Addex Raises $2.8M, Regains GABAB Rights as Cough Program Moves Forward

Addex Therapeutics reported its first-half 2026 results while outlining progress across its neurological drug portfolio, including $2.8M raised through an at-the-market offering and the return of rights to its GABAB positive allosteric modulator program from Indivior. The Geneva-based clinical-stage biotechnology company is advancing small-molecule allosteric modulators targeting neurological disorders, with particular emphasis on GABAB receptor biology.

Addex said the $2.8M, or CHF 2.2 million, financing will help move its internally developed GABAB program for chronic cough toward clinical development. The company also regained rights to its GABAB PAM program for substance use disorders from Indivior, following research and development rationalization connected with Indivior’s merger with Supernus Pharmaceuticals. That program has already completed IND-enabling studies. Addex’s second GABAB PAM program, targeting chronic cough, is ready to begin IND-enabling studies.

The company also owns a 20% equity interest in Neurosterix US Holdings, its private spinout, which is developing several allosteric modulator programs. Neurosterix is advancing NTX-253, an M4 positive allosteric modulator, through a Phase 1 clinical trial with potential applications in schizophrenia; completion of the Phase 1 study is expected during the fourth quarter of 2026. Addex’s lead candidate, dipraglurant, is Phase 2-ready and is being evaluated for potential future development in brain injury recovery, including post-stroke and traumatic brain injury recovery.

For the first half, Addex reported CHF 1.125 million in operating losses, improving from CHF 1.339 million a year earlier. R&D expenses declined to CHF 74,000 from CHF 391,000, primarily because of lower outsourced spending on the GABAB PAM program and lower value attributed to services received from Neurosterix. G&A expenses remained approximately stable at CHF 1.1 million. The company’s first-half net loss was CHF 3.456 million, compared with CHF 3.314 million in the same period of 2025. Loss per share remained CHF 0.03. Cash and cash equivalents stood at CHF 0.8 million as of June 30, compared with CHF 2.3 million a year earlier.

Between July 1 and August 25, Addex sold 52,970,533 shares at an average price of CHF 0.043, equivalent to $0.053, generating CHF 2.3 million, or $2.8M, in gross proceeds.

CEO Tim Dyer said: “The successful raising of USD 2.8 million during the last quarter enables us to continue advancing our in-house GABAB cough program towards clinical development. Coupled with recent regaining of all rights to the GABAB PAM program for substance use disorders from Indivior, due to R &D rationalization following its merger with Supernus Pharmaceuticals, providing a valuable asset for Addex and solidifying our leading portfolio of drug candidates targeting GABAB receptor biology. Our spin-out company, Neurosterix made as well great progress and is on track to complete its Phase 1 clinical study with NTX-253, an M4 positive allosteric modulator with potential in schizophrenia, during the fourth quarter of 2026.”