Addex Therapeutics

Economic moat is weak. Intangibles exist via patents and know‑how in allosteric modulation, plus program‑specific IP and the Sinntaxis option for dipraglurant in brain injury recovery, but these are early and unproven clinically. There are no switching costs, network effects, or scale advantages typical of durable moats.

The Janssen termination of ADX71149 and subsequent return of rights underscores fragility rather than defensibility. Any future pricing power would be contingent on regulatory success in complex CNS indications.

We also note dependence on external partners (Indivior, Neurosterix) where Addex has limited control and only a minority economic interest, further diluting moat quality.