Summary by Moomoo AI
Addex Therapeutics reported financial results for Q3 2024, with a net profit of CHF 8.3 million for the nine months ended September 30, 2024, primarily driven by the Neurosterix Transaction completed in April 2024. The transaction generated proceeds of CHF 5.0 million in cash and a 20% equity stake in Neurosterix valued at CHF 9.4 million.Revenue from continuing operations decreased to CHF 0.4 million for the nine months, compared to CHF 1.5 million in the same period of 2023. Operating costs from continuing operations reduced to CHF 2.7 million from CHF 3.0 million, mainly due to lower external R&D costs and D&O insurance expenses. Cash and cash equivalents stood at CHF 3.3 million as of September 30, 2024.The company retained its partnerships with Janssen and Indivior, along with clinical-stage assets including dipraglurant for Parkinson's disease and post-stroke recovery. In August 2024, Indivior selected a compound for substance use disorder development, while Addex retained rights to develop a GABAB PAM program for chronic cough.
