Monitor for Neurosterix Phase 2 initiation and any partnership or licensing deals for NTX-253. Addex's cash runway remains critical given the going-concern warning from the May 2026 20-F; further financing or asset monetization may be needed.
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Executive Summary
Addex Therapeutics announced via 6-K that its spin-out Neurosterix completed Phase 1 studies of NTX-253 (M4 PAM for schizophrenia) and plans to advance into Phase 2. Addex holds a 20% equity interest in Neurosterix, which raised $65M in Series A financing in 2024. This is a positive pipeline milestone for Addex's key asset, though the company itself faces a going-concern risk with only CHF 1.6M cash as of the last annual report.
Key Facts
- Neurosterix completed Phase 1 clinical studies of NTX-253, a positive allosteric modulator of the muscarinic M4 receptor for schizophrenia.
- Neurosterix plans to advance NTX-253 into Phase 2 clinical development.
- Addex holds a 20% equity interest in Neurosterix.
- Neurosterix raised $65 million in Series A financing led by Perceptive Advisors in April 2024.
- The Phase 1 study included single and multiple ascending dose components, food-effect and CSF assessments, in healthy volunteers and stable schizophrenia patients.
Financial Impact
No financial figures provided in this filing. Addex's 20% stake in Neurosterix valued at CHF 3.8M as of FY2025 20-F (May 2026).
Risk Factors
- Addex's cash position of CHF 1.6M (per FY2025 20-F) may be insufficient to fund operations without additional capital.
- NTX-253 is still early-stage (Phase 1 complete); Phase 2 failure risk is high.
- Addex holds only a minority 20% stake in Neurosterix, limiting upside from NTX-253 success.
- Activist investor Tim Dyer (also CEO) has been filing SC 13D/A amendments, indicating potential governance or strategic pressure.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-006524 |
| Exhibit: exh_991.htm | 0001171843-26-006524 |
| Document: 0001171843-26-006524-index-headers.html | 0001171843-26-006524 |
| Document: 0001171843-26-006524-index.html | 0001171843-26-006524 |
| Document: 0001171843-26-006524.txt | 0001171843-26-006524 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | 6-K | $3.18 | awaiting T+60 | — | $2.97 (−6.60%) |
Oct 2, 2026 24d ago | 6-K | $3.07 | awaiting T+60 | — | $2.97 (−3.26%) |
Sep 28, 2026 28d ago | 6-K | $2.81 | awaiting T+60 | — | $2.97 (−5.69%) |
Sep 25, 2026 4w ago | 6-K | $3.65 | awaiting T+60 | — | $2.97 (−18.63%) |
Aug 26, 2026 8w ago | 6-K | $4.23 | awaiting T+60 | — | $2.97 (+29.79%) |
Jul 8, 2026 15w ago | 6-K | $5.89 $2.98 | ▼ −49.41% | ▼ −51.90% | $2.97 (−49.58%) |
Jun 30, 2026 16w ago | 6-K | $5.70 $3.45 | ▲ +39.47% | ▲ +42.29% | $2.97 (+47.89%) |
Jun 25, 2026 17w ago | 6-K | $5.94 $3.40 | ▲ +42.76% | ▲ +46.49% | $2.97 (+50.00%) |
May 15, 2026 23w ago | 20-F | $6.83 $5.95 | ▲ +12.88% | ▲ +17.74% | $2.97 (+56.52%) |
Apr 23, 2026 26w ago | 6-K | $6.14 $5.60 | ▼ −8.79% | ▼ −13.81% | $2.97 (−51.63%) |
US Market Status
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