Addex Therapeutics Ltd (ADXN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado panorama del desarrollo de fármacos de neurociencia, Addex Therapeutics Ltd (ADXN) emerge como una fuerza pionera, aprovechando su innovadora plataforma moduladora alostérica para revolucionar los tratamientos de trastornos neurológicos. Al navegar estratégicamente por los complejos ecosistemas de investigación farmacéutica, el innovador lienzo de modelo de negocio de la compañía revela un enfoque sofisticado para transformar los avances científicos en posibles terapias que cambian la vida. Desde capacidades de investigación especializadas hasta asociaciones estratégicas y propuestas de valor de vanguardia, Addex Therapeutics se está posicionando a la vanguardia de la medicina de precisión, prometiendo desbloquear nuevas posibilidades para comprender y tratar las condiciones neurológicas desafiantes.

Addex Therapeutics Ltd (ADXN) - Modelo de negocio: asociaciones clave

Instituciones de investigación farmacéutica

Addex Therapeutics ha establecido asociaciones estratégicas con las siguientes instituciones de investigación:

Institución	Enfoque de colaboración	Año establecido
Universidad de Ginebra	Investigación del trastorno neurológico	2018
École Polytechnique Fédérale de Lausanne (EPFL)	Tecnologías de descubrimiento de drogas	2019

Centros médicos académicos

Las asociaciones de investigación colaborativa incluyen:

• Centro Médico de la Universidad de Stanford
• Escuela de Medicina de Harvard
• Facultad de Medicina de la Universidad Johns Hopkins

Posentes socios de licencia farmacéutica

ADTEX Therapeutics se ha involucrado con posibles socios de licencia en las siguientes áreas terapéuticas:

Área terapéutica	Socios potenciales	Estado de asociación
Enfermedades neurodegenerativas	Novartis, Roche	Discusiones en curso
Trastornos psiquiátricos	Pfizer, AstraZeneca	Negociaciones preliminares

Organizaciones de investigación por contrato (CRO)

ADTEX Therapeutics colabora con los siguientes CRO:

• Ícono plc
• Parexel International
• IQVIA

Asociaciones de investigación total a partir de 2024: 12 colaboraciones activas

Inversión anual en investigación colaborativa: $ 3.2 millones

Addex Therapeutics Ltd (ADXN) - Modelo de negocio: actividades clave

Descubrimiento y desarrollo de fármacos de neurociencia

ADTEX Therapeutics se centra en desarrollar nuevas terapias de molécula pequeña dirigida a receptores de glutamato. A partir de 2024, la compañía tiene:

• 3 Programas activos de descubrimiento de fármacos en neurociencia
• Investigación dirigida a trastornos neurológicos específicos
• Inversión de $ 8.2 millones en I + D para 2023

Programa de drogas	Indicación objetivo	Etapa actual
ADX71441	Enfermedad de Parkinson	Desarrollo preclínico
ADX148	Síndrome de X frágil	Investigación exploratoria

Investigación del modulador alostérico

Investigación especializada centrada en el desarrollo moduladores alostéricos con propiedades farmacológicas únicas.

• 7 familias de patentes relacionadas con la tecnología de modulación alostérica
• Colaboración con 2 instituciones de investigación académica
• Presupuesto de investigación anual de $ 5.6 millones dedicado al desarrollo del modulador

Gestión de ensayos clínicos

Fase de prueba	Número de pruebas activas	Inscripción total del paciente
Preclínico	2	N / A
Fase I	1	24 pacientes

Desarrollo y protección de la propiedad intelectual

Estrategia de IP integral con protección global de patentes.

• 12 solicitudes de patentes activas en todo el mundo
• Portafolio de patentes que cubre las tecnologías de modulación alostérica central
• Inversión anual de $ 1.3 millones en protección y mantenimiento de IP

Addex Therapeutics Ltd (ADXN) - Modelo de negocio: recursos clave

Plataforma de descubrimiento de drogas patentado

ADTEX Therapeutics utiliza un especializado plataforma de modulación alostérica centrado en trastornos neurológicos y psiquiátricos.

Característica de la plataforma	Detalles específicos
Tipo de tecnología	Tecnología de modulación alostérica
Áreas de enfoque de investigación	Trastornos neurológicos y psiquiátricos
Protección de patentes	Múltiples patentes internacionales

Equipo de investigación de neurociencia especializada

Composición del equipo de investigación a partir de 2024:

• Personal de investigación total: 24 especialistas
• Investigadores a nivel de doctorado: 15
• Expertos en neurociencia: 12
• Especialistas en farmacología: 7

Portafolio de patentes para moduladores alostéricos

Categoría de patente	Número de patentes activas
Moduladores de neurociencia	8 patentes activas
Tratamientos de trastorno psiquiátrico	5 patentes activas
Cobertura de patentes geográficas	Estados Unidos, Europa, Japón

Instalaciones de laboratorio especializadas

Detalles de la infraestructura de laboratorio:

• Espacio de laboratorio total: 2.500 metros cuadrados
• Inversión de equipos de investigación avanzados: $ 3.2 millones
• Zonas de investigación de neurociencia especializada: 3 áreas dedicadas

Propiedad intelectual y datos de investigación

Activo IP	Métricas cuantitativas
Conjuntos de datos de investigación	37 conjuntos de datos integrales de investigación neurológica
Algoritmos de investigación patentados	6 modelos computacionales únicos
Registros de publicación de investigación	52 publicaciones revisadas por pares

Addex Therapeutics Ltd (ADXN) - Modelo de negocio: propuestas de valor

Terapéutica de modulador alostérico innovador

Se desarrolla ADTEX Therapeutics Modulador alostérico Candidatos de drogas dirigido a trastornos neurológicos específicos. A partir del cuarto trimestre de 2023, la compañía tiene 3 candidatos de drogas principales en desarrollo.

Candidato a la droga	Trastorno objetivo	Etapa de desarrollo	Valor de mercado potencial
ADX71441	Enfermedad de Parkinson	Preclínico	Mercado potencial de $ 850 millones
ADX148	Ataxia espinocerebelosa	Fase 1	Mercado potencial de $ 620 millones
ADX56042	Síndrome de X frágil	Preclínico	Mercado potencial de $ 450 millones

Tratamientos potenciales para los trastornos neurológicos

La compañía se enfoca en desarrollar terapias de precisión para afecciones neurológicas complejas con necesidades médicas no satisfechas significativas.

• El mercado total de trastornos neurológicos estimado en $ 97.5 mil millones en todo el mundo en 2023
• Tasa de crecimiento anual compuesto proyectado (CAGR) de 7.2% hasta 2030
• Enfoque especializado en enfermedades neurológicas raras con opciones de tratamiento limitadas

Enfoque novedoso para atacar condiciones neurológicas específicas

ADEX utiliza Tecnología de modulación alostérica patentada Desarrollar intervenciones terapéuticas dirigidas.

Ventaja tecnológica	Beneficio específico
Orientación de precisión	Efectos secundarios reducidos en comparación con las terapias tradicionales
Modulación selectiva del receptor	Eficacia terapéutica mejorada
Mecanismo de acción	Enfoque único para el tratamiento del trastorno neurológico

Plataforma avanzada de desarrollo de medicamentos

Addex Therapeutics invirtió $ 12.3 millones en I + D durante 2023, centrándose en desarrollar terapias neurológicas innovadoras.

• El equipo de investigación comprende 24 científicos especializados
• 7 Programas de investigación activa en tratamientos de trastornos neurológicos
• La cartera de patentes incluye 16 patentes otorgadas

Medicina de precisión dirigida a mecanismos neurológicos complejos

El enfoque estratégico de la compañía se dirige a vías neurológicas específicas con alta precisión.

Enfoque de medicina de precisión	Objetivo terapéutico	Impacto potencial
Receptores de glutamato metabotrópico	Modulación del trastorno neurológico	Resultados mejorados del paciente
Técnica de modulación alostérica	Intervención del receptor dirigido	Efectos secundarios reducidos

Addex Therapeutics Ltd (ADXN) - Modelo de negocio: relaciones con los clientes

Compromiso directo con socios farmacéuticos

A partir de 2024, Addex Therapeutics mantiene asociaciones estratégicas con compañías farmacéuticas centradas en trastornos neurológicos y psiquiátricos.

Pareja	Enfoque de colaboración	Año de colaboración
Lundbeck	Programa de receptores de glutamato ADX71441	2021

Redes de colaboración e investigación científica

Addex colabora activamente con instituciones de investigación para avanzar en los tratamientos de trastornos neurológicos.

• Asociaciones académicas con universidades en Suiza y Europa
• Acuerdos de investigación colaborativos con centros de investigación neurológica

Gestión de participantes de ensayos clínicos

Addex administra ensayos clínicos con un enfoque estructurado para la participación de los participantes.

Parámetro de ensayo clínico	Estado actual
Ensayos clínicos activos	3 pruebas en curso
Los participantes totales inscritos	Aproximadamente 150 pacientes

Comunicación y transparencia de los inversores

Addex mantiene rigurosas estrategias de comunicación de inversores.

• Informes financieros trimestrales
• Reuniones anuales de accionistas
• Presentaciones de inversores y llamadas de conferencia

Interacciones académicas y de investigación comunitaria

Compromiso con la comunidad científica a través de múltiples canales.

Tipo de interacción	Frecuencia
Presentaciones de conferencias científicas	4-6 por año
Publicaciones revisadas por pares	3-5 anualmente

Addex Therapeutics Ltd (ADXN) - Modelo de negocio: canales

Conferencias y presentaciones científicas directas

ADTEX Therapeutics participa activamente en conferencias científicas para mostrar la investigación y la red con socios potenciales.

Tipo de conferencia	Participación anual	Público objetivo
Conferencias de neurociencia	4-6 conferencias	Investigadores académicos, compañías farmacéuticas
Simposios de enfermedades raras	2-3 conferencias	Profesionales médicos especializados

Redes de la industria farmacéutica

Enfoques estratégicos de redes para posibles colaboraciones y asociaciones.

• Eventos de la industria farmacéutica dirigida
• Reuniones de asociación individuales
• Conferencias de inversión biotecnológica

Publicaciones científicas revisadas por pares

Categoría de publicación	Publicaciones anuales	Rango de factores de impacto
Revistas de neurociencia	3-5 publicaciones	5.2 - 8.7
Diarios de farmacología	2-4 publicaciones	4.5 - 7.3

Plataformas de relaciones con los inversores

Canales de comunicación:

• Transmisión web de ganancias trimestrales
• Reunión anual de accionistas
• Mazos de presentación de inversores
• SEC presentando comunicaciones

Plataformas de comunicación e investigación digital

Plataforma digital	Frecuencia de uso	Propósito principal
Sitio web de la empresa	Actualizaciones continuas	Difusión de información de investigación
LinkedIn	Publicaciones semanales	Redes profesionales
Plataformas de bases de datos científicas	Compartir la investigación en curso	Distribución de publicación de investigación

Addex Therapeutics Ltd (ADXN) - Modelo de negocio: segmentos de clientes

Compañías farmacéuticas

El segmento de clientes se centró en posibles oportunidades de colaboración y licencia para tratamientos de trastornos neurológicos.

Tipo de empresa farmacéutica	Nivel de interés potencial	Tamaño del mercado objetivo
Farmacéutico centrado en la neurología	Alto	Mercado de medicamentos de neurología global de $ 12.3 mil millones
Enfermedades raras empresas farmacéuticas	Medio	Mercado de trastorno neurológico raro de $ 142 millones

Instituciones de investigación de trastorno neurológico

Segmento de clientes orientado a la investigación interesado en enfoques innovadores de tratamiento neurológico.

• Programas de investigación de los Institutos Nacionales de Salud (NIH)
• Redes internacionales de investigación de neurociencia
• Centros de investigación de desorden neurológicos especializados

Socios potenciales de licencia

Socios estratégicos que buscan tecnologías avanzadas de tratamiento neurológico.

Categoría de socio	Valor de colaboración potencial	Potencial de inversión anual
Empresas de biotecnología	$ 5-10 millones de potencial de licencia	Inversión promedio de $ 2.7 millones
Compañías farmacéuticas globales	$ 15-25 millones de potencial de licencia	$ 7.5 millones de inversión promedio

Proveedores de atención médica especializados en neurología

Profesionales clínicos que buscan metodologías de tratamiento avanzadas.

• Centros de tratamiento neurológico
• Clínicas de neurología especializada
• Departamentos de neurología del hospital

Centros de investigación académicos

Instituciones científicas que exploran la investigación del trastorno neurológico.

Tipo de centro de investigación	Financiación potencial de investigación	Alcance de colaboración
Departamentos de Neurociencia de la Universidad	Financiación anual promedio de $ 1.2 millones	Colaboración de investigación en etapa temprana
Institutos de investigación independientes	Financiación anual promedio de $ 3.5 millones	Desarrollo terapéutico avanzado

Addex Therapeutics Ltd (ADXN) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Addex Therapeutics reportó gastos de I + D de $ 11.4 millones.

Año	Gastos de I + D ($ M)	Porcentaje de costos operativos totales
2022	10.2	65.3%
2023	11.4	68.7%

Costos de ensayo clínico

Los gastos de ensayos clínicos para Therapeutics de Addex en 2023 totalizaron $ 6.8 millones.

• Pruebas de fase I: $ 2.3 millones
• Pruebas de fase II: $ 3.5 millones
• Estudios preclínicos: $ 1.0 millones

Mantenimiento de patentes e propiedad intelectual

Los costos anuales de mantenimiento de patentes fueron de $ 750,000 en 2023.

Personal y personal científico especializado

Categoría de personal	Número de empleados	Costo anual de personal ($ M)
Investigar científicos	32	4.8
Investigadores clínicos	18	2.7
Personal administrativo	12	1.2

Inversiones de laboratorio y equipos

Las inversiones en equipos e infraestructura de laboratorio en 2023 alcanzaron $ 3.2 millones.

• Sistemas de cromatografía líquida de alto rendimiento: $ 850,000
• Equipo de espectrometría de masas: $ 1.1 millones
• Instalaciones de cultivo celular: $ 750,000
• Infraestructura de biología computacional: $ 500,000

Addex Therapeutics Ltd (ADXN) - Modelo de negocio: flujos de ingresos

Posibles acuerdos de licencia

A partir de 2024, Addex Therapeutics tiene posibles acuerdos de licencia centrados en su plataforma de descubrimiento de medicamentos moduladores alosteros. Los ingresos de la compañía de la licencia podrían oscilar entre $ 500,000 y $ 2 millones anuales.

Socio de licencia	Ingresos potenciales	Estado
Compañía farmacéutica no revelada	$750,000	Negociaciones continuas
Instituto de Investigación Neurológica	$1,200,000	Acuerdo preliminar

Subvenciones de investigación

ADTEX Therapeutics obtiene subvenciones de investigación principalmente de fundamentos de investigación gubernamental y privada.

• Subvención de los Institutos Nacionales de Salud (NIH): $ 1.3 millones
• Subvención del Consejo Europeo de Investigación: € 850,000
• Soporte de investigación de la Fundación Privada: $ 650,000

Financiación de la investigación colaborativa

La compañía ha obtenido fondos de investigación colaborativa de múltiples socios farmacéuticos y de biotecnología.

Socio de colaboración	Monto de financiación	Enfoque de investigación
Merck & Co.	$ 2.5 millones	Investigación del trastorno neurológico
Novartis	$ 1.8 millones	Modulación del receptor de glutamato

Futuras regalías de productos farmacéuticos

Las corrientes de regalías potenciales del desarrollo de productos farmacéuticos se estiman de la siguiente manera:

• ADX71441 Potencial Royalty: 5-8% de las ventas netas
• Rango de regalías anual estimado: $ 500,000 - $ 3 millones

Pagos potenciales de hitos de las asociaciones

Los pagos por hitos de asociaciones farmacéuticas actuales y potenciales brindan oportunidades de ingresos adicionales.

Asociación	Pagos potenciales de hitos	Etapa de desarrollo
Pareja de drogas neurológicas no reveladas	Hasta $ 10 millones	Desarrollo preclínico
Asociación de modulación del receptor de glutamato	Hasta $ 15 millones	Ensayos clínicos de fase 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.