I'd like to highlight that the cash burn has been significantly reduced following the Neurosterix spin-out transaction.

Speaker #2: However, current cash does not fund the progression of our unpartnered programs into the clinic. Now for a quick review of our pipeline. We continue to believe in diploma and are executing our plans to reposition the development for brain injury recovery.

Tim Dyer: Now, for a quick review of our pipeline, we continue to believe in dipraglurant and are executing our plans to reposition the development for brain injury recovery. As mentioned, our partner Indivior has selected a GABA-B PAM drug candidate for development in substance use disorders and has successfully completed IND-enabling studies. We are advancing an independent GABA-B PAM program for chronic cough and are ready to start IND-enabling studies subject to securing financing. Neurosterix has made excellent progress in advancing its pipeline, including completing IND-enabling studies for their M4 PAM program. The program is on track to dose patients this year, and we expect to be able to announce further progress in the coming months. Now, I will hand over to Misha, who will give you some more details about our exciting portfolio.

Now, for a quick review of our pipeline, we continue to believe in dipraglurant and are executing our plans to reposition the development for brain injury recovery. As mentioned, our partner Indivior has selected a GABA-B PAM drug candidate for development in substance use disorders and has successfully completed IND-enabling studies. We are advancing an independent GABA-B PAM program for chronic cough and are ready to start IND-enabling studies subject to securing financing.

Speaker #2: As mentioned, our partner in DVR has selected a gather the PAM drug candidate for development in substance use disorders and the successfully completed IND enabling studies.

Speaker #2: We are advancing an independent gather the PAM program for chronic cough and are ready to start IND enabling studies subject to securing financing. Neurosterix has made excellent progress in advancing its pipeline, including completing IND enabling studies for their M4 PAM program.

Neurosterix has made excellent progress in advancing its pipeline, including completing IND-enabling studies for their M4 PAM program. The program is on track to dose patients this year, and we expect to be able to announce further progress in the coming months. Now, I will hand over to Misha, who will give you some more details about our exciting portfolio.

Speaker #2: The program is on track to dose patients this year, and we expect to be able to announce further progress in the coming months. Now I will hand over to Mikhail, who will give you some more details about our exciting portfolio.

Speaker #3: Thanks, Tim. Hello, everyone. I will start by speaking about Diploma and our plans for development in brain injury recovery. Diploma is an orally available, highly selective MGLA5 negative allosteric modulator, which we believe could improve the outcome of rehabilitation for patients suffering from traumatic brain injury or stroke.

Mikhail Kalinichev: Thanks, Tim. Hello, everyone. I will start by speaking about dipraglurant and our plans for development in brain injury recovery. Dipraglurant is an orally available, highly selective mGlu5 negative allosteric modulator, which we believe could improve the outcome of rehabilitation for patients suffering from traumatic brain injury or stroke. The mechanism of action of dipraglurant targets neuroplasticity early in rehabilitation to promote rebuilding of neuronal connections and sensorimotor recovery. There is large unmet medical needs in post-stroke recovery and rehabilitation. Stroke is among leading causes of chronic, often lifelong disability, as it leads to motor, sensory, cognitive impairment and multiple comorbidities. There are over 100 million stroke survivors worldwide, and the number is growing at the annual rate of 12 million. A variety of rehabilitation therapies are used with post-stroke patients, but the recovery is slow and often inadequate.

Speaker #3: The mechanism of action of diploma targets neuroplasticity early in rehabilitation to promote the rebuilding of neuronal connections and sensory motor recovery. There is a large unmet medical need in post-stroke recovery and rehabilitation.

There is large unmet medical needs in post-stroke recovery and rehabilitation. Stroke is among leading causes of chronic, often lifelong disability, as it leads to motor, sensory, cognitive impairment and multiple comorbidities. There are over 100 million stroke survivors worldwide, and the number is growing at the annual rate of 12 million. A variety of rehabilitation therapies are used with post-stroke patients, but the recovery is slow and often inadequate.

Speaker #3: Stroke is among leading causes of chronic often lifelong disability, as it leads to motor sensory cognitive impairment and multiple comorbidities. There are over 100 million strokes survivors worldwide, and the number is growing at the annual rate of 12 million.

Speaker #3: A variety of rehabilitation therapies are used with post-stroke patients, but the recovery is slow and often inadequate. There is an urgent need for pharmacological agents that can promote the recovery stimulated by rehabilitation therapies.

Mikhail Kalinichev: There is an urgent need for pharmacological agents that can promote the recovery stimulated by rehabilitation therapies. mGlu5 receptor is a suitable target to address post-stroke recovery, as it is densely expressed in the brain, involved in neuroplasticity, and modulates excitatory inhibitory equilibrium. In fact, activation of mGlu5 has been observed in a range of neurological disorders, including stroke, where it plays a role in maladaptive rewiring of the brain following stroke. Inhibition of mGlu5, on the other hand, can facilitate adaptive rewiring of the brain, promoting neuroplasticity and creating new functional pathways, moving the neural network towards the pre-lesion state. Exciting new evidence recently published in the journal Brain suggests that the negative allosteric modulator of mGlu5, MTEP, administered daily in rats following stroke, results in a sustained and growing improvement in sensorimotor function in comparison to vehicle treatment.

There is an urgent need for pharmacological agents that can promote the recovery stimulated by rehabilitation therapies. mGlu5 receptor is a suitable target to address post-stroke recovery, as it is densely expressed in the brain, involved in neuroplasticity, and modulates excitatory inhibitory equilibrium. In fact, activation of mGlu5 has been observed in a range of neurological disorders, including stroke, where it plays a role in maladaptive rewiring of the brain following stroke.

Speaker #3: MGLA5 receptor is a suitable target to address post-stroke recovery as it is densely expressed in the brain. It is involved in neuroplasticity and modulates the excitatory-inhibitory equilibrium.

Speaker #3: In fact, activation of MGLA5 has been observed in the range of neurological disorders, including stroke, where it plays a role in maladaptive rewiring of the brain following stroke.

Speaker #3: Inhibition of MGLA5, on the other hand, can facilitate adaptive rewiring of the brain, promoting neuroplasticity and creating new functional pathways moving the neural network towards the pre-lesion state.

Inhibition of mGlu5, on the other hand, can facilitate adaptive rewiring of the brain, promoting neuroplasticity and creating new functional pathways, moving the neural network towards the pre-lesion state. Exciting new evidence recently published in the journal Brain suggests that the negative allosteric modulator of mGlu5, MTEP, administered daily in rats following stroke, results in a sustained and growing improvement in sensorimotor function in comparison to vehicle treatment.

Speaker #3: Exciting new evidence recently published in the journal Brain suggests that the negative allosteric modulator of mGluA5, MTEP, administered daily in rats following stroke results in a sustained and growing improvement in sensory motor function, in comparison to vehicle treatment.

Speaker #3: Similar improvement in sensory motor function was observed in animals treated with our MGLA5 NAM diploma. MRI imaging of the resting state functional connectivity in post-stroke adults shows that daily administration of MTEP also stimulates intra and interhemispheric connectivity in the brain, disrupted by stroke.

Mikhail Kalinichev: Similar improvement in sensorimotor function was observed in animals treated with our mGlu5 NAM dipraglurant. MRI imaging of the resting state functional connectivity in post-stroke rodents shows that daily administration of MTEP also stimulates intra- and interhemispheric connectivity in the brain disrupted by stroke. It is important to note that improvement in brain connectivity after stroke is known to correlate with functional recovery and is observed across species. Dipraglurant is ideally suited to be used in tandem with rehabilitation therapies in post-stroke patients, as it has a fast onset of action and short half-life. It has shown good tolerability in healthy subjects and in Parkinsonian patients, showing only mild to moderate CNS-related adverse effects. We have a drug product ready, a strong patent position, and believe dipraglurant can become a first-in-class drug to facilitate post-stroke recovery.

Similar improvement in sensorimotor function was observed in animals treated with our mGlu5 NAM dipraglurant. MRI imaging of the resting state functional connectivity in post-stroke rodents shows that daily administration of MTEP also stimulates intra- and interhemispheric connectivity in the brain disrupted by stroke. It is important to note that improvement in brain connectivity after stroke is known to correlate with functional recovery and is observed across species.

Speaker #3: It is important to note that improvement in brain connectivity after stroke is known to correlate with functional recovery and is observed across species. Diploma is ideally suited to be used in tandem with rehabilitation therapies in post-stroke patients, as it has a fast onset of action and short half-life.

Dipraglurant is ideally suited to be used in tandem with rehabilitation therapies in post-stroke patients, as it has a fast onset of action and short half-life. It has shown good tolerability in healthy subjects and in Parkinsonian patients, showing only mild to moderate CNS-related adverse effects. We have a drug product ready, a strong patent position, and believe dipraglurant can become a first-in-class drug to facilitate post-stroke recovery.

Speaker #3: It has shown good tolerability in healthy subjects and in Parkinsonian patients, showing only mild to moderate CNS-related adverse effects. We have a drug product ready, and a strong patent position, and believe diploma can become a first-in-class drug to facilitate post-stroke recovery.

Speaker #3: We can also speculate that diploma mediated adaptive rewiring and facilitation of recovery following brain damage would also be seen in traumatic brain injury patients.

Mikhail Kalinichev: We can also speculate that dipraglurant-mediated adaptive rewiring and facilitation of recovery following brain damage would also be seen in traumatic brain injury patients. Let me now turn to the GABA-B program and the exciting opportunity that it offers to the chronic cough patients. There is a strong rationale for developing GABA-B PAMs for chronic cough. Chronic cough is a persistent cough that lasts for more than eight weeks and can be caused by a variety of factors, including respiratory infections, asthma, allergies, and acid reflux, but also by a cough hypersensitivity syndrome. There is a large unmet medical need in novel antitussive drugs, as current standards of care are ineffective in 30% of patients and only moderately effective in up to 60% of patients. In addition, the current treatments carry risks of serious side effects.

We can also speculate that dipraglurant-mediated adaptive rewiring and facilitation of recovery following brain damage would also be seen in traumatic brain injury patients. Let me now turn to the GABA-B program and the exciting opportunity that it offers to the chronic cough patients. There is a strong rationale for developing GABA-B PAMs for chronic cough.

Speaker #3: Let me now turn to gather the program and the excited opportunity that it offers to the chronic cough patients. There is a strong question now for developing gather the PAMs for chronic cough.

Speaker #3: Chronic cough is a persistent cough that lasts for more than eight weeks and can be caused by a variety of factors, including respiratory infections, asthma, allergies, and acid reflux, but also by a cough hypersensitivity syndrome.

Chronic cough is a persistent cough that lasts for more than eight weeks and can be caused by a variety of factors, including respiratory infections, asthma, allergies, and acid reflux, but also by a cough hypersensitivity syndrome. There is a large unmet medical need in novel antitussive drugs, as current standards of care are ineffective in 30% of patients and only moderately effective in up to 60% of patients. In addition, the current treatments carry risks of serious side effects.

Speaker #3: There is a large unmet medical need in novel antitussive drugs, as current standards of care are ineffective in 30% of patients and only moderately effective in up to 60% of patients.

Speaker #3: In addition, the current treatments carry risks of serious side effects. Support for using gather the positive allosteric modulators in treatment of chronic cough comes from the clinical evidence that baclofen gather the agonist is used off-label in cough patients and from the anatomical evidence that gather the receptors are strongly expressed in airways and in the neuronal pathway regulating cough.

Mikhail Kalinichev: Support for using GABA-B positive allosteric modulators in treatment of chronic cough comes from the clinical evidence that baclofen, a GABA-B agonist, is used off-label in cough patients and from the anatomical evidence that GABA-B receptors are strongly expressed in airways and in the neuronal pathway regulating cough. Therefore, we believe that GABA-B PAMs could offer superior efficacy in cough patients. The pre-IND activities, including in vivo proof of concept studies, non-GLP tox, and CMC, have been completed. Our clinical candidate has shown favorable efficacy, tolerability, and developability profiles. The compound has demonstrated a consistent minimum effective dose of one mg/kg and ED50 of six mg/kg in models of cough in vivo. No signs of tolerance were seen after subchronic dosing, and more than 60-fold safety margin was demonstrated based on respiratory depression as sedation biomarker.

Support for using GABA-B positive allosteric modulators in treatment of chronic cough comes from the clinical evidence that baclofen, a GABA-B agonist, is used off-label in cough patients and from the anatomical evidence that GABA-B receptors are strongly expressed in airways and in the neuronal pathway regulating cough. Therefore, we believe that GABA-B PAMs could offer superior efficacy in cough patients. The pre-IND activities, including in vivo proof of concept studies, non-GLP tox, and CMC, have been completed.

Speaker #3: Therefore, we believe that gathering the PAMs could offer superior efficacy in cough patients. The pre-IND activities, including in vivo proof of concept studies, GLP toxicology, and CMC, have been completed.

Speaker #3: Our clinical candidate has shown favorable efficacy, tolerability, and developability profiles. The compound has demonstrated a consistent minimum effective dose of one per kick and 80/50 of six per kick in models of cough in vivo.

Our clinical candidate has shown favorable efficacy, tolerability, and developability profiles. The compound has demonstrated a consistent minimum effective dose of one mg/kg and ED50 of six mg/kg in models of cough in vivo. No signs of tolerance were seen after subchronic dosing, and more than 60-fold safety margin was demonstrated based on respiratory depression as sedation biomarker.

Speaker #3: No signs of tolerance were seen after subchronic dosing, and more than 60-fold safety margin was demonstrated based on respiratory depression as a sedation biomarker. The IND-enabling studies are planned and ready to start, subject to securing financing.

Mikhail Kalinichev: The IND-enabling studies are planned and ready to start, subject to securing financing. In the model of citric acid-induced cough in guinea pigs, acutely administered compound A delivered a robust antitussive efficacy, reducing the cough number dose-dependently and achieving 70% reductions at the maximal doses. The antitussive profile of compound A was similar to that of nalbuphine, orvepitant, baclofen, and codeine. Compound A increased the latency to first cough dose-dependently, thus delaying the onset of cough. The antitussive profile of compound A in delaying cough onset was similar or better than that of reference drugs. In the same experiment, compound A appeared well tolerated, as there were no marked changes in respiratory rate at up to 60 mg per kg. In contrast, nalbuphine, orvepitant, baclofen, and codeine resulted in robust reductions in respiratory rate at their highest doses, indicative of sedative-like effects.

The IND-enabling studies are planned and ready to start, subject to securing financing. In the model of citric acid-induced cough in guinea pigs, acutely administered compound A delivered a robust antitussive efficacy, reducing the cough number dose-dependently and achieving 70% reductions at the maximal doses. The antitussive profile of compound A was similar to that of nalbuphine, orvepitant, baclofen, and codeine. Compound A increased the latency to first cough dose-dependently, thus delaying the onset of cough.

Speaker #3: In the model of citric acid-induced cough in guinea pigs, acutely administered compound A delivered a robust antitussive efficacy reducing the cough number dose dependently and achieving 70% reductions at the maximal doses.

Speaker #3: The antitussive profile of compound A was similar to that of nabufin or repeat on baclofen and codeine. Compound A increased the latency to first cough dose dependently, thus delaying the onset of cough.

The antitussive profile of compound A in delaying cough onset was similar or better than that of reference drugs. In the same experiment, compound A appeared well tolerated, as there were no marked changes in respiratory rate at up to 60 mg per kg. In contrast, nalbuphine, orvepitant, baclofen, and codeine resulted in robust reductions in respiratory rate at their highest doses, indicative of sedative-like effects.

Speaker #3: The antitussive profile of Compound A in delaying cough onset was similar to or better than that of reference drugs. In the same experiment, Compound A appeared well-tolerated, as there were no marked changes in respiratory rate at up to 60 mixed per kick.

Speaker #3: In contrast, nabufin or repeat on baclofen and codeine resulted in robust reductions in respiratory rate at their highest doses, indicative of sedative-like effects. When evaluation of the antitussive efficacy across compounds was done at the respective highest doses free from respiratory effects, compound A was shown to be superior to nabufin or repeat on baclofen and codeine in both cough number and cough latency measures.

Mikhail Kalinichev: When evaluation of the antitussive efficacy across compounds was done at the respective highest doses free from respiratory effects, compound A was shown to be superior to nalbuphine, orvepitant, baclofen, and codeine in both cough number and cough latency measures. In the model of ATP-potentiated citric acid cough in guinea pigs, in a head-to-head comparison experiment, acutely administered compound A exhibited a trend of better efficacy and potency in comparison to that of P2X3 inhibitor, while showing signs of similar tolerability. In summary, we have selected a clinical candidate for chronic cough with a robust reproducible antitussive efficacy of one mg/kg and good PKPD. The compound has the potential to have the best-in-class efficacy and tolerability profile and broad application in cough patients. The compound showed a favorable developability profile in known GLP tox studies performed in rats, dogs, and non-human primates.

When evaluation of the antitussive efficacy across compounds was done at the respective highest doses free from respiratory effects, compound A was shown to be superior to nalbuphine, orvepitant, baclofen, and codeine in both cough number and cough latency measures. In the model of ATP-potentiated citric acid cough in guinea pigs, in a head-to-head comparison experiment, acutely administered compound A exhibited a trend of better efficacy and potency in comparison to that of P2X3 inhibitor, while showing signs of similar tolerability.

Speaker #3: In the model of ATP-potentiated citric acid cough in guinea pigs, in a head-to-head comparison experiment, acutely administered compound A exhibited a trend of better efficacy and potency, in comparison to that of P2X3 inhibitor, while showing signs of similar tolerability.

In summary, we have selected a clinical candidate for chronic cough with a robust reproducible antitussive efficacy of one mg/kg and good PKPD. The compound has the potential to have the best-in-class efficacy and tolerability profile and broad application in cough patients. The compound showed a favorable developability profile in known GLP tox studies performed in rats, dogs, and non-human primates.

Speaker #3: In summary, we have selected a clinical candidate for chronic cough with a robust reproducible antitussive efficacy of one per kick and good PK-PD. The compound has a potential to have the best-in-class efficacy and tolerability profile and broad application in cough patients.

Speaker #3: The compound showed a favorable developability profile in non-GLP tox studies, performed in rats, dogs, and non-human primates. Subject raising financing we are ready to start the IND enabling studies.

Mikhail Kalinichev: Subject to raising financing, we are ready to start the IND-enabling studies. This concludes our prepared remarks on the progress of our R&D. Now, I'll hand it back to Tim.

Subject to raising financing, we are ready to start the IND-enabling studies. This concludes our prepared remarks on the progress of our R&D. Now, I'll hand it back to Tim.

Speaker #3: This concludes our prepared remarks on the progress of our R&D. Now I hand it back to

Speaker #3: Tim.

Speaker #2: Thanks, Misha. Now

Tim Dyer: Thanks, Misha. Now, for a review of the Q3 2025 financials. Starting with the income statement, income in Q3 2025 remained similar to our income in Q3 2024 and amounted to CHF 0.1 million, which is mainly related to the maintenance of patents licensed to Indivior, which they are funding, and to the fair value of services received from Neurosterix at zero cost. R&D expenses of CHF 0.2 million in Q3 2025 are primarily related to our GABA-B PAM program and remain similar to Q3 2024. G&A expenses of CHF 0.5 million in Q3 2025 remain stable compared to Q3 2024. As a reminder, we are accounting for our investment in Neurosterix using the equity method of accounting and therefore recognized our share of their net loss of CHF 0.9 million for Q3 2025, which is similar to the amount for Q3 2024. Now, to the balance sheet.

Speaker #2: For a view of the Q3 2025 financials, starting with the income statement, incoming Q3 2025 remains similar to our income Q3 2024. An amount of $0.1 million, which is mainly related to the maintenance of patents, licenses to in vivo, which they are funding, and to the fair value of services received from the Neurostatics group at zero cost.

Speaker #2: R&D expenses of 0.2 million in Q3 2025 are primarily related to our gather the PAM program and remain similar to Q3 2024. GNA expenses of 0.5 million in Q3 2025 remain stable compared to Q3 2024.

G&A expenses of CHF 0.5 million in Q3 2025 remain stable compared to Q3 2024. As a reminder, we are accounting for our investment in Neurosterix using the equity method of accounting and therefore recognized our share of their net loss of CHF 0.9 million for Q3 2025, which is similar to the amount for Q3 2024. Now, to the balance sheet.

Speaker #2: As a reminder, we are accounting for our investment in neurostatics using the equity method of accounting and therefore recognized our share of their net loss of 0.9 million for Q3 2025, which is similar to the amount for Q3 2024.

Speaker #2: Now to the balance sheet. Our assets are primarily held in cash, and we completed Q3 2025 with 2.2 million Swiss francs of cash held in Swiss francs and US dollars.

Tim Dyer: Our assets are primarily held in cash, and we completed Q3 2025 with 2.2 million CHF of cash held in CHF and USD. Other current assets amounted to 0.2 million CHF, primarily related to prepaid R&D and G&A costs. Our non-current assets of 5 million CHF as of 30 September 2025 primarily related to our 20% equity interest in Neurosterix, recorded on the balance sheet under the equity method of accounting for associates, and also, to a lesser extent, our investment in STALICLA. Current liabilities of 1.2 million CHF at the end of September increased by 0.4 million CHF compared to 31 December 2024. This is primarily due to increased payables related to professional services. Non-current liabilities of 0.2 million CHF at the end of Q3 are consistent with amounts at the end of December 2024 and primarily attributable to retirement benefit obligations.

Our assets are primarily held in cash, and we completed Q3 2025 with 2.2 million CHF of cash held in CHF and USD. Other current assets amounted to 0.2 million CHF, primarily related to prepaid R&D and G&A costs. Our non-current assets of 5 million CHF as of 30 September 2025 primarily related to our 20% equity interest in Neurosterix, recorded on the balance sheet under the equity method of accounting for associates, and also, to a lesser extent, our investment in STALICLA.

Speaker #2: Other current assets amounted to 0.2 million primarily related to prepaid R&D and GNA costs. Our non-current assets of 5 million as of September 30th, 2025, primarily related to our 20% equity interest in neurostatics group, recorded on the balance sheet under the equity method of accounting for associates.

Speaker #2: And also to a lesser extent, our investment in Salicla. Current liabilities 1.2 million, at the end of September, increased by 0.4 million compared to December 31, 2024.

Current liabilities of 1.2 million CHF at the end of September increased by 0.4 million CHF compared to 31 December 2024. This is primarily due to increased payables related to professional services. Non-current liabilities of 0.2 million CHF at the end of Q3 are consistent with amounts at the end of December 2024 and primarily attributable to retirement benefit obligations.

Speaker #2: This is primarily due to increased payables related to professional services. Non-current liabilities of 0.2 million, at the end of Q3, are consistent with amounts at the end of December of 2024 and primarily attributable to retirement benefit of obligations.

Speaker #2: Now to summarize, we've made excellent progress in advancing our gather the PAM program for cough and our diprogluron post-stroke recovery program. Our spin-out company neurostatics continues to advance fairly with their M4 PAM program set to start phase one this year.

Tim Dyer: Now, to summarize, we've made excellent progress in advancing our GABA-B PAM program for cough, and our dipraglurant post-stroke recovery program. Our spin-out company, Neurosterix, continues to advance the portfolio with their M4 PAM program set to start phase 1 this year. We're very pleased to see the progress STALICLA is making in advancing its business strategy and pipeline. We're looking forward to completing our evaluation of potential indications for our mGlu2 PAM program, which we received back from J&J, and continuing to advance our portfolio towards clinical studies. This concludes the presentation, and we will now open the call for questions.

Now, to summarize, we've made excellent progress in advancing our GABA-B PAM program for cough, and our dipraglurant post-stroke recovery program. Our spin-out company, Neurosterix, continues to advance the portfolio with their M4 PAM program set to start phase 1 this year. We're very pleased to see the progress STALICLA is making in advancing its business strategy and pipeline.

Speaker #2: We are very pleased to be by the progress Salicla is making advancing its business strategy and pipeline. We're looking forward to completing our evaluation of potential indications for our NGLA2 PAM program, which we received back from J&J and continuing to advance our portfolio into towards clinical studies.

We're looking forward to completing our evaluation of potential indications for our mGlu2 PAM program, which we received back from J&J, and continuing to advance our portfolio towards clinical studies. This concludes the presentation, and we will now open the call for questions.

Speaker #2: This concludes the presentation, and we will now open the call for

Speaker #2: questions. Thank you, dear

Operator: Thank you, dear participants. As a reminder, if you wish to ask a question over the phone, please press star 1, 1 on your telephone keypad and wait for your name to be announced. To withdraw a question, please press star 1 and 1 again. Alternatively, you can submit your questions via the webcast. Please stand by while we'll compile the Q&A roll. Today's will take a few moments. And now we're going to take our first question. Just give us a moment. And it comes from the line of Ram Selvaraju from H.C. Wainwright. Your line is open. Please ask your question.

Operator: Thank you, dear participants. As a reminder, if you wish to ask a question over the phone, please press star one, one on your telephone keypad and wait for your name to be announced. To withdraw a question, please press star one and one again. Alternatively, you can submit your questions via the webcast. Please stand by while we'll compile the Q&A roll. Today's will take a few moments. And now we're going to take our first question. Just give us a moment. And it comes from the line of Ram Selvaraju from H.C. Wainwright. Your line is open. Please ask your question.

Speaker #3: Participants, as a reminder, if you wish to ask a question over the phone, please press star *11 on your telephone keypad and wait for your name to be announced.

Speaker #3: To withdraw a question, please press star. 11 again. Alternatively, you can submit your questions via the webcast. Please stand by. We'll compile the Q&A roster this will take a few moments.

Speaker #3: And now we're going to take our first question. Just give us a moment. And it comes from the line of Aram Selvaraju from HC Wainwright.

Speaker #3: Your line is open. Please ask your question.

Speaker #4: Thank you so much for taking my questions. Four quick ones. Firstly, I was wondering if you outlook for a potential could comment on the commercial therapeutic intervention in chronic refractory cough, particularly in the context of the fact that gephapixant doesn't appear to now be a factor in the United States market.

Ram Selvaraju: Thank you so much for taking my questions. Four quick ones. Firstly, I was wondering if you could comment on the commercial outlook for a potential therapeutic intervention in chronic refractory cough, particularly in the context of the fact that Gefapixant doesn't appear to now be a factor in the United States market. Secondly, I wanted to ask about ultimately what you expect the next funding catalyst for STALICLA to be and what the outlook might be for STALICLA to pursue a path to a public listing, if that's something you can comment on at this time. Thirdly, I wanted to see if you could give us some context around competitive clinical development in the post-stroke recovery space, particularly as this pertains to CCR5 receptor modulators and especially the ongoing clinical programs with Maraviroc, which was originally approved as an anti-HIV medication.

Speaker #4: Secondly, I wanted to ask about ultimately what you expect the next funding capitalist for Salicla to be and what the outlook might be for Salicla to pursue a path to a public listing.

Speaker #4: If that's something you can comment on at this time. Thirdly, I wanted to see if you could give us some context around contextual competitive clinical development in the post-stroke recovery space, particularly as this pertains to CCR5 receptor modulators and especially the ongoing clinical programs with Miraverox, which was originally approved as an anti-HIV medication.

Thirdly, I wanted to see if you could give us some context around competitive clinical development in the post-stroke recovery space, particularly as this pertains to CCR5 receptor modulators and especially the ongoing clinical programs with Maraviroc, which was originally approved as an anti-HIV medication.

Speaker #4: And if you could perhaps give us a sense of how those trials, particularly the Kamaris trial, might provide important learnings for the future development of a candidate in post-stroke recovery like diprogluron.

Ram Selvaraju: And if you could perhaps give us a sense of how those trials, particularly the CAMAROS trial, might provide important learnings for future development of a candidate in post-stroke recovery like dipraglurant. And lastly, maybe you can give us a sense of what Indivior is looking for next in your ongoing collaboration and what catalysts you expect over the course of 2026. Thank you.

And if you could perhaps give us a sense of how those trials, particularly the CAMAROS trial, might provide important learnings for future development of a candidate in post-stroke recovery like dipraglurant. And lastly, maybe you can give us a sense of what Indivior is looking for next in your ongoing collaboration and what catalysts you expect over the course of 2026. Thank you.

Speaker #4: And lastly, maybe you can give us a sense of what In Vivo is looking for next in your ongoing collaboration and what catalysts you expect over the course of 2026.

Speaker #4: Thank you.

Tim Dyer: Okay. Yeah, so the first question regarding the commercial outlook in cough. You're absolutely right. Gefapixant seems not to be doing particularly well. I think, I mean, there are a number, well, first of all, it's not registered in the US. I mean, one of the reasons that Camlipixant was acquired by GSK when GSK acquired Bellus for 2 billion was because it seems to not have the same taste disturbance issues that Gefapixant had. And we understand that data from the phase 3 with Camlipixant is coming out in the coming months. We have done some commercial assessments on cough. We haven't actually disclosed our position on how we see the commercial opportunity, how we still see it as a significant unmet medical need. We know from our discussions with KOLs that baclofen is efficacious in cough patients.

Speaker #5: Okay. Yeah. So the first question regarding the commercial outlook in cough, you're absolutely right. Gephapixant seems not to be doing particularly well. I think I mean, there are a number—well, first of all, it's not registered in the US.

Speaker #5: I mean, one of the reasons that Kamlipixant was acquired by GSK when GSK acquired Bellus for 2 billion was because it seems to not have the same taste disturbance issues that gephapixant had.

Speaker #5: And we understand that data from the Phase 3 trial with Kamlipixant is coming out in the coming months. We have done some commercial assessment on cough.

And we understand that data from the phase 3 with Camlipixant is coming out in the coming months. We have done some commercial assessments on cough. We haven't actually disclosed our position on how we see the commercial opportunity, how we still see it as a significant unmet medical need. We know from our discussions with KOLs that baclofen is efficacious in cough patients.

Speaker #5: We haven't actually disclosed our position on how we see the commercial opportunity, how to—we still see it as a significant unmet medical need. We know from our discussions with KOLs that baclofen is efficacious in cough patients.

Speaker #5: The only reason it's not being—it's not being used more widely is it's a drug that has to be dosed about five times a day.

Tim Dyer: The only reason it's not being used more widely is it's a drug that has to be dosed about five times a day. The efficacious dose is sedative, so patients can't drive their cars. And therefore, it's really a last resort. What we've also heard from KOLs that we're working with is that up to 50% of cough patients who take P2X3 inhibitors or Gefapixant are discontinuing treatment, or non-responding. We haven't got any breakout of the non-responders versus the ones that discontinue due to the taste disturbance. So that's question one. Misha, would you like to add anything to that?

The only reason it's not being used more widely is it's a drug that has to be dosed about five times a day. The efficacious dose is sedative, so patients can't drive their cars. And therefore, it's really a last resort. What we've also heard from KOLs that we're working with is that up to 50% of cough patients who take P2X3 inhibitors or Gefapixant are discontinuing treatment, or non-responding. We haven't got any breakout of the non-responders versus the ones that discontinue due to the taste disturbance. So that's question one. Misha, would you like to add anything to that?

Speaker #5: The efficacious dose is sedative, so patients can't drive their cars. Therefore, it's really a last resort. What we've also heard from KOLs that we're working with is that up to 50% of cough patients who take P2X3 inhibitors or gephapixant are discontinuing treatment or are non-responders.

Speaker #5: We haven't got any breakout of the non-responders versus the ones that discontinued due to the taste disturbance. So that's question one. Misha, would you like to add anything to that?

Speaker #6: Yeah. I just wanted to mention that a recent evaluation of responders to gephapixant shows that there are up to 50% that patients that have no benefit from this mechanism, which is higher than was initially predicted, which was around 30%.

Mikhail Kalinichev: Yeah, I just wanted to mention that a recent evaluation of responders to Gefapixant shows that there are up to 50% of patients that have no benefit from this mechanism, which is higher than was initially predicted, which was around 30%. It's not surprising considering that P2X3 inhibitor really captures only a single peripheral mechanism that is responsible for chronic cough. There are multiple other peripheral mechanisms leading to chronic cough. Importantly, there are central mechanisms that remain to be addressed. The advantage of the approach that we are taking is that centrally acting GABA-B PAM will be able to address the needs of all these patients.

Speaker #6: It's not surprising considering that P2X3 inhibitor really captures only a single mechanism, peripheral mechanism that is responsible for chronic cough. There are multiple other peripheral mechanisms leading to chronic cough and, importantly, there are central mechanisms that remain to be addressed.

There are multiple other peripheral mechanisms leading to chronic cough. Importantly, there are central mechanisms that remain to be addressed. The advantage of the approach that we are taking is that centrally acting GABA-B PAM will be able to address the needs of all these patients.

Speaker #6: And the advantage of the approach that we are taking is that centrally acting gabapentin will be able to address needs of all these patients.

Tim Dyer: So I wanted a question too about STALICLA. Yeah, so we're very happy with the progress that STALICLA is making. I mean, they're continuing to execute on their warehousing study. So it's a non-pharmacological intervention study that they're recruiting patients in order to stratify them into the different phenotypes that they've identified. And these patients are sort of being warehouse ready for the pharmacological intervention studies. And regarding the fundraising, they are currently working on a, I mean, it's a private company. I think it's well understood that they are working on a Series C financing. This financing is to fund two phase 2 clinical studies for two subpopulations within autism spectrum disorder. They're also in parallel working on outlicensing an asset that they in-license from Novartis.

Ram Selvaraju: So I wanted a question too about STALICLA.

Speaker #4: Salicla. Yeah. So we're very happy with the progress that Salicla is making. I mean, they are—they're continuing to execute on their warehousing study. So they recruited a non-pharmacological intervention study that they're recruiting patients in order to stratify them into the different phenotypes that they've identified.

Tim Dyer: Yeah, so we're very happy with the progress that STALICLA is making. I mean, they're continuing to execute on their warehousing study. So it's a non-pharmacological intervention study that they're recruiting patients in order to stratify them into the different phenotypes that they've identified. And these patients are sort of being warehouse ready for the pharmacological intervention studies. And regarding the fundraising, they are currently working on a, I mean, it's a private company.

Speaker #4: And these patients have sort of been warehouse ready for the pharmacological intervention studies. And regarding the fundraising, they are currently working on a—I mean, it's a private company.

I think it's well understood that they are working on a Series C financing. This financing is to fund two phase 2 clinical studies for two subpopulations within autism spectrum disorder. They're also in parallel working on outlicensing an asset that they in-license from Novartis.

Speaker #4: I think it's well understood that they are working on a Series C financing. This financing is to fund two clinical programs: Phase 2 clinical studies for two subpopulations within autism spectrum disorder.

Speaker #4: They're also in parallel working on outlicensing an asset that they in-licensed from Novartis. This is a Mavigluron and Enbrel 5. It's the most advanced Enbrel 5 negative allosteric modulator, which has shown excellent data in a phase two study for cocaine use disorder.

Tim Dyer: This is Mavoglurant, an mGlu5, the most advanced mGlu5 negative allosteric modulator, which has shown excellent data in a phase 2 study for cocaine use disorder. I know that they are getting some traction from various pharma parties around the outlicensing of that. And so I think one of these activities, or both, we're hoping will occur. Now, the question regarding IPO, I mean, private companies are always staying close to the idea of IPOs, especially if there's a strong need for capital. And given the current warming up of the markets, I'm aware that STALICLA is certainly looking at this as a potential funding mechanism. So that's number two. Number three, regarding stroke, thank you very much for raising the topic of the CAMAROS trial with maraviroc. Two weeks ago, we were actually in Sweden discussing with our partner, scientists, in the Lund University.

This is Mavoglurant, an mGlu5, the most advanced mGlu5 negative allosteric modulator, which has shown excellent data in a phase 2 study for cocaine use disorder. I know that they are getting some traction from various pharma parties around the outlicensing of that. And so I think one of these activities, or both, we're hoping will occur. Now, the question regarding IPO, I mean, private companies are always staying close to the idea of IPOs, especially if there's a strong need for capital.

Speaker #4: I know that they are getting some traction from various pharma parties around the out-licensing of that. And so I think one of these activities, or both, we're hoping will occur.

Speaker #4: Now, the question regarding IPO, I mean, private companies are always staying close to the idea of IPOs, especially if there's a strong need for capital.

And given the current warming up of the markets, I'm aware that STALICLA is certainly looking at this as a potential funding mechanism. So that's number two. Number three, regarding stroke, thank you very much for raising the topic of the CAMAROS trial with maraviroc. Two weeks ago, we were actually in Sweden discussing with our partner, scientists, in the Lund University.

Speaker #4: Given the current warming up of the market, Salicla, I'm aware that Salicla is certainly looking at this as a potential funding mechanism. So that's number two.

Speaker #4: Number three, regarding stroke, thank you very much for raising the topic of the cameras trial with Mara Thyrock. Two weeks ago, we were actually in Sweden discussing with our partner Syntaxis in the Lund University.

Speaker #4: And we had the pleasure of meeting the lead investigator, Sean Ducklow. Ducklow, sorry. Who is leading that study. And we are certainly planning to collaborate with him and others that are involved in that study.

Tim Dyer: We had the pleasure of meeting the lead investigator, Sean Duplo, who is leading that study. We are certainly planning to collaborate with him and others that are involved in that study. There's a lot of learnings from that study that we can certainly benefit from when planning the study of dipraglurant. Misha, would you like to add anything?

We had the pleasure of meeting the lead investigator, Sean Duplo, who is leading that study. We are certainly planning to collaborate with him and others that are involved in that study. There's a lot of learnings from that study that we can certainly benefit from when planning the study of dipraglurant. Misha, would you like to add anything?

Speaker #4: And there's a lot of learnings from that study that we can certainly benefit from when planning the study of dipoglurons. Misha, would you like

Speaker #4: to add anything? Yes.

Mikhail Kalinichev: Yes, happy to follow up this topic. Of course, we follow this story since it was first shared by the Science magazine a few years back, and then a series of very elegant experiments published in the Cell journal, and now a clinical trial. We follow this with interest and excitement. We believe that it shows that there is a potential for improvement in post-stroke recovery via adding a pharmacological agent, exactly as we proposed with mGlu5. We are not surprised as there are multiple overlapping and redundant mechanisms in the brain. And identifying yet another mechanism that follows a very similar path kind of supports our hypothesis. Very much like mGlu5, CCR5 is upregulated after stroke. Its inhibition in the animal, either genetically or pharmacologically, facilitates recovery exactly like what happens with mGlu5. Both receptors are GPCRs. And both receptors are upregulated after stroke.

Speaker #6: Happy to follow up this topic. Of course, we follow this story since it was first shared by the science magazine a few years back.

Speaker #6: And then a series of very elegant experiments published in the journal and now a clinical trial we follow this with interest and excitement. We believe that it shows that there is a potential for improvement in post-stroke recovery via adding a pharmacological agent, exactly as we proposed with Enbrel 5.

We are not surprised as there are multiple overlapping and redundant mechanisms in the brain. And identifying yet another mechanism that follows a very similar path kind of supports our hypothesis. Very much like mGlu5, CCR5 is upregulated after stroke. Its inhibition in the animal, either genetically or pharmacologically, facilitates recovery exactly like what happens with mGlu5. Both receptors are GPCRs. And both receptors are upregulated after stroke.

Speaker #6: We are not surprised, as there are multiple overlapping and redundant mechanisms in the brain and identifying yet another mechanism that follows very similar path, kind of supports our hypothesis.

Speaker #6: Very much like Enbrel 5, CCR5 is upregulated after stroke. Its inhibition in the animal, either genetically or pharmacologically, facilitates recovery exactly like what happens with Enbrel 5. Both receptors are GPCRs.

Speaker #6: And both receptors are upregulated after stroke. So there are multiple parallels. And we are very excited. For sure, there will be many learnings for us at the end of this Camaros clinical trial.

Mikhail Kalinichev: So there are multiple parallels, and we are very excited. For sure, there will be many learnings for us at the end of this CAMAROS clinical trial, in particular to understand how one can address sensory versus motor recovery readouts. The CAMAROS study is heavily leaning towards more motor. In our discussion with clinical experts, we will put as much emphasis on sensory readouts as in motor ones. So for sure, there's a lot to learn, but we are very much in tune with this approach and looking forward to the outcome of this clinical trial.

So there are multiple parallels, and we are very excited. For sure, there will be many learnings for us at the end of this CAMAROS clinical trial, in particular to understand how one can address sensory versus motor recovery readouts. The CAMAROS study is heavily leaning towards more motor. In our discussion with clinical experts, we will put as much emphasis on sensory readouts as in motor ones. So for sure, there's a lot to learn, but we are very much in tune with this approach and looking forward to the outcome of this clinical trial.

Speaker #6: In particular, to understand how one can address sensory versus motor recovery readouts and the Camaros study is heavily leaning towards more motor and in our discussion with clinical expert, we will put as much emphasis on sensory readouts as in motor ones.

Speaker #6: So, for sure, there is a lot to learn. But we are very much in tune with this approach and looking forward to the outcome of this clinical.

Speaker #6: trial.

Speaker #4: Thanks. So onto the fourth

Tim Dyer: Thanks. So on to the fourth question regarding Indivior. I mean, Indivior, as I said, they first successfully completed the IND-enabling studies, and they are currently preparing to move the program forward. Unfortunately, I cannot give any more information than that at this stage. But again, we are still happy with the progress they are making to move the study forward.

Speaker #4: question regarding Indivio. I mean, Indivio, as I said, they first successfully completed the IND enabling studies. And they are currently preparing to move the program forward.

Speaker #4: Unfortunately, I cannot give any more information than that at this stage. But again, we are still happy with the progress they are making. To move the study forward.

Speaker #1: Thank you very

Ram Selvaraju: Thank you very much.

Speaker #1: much. So are there any other

Tim Dyer: Any other questions?

Speaker #4: questions? Yeah.

Operator: Dear participants, as a reminder, if you wish to ask a question, please press Star 11 on your telephone keypad. Alternatively, you can submit your questions via the webcast. Dear speakers, we will just give a moment to our participants to press Star 11 or just to write a question in our webcast app. Thank you, ladies and gentlemen. This brings the main part of our conference to a close. I would now like to hand the conference back to Tim Dyer for closing remarks.

Operator: Dear participants, as a reminder, if you wish to ask a question, please press Star one one on your telephone keypad. Alternatively, you can submit your questions via the webcast. Dear speakers, we will just give a moment to our participants to press Star one one or just to write a question in our webcast app. Thank you, ladies and gentlemen. This brings the main part of our conference to a close. I would now like to hand the conference back to Tim Dyer for closing remarks.

Speaker #7: Participants, as a reminder, if you wish to ask a question, please press star. One, one on your telephone keypad. Alternatively, you could submit your questions via the webcast.

Speaker #7: Dear speakers, we will just give a moment to our participants to press star one, one or just to write a question in our webcast app.

Speaker #7: Thank you, ladies and gentlemen. This brings the main part of our conference to a close. And I would now like to hand the conference back to Tim Dyer for closing

Speaker #7: remarks. So I'd like to thank you all for

Tim Dyer: I'd like to thank you all for attending, and we look forward to speaking to you again soon. I wish you all a great day.

Speaker #1: attending. And we look forward to speaking to you again soon. I wish you all a great

Speaker #1: day. This concludes today's

Operator: This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.

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