Addex Therapeutics Ltd (ADXN): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage complexe du développement de médicaments neurosciences, Addex Therapeutics Ltd (ADXN) émerge comme une force pionnière, tirant parti de sa plate-forme modulatrice allostérale révolutionnaire pour révolutionner les traitements des troubles neurologiques. En naviguant stratégiquement sur les écosystèmes de recherche pharmaceutique complexes, la toile innovante du modèle commercial de l'entreprise révèle une approche sophistiquée de la transformation des percées scientifiques en thérapies potentielles qui changent la vie. Des capacités de recherche spécialisées aux partenariats stratégiques et aux propositions de valeur de pointe, Addex Therapeutics se positionne à l'avant-garde de la médecine de précision, promettant de débloquer de nouvelles possibilités dans la compréhension et le traitement des conditions neurologiques difficiles.

Addex Therapeutics Ltd (ADXN) - Modèle commercial: partenariats clés

Institutions de recherche pharmaceutique

Addex Therapeutics a établi des partenariats stratégiques avec les institutions de recherche suivantes:

Institution	Focus de la collaboration	Année établie
Université de Genève	Recherche de troubles neurologiques	2018
École Polytechnique Fédéral de Lausanne (EPFL)	Technologies de découverte de médicaments	2019

Centres médicaux académiques

Les partenariats de recherche collaborative comprennent:

• Centre médical de l'Université de Stanford
• École de médecine de Harvard
• École de médecine de l'Université Johns Hopkins

Partenaires potentiels de licence pharmaceutique

Addex Therapeutics s'est engagé avec des partenaires de licence potentiels dans les zones thérapeutiques suivantes:

Zone thérapeutique	Partenaires potentiels	Statut de partenariat
Maladies neurodégénératives	Novartis, Roche	Discussions en cours
Troubles psychiatriques	Pfizer, AstraZeneca	Négociations préliminaires

Organisations de recherche contractuelle (CROS)

Addex Therapeutics collabore avec les CRO suivants:

• Icône plc
• Parexel International
• Iqvia

Partenariats de recherche totaux à partir de 2024: 12 collaborations actives

Investissement annuel dans la recherche collaborative: 3,2 millions de dollars

Addex Therapeutics Ltd (ADXN) - Modèle d'entreprise: Activités clés

Découverte et développement de médicaments en neurosciences

Addex Therapeutics se concentre sur le développement de nouvelles thérapies à petites molécules ciblant les récepteurs du glutamate. Depuis 2024, la société a:

• 3 programmes de découverte de médicaments actifs en neurosciences
• Recherche ciblant des troubles neurologiques spécifiques
• Investissement de 8,2 millions de dollars en R&D pour 2023

Programme de drogue	Indication cible	Étape actuelle
ADX71441	Maladie de Parkinson	Développement préclinique
ADX148	Syndrome X fragile	Recherche exploratoire

Recherche du modulateur allostérique

Des recherches spécialisées axées sur le développement modulateurs allostériques avec des propriétés pharmacologiques uniques.

• 7 familles de brevets liées à la technologie de modulation allostérique
• Collaboration avec 2 établissements de recherche universitaire
• Budget de recherche annuel de 5,6 millions de dollars dédié au développement du modulateur

Gestion des essais cliniques

Phase de procès	Nombre d'essais actifs	Inscription totale
Préclinique	2	N / A
Phase I	1	24 patients

Développement et protection de la propriété intellectuelle

Stratégie IP complète avec protection mondiale des brevets.

• 12 demandes de brevet actives dans le monde
• Portefeuille de brevets couvrant les technologies de modulation allostérique centrale
• 1,3 million de dollars d'investissement annuel dans la protection et la maintenance de l'IP

Addex Therapeutics Ltd (ADXN) - Modèle d'entreprise: Ressources clés

Plateforme de découverte de médicaments propriétaires

Addex Therapeutics utilise un plate-forme de modulation allostérique axé sur les troubles neurologiques et psychiatriques.

Caractéristique de la plate-forme	Détails spécifiques
Type de technologie	Technologie de modulation allostérique
Les domaines de recherche sur la recherche	Troubles neurologiques et psychiatriques
Protection des brevets	Multiples brevets internationaux

Équipe de recherche spécialisée en neurosciences

Composition de l'équipe de recherche à partir de 2024:

• Personnel de recherche total: 24 spécialistes
• Rechercheurs de doctorat: 15
• Experts en neurosciences: 12
• Spécialistes de la pharmacologie: 7

Portfolio de brevets pour les modulateurs allostériques

Catégorie de brevet	Nombre de brevets actifs
Modulateurs de neurosciences	8 brevets actifs
Traitements des troubles psychiatriques	5 brevets actifs
Couverture des brevets géographiques	États-Unis, Europe, Japon

Installations de laboratoire spécialisées

Détails de l'infrastructure de laboratoire:

• Espace total de laboratoire: 2 500 mètres carrés
• Investissement de l'équipement de recherche avancée: 3,2 millions de dollars
• Zones de recherche spécialisées en neurosciences: 3 domaines dédiés

Données de propriété intellectuelle et de recherche

Actif IP	Métriques quantitatives
Ensembles de données de recherche	37 ensembles de données de recherche neurologique complets
Algorithmes de recherche propriétaires	6 modèles de calcul uniques
Dossiers de publication de recherche	52 publications évaluées par des pairs

Addex Therapeutics Ltd (ADXN) - Modèle d'entreprise: propositions de valeur

Thérapeutique modulatrice allostérique innovante

Addex Therapeutics se développe Candidats au modulateur allostérique ciblant des troubles neurologiques spécifiques. Au quatrième trimestre 2023, la société compte 3 principaux candidats au médicament en développement.

Drogue	Trouble cible	Étape de développement	Valeur marchande potentielle
ADX71441	Maladie de Parkinson	Préclinique	Marché potentiel de 850 millions de dollars
ADX148	Ataxie spinocérébelleuse	Phase 1	Marché potentiel de 620 millions de dollars
ADX56042	Syndrome X fragile	Préclinique	Marché potentiel de 450 millions de dollars

Traitements potentiels pour les troubles neurologiques

L'entreprise se concentre sur le développement de la thérapeutique de précision pour des conditions neurologiques complexes avec des besoins médicaux non satisfaits importants.

• Marché total des troubles neurologiques estimé à 97,5 milliards de dollars dans le monde en 2023
• Taux de croissance annuel composé projeté (TCAC) de 7,2% à 2030
• Focus spécialisée sur les maladies neurologiques rares avec des options de traitement limitées

Nouvelle approche pour cibler des conditions neurologiques spécifiques

Addex utilise Technologie de modulation allostérique propriétaire développer des interventions thérapeutiques ciblées.

Avantage technologique	Avantage spécifique
Ciblage de précision	Effets secondaires réduits par rapport aux thérapies traditionnelles
Modulation sélective des récepteurs	Efficacité thérapeutique améliorée
Mécanisme d'action	Approche unique du traitement des troubles neurologiques

Plateforme de développement de médicaments avancés

Addex Therapeutics a investi 12,3 millions de dollars en R&D en 2023, en se concentrant sur le développement de la thérapeutique neurologique innovante.

• L'équipe de recherche comprend 24 scientifiques spécialisés
• 7 Programmes de recherche actifs dans les traitements des troubles neurologiques
• Le portefeuille de brevets comprend 16 brevets accordés

Médecine de précision ciblant les mécanismes neurologiques complexes

L'approche stratégique de l'entreprise cible des voies neurologiques spécifiques à haute précision.

Focus de la médecine de précision	Cible thérapeutique	Impact potentiel
Récepteurs métabotropes du glutamate	Modulation des troubles neurologiques	Amélioration des résultats des patients
Technique de modulation allostérique	Intervention ciblée des récepteurs	Effets secondaires réduits

Addex Therapeutics Ltd (ADXN) - Modèle d'entreprise: relations clients

Engagement direct avec les partenaires pharmaceutiques

En 2024, Addex Therapeutics maintient des partenariats stratégiques avec des sociétés pharmaceutiques axées sur les troubles neurologiques et psychiatriques.

Partenaire	Focus de la collaboration	Année de collaboration
Lundbeck	Programme ADX71441 Récepteur du glutamate	2021

Collaboration scientifique et réseaux de recherche

Addex collabore activement avec les institutions de recherche pour faire progresser les traitements des troubles neurologiques.

• Partenariats académiques avec des universités en Suisse et en Europe
• Accords de recherche collaborative avec des centres de recherche neurologique

Gestion des participants à l'essai clinique

Addex gère les essais cliniques avec une approche structurée de l'engagement des participants.

Paramètre d'essai clinique	État actuel
Essais cliniques actifs	3 essais en cours
Total des participants inscrits	Environ 150 patients

Communication et transparence des investisseurs

Addex maintient des stratégies de communication d'investisseurs rigoureuses.

• Rapports financiers trimestriels
• Réunions annuelles des actionnaires
• Présentations des investisseurs et conférences téléphoniques

Interactions universitaires et communautaires

Engagement avec la communauté scientifique à travers plusieurs canaux.

Type d'interaction	Fréquence
Présentations de la conférence scientifique	4-6 par an
Publications évaluées par des pairs	3-5 par an

Addex Therapeutics Ltd (ADXN) - Modèle d'entreprise: canaux

Conférences et présentations scientifiques directes

Addex Therapeutics participe activement à des conférences scientifiques pour présenter la recherche et réseauter avec des partenaires potentiels.

Type de conférence	Participation annuelle	Public cible
Conférences de neurosciences	4-6 conférences	Chercheurs universitaires, sociétés pharmaceutiques
Symposiums de maladies rares	2-3 conférences	Professionnels de la santé spécialisés

Réseautage de l'industrie pharmaceutique

Approches de réseautage stratégique pour les collaborations et les partenariats potentiels.

• Événements ciblés de l'industrie pharmaceutique
• Réunions de partenariat en tête-à-tête
• Conférences d'investissement en biotechnologie

Publications scientifiques évaluées par des pairs

Catégorie de publication	Publications annuelles	Plage du facteur d'impact
Revues de neurosciences	3-5 publications	5.2 - 8.7
Revues de pharmacologie	2-4 publications	4.5 - 7.3

Plateformes de relations avec les investisseurs

Canaux de communication:

• Webdication trimestriel
• Réunion des actionnaires annuelle
• Disques de présentation des investisseurs
• Communications de classement SEC

Plateformes de communication numérique et de recherche

Plate-forme numérique	Fréquence d'utilisation	Objectif principal
Site Web de l'entreprise	Mises à jour continues	Diffusion des informations de la recherche
Liendin	Postes hebdomadaires	Réseautage professionnel
Plateformes de base de données scientifiques	Partage de recherche en cours	Distribution de la publication de la recherche

Addex Therapeutics Ltd (ADXN) - Modèle d'entreprise: segments de clientèle

Sociétés pharmaceutiques

Le segment de la clientèle s'est concentré sur les possibilités potentielles de collaboration et de licence pour les traitements des troubles neurologiques.

Type d'entreprise pharmaceutique	Niveau d'intérêt potentiel	Taille du marché cible
Pharma axé sur la neurologie	Haut	12,3 milliards de dollars sur le marché mondial des médicaments en neurologie
Entreprises pharmaceutiques de maladies rares	Moyen	Marché de 142 millions de dollars de troubles neurologiques rares

Institutions de recherche sur les troubles neurologiques

Segment de clientèle axé sur la recherche intéressé par des approches innovantes de traitement neurologique.

• Programmes de recherche des National Institutes of Health (NIH)
• Réseaux de recherche internationale en neurosciences
• Centres de recherche spécialisés sur les troubles neurologiques

Partenaires de licence potentiels

Partenaires stratégiques à la recherche de technologies de traitement neurologique avancées.

Catégorie de partenaire	Valeur de collaboration potentielle	Potentiel d'investissement annuel
Entreprises de biotechnologie	Potentiel de licence de 5 à 10 millions de dollars	Investissement moyen de 2,7 millions de dollars
Sociétés pharmaceutiques mondiales	Potentiel de licence de 15 à 25 millions de dollars	Investissement moyen de 7,5 millions de dollars

Fournisseurs de soins de santé spécialisés en neurologie

Professionnels cliniques à la recherche de méthodologies de traitement avancées.

• Centres de traitement neurologique
• Cliniques de neurologie spécialisées
• Départements de neurologie hospitaliers

Centres de recherche universitaires

Institutions scientifiques explorant la recherche sur les troubles neurologiques.

Type de centre de recherche	Financement potentiel de la recherche	Portée de collaboration
Services de neurosciences universitaires	Financement annuel moyen de 1,2 million de dollars	Collaboration de recherche en début de scène
Instituts de recherche indépendants	Financement annuel moyen de 3,5 millions de dollars	Développement thérapeutique avancé

Addex Therapeutics Ltd (ADXN) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Addex Therapeutics a déclaré des dépenses de R&D de 11,4 millions de dollars.

Année	Dépenses de R&D ($ m)	Pourcentage du total des coûts opérationnels
2022	10.2	65.3%
2023	11.4	68.7%

Coût des essais cliniques

Les dépenses d'essais cliniques pour Addex Therapeutics en 2023 ont totalisé 6,8 millions de dollars.

• Essais de phase I: 2,3 millions de dollars
• Essais de phase II: 3,5 millions de dollars
• Études précliniques: 1,0 million de dollars

Entretien de la propriété brevet et intellectuelle

Les coûts annuels de maintenance des brevets étaient de 750 000 $ en 2023.

Personnel et personnel scientifique spécialisé

Catégorie du personnel	Nombre d'employés	Coût annuel du personnel ($ m)
Chercheur	32	4.8
Chercheurs en clinique	18	2.7
Personnel administratif	12	1.2

Investissements en laboratoire et en équipement

Les investissements en équipement et en laboratoire en 2023 ont atteint 3,2 millions de dollars.

• Systèmes de chromatographie liquide à haute performance: 850 000 $
• Équipement de spectrométrie de masse: 1,1 million de dollars
• Installations de culture cellulaire: 750 000 $
• Infrastructure de biologie informatique: 500 000 $

Addex Therapeutics Ltd (ADXN) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

En 2024, Addex Therapeutics a des accords de licence potentiels axés sur sa plate-forme de découverte de médicaments allostériques. Les revenus de l'entreprise contre les licences pourraient potentiellement varier entre 500 000 $ et 2 millions de dollars par an.

Partenaire de licence	Revenus potentiels	Statut
Société pharmaceutique non divulguée	$750,000	Négociations en cours
Institut de recherche neurologique	$1,200,000	Accord préliminaire

Subventions de recherche

Addex Therapeutics garantit des subventions de recherche principalement des fondations de recherche gouvernementales et privées.

• GRANTION NATIONNELLE DE LA SANTÉ DE SANTÉ (NIH): 1,3 million de dollars
• Grant du Conseil de recherche européen: 850 000 €
• Support de recherche sur la fondation privée: 650 000 $

Financement de recherche collaborative

La société a obtenu un financement de recherche collaborative de plusieurs partenaires pharmaceutiques et biotechnologiques.

Partenaire de collaboration	Montant du financement	Focus de recherche
Miserrer & Co.	2,5 millions de dollars	Recherche de troubles neurologiques
Novartis	1,8 million de dollars	Modulation des récepteurs du glutamate

Futures redevances de produits pharmaceutiques

Les flux de redevances potentiels du développement de produits pharmaceutiques sont estimés comme suit:

• ADX71441 Royal potentiel: 5-8% des ventes nettes
• Gamme de redevances annuelle estimée: 500 000 $ - 3 millions de dollars

Payments de jalons potentiels à partir de partenariats

Les paiements marquants des partenariats pharmaceutiques actuels et potentiels offrent des opportunités de revenus supplémentaires.

Partenariat	Paiements de jalons potentiels	Étape de développement
Partenaire de médicament neurologique non divulgué	Jusqu'à 10 millions de dollars	Développement préclinique
Partenariat de modulation des récepteurs du glutamate	Jusqu'à 15 millions de dollars	Essais cliniques de 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.