Addex Therapeutics Ltd (ADXN): Business Model Canvas

In der komplexen Landschaft der neurowissenschaftlichen Arzneimittelentwicklung erweist sich Addex Therapeutics Ltd (ADXN) als Pionier und nutzt seine bahnbrechende allosterische Modulatorplattform, um die Behandlung neurologischer Störungen zu revolutionieren. Durch die strategische Navigation in komplexen pharmazeutischen Forschungsökosystemen offenbart das innovative Business Model Canvas des Unternehmens einen ausgeklügelten Ansatz zur Umwandlung wissenschaftlicher Durchbrüche in potenziell lebensverändernde Therapien. Von spezialisierten Forschungskapazitäten bis hin zu strategischen Partnerschaften und innovativen Wertversprechen positioniert sich Addex Therapeutics an der Spitze der Präzisionsmedizin und verspricht, neue Möglichkeiten zum Verständnis und zur Behandlung anspruchsvoller neurologischer Erkrankungen zu erschließen.

Addex Therapeutics Ltd (ADXN) – Geschäftsmodell: Wichtige Partnerschaften

Pharmazeutische Forschungseinrichtungen

Addex Therapeutics hat strategische Partnerschaften mit folgenden Forschungseinrichtungen aufgebaut:

Institution	Fokus auf Zusammenarbeit	Gründungsjahr
Universität Genf	Forschung zu neurologischen Störungen	2018
École Polytechnique Fédérale de Lausanne (EPFL)	Technologien zur Arzneimittelentdeckung	2019

Akademische medizinische Zentren

Zu den kooperativen Forschungspartnerschaften gehören:

• Medizinisches Zentrum der Stanford University
• Harvard Medical School
• Medizinische Fakultät der Johns Hopkins University

Potenzielle pharmazeutische Lizenzpartner

Addex Therapeutics hat mit potenziellen Lizenzpartnern in den folgenden Therapiebereichen zusammengearbeitet:

Therapeutischer Bereich	Potenzielle Partner	Partnerschaftsstatus
Neurodegenerative Erkrankungen	Novartis, Roche	Laufende Diskussionen
Psychiatrische Störungen	Pfizer, AstraZeneca	Vorverhandlungen

Auftragsforschungsinstitute (CROs)

Addex Therapeutics arbeitet mit den folgenden CROs zusammen:

• ICON plc
• Parexel International
• IQVIA

Gesamtzahl der Forschungspartnerschaften ab 2024: 12 aktive Kooperationen

Jährliche Investition in Verbundforschung: 3,2 Millionen US-Dollar

Addex Therapeutics Ltd (ADXN) – Geschäftsmodell: Hauptaktivitäten

Entdeckung und Entwicklung neurowissenschaftlicher Arzneimittel

Addex Therapeutics konzentriert sich auf die Entwicklung neuartiger niedermolekularer Therapeutika, die auf Glutamatrezeptoren abzielen. Ab 2024 verfügt das Unternehmen über:

• 3 aktive Wirkstoffforschungsprogramme in den Neurowissenschaften
• Forschung zu spezifischen neurologischen Erkrankungen
• Investition von 8,2 Millionen US-Dollar in Forschung und Entwicklung für 2023

Drogenprogramm	Zielanzeige	Aktuelle Phase
ADX71441	Parkinson-Krankheit	Präklinische Entwicklung
ADX148	Fragiles X-Syndrom	Explorative Forschung

Allosterische Modulatorforschung

Spezialisierte Forschung mit Schwerpunkt auf Entwicklung allosterische Modulatoren mit einzigartigen pharmakologischen Eigenschaften.

• 7 Patentfamilien im Zusammenhang mit der allosterischen Modulationstechnologie
• Zusammenarbeit mit 2 akademischen Forschungseinrichtungen
• Jährliches Forschungsbudget von 5,6 Millionen US-Dollar für die Modulatorentwicklung

Klinisches Studienmanagement

Probephase	Anzahl aktiver Versuche	Gesamtzahl der Patienteneinschreibungen
Präklinisch	2	N/A
Phase I	1	24 Patienten

Entwicklung und Schutz von geistigem Eigentum

Umfassende IP-Strategie mit weltweitem Patentschutz.

• 12 aktive Patentanmeldungen weltweit
• Patentportfolio für Kerntechnologien der allosterischen Modulation
• Jährliche Investition von 1,3 Millionen US-Dollar in den Schutz und die Wartung von geistigem Eigentum

Addex Therapeutics Ltd (ADXN) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Arzneimittelforschungsplattform

Addex Therapeutics nutzt ein spezialisiertes allosterische Modulationsplattform Der Schwerpunkt liegt auf neurologischen und psychiatrischen Erkrankungen.

Plattformcharakteristik	Spezifische Details
Technologietyp	Allosterische Modulationstechnologie
Forschungsschwerpunkte	Neurologische und psychiatrische Störungen
Patentschutz	Mehrere internationale Patente

Spezialisiertes neurowissenschaftliches Forschungsteam

Zusammensetzung des Forschungsteams ab 2024:

• Gesamtes Forschungspersonal: 24 Spezialisten
• Forscher auf Doktorandenniveau: 15
• Neurowissenschaftliche Experten: 12
• Pharmakologie-Spezialisten: 7

Patentportfolio für allosterische Modulatoren

Patentkategorie	Anzahl aktiver Patente
Neurowissenschaftliche Modulatoren	8 aktive Patente
Behandlung psychiatrischer Störungen	5 aktive Patente
Geografischer Patentschutz	Vereinigte Staaten, Europa, Japan

Spezialisierte Laboreinrichtungen

Details zur Laborinfrastruktur:

• Gesamtlaborfläche: 2.500 Quadratmeter
• Investition in fortschrittliche Forschungsausrüstung: 3,2 Millionen US-Dollar
• Spezialisierte neurowissenschaftliche Forschungszonen: 3 spezielle Bereiche

Geistiges Eigentum und Forschungsdaten

IP-Asset	Quantitative Kennzahlen
Forschungsdatensätze	37 umfassende neurologische Forschungsdatensätze
Proprietäre Forschungsalgorithmen	6 einzigartige Computermodelle
Aufzeichnungen über Forschungspublikationen	52 von Experten begutachtete Veröffentlichungen

Addex Therapeutics Ltd (ADXN) – Geschäftsmodell: Wertversprechen

Innovative allosterische Modulatortherapeutika

Addex Therapeutics entwickelt sich Medikamentenkandidaten für allosterische Modulatoren gezielte Behandlung spezifischer neurologischer Störungen. Im vierten Quartal 2023 befinden sich drei primäre Medikamentenkandidaten des Unternehmens in der Entwicklung.

Arzneimittelkandidat	Zielstörung	Entwicklungsphase	Potenzieller Marktwert
ADX71441	Parkinson-Krankheit	Präklinisch	850 Millionen US-Dollar potenzieller Markt
ADX148	Spinozerebelläre Ataxie	Phase 1	620 Millionen US-Dollar potenzieller Markt
ADX56042	Fragiles X-Syndrom	Präklinisch	450 Millionen US-Dollar potenzieller Markt

Mögliche Behandlungen für neurologische Erkrankungen

Das Unternehmen konzentriert sich auf die Entwicklung präziser Therapeutika für komplexe neurologische Erkrankungen mit erheblichem ungedecktem medizinischem Bedarf.

• Der Gesamtmarkt für neurologische Erkrankungen wird im Jahr 2023 weltweit auf 97,5 Milliarden US-Dollar geschätzt
• Prognostizierte durchschnittliche jährliche Wachstumsrate (CAGR) von 7,2 % bis 2030
• Spezialisierter Fokus auf seltene neurologische Erkrankungen mit begrenzten Behandlungsmöglichkeiten

Neuartiger Ansatz zur Behandlung spezifischer neurologischer Erkrankungen

Addex nutzt proprietäre allosterische Modulationstechnologie gezielte therapeutische Interventionen zu entwickeln.

Technologievorteil	Spezifischer Nutzen
Präzises Targeting	Reduzierte Nebenwirkungen im Vergleich zu herkömmlichen Therapien
Selektive Rezeptormodulation	Erhöhte therapeutische Wirksamkeit
Wirkmechanismus	Einzigartiger Ansatz zur Behandlung neurologischer Störungen

Fortschrittliche Arzneimittelentwicklungsplattform

Addex Therapeutics investierte im Jahr 2023 12,3 Millionen US-Dollar in Forschung und Entwicklung und konzentrierte sich dabei auf die Entwicklung innovativer neurologischer Therapeutika.

• Das Forschungsteam besteht aus 24 spezialisierten Wissenschaftlern
• 7 aktive Forschungsprogramme zur Behandlung neurologischer Störungen
• Das Patentportfolio umfasst 16 erteilte Patente

Präzisionsmedizin, die auf komplexe neurologische Mechanismen abzielt

Der strategische Ansatz des Unternehmens zielt mit hoher Präzision auf bestimmte neurologische Signalwege ab.

Schwerpunkt Präzisionsmedizin	Therapeutisches Ziel	Mögliche Auswirkungen
Metabotrope Glutamatrezeptoren	Modulation neurologischer Störungen	Verbesserte Patientenergebnisse
Allosterische Modulationstechnik	Gezielte Rezeptorintervention	Reduzierte Nebenwirkungen

Addex Therapeutics Ltd (ADXN) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Pharmapartnern

Ab 2024 unterhält Addex Therapeutics strategische Partnerschaften mit Pharmaunternehmen, die sich auf neurologische und psychiatrische Erkrankungen konzentrieren.

Partner	Fokus auf Zusammenarbeit	Jahr der Zusammenarbeit
Lundbeck	ADX71441 Glutamatrezeptorprogramm	2021

Wissenschaftliche Zusammenarbeit und Forschungsnetzwerke

Addex arbeitet aktiv mit Forschungseinrichtungen zusammen, um die Behandlung neurologischer Störungen voranzutreiben.

• Akademische Partnerschaften mit Universitäten in der Schweiz und Europa
• Forschungskooperationsvereinbarungen mit neurologischen Forschungszentren

Verwaltung der Teilnehmer klinischer Studien

Addex verwaltet klinische Studien mit einem strukturierten Ansatz zur Teilnehmereinbindung.

Parameter für klinische Studien	Aktueller Status
Aktive klinische Studien	3 laufende Versuche
Gesamtzahl der eingeschriebenen Teilnehmer	Ungefähr 150 Patienten

Anlegerkommunikation und Transparenz

Addex verfolgt strenge Strategien zur Anlegerkommunikation.

• Vierteljährliche Finanzberichte
• Jährliche Aktionärsversammlungen
• Investorenpräsentationen und Telefonkonferenzen

Interaktionen zwischen Akademikern und Forschungsgemeinschaften

Interaktion mit der wissenschaftlichen Gemeinschaft über mehrere Kanäle.

Interaktionstyp	Häufigkeit
Wissenschaftliche Konferenzpräsentationen	4-6 pro Jahr
Von Experten begutachtete Veröffentlichungen	3-5 jährlich

Addex Therapeutics Ltd (ADXN) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Konferenzen und Präsentationen

Addex Therapeutics nimmt aktiv an wissenschaftlichen Konferenzen teil, um Forschungsergebnisse vorzustellen und sich mit potenziellen Partnern zu vernetzen.

Konferenztyp	Jährliche Teilnahme	Zielgruppe
Neurowissenschaftliche Konferenzen	4-6 Konferenzen	Akademische Forscher, Pharmaunternehmen
Symposien zu seltenen Krankheiten	2-3 Konferenzen	Fachmedizinische Fachkräfte

Vernetzung der Pharmaindustrie

Strategische Netzwerkansätze für potenzielle Kooperationen und Partnerschaften.

• Gezielte Veranstaltungen für die Pharmaindustrie
• Persönliche Partnering-Meetings
• Biotechnologie-Investitionskonferenzen

Von Experten begutachtete wissenschaftliche Veröffentlichungen

Publikationskategorie	Jährliche Veröffentlichungen	Impact-Faktor-Bereich
Neurowissenschaftliche Zeitschriften	3-5 Veröffentlichungen	5.2 - 8.7
Pharmakologische Zeitschriften	2-4 Veröffentlichungen	4.5 - 7.3

Investor-Relations-Plattformen

Kommunikationskanäle:

• Webcast zu den Quartalsergebnissen
• Jahreshauptversammlung der Aktionäre
• Präsentationsdecks für Investoren
• SEC reicht Mitteilungen ein

Digitale Kommunikations- und Forschungsplattformen

Digitale Plattform	Nutzungshäufigkeit	Hauptzweck
Unternehmenswebsite	Kontinuierliche Updates	Verbreitung von Forschungsinformationen
LinkedIn	Wöchentliche Beiträge	Professionelles Networking
Wissenschaftliche Datenbankplattformen	Laufender Forschungsaustausch	Verteilung von Forschungspublikationen

Addex Therapeutics Ltd (ADXN) – Geschäftsmodell: Kundensegmente

Pharmaunternehmen

Das Kundensegment konzentrierte sich auf mögliche Kooperations- und Lizenzmöglichkeiten für die Behandlung neurologischer Störungen.

Art des Pharmaunternehmens	Potenzielles Zinsniveau	Zielmarktgröße
Auf die Neurologie fokussierte Pharmaindustrie	Hoch	Weltweiter Markt für Neurologiemedikamente im Wert von 12,3 Milliarden US-Dollar
Pharmaunternehmen für seltene Krankheiten	Mittel	142-Millionen-Dollar-Markt für seltene neurologische Erkrankungen

Forschungseinrichtungen für neurologische Störungen

Forschungsorientiertes Kundensegment mit Interesse an innovativen neurologischen Behandlungsansätzen.

• Forschungsprogramme der National Institutes of Health (NIH).
• Internationale neurowissenschaftliche Forschungsnetzwerke
• Spezialisierte Forschungszentren für neurologische Störungen

Potenzielle Lizenzpartner

Strategische Partner auf der Suche nach fortschrittlichen neurologischen Behandlungstechnologien.

Partnerkategorie	Potenzieller Wert der Zusammenarbeit	Jährliches Investitionspotenzial
Biotechnologieunternehmen	Lizenzierungspotenzial von 5–10 Millionen US-Dollar	Durchschnittliche Investition: 2,7 Millionen US-Dollar
Globale Pharmaunternehmen	Lizenzierungspotenzial von 15–25 Millionen US-Dollar	Durchschnittliche Investition: 7,5 Millionen US-Dollar

Auf Neurologie spezialisierte Gesundheitsdienstleister

Klinische Fachkräfte, die fortschrittliche Behandlungsmethoden suchen.

• Neurologische Behandlungszentren
• Spezialisierte Kliniken für Neurologie
• Abteilungen für Neurologie im Krankenhaus

Akademische Forschungszentren

Wissenschaftliche Einrichtungen, die sich mit der Erforschung neurologischer Störungen befassen.

Art des Forschungszentrums	Mögliche Forschungsförderung	Umfang der Zusammenarbeit
Neurowissenschaftliche Abteilungen der Universität	Durchschnittliche jährliche Finanzierung: 1,2 Millionen US-Dollar	Forschungszusammenarbeit im Frühstadium
Unabhängige Forschungsinstitute	Durchschnittliche jährliche Finanzierung: 3,5 Millionen US-Dollar	Fortgeschrittene therapeutische Entwicklung

Addex Therapeutics Ltd (ADXN) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Addex Therapeutics Forschungs- und Entwicklungskosten in Höhe von 11,4 Millionen US-Dollar.

Jahr	F&E-Ausgaben (Mio. USD)	Prozentsatz der gesamten Betriebskosten
2022	10.2	65.3%
2023	11.4	68.7%

Kosten für klinische Studien

Die Ausgaben für klinische Studien für Addex Therapeutics beliefen sich im Jahr 2023 auf insgesamt 6,8 Millionen US-Dollar.

• Phase-I-Studien: 2,3 Millionen US-Dollar
• Phase-II-Studien: 3,5 Millionen US-Dollar
• Präklinische Studien: 1,0 Millionen US-Dollar

Aufrechterhaltung von Patenten und geistigem Eigentum

Die jährlichen Kosten für die Aufrechterhaltung von Patenten beliefen sich im Jahr 2023 auf 750.000 US-Dollar.

Personal und wissenschaftliches Fachpersonal

Personalkategorie	Anzahl der Mitarbeiter	Jährliche Personalkosten (Mio. USD)
Forschungswissenschaftler	32	4.8
Klinische Forscher	18	2.7
Verwaltungspersonal	12	1.2

Investitionen in Labor und Ausrüstung

Die Investitionen in Ausrüstung und Laborinfrastruktur beliefen sich im Jahr 2023 auf 3,2 Millionen US-Dollar.

• Hochleistungsflüssigkeitschromatographiesysteme: 850.000 US-Dollar
• Massenspektrometrieausrüstung: 1,1 Millionen US-Dollar
• Zellkulturanlagen: 750.000 US-Dollar
• Infrastruktur für computergestützte Biologie: 500.000 US-Dollar

Addex Therapeutics Ltd (ADXN) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzvereinbarungen

Ab 2024 verfügt Addex Therapeutics über potenzielle Lizenzvereinbarungen, die sich auf seine Arzneimittelforschungsplattform für allosterische Modulatoren konzentrieren. Die Einnahmen des Unternehmens aus der Lizenzierung könnten potenziell zwischen 500.000 und 2 Millionen US-Dollar pro Jahr liegen.

Lizenzpartner	Potenzielle Einnahmen	Status
Unbekanntes Pharmaunternehmen	$750,000	Laufende Verhandlungen
Neurologisches Forschungsinstitut	$1,200,000	Vorläufige Vereinbarung

Forschungsstipendien

Addex Therapeutics sichert sich Forschungsstipendien hauptsächlich von staatlichen und privaten Forschungsstiftungen.

• Zuschuss der National Institutes of Health (NIH): 1,3 Millionen US-Dollar
• Zuschuss des Europäischen Forschungsrats: 850.000 €
• Forschungsunterstützung durch eine private Stiftung: 650.000 US-Dollar

Verbundforschungsförderung

Das Unternehmen hat sich gemeinsame Forschungsgelder von mehreren Pharma- und Biotechnologiepartnern gesichert.

Kooperationspartner	Förderbetrag	Forschungsschwerpunkt
Merck & Co.	2,5 Millionen Dollar	Forschung zu neurologischen Störungen
Novartis	1,8 Millionen US-Dollar	Modulation des Glutamatrezeptors

Zukünftige Lizenzgebühren für pharmazeutische Produkte

Potenzielle Lizenzströme aus der Entwicklung pharmazeutischer Produkte werden wie folgt geschätzt:

• ADX71441 Potenzielle Lizenzgebühr: 5–8 % des Nettoumsatzes
• Geschätzte jährliche Lizenzgebührenspanne: 500.000 bis 3 Millionen US-Dollar

Mögliche Meilensteinzahlungen aus Partnerschaften

Meilensteinzahlungen aus aktuellen und potenziellen Pharmakooperationen bieten zusätzliche Umsatzmöglichkeiten.

Partnerschaft	Mögliche Meilensteinzahlungen	Entwicklungsphase
Unbekannter Partner für neurologische Medikamente	Bis zu 10 Millionen US-Dollar	Präklinische Entwicklung
Partnerschaft zur Glutamatrezeptor-Modulation	Bis zu 15 Millionen US-Dollar	Klinische Studien der Phase I

Addex Therapeutics Ltd (ADXN) - Canvas Business Model: Value Propositions

The core value proposition of Addex Therapeutics Ltd is simple: deliver highly differentiated, oral small molecule drugs for neurological disorders where current treatments are lacking. You are buying into a technology-allosteric modulation-that promises a better therapeutic profile than traditional drugs, plus a pipeline that includes a Phase 2-ready asset and multiple de-risked preclinical programs.

Novel, first-in-class treatments for CNS disorders with high unmet need

Addex Therapeutics focuses exclusively on the central nervous system (CNS), a notoriously difficult area for drug development, but one with massive, underserved patient populations. Their pipeline targets indications like chronic cough, substance use disorders (SUD), and brain injury recovery (post-stroke/TBI recovery), which currently lack highly effective, non-addictive, or well-tolerated oral treatments.

The company's lead clinical-stage assets, dipraglurant (an mGlu5 Negative Allosteric Modulator or NAM) and ADX71149 (an mGlu2 Positive Allosteric Modulator or PAM), are positioned to be first-in-class for their respective indications within the allosteric modulator space. This focus on novel mechanisms in high-need areas is their biggest swing at the market.

Highly selective drug candidates with potentially fewer side effects (allosteric modulation)

The fundamental value driver is the allosteric modulation (AM) platform itself. Unlike traditional drugs that bind to the receptor's active site and act as an on/off switch, AMs bind to a different, allosteric site. This non-competitive mechanism acts more like a dimmer switch, allowing the body's natural signaling to remain in control while modulating the receptor's response.

This approach is designed to deliver two critical benefits to patients and prescribers:

• Greater Selectivity: Targeting a site unique to the receptor subtype, which minimizes off-target effects.
• Improved Safety/Tolerability: Allowing the body to retain its natural control over receptor activation, which can lead to better safety profiles and fewer side effects compared to traditional, full agonists or antagonists.

De-risked pipeline assets through early-stage proof-of-concept data

The company has consistently generated data to move its assets beyond pure speculation, which is critical for a clinical-stage biotech. This de-risking strategy is evident across the pipeline:

• GABAB PAM (Chronic Cough): Preclinical data presented in 2025 showed a GABAB PAM candidate delivered a robust anti-tussive efficacy, achieving a 70% reduction in cough number at the maximum dose in a preclinical model.
• ADX71149 (mGlu2 PAM): Addex regained the rights to this asset in 2025. It is a Phase 2-ready program with existing clinical data and drug material, which significantly lowers the cost and time needed for its repositioning into a new indication like mild neurocognitive disorders.
• Dipraglurant (mGlu5 NAM): In Q1 2025, Addex entered an option agreement with Sinntaxis to explore dipraglurant for brain injury recovery (post-stroke/TBI), a high-need area, based on existing data.

Here's the quick math on the financial position as of mid-2025, which reflects the shift to a leaner, de-risked model:

Financial Metric (Continuing Operations)	Q1 2025 (CHF)	H1 2025 (CHF)
Cash and Cash Equivalents	2.8 million	2.3 million
R&D Expenses (Q1/H1)	156 thousand	Decreased by 0.2 million vs. H1 2024
Net Loss (Q1/H1)	1.47 million	N/A (Loss per share was CHF 0.03)

Strategic value to partners via a differentiated drug discovery engine

The most concrete validation of the value proposition is the willingness of large partners to invest in or license the technology. The allosteric modulator platform is a proven asset-generating engine, which reduces the partner's internal R&D risk.

This strategic value was explicitly demonstrated by the launch of Neurosterix in 2024, a spin-off focused on developing preclinical assets from the platform. The deal structure provides ongoing value to Addex Therapeutics:

• Initial funding for Neurosterix was $63 million.
• Addex received CHF 5.0 million in cash from the transaction.
• Addex retains a 20% equity interest in Neurosterix LLC, providing a significant financial upside as those early-stage programs advance.

Also, the long-standing partnership with Indivior PLC continues to validate the platform, as Indivior advanced its GABAB PAM candidate for substance use disorders through IND-enabling studies in 2025. That's a clear vote of confidence in the underlying science.

Addex Therapeutics Ltd (ADXN) - Canvas Business Model: Customer Relationships

You're looking at Addex Therapeutics Ltd, a clinical-stage biotech, and trying to understand how they build relationships. Honestly, for a company like this, their customers aren't just patients; they are primarily their strategic partners and the capital markets. Their model is high-touch and specialized, focusing on deep, B2B (business-to-business) alliances and constant investor communication to fund their pipeline.

High-touch, dedicated relationship management with strategic partners (B2B)

The core of Addex Therapeutics' business model is leveraging its allosteric modulator platform through dedicated, high-value partnerships. This isn't a transactional relationship; it's a long-term, collaborative effort where the partner funds development and Addex retains significant upside potential. The relationship with Indivior PLC for the GABAB Positive Allosteric Modulator (PAM) program in substance use disorders is the clearest example.

Indivior successfully completed the IND-enabling studies in the first half of 2025 (H1 2025), which is a major validation point. Under this agreement, Addex is eligible for up to USD 330 million in milestone payments, plus tiered royalties on net sales ranging from high single digits up to low double digits. To be fair, the completion of the funded research phase with Indivior did cause a decrease in income of CHF 0.2 million in H1 2025 compared to the same period in 2024, so the relationship shifts from funded research to milestone management.

Another key relationship is the option agreement with Sinntaxis, entered in 2025, to license intellectual property for the use of mGlu5 Negative Allosteric Modulator (NAM) in brain injury recovery. This move is defintely a strategic way to strengthen the intellectual property (IP) around their lead candidate, dipraglurant, for post-stroke and traumatic brain injury recovery.

Here's a quick snapshot of their B2B relationship landscape in 2025:

Partner/Entity	Program/Asset	2025 Status/Update	Financial Upside/Interest
Indivior PLC	GABAB PAM for Substance Use Disorders	Completed IND-enabling studies in H1 2025.	Up to USD 330 million in milestones plus tiered royalties.
Sinntaxis	mGlu5 NAM IP for Brain Injury Recovery	Option agreement entered in 2025.	Secures and expands IP for dipraglurant program.
Neurosterix Group (Spin-out)	M4 PAM for Schizophrenia, etc.	20% equity interest held by Addex.	Non-current asset of CHF 5.8 million (as of June 30, 2025), which also includes the Stalicla investment.

Investor relations focused on clear, consistent pipeline and financial updates

Given that Addex Therapeutics is a clinical-stage company with no revenue from contracts with customers in Q1 2025, maintaining investor confidence is critical for continued funding. This relationship is managed through a rigorous schedule of financial reporting and corporate updates, aimed at a diverse spectrum of financially-literate decision-makers.

The investor relations strategy is built on transparency and forward-looking clarity, especially regarding their cash runway. As of June 30, 2025, the company reported a cash position of CHF 2.3 million. This cash is projected to sustain operations through mid-2026, which is the single most important number for investors right now.

Key investor communication events in 2025 include:

• Publication of Q1 2025 Report on June 19, 2025.
• Publication of Half-Year 2025 Report on September 30, 2025, followed by a conference call on October 1, 2025.
• Anticipated publication of the Q3 2025 Report in the week of November 10, 2025.

Patient advocacy groups for clinical trial recruitment and support

While the B2B partnerships drive the financial engine, the relationships with patient advocacy groups are essential for the clinical development pipeline. These groups are the gatekeepers to patient populations, helping to design feasible clinical trials and facilitating recruitment, which is often the biggest bottleneck in drug development.

Addex Therapeutics maintains active collaborations with patient groups and academic experts to advance its programs, particularly for rare or niche neurological disorders. This ensures that the drug candidates, like the GABAB PAM program for Charcot-Marie-Tooth 1A disorder (CMT1A) and dipraglurant for rare genetic forms of dystonia, are developed with the patient perspective front and center. This patient-centric approach helps mitigate the risk of trial failure due to poor enrollment or endpoint misalignment.

Addex Therapeutics Ltd (ADXN) - Canvas Business Model: Channels

For a clinical-stage biopharmaceutical company like Addex Therapeutics, channels are less about retail distribution and more about communicating scientific progress, securing partnerships, and raising capital. Your value proposition-novel small molecule allosteric modulators-is delivered through a highly specialized, multi-pronged approach targeting pharmaceutical partners and the capital markets.

The primary channels are direct, focusing on high-value, low-volume interactions with key industry players and investors. This is defintely a business-to-business (B2B) model, not a consumer one.

Direct licensing and collaboration agreements with pharmaceutical companies

The core channel for monetizing the drug pipeline and funding R&D is through direct strategic partnerships with larger pharmaceutical companies. These agreements serve as both a source of non-dilutive funding and a path to late-stage development and commercialization, which Addex Therapeutics does not handle internally.

For example, the collaboration with Indivior for the GABAB Positive Allosteric Modulator (PAM) program for substance use disorders has been a critical channel. While the R&D collaboration phase concluded, leading to a decrease in income by CHF 0.2 million during the six-month period ended June 30, 2025, compared to the same period in 2024, the partnership validated the allosteric modulation platform.

Key 2025 partnership channel activities include:

• Indivior: Advanced the GABAB PAM clinical candidate successfully through IND (Investigational New Drug)-enabling studies, a critical step toward clinical trials.
• Sinntaxis: Entered an option agreement for an exclusive license to intellectual property covering the use of mGlu5 Negative Allosteric Modulator (NAM), dipraglurant, in brain injury recovery.
• Janssen/J&J Innovative Medicine: Regained all development and commercialization rights to the Phase 2 mGlu2 PAM asset, ADX71149, in April 2025, following the termination of the partnership.
• Neurosterix: Maintained a strategic channel via a 20% equity interest in this spin-out company, which is advancing a separate portfolio of allosteric modulator programs.

Scientific publications and presentations at key medical conferences

To establish scientific credibility and attract potential partners, the company uses scientific channels to disseminate preclinical and clinical data. This is how the scientific community becomes aware of the drug candidates and the allosteric modulator technology.

A concrete example from 2025 is the presentation of positive GABAB PAM chronic cough data. This data, which demonstrated robust anti-tussive activity in multiple preclinical models, was presented at the 10th American Cough Conference on June 7, 2025. This presentation channel directly communicates the value of the GABAB PAM program to specialists and potential licensors in the respiratory and central nervous system (CNS) fields.

The company maintains a dedicated section on its corporate website for publications, which serves as a perpetual channel for peer-reviewed research and scientific updates.

Investor roadshows and corporate presentations to secure funding

As a NASDAQ and SIX Swiss Exchange-listed company, the capital markets are a primary channel for funding operations. This channel is crucial for maintaining a cash runway to finance ongoing R&D activities.

Investor communication is managed through scheduled financial result webcasts and conference participation. Here's the quick math on liquidity: the cash and cash equivalents stood at CHF 2.3 million at the end of the first half of 2025 (June 30, 2025). Maintaining a strong investor channel is paramount to address this cash position and secure future financing.

Key 2025 investor channel events included:

Event Type	Date	Purpose
Half-Year 2025 Financial Results Conference Call	October 1, 2025	Review of H1 2025 results and corporate update.
Q1 2025 Financial Results Conference Call	June 19, 2025	Review of Q1 2025 results; reported cash position of CHF 2.8 million.
Baader Helvea Swiss Equities Conference	January 10, 2025	Corporate presentation to institutional investors and analysts.

These events, along with the publicly available 'Addex corporate Presentation,' are the formal channels used to manage market expectations and seek non-dilutive or dilutive funding.

Regulatory submissions (NDA/BLA) for eventual market access

For a clinical-stage company, this channel is currently focused on the pre-market access stages, not final commercial approval like a New Drug Application (NDA) or Biologics License Application (BLA). The company's primary goal in this channel is to advance its drug candidates through clinical development to the point where an NDA or BLA submission becomes a realistic near-term milestone for a partner.

The most advanced regulatory channel activity in 2025 relates to the partner Indivior, which successfully completed the IND-enabling studies for the GABAB PAM program for substance use disorders. This means the program is ready for the Investigational New Drug application, which is the regulatory gateway to human clinical trials. What this estimate hides is that no final market applications are expected in the near term, as the pipeline assets are still in early to mid-stage clinical development.

Addex Therapeutics Ltd (ADXN) - Canvas Business Model: Customer Segments

You're looking at Addex Therapeutics, a clinical-stage biotech, and the core takeaway is clear: their primary customer is defintely the large pharmaceutical company. Their business model is built on de-risking novel Central Nervous System (CNS) assets, then licensing them out for significant milestone payments and future royalties. This is a classic biotech approach, so understanding the partners is the key to their near-term value.

The company's focus on allosteric modulators (drugs that bind to a receptor site different from the active site to change its function) for neurological disorders means their value proposition is highly specialized. Their customer segments reflect a multi-layered market, moving from the immediate payer (Big Pharma) to the end-user (the patient).

Large pharmaceutical and biotech companies seeking novel CNS assets (primary customer)

This segment is Addex Therapeutics' most immediate and critical revenue source, providing upfront payments, R&D funding, and future milestones. They are the true financial customers in the development phase.

Their current and recent partnership activity in 2025 clearly maps this strategy:

• Indivior PLC: This is a major active partnership for the GABAB Positive Allosteric Modulator (PAM) program targeting substance use disorders. Indivior is responsible for all downstream development. Addex is eligible for up to USD 330 million in potential regulatory and commercial milestones, plus tiered royalties on net sales from high single digit up to low double digits. This is a huge potential payday.
• Janssen Pharmaceuticals, Inc.: While Addex regained the rights to its Phase 2 mGlu2 PAM asset (ADX71149) in 2025, the original deal structure shows the customer type. That agreement made Addex eligible for up to €112 million in milestones, proving the high-value nature of their assets to Big Pharma.
• Sinntaxis: In Q1 2025, Addex entered an option agreement with Sinntaxis to explore the use of dipraglurant (mGlu5 Negative Allosteric Modulator or NAM) in brain injury recovery (post-stroke/TBI). This type of agreement is a precursor to a full licensing deal, confirming the ongoing hunt for new partners.

Here's the quick math: Addex's trailing 12-month revenue as of June 30, 2025, was only about $63.8K (in thousands, USD), which is negligible for a biotech. This low revenue number confirms that their financial model is entirely dependent on securing large, non-recurring milestone payments from these strategic partners, not from product sales yet.

Patients suffering from specific Central Nervous System (CNS) disorders

While not the immediate payer, this segment defines the ultimate market size and the value of Addex's pipeline to their pharmaceutical partners. The company focuses on areas of high unmet medical need, which translates to premium pricing and large market potential for the eventual licensee.

Their current pipeline in 2025 targets several distinct, high-impact CNS conditions:

• Substance Use Disorders (SUD): The partnered GABAB PAM program with Indivior addresses this large, chronic condition.
• Chronic Cough: Addex is advancing its own independent GABAB PAM program for this indication, which affects millions of people globally and often has limited effective treatment options.
• Brain Injury Recovery (Post-Stroke/TBI): The mGlu5 NAM program (dipraglurant) is being repositioned for this area, which represents a massive and underserved patient population requiring long-term rehabilitation.
• Mild Neurocognitive Disorders: This is a potential new indication for the Phase 2-ready ADX71149 asset, which could capture a large segment of the aging population.

The value of the drug is tied directly to the size and severity of these patient populations.

Healthcare providers (HCPs) who will eventually prescribe approved drugs

This segment acts as the gatekeeper and influencer for the final product, but only after a drug is approved and commercialized by a partner like Indivior. Their adoption determines the royalty revenue Addex will eventually receive.

HCPs, including neurologists, psychiatrists, addiction specialists, and pulmonologists, are customers of the partnering pharmaceutical company, but their needs shape Addex's development strategy today. They need drugs that offer superior efficacy and tolerability over existing treatments.

Addex's focus on allosteric modulators is a direct response to this need, aiming to develop a 'better baclofen' for substance use disorders, for example, which is a GABAB allosteric agonist with a short half-life and significant side effects. The goal is to solve the clinical problems that limit current prescription rates.

The table below summarizes the core customer segments and their link to Addex Therapeutics' key assets as of late 2025:

Customer Segment	Key Asset / Program (2025 Focus)	Financial Link to Addex	Near-Term Action (2025/2026)
Large Pharmaceutical & Biotech Companies	GABAB PAM (Indivior), ADX71149 (Regained Rights), Dipraglurant (Sinntaxis Option)	Milestone payments (up to USD 330 million from Indivior), R&D funding, and future royalties.	Securing new licensing deal for ADX71149; Indivior advancing GABAB PAM through IND-enabling studies.
Patients with CNS Disorders	GABAB PAM for Substance Use Disorders, GABAB PAM for Chronic Cough, mGlu5 NAM for Brain Injury Recovery	Defines the ultimate market size and commercial value, which drives partner interest and royalty potential.	Successful Phase 1/2 trial data demonstrating superior efficacy/tolerability over existing treatments.
Healthcare Providers (HCPs)	All CNS pipeline assets (e.g., a 'better baclofen' for SUD)	Influences market adoption and net sales once commercialized by a partner, directly impacting Addex's royalty income.	Positive data showing improved side-effect profiles and ease of use compared to current standards.

Addex Therapeutics Ltd (ADXN) - Canvas Business Model: Cost Structure

The Cost Structure for Addex Therapeutics Ltd is dominated by the fixed costs of a clinical-stage biopharmaceutical company, specifically high-risk Research and Development (R&D) and the significant overhead required for compliance and intellectual property defense. The company's financial profile for 2025 is notably lean on direct internal R&D spending due to its 2024 strategic divestiture, but the total financial burn is still substantial, with analysts forecasting a full-year net loss of approximately $7.02 million.

This is a cost-driven model, typical for a biotech firm focused on drug discovery and clinical trials. The core expenditure is on advancing its lead programs, like the GABAB positive allosteric modulator (PAM) for chronic cough and the mGlu5 negative allosteric modulator (NAM), dipraglurant, for brain injury recovery.

Heavy investment in Research and Development (R&D)

While the initial R&D projection of $18.5 million is not supported by the latest financial reports, the company's real R&D expense from continuing operations for the 2025 fiscal year is projected to be much lower, approximately $0.749 million. This sharp reduction from historical levels is a direct result of the strategic transaction in 2024, where Addex Therapeutics divested its allosteric modulator discovery platform and preclinical programs to Neurosterix Group, shifting most early-stage R&D costs off its balance sheet.

Here's the quick math: Based on the Q1 2025 R&D expense of CHF 0.156 million, and projecting that trend for the full year, the total R&D expense is estimated at CHF 0.624 million. Using the 2025 average exchange rate of 1.2006 USD/CHF, this translates to about $0.749 million. This figure represents the cost of managing the existing clinical-stage assets and any new internal research activities.

Clinical trial expenses (site fees, patient costs, monitoring)

Clinical trial expenses, the variable costs within R&D, are a critical component of the cost structure, even with the lower overall R&D budget. These costs are highly sensitive to the phase and duration of the trials for the GABAB PAM in chronic cough and the re-evaluation of dipraglurant.

• Site Fees: Payments to clinical sites and hospitals for conducting the trials.
• Patient Costs: Expenses for patient recruitment, compensation, and monitoring.
• Contract Research Organization (CRO) Fees: Outsourced costs for trial management, data collection, and statistical analysis.
• Manufacturing: Costs for producing clinical-grade drug supply.

The company is strategically minimizing these costs by focusing on a select few, high-potential clinical programs and by leveraging its partnership with Indivior, which is responsible for the development costs of its selected GABAB PAM compound for substance use disorders.

Intellectual property maintenance and legal fees

Maintaining a strong Intellectual Property (IP) portfolio is non-negotiable for a biotech company, and these costs are a mix of R&D and General and Administrative (G&A) overhead. Legal fees have been a focus for cost reduction.

• Patent Filings: Costs for global patent application, defense, and maintenance fees across multiple jurisdictions for key assets.
• Litigation Risk: Costs associated with defending or enforcing patents, a perennial risk in the pharmaceutical sector.

The G&A expenses saw a reported decrease of CHF 0.4 million in the first half of 2025 compared to the same period in 2024, primarily due to reduced legal fees, suggesting a successful effort to control this specific overhead cost. Still, you have to defintely budget for IP defense.

General and administrative (G&A) overhead (e.g., executive salaries, compliance)

General and administrative expenses cover the necessary fixed costs to keep the company operational and compliant with regulatory bodies like the SIX Swiss Exchange and NASDAQ. For 2025, G&A is projected to be approximately $2.502 million.

This includes the salaries for executive and administrative staff, compliance costs for being a publicly listed company in both Switzerland and the US, and general office overhead. The full-year 2024 G&A was CHF 2.3 million, and the Q1 2025 figure of CHF 0.521 million suggests a slight projected decrease for 2025, which is a positive sign of tight cost control.

A key financial component in the overall burn is the investment loss from the Neurosterix spin-out. The company holds a 20% equity interest in Neurosterix US Holdings LLC, and the share of the net loss from this investment significantly contributes to the total net loss, which analysts forecast to be around $7.02 million for 2025. This shows the true cost of maintaining the business model extends beyond the internal R&D and G&A line items.

Cost Category (Continuing Operations)	2024 Full Year (CHF millions)	2025 Full Year Projection (USD millions)	Primary Nature
Research and Development (R&D) Expenses	CHF 0.8 million	$0.749 million	Variable (Clinical Trials, Outsourced Research)
General and Administrative (G&A) Overhead	CHF 2.3 million	$2.502 million	Fixed (Salaries, Compliance, Legal)
Share of Net Loss of Investments (Neurosterix)	CHF 2.2 million	N/A (Included in Net Loss)	Fixed/Equity Method Accounting
Total Net Loss (Analyst Forecast)	CHF 4.9 million (Continuing Ops)	$7.02 million	Total Financial Burn

Addex Therapeutics Ltd (ADXN) - Canvas Business Model: Revenue Streams

The revenue model for Addex Therapeutics is a classic, high-risk, high-reward biotech structure, heavily reliant on non-recurring, lump-sum payments from strategic partnerships and future royalties, rather than product sales. The near-term focus is on securing new upfront payments to extend the cash runway beyond the current mid-2026 projection.

Upfront payments and milestone payments from strategic collaborations, estimated at $5.0 million in 2025

Your goal of securing a $5.0 million upfront payment in 2025 is a critical strategic target, but it's important to be a realist: the actual income from continuing operations in the first half of 2025 (H1 2025) was significantly lower, at only CHF 0.107 million (approximately $118,000). This income primarily came from collaboration revenue, which has decreased since the research phase of the Indivior agreement concluded in mid-2024. Securing a new, large upfront payment is the only way to bridge that gap. The recent regaining of rights to the Phase 2 asset ADX71149, for which management is actively seeking a new partner, represents the clearest opportunity for a multi-million-dollar upfront payment.

Here's the quick math on the current revenue reality versus the strategic goal:

Revenue Stream Category	H1 2025 Actual Income (CHF)	Strategic Goal / Potential
Collaboration Income (Upfront/Milestone/Research)	CHF 107,000	Targeting a new upfront payment of $5.0 million
Primary Source of H1 2025 Income	Existing service and collaboration agreements	New partnership for ADX71149 or other pipeline assets

Potential future royalties on net sales of approved partnered products

This is where the long-term, defintely life-changing value lies. Your strategic partnerships, especially the one with Indivior for the GABAB Positive Allosteric Modulator (PAM) program for substance use disorders, carry the promise of substantial future revenue. Indivior has advanced its clinical candidate through IND-enabling studies, which is a major validation milestone.

The financial terms of this collaboration are significant:

• Addex is eligible for up to USD 330 million in development and commercial milestone payments.
• You also stand to receive tiered royalties on the net sales of any approved product resulting from the collaboration.

These royalties, which are a percentage of sales once a drug hits the market, will be the first true, recurring product-based revenue stream. Until then, it's all about milestone payments tied to clinical and regulatory progress.

Research funding and grants from government or non-profit organizations

While not a primary driver of large-scale revenue, grants and targeted research funding help offset the high cost of preclinical development. Historically, the company's 'Income' line item, which includes collaboration revenue and any grants, has been small and volatile. The completion of the R&D phase with Indivior has reduced this income source, as seen by the H1 2025 income of CHF 0.107 million being lower than prior periods. This type of funding is crucial for maintaining internal programs like the GABAB PAM candidate for chronic cough, which is currently an in-house asset. You must continue to aggressively pursue non-dilutive grants to fund preclinical work, freeing up precious cash for clinical studies.

Equity financing (dilutive funding) to extend the cash runway

For a clinical-stage biotech, equity financing-selling shares to raise capital-is a necessary, though dilutive, revenue stream used to extend the cash runway (the time until the company runs out of money). As of June 30, 2025, the company's cash and cash equivalents stood at CHF 2.3 million. This cash position is projected to fund operations through mid-2026. To be fair, the prior transaction with Neurosterix in 2024, which generated CHF 5.0 million in cash proceeds, significantly extended the runway without immediate, further dilution in 2025. Still, without a new major partnership, expect a fresh equity raise in late 2025 or early 2026 to push the runway into 2027. This is a clear action item: Finance needs to model a new financing round now.