ADXN - Earnings call transcript Q4 2021

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Tim Dyer

Hello, everyone. I would like to thank you all for joining our 2020 full year financial results conference call. I am here with Roger Mills, our Chief Medical Officer, and Robert Lutjens, our Head of Discovery Biology. I draw your attention to the press release and the financial statements issued earlier today which are available on our website. I also draw your attention to our disclaimer.

certain have that today. making the based be we knowledge will forward-looking are statements on We handing and I giving clinical of before a start and quick to will this overview our conference preclinical pipeline. recent review who will Robert, call by over our Roger achievements, I review full our year results. will then XXXX financial

we will for Following the that, Q&A. call open

closures. is In three During involuntary the eyelid strategic of objectives, our we XXXX, towards muscles clinical dosing patients Phase progress programs achieving eyelid in we achievement. characterized blepharospasm, spasms have of Xa excellent continued type a patients, dosing in started clinical by resulting which now of or dystonia September, Dipraglurant to have significant a make our contractions and for trial substained

advance During program with continued pivotal associated Dyskinesia we with Disease. in also Parkinson's to our Dipraglurant XXXX,

Our their of continued its Due by executing in pandemic, significant global epilepsy delay. progress the guidance and to Phase the continued for expect partner Dipraglurant in a studies. patients. instead our to research, clinical we in caused reporting this study the from weeks QX on clinical data now disruption Coronavirus to year of end our our study six Janssen make global impact of data We X particular in from report revised blepharospasm QX, have

today. the instead also QX We in data XXXX, six expect our PD-LID end of of months three report of XXXX study HX to a to

the are disappointing, delays these maintaining integrity quality we are on study. While the and focused of

by pipeline, has with candidates to their towards very data rapidly of progress We're from epilepsy preclinical multiple expect study to which excited QX continue advancing our XXXX. report spectacular clinical IND-enabling million we of We our in Indivior to also research made on Janssen start partner, the through the of announced PAM $X funding IND-enabling of commitment strategic XXXX, studies. with collaboration an advance to candidates of additional In drug studies. and their GABAB our extension

the Marie Charcot Charcot selective program Marie XA entered United This neuropathy. neuropathy, Tooth an drug to Tooth progress with States. and independent make for in for to preclinical GABAB into with continue is a Association models Marie Type collaboration We Charcot PAM in collaboration XA candidates Tooth evaluate

We are IND ready on candidates studies. PAM to enabling GABAB deliver drug to track multiple

preclinical Allosteric We program advance for particular our is mGluX selection other the which continue programs, Eurostars/Innosuisse through stress grant disorder our in clinical to Modulator program. funded Negative post-traumatic progressing by candidate

this our selection clinical Parkinson's We negative and enter allosteric mild program disorders to the Disease also mGluRX modulator Phase for candidate neurocognitive associated with year. depression half of in expect second Alzheimer’s

of Capital cash a $X completing the So million the yours. our On financing to over would collaboration the floor funding position million, with hand million is $XX.X from the as to Roger. CHFXX.X of the Indivior equivalent contributed side, the of the extension or additional the I like year our as and financing million to Armistice now of $XX well with Roger,

Roger Mills

Thanks, Tim. Good morning, good afternoon, everybody.

The This initiation speaking start by Xb/X to XXXX. United enroll patients experiencing XXX and are who intended severe study Dipraglurant XXX Study announced of program Disease. of second during the our market dollar States. moderate our Pivotal XX is Let’s around We opportunity. dyskinesia quarter the in based with represents includes indication to sites Parkinson's a dyskinesia associated the for multi-billion Parkinson's Phase about

study arm change X or patients in month Parkinson's XXX from for levodopa of NDA daily, to earlier patient's randomized a study the parallel, milligrams This Patients Dyskinesia to world. times irrespective Unified the times Society, month study baseline Gocovri, who study. weeks receive eligible where assess open safety is randomized, daily, precedent XX to one conjunction and Scale me safety milligrams one in the with dose. Dipraglurant XX to Let rollover developed submission. Dipraglurant XXX scale Duration data PD the an are approval study XXX a regulatory FDA was of provides of Disorder Rating they It's XXX XXX study, meet all recommended to complete the which study symptoms dyskinesia our XX also patients. into has XXX Movement study. the the specifically is of XX XXX with This and a were initiated the treatment a three requirements label UDysRS. of three study we The remind the the to study in is taken by endpoint you is weeks. XXX placebo-controlled study design. In regulatory the scale in of of primary

Secondary endpoints include dyskinesia, on patients the time, and off of assessments based diary Clinician’s time. troublesome standardized Global Impression Severity, and without

included These number scales use have prone placebo measures for adapted use Importantly, is to scale, of responsibility a dyskinesia brief therapy to of response. UDysRS the the manage the the include The for to of which less symptoms we study, psychosocial severe dyskinesia. of to at screening the baseline patients as that study of also reviews We're as and the in expert have used using ratings quality. to screening ensure visit, be requirement period both at well visit. the the a moderate perceive

durational the mitigate be expected to week addition study placebo will In response. XX

For background, showing primary Xa significant issues. clinically study, in met a endpoint and being Dipraglurant no by generally Phase previous its safety well-tolerated

Scale using day on as Involuntary measured XX X, the the addition, Abnormal AIMS. and M statistically Dipraglurant benefit at PD-LID significant clinical shows or Movement Modified symptoms, In day

However, multiple at an response. an XXX response. placebo statistical XX has Registrational in significance study to to mitigate cooperating increasing day design The achieved was placebo improved methods not part due

half of expect this top study line We read the out to in data XXXX. first

therapeutic. The benefit other With lead in over or type benefit oral at of improved clinical United year. Study cases, interventions, mainstay which the every is or functional half a matching period. resulting patients receive placebo-controlled XX,XXX There by treatment waning are new in with in therapy outcomes. affects only is was Patients an There initiated of an or Dipraglurant may program. treatment for an clear BSP X,XXX the injecting XXX the cases cranial or exploratory equally limited trial or severe to can XX a and FDA of milligrams about moderate muscles our cosmetic two eyelid we've either randomized involving milligrams States. sustained muscles surgical Toxin of facial blepharospasm in or visual is of BSP In with second the for can in eyelids need to the blindness this doses in and involve undergo resulting occurring by day is placebo. and Blepharospasm dystonia, severe disturbance blepharospasm. patients. This Dipraglurant three and least often poor total treatment over is the About closure, for a with BSP. more addition, approved XX patients to patients XXX Botulinum substantial

returning assessments, study further Patients assessments well administered in home, blepharospasm. the efficacy outcome dose dose at and include following take baseline is in pre clinic first scales of the The and the during clinic, Rater, dosing. the Computerized post Objective Motor a Following standard the as measures severity in is of this assessed for blepharospasm as Or day. the CMOR

seizures. XX data we Janssen Janssen In blepharospasm ADXXXXXX, for that partnered this count study proof-of-concept blind from to XX BID, And to XX announced will to placebo-controlled to suboptimal Pharmaceuticals, which day their a report focal will with the for June, The of be expect epilepsy, is randomization, QX have receive to now in J&J We the primary levetiracetam had with or or establish a to time allosteric seizures, year. or milligrams company. over is glutamate a X mGluRX type focal that’s double either Patients study Epilepsy in XXX count. seizure This day into treatment patients selective is Phase a matching onset modulator. monthly who X seizure period, X enrolling enrolling Study taken XXX with baseline prior receptor positive evaluating response placebo. at when treating Keppra. they started metabotropic randomized onset endpoint XXX baseline Phase is to patients return with

drug return So baseline will efficacy efficacy the rate being their Period of and study Data This partner, periods, and they collaboration first long one is the seizure program two who study, QX Pharmaceuticals, commitment an to did pioneering patients. our not to or this in help study term expected period phase Janssen randomized include two continue to continued to they is on will weeks a have and will XXXX. epilepsy novel their eight to week monthly this illustrates four placebo. two period maintenance from patients phase. period during ways acute

of costs million EURXXX an to As on development, who to I digit hand programs. a royalties some milestones sales. And is our and covering preclinical have reminder, significant now all update double will provide of on Janssen pre-launch we net and Robert, like the over of

Robert Lutjens

afternoon to good Thanks, Roger. Good everyone. morning, and

programs three over We year have significant GABAB program. starting our allosteric progress I highlight modulator positive the today with and will made

of Indivior who side this approved program is disorder. an data drug candidates to FDA million use its discovered at in and advancing well-validated novel is baclofen reminder, baclofen. clinical development funding the candidates advance Indivior research substance GABAB the of XXXX, the on of is differentiated use way the modulation selection with drug drug by baclofen, meeting additional and activation a our the partnered is benefiting to The to with In We're a a As this of of from multiple candidates clinical committed receptor well announced rapidly program of this effects. phase. pharmacology We efficacy our wealth novel words, other through aim GABAB discover agonist. is primary the funding generated research by without Addex with scientific candidate approach, of extension collaboration better with objective to allosteric interest with $X their the Addex.

this candidates nominate with for drug We to are profiling year. candidates aim studies, several non-GLP IND-enabling the in studies currently

In collaboration are profiled order one are to Marie resources to multiple of clinic expertise our for progress We announced we models field identify disorder in that a Association. In Charcot for addition, into in candidates access of substance XA program. us will provide September sets being drug parallel, with Indivior candidates in alcohol use. This candidate in different the XXXX, American the Charcot XA. progressing use will the significant Marie and CMT collaboration independent

earlier, data CMT of GABAB activation beneficial XA. supporting mechanism with baclofen receptor patients mentioned clinical reported As the is in effects there the strong from studies that coming

In these data stop and behavioral with robust have possibly the this measures, addition, demonstrated we progression highly we we candidates In effect approach. studies, on have slow of CMT with a in of biomarkers XA. can the both our translational suggesting robust models and own disease preclinical drug

CMT XXXX. Our enter the completing ready of in end by IND-enabling non-GLP select other the studies candidates studies and get we preparatory to are studies, as XA candidate models to

or have novel highlight PTSD. disorder traumatic negative experienced or post-traumatic We're stress a for on want a modulators mostly program allosteric consolidation to The or that Current accident, as are is show second treatments who natural program psychiatric in developing today may serious war. disorder, most insufficient approach occur allosteric disaster retrieval. as as poor a mGluX modulator treatments is mGluX a negative pharmacological relying benefit. behavioral such witnessed I people event the addressing and to fear memory or therapy, PTSD

in financing consortium led the generated robust have models grant We by supported The million, is Eurostars/Innosuisse data by multiple disease. us. of in is of program EURX.XX vivo preclinical which

effects Besides negative drug patients demonstrated address the being mild advancing antidepressant MCI. suffering in with our also expected in program the the mGluX words preclinical selection experienced and of candidates providing for is MCI expect cognitive also decline studies mGluX from candidate models compounds. NAM an to or of candidate decline disorders early are our neurocognitive effect. Disease, often between normal relevant dementia. And Alzheimer's enter offers impairment, allosteric finally, Developing through is serious XXXX. a have by exciting to HX We mGluX and depression. cognitive aging few more while these of stage the MCI potentially IND-enabling clinical on NAM been Both opportunity modulator sign

multiple summary, We back candidate half enter achievements are partner and year. IND-enabling progress Tim. commitment final and And our the Indivior, The made my This now made advancing and in candidates to funding second additional remarks. through hand in drug of of prepared productivity of progressing of In have program. in we further our studies. drug selection with compounds our expect of concludes I'll lead portfolio, towards rapidly the significant the the optimization spectacular discovery PAM Addex’s a validation the GABAB platform, renewed preclinical phase clinical stages multiple quality to is and with

Tim Dyer

research with Thanks, primary in XXXX. overview compared financials. Robert. candidate collaboration recognized is of to takes The late of the and revenue our with income income statement, Indivior, our in more from as the more we an in takes million Starting operational XXXX now switch candidates of drug which source the revenue $X.X to selection I'll we clinical $X.X funding to over partner the expect of reduce to stage in and million development. XXXX, move execution

allosteric $XX.X in In modulator on a and expenses lesser R&D the XXXX. higher million expenses, $X.X to compared G&A primarily actively GABAB primarily compared insurance rate increased were by and to NAM strengthening Dipraglurant XXXX $X.X our research of programs million R&D due terms of XXXX, PD-LID our recruit is as have market. activities, NASDAQ are negative the dollar. our due coverage expenses related increased the million dollar Dipraglurant strengthen our XXXX PAM program following of million blepharospasm US on development and modest mGluX the on to in start on the and listing on gains relates premiums programs cash $X.X they we patients. extent as U.S. in primarily $X.X to deposits to mGluX results due exchange million of to to to company's activities program. This expenses in Finance increase stock to and insurance

sheet, and cash primary francs balance held completed the we in our cash held US the million, year with to Now and assets in dollars. CHFXX.X Swiss

research calculated $X.X accruals. to partner, primarily just insurance funding payables retirement of million and Our and to Reporting years liability below Noncurrent to relate R&D are are current of Current liabilities Standards. prior retirement from relate $X.X benefits. obligations $X.X under to million collaboration relate our XXXX with Indivior, primarily and benefit million in consistent assets prepayments International Financial related receivable

million Now $XX.X to received $XX in the million in in executed Indivior. the funding year research started proceeds $X.X offerings, million, cash consumed flow statement, we operations million from from with of XXXX, $X raised net and

financial converted $X.X Swiss the $XX.X purposes, at the of dollar for profit year. in francs, of end paper to reporting for yearend a reporting when have are purposes resulting ForEx -- in cash financial US We million balances the million

So in in development progress summary, clinical Addex has notable made XXXX.

we'll are treating updating look difficult actively when all We patients programs to out, portfolio read the these a in quarter. have of that we clinical first which forward to which partnerships. on which they where We read programs first company an exciting technology of is out leading enhanced to indications in begin delivered you studies, three are on next based built blepharospasm, platform, discovery class. treat and is The has

with expected the team studies experienced We four in of in readouts, coming have rich industry developers support that data clinical coming company preclinical of are beyond, news IND-enabling of partnership for addition with the we the to upcoming the drug an XXXX the and top a rest three XX in and tier flow programs have months. investors, to enter

questions. soon. providing now and Addex believe We has very our perhaps call on Taken the promising together, updates story. undervalued the outlook, we progress forward I look to a equity will and open This with you presentation concludes

Operator

Instructions] ahead. line Ram the go first [Operator question you. of HC from Wainwright. Selvaraju Your Please Thank from comes

open. is line Your

Unidentified Analyst

team. Ram at Mansa Thanks for Very Hello Wainwright. representing Selvaraju is for This comprehensive. [ph] update. HC the the

all You answered our effectively of questions.

hastening one Dipraglurant the Just is for wave PD-LID recedes? as the enrollment the Omicron study

Tim Dyer

Yeah, like take maybe you'd to one? Roger, this

Roger Mills

seen at we've some across a -- mean, actually obviously as of everybody sites, Omicron quite has so programs, across is, really I is and But good hit with encouraging. last of actually the really Yeah, actually of sort year. had end variety which and impacts the activity which momentum many clearly, broad COVID

So of a of that seeing post-COVID we sort of sort surge. are beginning

working keep we we'll forward. crossed, moving be fingers and So

Unidentified Analyst

I catalyst the right, year. for excellent. All a to rich look update. forward Thanks

Operator

you. Thank

go ahead. line also comes from HC of question Please from next Your Wainwright. Ram Selvaraju the

open. is line Your

Raghuram Selvaraju

can much positive? if in about to Thank And you. dunk our thinking pursued very readout? perspective, I thanks partnering follow-up positioning be for to in how as blepharospasm And a ask you overall being prove wanted PD-LID consider the also blepharospasm. of as from study indications outcome of, as data a merely a for to well you're a would questions well. positive us versus the Hi, strategic should be about sense clinical outcome different give context taking Dipraglurant terms the the of you slam from the what blepharospasm that,

Tim Dyer

much. question. this stab very Thank Ram. do you you an That's first at one? have want a Roger, interesting to

Roger Mills

thanks. Okay,

first pre-positioning, blepharospasm terms the think So from elements need data of the of study see of really compound. in we all, how start exploit to the we further to to the about

In terms this of study. exploratory is our an result,

these would slam to doses is, excited XX be we this time We've strong pleased. such. you even a small first dunk, be the really into got relatively It's is really indication, I really, drug It's and the If know, what patients. study, is see versus I'm this it's So put active what then obviously a really signal. two patients more a placebo. I'd have

a study. And be moving such is from the So how real the forward. will looking exploratory prosecute we'll decide the program on this program larger obviously the That the proof-of-concept at first the in next data data a build to development, much factors would that obviously of as of in those. dosing, inform study, get study into phase manifest number a of which terms And from the this how X study Phase will study. then of we as sort the then feel drug then clinical this the outcomes for inform

Raghuram Selvaraju

were. And or think I if I it the of consider are As you possibility a as when package Tim, as follow about that it at looking Dipraglurant? in would for think, about be if you're prospect up also partnering, more of the you how you that's really feasible, more deal something is, you learning a folks know, splitting interested indication to what that, about thinking

Tim Dyer

Yeah, okay.

on generated, data on developing thing first negative there's for Dipraglurant MOA, based believe, we an on rationale based allosteric release with for other formulation modulators generated PD-LID. that that So very the data is based in PD-LID, well, mGluX the a strong the we've of immediate

are currently while blepharospasm, using the we immediate formulation. release are study developing, we in Now, running a

that that release We developing that, other are be we an blepharospasm. including believe probably the also formulation and pursue Dipraglurant formulation we of extended will in would indications,

not buy from anybody PD-LID, going we we the we're a partnering readouts. step want don't it's of -- and to likely ahead of point to So XXX Dipraglurant that believe will that view, in is

partner we of Now blepharospasm, Dipraglurant, if to for release be somebody on wanted Dipraglurant. data, formulation extended partnering the of and back the blepharospasm an would

bridge it to But don't not comes. makes However, I certainly will same I that feasible it complicated. the cross extremely it's when we with split of we're think the entity. think formulation It same pharmaceutical looking -- indications to

we split that it formulations. would would only to do, the So came around different if be

Raghuram Selvaraju

you non-dilutive determining of interest significant ones. two of to regard in little Thank of indication you. Very the to would had then arrangement. speak quick be helpful. terms I decision our funding prospects how And could multiple that if context And bit timing sense process Indivior’s extending of appears add entities, in the under collaboration States. the Defense is to other the very and much to wondering of for also, you of Department if additional the example, United a with scope a for including, just understanding was making be provided which PTSD the funding about in governmental

Tim Dyer

the just so repeat you question Yes, Can sorry, that? first had. you

Raghuram Selvaraju

and mid-XXXX? to timing the collaboration and you that the to would going a for to the scope extent reach to was regarding decision its the happen provided post respect Addex the do to collaboration, Indivior what Yes, it of Indivior with be funding what's

Tim Dyer

Yeah.

we At additional with the million clinical commitment are the of part till on end So our through you say selection. the moment, the an candidate is July as extended as of out, we XXXX. advanced collaboration of Indivior the of point year, delivering $X collaboration stages last reaching program from -- you

the take operational molecules And of which to control a development. more so there more the are reaching where stage a number are implementation is Indivior over and of starting

And to whether in we But collaboration with soon whether not. to -- whether we would doing will any moment, the as markets. beyond area collaboration be the research extremely as it's be not need extend XXXX. research to need is July a made, the dating the having discussion Addex Indivior well. are at extend clear we updating, the it's So decisions program But or that as would will necessary

modulator a leading a allosteric you negative grant mGluRX, the we were program, secure the Eurostars. managed regarding consortium Now million EURX.XX as from know, that to

on executing currently are We that.

managed We program. lead entered candidate a identify that's clinical that a to selection clinical lead from have phase candidate or

we multiple And well. we So collaboration parallel, in are efficiently, lately the working and through consortium molecule. theories driving optimization, the extremely currently the are is extremely profiling that also forward

pursue other funding to start sources. will We

there run As addition with well. to you a of organizations we look to to discussing clinical number those, rightly of course, into addition pharma And are are point started support have which out, government in studies. offering partners to as in

Raghuram Selvaraju

you. Thank

Operator

Thank you.

next line Your go comes valuationLAB. from Pooler the from Please Bob of ahead. question

open. is line Thank Your you.

Bob Pooler

from you. my gentlemen. Thank Hello, side. A questions few

the Just your could cash you cash, on how’s provide reach? on some burn? your guidance cash And

Tim Dyer

at we've a year, CHFX.X so Last reported burning the CHFXX.X having million the end average. about we on Yeah, were million month of year.

And we're through of guiding first into the basically XXXX. half cash so

Bob Pooler

First half XXXX.

great. Okay,

the the on Just what on there maybe for you the out indication? have trial? even implication dystonias, potential any strong other market this there PD-LID also a And for for is then if blepharospasm, grant lead

Tim Dyer

you do Robert, the dystonia? of first all take around the that bit for to want preclinical maybe, So data the

Robert Lutjens

has I talking Sure, Hi, different models yeah. this, several been tested Yeah, of in think Bob. dystonias. mGluX,

mechanism common all that very dystonias. restored forms is effect specific shown of you reduce the again with be looking at could level, of helpful. mechanism being exploring is We've demonstrated, mGluX at of electrophysiology an that we've when therefore behavioral And been at so Dipraglurant, cellular different the chronic able to having the this add is anti-dystonic And also phenomenon were or an to that measure treatment. effect. And which indication possibly sorts basically, we the level, a

in was Dipraglurant there them four on that the But and had three sufficient obviously or being support patients for observed PD-LID positive were statistical dystonia. the seven this in number on dystonia showing And of nevertheless, very who we placebo And not study, some were some able were several So providing being of and to some the effective we actually signal then, patients observed. analysis. of forms there size do to a Dipraglurant. effect, was of

Tim Dyer

believe there's new regard the through from blepharospasm. with suffering there's blepharospasm X,XXX I And we like being about XX,XXX Roger, the about the to is patients identified decision. decided and vocal patients decision to took to Roger So opposed dystonia, move clearly how States how forms dystonia area as market, leave in blepharospasm we took blepharospasm other cervical to that mean, maybe you'd very to talk United into annually. interesting a of because explain we as we well. on But I'll

Roger Mills

Tim. Thanks,

a able of of is dystonias sub broad be more the constellation indications do actually a an in to to blepharospasm like cover a those to across to Dystonia a we response determine was sort we rationale to of be study umbrella with that The small more get that. gets can population homogenous patients, It's able indication lots around So of heterogeneous impactful manifestations. it. harder where almost it with were condition beneath patients. Obviously, different group broad patients, of blepharospasm, patients. very

functional -- is a with toxin. impactful with limited pretty very get it's what recurrent very It's You disfiguring, treatment blindness. botulinum really

that to at, blepharospasm be that to see the really factor able decision is figured key [ph] other look are and objective CNS using readout. the The able to to get we an into

the always is studies of CNS endpoints. doing in challenges great subjectivity the of One

attractive. able utilize assessment is an being to So objective particularly

impactful. which a we So disease, have is

group to of patients. homogenous We have ability more the have

have opportunity the utilize criteria. We to objective an

a much dystonias. sort was So sweet it broad of within spot very, a really of of constellation very sort

Bob Pooler

then moving to Okay, there. program on PAM maybe GABAB

a them You with trials? candidate clinical to are expect indicating then start when in maybe you lead

Tim Dyer

them scaling vivo assays. through currently compounds, up in a Well, number running we're of secondary

substance want at closely expecting run decision happen in to of decide early then that end on to year, a good they to then And we're And nine very use disorder. And XXXX. forward course, of a then compound move months, into the those taking We're they three that's IND-enabling long Indivior regulatory depending IND-enabling around the studies. Phase want to looking they on moving how the to We’re potentially looking into take to going X. studies. which

in moving think is at So late the I into is guess ‘XX, Phase earliest. best X

Bob Pooler

How's the proceeding? CMT program

Roger Mills

Yeah, I Tim. take can so that

very preclinical including identified that So we're CMT in in model. compounds profiling again, studies, several currently well, we've different XA

expect And additional by studies. so by this and complete to parallel, QX the the year, those we're running in of we end

enter that up this preparation we by to are end studies So year. the IND-enabling the gearing of

Bob Pooler

moving ADXXXXXX with in trigger a milestones. XXXX. $XXX expected Will payment, there million pre-launch positive on that results believe just of said Then just readout epilepsy, Roger the I QX and results were the milestone

Tim Dyer

trigger read not were results the milestone. out, No, not will a

Bob Pooler

Okay.

Tim Dyer

guide trial study -- milestone entered The `to And is track. and double on first by Phase net development not is were detail. The being more any digit well, study. a X pre-sales program run But was they is the when into the it's the last we able on are all we received proof-of-concept or I say sale. would milestones. And there then royalties

Bob Pooler

substantially of we're ADX great, potential you for extend life? pandemic. the would XXXXX? considering That's know Do Kaprun any if combination also, there's patent the That

Tim Dyer

taken the the patent Janssen Well, on have combination. mechanism of a

combining patent a molecule antagonists. XA with is the there SB new So

So not Janssen patent. here. two I is can't very the new strategies is leading comment. Janssen mean, But of privy a there passive we around the -- co-formulation compounds. partner to development. we're We're any

Bob Pooler

agreements making progress preclinical to just the new this good in offing? year? my you as any potential reach then in candidates. you’re you partner expect inflection points the question, with value Okay, do your And presentation, also final What mentioned

Tim Dyer

progress we're the mean, on portfolio. making so clinical I Yeah, good

you clinical partnered more data. data. of with partners And expecting Janssen. partnerships X Dipraglurant there's out, We're pointed we've we already in got is Janssen -- on not program Phase or those As two reporting programs out know, Phase studies, Xb course, until that

Indivior. the are the a GABAB, progress GABAB, making which not of is partnered in the with We part lot and of

some some clinical a delivered which to allosteric and work we've characterized is with validated which the are got highly It's agonist, And baclofen, through well we've now very marching of which certainly all mechanism are generic. done got opportunities. the is a compounds. mGluX, selection phase. have action, due There the well-characterized there's So mGluX, which some which candidate the that's also candidates, now drug programs been

pharma really for there's look So something at. to

are We traction from some are potential at starting to looking interested who of in these partners get programs. some

off try So take difficult portfolio you we're it's do you finish where cash to objectives but is to as the predict -- you pressure a is it's strategic to discussion, around to certainly start the more when generate know, But one deals inflows to of the them. order in balance our very and sheet.

Bob Pooler

people Board that with some Okay, with also, pharma. direct Scientific yeah. Because also have connections there yeah, your

great here some pharma well. the that it's looking as candidates at So is of

Okay, my thank answering you question. for

Tim Dyer

Thank you.

Operator

Instructions]. Thank [Operator you

question comes of Fitzgerald. next go Duncan from the ahead. Please Cantor from line Your Charles

Your open. line is

Charles Duncan

the would participation but for intrigued if wondering the stock morning, if, to time the period or I not a is able recommend not been Tim seem good that that question XX-week dosing questions, little all, few Roger into understand any Thanks open taking pipeline. for bit not despite in study to me and participation over had label of extension wondering and Yeah, there's through it. pace this a of I'm being with therefore study, I'm not first roll opened, and PD-LID that because and ongoing study. the perhaps help could enrollment us patients team. about there I'm would my be there the whether It the the only also, covering since the OLE.

Roger Mills

that. on happy to comment So

study. hit obviously, guidance building But not specific seeing we study. I as there, throughout. is enrollment mentioned momentum XXX on which earlier, I'm on giving I we you the in So point our an important think are

study. XXX, in got terms background really that patients freedom over It have months -- into It's it of We a a number couple like study, of things. then because allows change. nice the who in really through and medication progressing of rolled

it's long So study sort the data patients of as formal of providing and that longer more month real together for term NDA much XX importantly, world as a for requirements for X the It of an with reflects that respect. sort really well data. of maintenance management drug, safety in putting on administration

progressing is as well. and that well were So we the very pleased with XXX as XXX actually the

Charles Duncan

good. often And you don't the That's helpful, and ask speculate, on I'm expect going kind I [ph], And about question wondering allosteric programming. programs MDMA. very PTSD also answers. very My lots color. definitive by looked PTSD There's just with at innovators, Okay, to really the NMDA there was an are program. of any modulator of to being so mechanism. appreciate But neuro positive second I'm

allosteric So mechanism memory I gives negative You for fits in useful you it retrieval. and being PTSD? how what mentioned consolidation you mGluX modulator confidence guess feel, I'm and wondering in,

particularly intrigued with that. I'm So

Tim Dyer

can hand Charles, answer question. thanks, that. to that Yeah, He for Robert. that over I'll

Roger Mills

Thanks. question. Charles. Very Hi, good clearly. I mean, Yeah.

So animals, there's knockdown mGluX, knockout lot an from profile. show or around of either data which a from animals, anxiolytic

in showing treat memory. And that So not one no mGluX we an that an do as the effect is a have of taking is with effect to the cellular -- that LTP, we've what an looking happening on gone is level, phenomenon seen measure which which or with there's at again, mechanism having at electrophysiology mGluX of anxiety. is clearly blocking into really

And to models. then we animal so that link

window which that. a point, in And later on later called get look fear we can memory and to fear then you're memory at with at so been retrieval, so time we been animals. into of we're open instill on, models, consolidation reconsolidation, conditioning we our we've is to. doing -- the And learning, looking show a And at response who also so specifically formation, or that memory we've able that we recall, modulate compounds depending this memory specifically fear, talking PTSD-type in this, but different -- phases some like of to

So that to of treatment confidence patients that doctor, they're where behavioral mGluX a a NAM experienced after when trauma, and to that going with therapy, this see you their that achieve, effect. which dramaturgic you're or will receptors, there out and address have together an but maybe think again receptors, on as gives mGluX remark other than in your together progressed that be based be behavioral better but obviously. you speculative, But indirect actually approach. you the therapy the everything proof very with are other the also on fits animal any It's data, all actually PTSD the it's especially able binding to still able a modulate there that to example are say, much symptoms, doing us for beneficial to by that compound, being can pretty the well MDA is just in if MDA mGluX compounds I and trials, transmission, obviously are

as approach. see of we validation a also it indirect our of So kind

mGlu the expressed quite high. mGluX of is very [indiscernible] receptors, is standing specifically a this in the rest is Now expressed widely a is of which of bit in brain. synapses. the the the family because very It’s glutamate out within the receptor, from And

of need think you you receptor, if expressed levels makes the activate within the sense basically, receptors So very synapses. glutamate the which that high to

that activate are panic, of that to the you And glutamate have very that in you in glutamate really synaptic some there's so the order need gets moments or leading release. to released a one high where these are to strong a reached very really And receptor. is speculate that where could conditions level of kind a cleft behavior conditions in get

Charles Duncan

if overexpressed follow And become term therefore particularly allosteric let me and might the that negative case, ask Do do be like be you seem know modulator those reinforced? case. up. within would useful? in model a you receptors It a a potentiation you that may And long

Roger Mills

mean, I expression really it's -- answer the Yeah, sure receptor quite of give the in could difficult. again, receptor I only I LTP. speculative. the I that that I -- can I'm don't don't upregulated think again, gets an I mean, expression. the But you gets not about be mean,

is is that more probably memory you formation. so it's of linked synapses I the than mechanisms to have really that strengthening what others. will think the of basis activate, and synapses, rather This certain

Charles Duncan

questions, probably to Tim, question, my much that Last all lot program. is that maybe appreciate sense? partner a you passive for in you're a and J&J I easier, the Makes program. relative very understand taking that

payments, So do the could with question Should focal there And next line with say a and take you from candidate? seizure you move the a the press release think to able decide so? see triggered in that milestone that payment, data study? about you'll particular But being results. to data then milestone J&J forward was be top or XX months

Tim Dyer

from are Yeah, the With the yes. data of not will they give us around, press And press The part first release so milestones, any to unfortunately. let study? line one we granularity question the top allowed regard around is release the the that. the we answer milestone to would

so about sorry Okay, that. I’m

Charles Duncan

That's no with worries. was That's received fair. I appreciate of it. clinical But the a milestone start the Correct? you study. did say that last

Tim Dyer

But I do. That's be. the allowed Correct. to to when milestone you next could what leave speculate therefore again, I'm can

Charles Duncan

okay. okay, Yeah,

Tim Dyer

a we’ve been partner Janssen. on to milestones. allowed And very know the this clear not our I it’s with around lot But through helpful. we're what quite they're communicate

Charles Duncan

understand. worries. No Thanks I for Thanks. questions. taking my

Tim Dyer

Thanks, thank you.

Operator

Thank you.

line Acontrove of from from the go [ph]. Alec comes ahead. question Peter next Please Your

Your line is open.

Unidentified Analyst

I the My you, completion there also, payment. of figure. good mentioned everybody. the it's to is not study. expected the expected relates afternoon Roger payment milestone Thank now digit with question double to and a also And a understand in royalty current

bit discussion, X-X-X. Now I And sounded understood expected. first royalty the take And on only also, any like market, yet. which is more payments, But closer years product milestone bit sure quite is payment indication the the EURXXX the when a would it I'm about when quite be second million, a million. few indication, I suppose that correctly. understood the EURXXX expected in may not a amount I whether

can So explain you please?

Tim Dyer

stages total of which opposed not the are the say development or that stages regulatory milestones, sales they in number EURXXX approval thing in meeting or certain about is we're them first X-X-X. means is or And milestones million. to that launch the sale a we're so to they as -- targets. only are the being Yeah, and linked allowed milestone process, to pre-launch

XXX So to sales none are the of targets. linked

to Now say. That's royalty. what low is digit. double the royalty flat, digit a double it's It's we're allowed

that on the world. product to the first of sale anywhere double the digit so being royalties low in tiered, So as opposed payable

Unidentified Analyst

Okay. And sales on also. then I subsequently all suppose

Tim Dyer

Yeah, so.

Unidentified Analyst

Yeah.

Okay. few likely? years be yet, a And could out that

Tim Dyer

will Yes, running pivotal to Janssen two a a there And studies. is Further could filing study. then authorization. prior for marketing studies phase be be further expected

Correct. yes, years So out. some

Unidentified Analyst

Thank Okay. you.

Operator

Thank you. main Dyer for remarks. the brings I Ladies this closing to would conference a part and like of close gentlemen, and Tim hand to to back our

Tim Dyer

Thank you.

will data So XXXX trials looks ongoing of clinical is be to for exceptional months. as early year, report which and it three a this year only out starting like Addex, as couple the with an QX

In rapidly programs these addition, clinical are And we selection. candidate novel multiple advancing clinical through have programs. preclinical

novel coming to for XX continued And the Capital as well shareholders we'd of generated months. cover progress IP for forward to as and updating are in on especially financing. supporting these New Associates, Leaf CAM lots their we look to at Capital, all you Enterprise the that's the Armistice support, So New programs. like Addex being recent ventures thank making million our We

much I you very a all thank wish this call. attending So very day. nice for you

Operator

you. Thank conclude Thank does That you conference for call. today's participating.

may You all disconnect.

Addex Therapeutics (ADXN) 11 Mar 222021 Q4 Earnings call transcript