Addex Therapeutics

Management executed a 2024 platform spin‑out into Neurosterix in exchange for cash and a 20% equity interest, cutting burn and preserving upside. They also secured the Sinntaxis option to support dipraglurant’s repositioning and maintained the Indivior partnership that progressed to IND‑enabling.

These steps show creativity, but outcomes remain unproven and cash is critically low. The company relies on selling treasury shares and ATM capacity for liquidity, which risks shareholder dilution. Net, the strategic logic is understandable, but execution is constrained by capital scarcity.