Addex Therapeutics Ltd (ADXN) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Addex Therapeutics first quarter 2024 financial results and corporate update conference call. (Operator instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Addex Therapeutics 2024 年第一季財務業績和公司更新電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Tim Dyer. Please go ahead.

現在，我想將會議交給今天的第一位發言人 Tim Dyer。請繼續。

Hello, everyone. I'd like to thank you all for attending our Q1 2024 financial results conference call. I am here with Misha Kalinichev, our Head of Translational Science who will provide an update on our R&D programs. I draw your attention to the press release and financial statements issued earlier today, which are available on our website. I also draw your attention to our disclaimers, we will be making certain forward-looking statements that are based on the knowledge we have today.

大家好。我要感謝大家參加我們的 2024 年第一季財務業績電話會議。我和我們的轉化科學主管 Misha Kalinichev 一起來到這裡，他將提供我們研發專案的最新資訊。我提請您注意今天早些時候發布的新聞稿和財務報表，這些內容可以在我們的網站上找到。我還提請您注意我們的免責聲明，我們將根據我們今天掌握的知識做出某些前瞻性聲明。

I will start this conference call by giving a quick overview of our recent activities and achievements before reviewing our pipeline. I will then hand over to Misha, who will review in more details on our clinical and preclinical programs, and I will then speak about the recent launch of Neurosterix before reviewing the Q1 2024 full year financial results.

在回顧我們的管道之前，我將首先快速概述我們最近的活動和成就，以開始這次電話會議。然後我將把工作交給 Misha，他將更詳細地審查我們的臨床和臨床前項目，然後我將在審查 2024 年第一季全年財務業績之前談論最近推出的 Neurosterix。

Following that, we will open the call for Q&A. We have made great progress in our GABAB positive allosteric modulator program, which is funded by our partner, indivior, and are on track for Entyvio to select a drug candidate for advancing into IND-enabling studies at the end of this month.

接下來，我們將開始問答環節。我們的 GABAB 正變構調節劑計畫取得了巨大進展，該計畫由我們的合作夥伴、個人資助，預計 Entyvio 預計在本月底選擇一種候選藥物，以推進 IND 啟動研究。

As a reminder, under the agreement with individual, we have the right to select our own drug candidate after they have selected their candidate and to develop it in eight reserve disease areas where Indivior is precluded from developing their candidate. We have selected chronic cough and expect to complete preclinical characterization in the second half of 2024.

提醒一下，根據與個人的協議，我們有權在他們選擇候選藥物後選擇我們自己的候選藥物，並在 Indivior 無法開發其候選藥物的八個保留疾病領域進行開發。我們選擇了慢性咳嗽，預計在 2024 年下半年完成臨床前表徵。

We launched Neurosterix with a series A financing round of $63 million, led by Perceptive Advisors. This is an innovative financing transaction and provides us with the resources needed to advance our preclinical portfolio without diluting our shareholders' interests in our clinical-stage assets and partnered programs.

我們推出了 Neurosterix，並在 Perceptive Advisors 的帶領下完成了 6,300 萬美元的 A 輪融資。這是一項創新的融資交易，為我們提供了推進臨床前投資組合所需的資源，而不會稀釋股東對我們臨床階段資產和合作項目的利益。

As part of the transaction, we received CHF5 million and a 20% equity interest in Neurosterix, securing the balance sheet and retaining significant upside in the programs for our shareholders. I will speak more about this innovative financing transaction later in the presentation.

作為交易的一部分，我們獲得了 500 萬瑞士法郎和 Neurosterix 20% 的股權，確保了資產負債表的安全，並為我們的股東保留了專案的顯著優勢。我將在稍後的演講中詳細討論這項創新融資交易。

Our partner Janssen completed the Phase 2 epilepsy study evaluating adjunctive ADX71149 administration of patients with focal onset seizures with suboptimal response to levetiracetam or brivaracetam.

我們的合作夥伴楊森完成了 2 期癲癇研究，評估對左乙拉西坦或布瓦西坦反應欠佳的局部癲癇發作患者輔助 ADX71149 給藥。

We reported top-line data in May and unfortunately, the study did not achieve statistical significance for the primary endpoint of time for patients to reach baseline seizure count when ADX71149 was added to standard of care. We expect the full dataset from the study in the second half of this year, and we'll work with our partners in seven next steps for the program.

我們在 5 月報告了頂線數據，不幸的是，當 ADX71149 添加到標準治療中時，該研究對於患者達到基線癲癇發作計數的時間主要終點沒有達到統計顯著性。我們預計在今年下半年獲得該研究的完整數據集，並且我們將與合作夥伴一起完成該計劃的七個後續步驟。

Now for a quick review of our pipeline, as mentioned, 71149 has reported top line data, and we are expecting full dataset in second half of this year. We continue to believe in Dipraglurant tanks executing our plans to commence development in both dyskinesia associated with Parkinson's disease as well as preparing the ground for a Phase 2 proof-of-concept at the post stroke recovery.

現在，為了快速回顧我們的管道，如上所述，71149 已經報告了頂線數據，我們預計在今年下半年獲得完整的數據集。我們仍然相信 Dipraglurant 罐能夠執行我們的計劃，開始開發與帕金森氏症相關的運動障礙，並為中風後恢復的第二階段概念驗證奠定基礎。

As mentioned, our GABAB PAM collaboration is coming to the end of the discovery phase with drug candidates on track to start IND-enabling studies later this year. Indivior in executing the substance use disorder program, and we are preparing our candidate for development in chronic cough.

如前所述，我們的 GABAB PAM 合作即將進入發現階段的尾聲，候選藥物預計將在今年稍後開始支持 IND 的研究。執行物質使用障礙計劃的個人，我們正在為慢性咳嗽的發展準備我們的候選人。

Now I will hand over to Misha, who will give you some more details about our exciting portfolio.

現在我將把時間交給 Misha，他將為您提供有關我們令人興奮的產品組合的更多詳細資訊。

Thanks, Tim, and hello, everyone. I will start by speaking about the probably around and our plans towards development in brain injury recovery following termination of the development of dipraglurant in PD-LID, we embarked on a detailed evaluation of a number of potential indications of interest for future development, including substance use disorder, migraine and other forms of pain.

謝謝蒂姆，大家好。我將首先談談在 PD-LID 中 Dipraglurant 開發終止後腦損傷恢復方面的可能情況和我們的開發計劃，我們開始對未來開發感興趣的一些潛在跡象進行詳細評估，包括物質使用障礙、偏頭痛和其他形式的疼痛。

We have completed this exercise and have identified brain injury recovery has an interesting indication for the future development of dipraglurant. We believe the differentiated profile of dipraglurant makes it particularly suitable for enhancing the impact of rehabilitation in traumatic brain injury and stroke patients.

我們已經完成了這項工作，並發現腦損傷的恢復對於二吡呋特的未來發展有一個有趣的指示。我們相信，dipraglurant 的差異化特性使其特別適合增強創傷性腦損傷和中風患者的復健效果。

There is a large unmet medical need in post stroke rate recovery and rehabilitation. Stroke is among the leading causes of chronic, often lifelong disability as it leads to motor sensory cognitive impairment and multiple comorbidities. There are over 100 million stroke survivors worldwide and the number is growing at the annual rate of 12 million.

中風後恢復和復健方面存在大量未滿足的醫療需求。中風是導致慢性、往往是終身殘疾的主要原因之一，因為它會導致運動感覺認知障礙和多種合併症。全球有超過 1 億中風倖存者，並且這個數字以每年 1,200 萬的速度成長。

A variety of rehabilitation therapies are used with post stroke patients, but the recovery slow and often inadequate. There is an urgent need for pharmacological agents that can facilitate the recovery stimulated by rehabilitation therapy.

中風後患者可以使用多種復健療法，但恢復緩慢且往往不充分。迫切需要能夠促進康復治療刺激的恢復的藥物製劑。

mGlu5 receptor is a suitable target to address post stroke recovery as it is densely expressed in the brain involved in neuroplasticity and modulate excitatory inhibitor equilibrium. In fact, activation of mGlu5 has been observed in a range of neurological disorders, including stroke, where it plays a role in so-called model adaptive rewiring of the brain following stroke.

mGlu5 受體是解決中風後恢復的合適靶點，因為它在大腦中密集表達，參與神經可塑性並調節興奮性抑制物平衡。事實上，mGlu5 的活化已在包括中風在內的一系列神經系統疾病中觀察到，它在中風後大腦的所謂模型適應性重新佈線中發揮作用。

Inhibition of mGlu5, on the other hand, can facilitate adaptive rewiring of the brain, promoting neuroplasticity and creating of new functional pathways, moving the neural network towards pre-lesion state.

另一方面，抑制 mGlu5 可以促進大腦的適應性重新佈線，促進神經可塑性並創建新的功能通路，使神經網路向損傷前狀態移動。

Exciting new evidence recently published in the journal brain suggests that the negative allosteric modulator of mGlu5, MPEP, administered daily is rats following stroke results in a sustained and growing improvement in sensory motor function in comparison to the -- treatment. Similar improvement in sensory motor function was observed in animals treated daily with our mGlu5 non-dipraglurant.

最近發表在《大腦》雜誌上的令人興奮的新證據表明，與治療相比，在中風後每天給大鼠施用mGlu5 的負變構調節劑MPEP，可導致感覺運動功能持續且不斷增長的改善。在每天接受我們的 mGlu5 non-dipraglurant 治療的動物中觀察到感覺運動功能的類似改善。

MRI imaging of the resting state functional connectivity in post stroke products shows that daily administration of MPEP also stimulates intra and inter hemispheric connectivity in the brain disrupted by stroke. It's important to note that improvement in brain connectivity after stroke is known to correlate with functional recovery and is observed across species.

中風後產品靜息狀態功能連接的 MRI 成像表明，每日服用 MPEP 還可以刺激因中風而中斷的大腦半球內和半球間的連接。值得注意的是，眾所周知，中風後大腦連接的改善與功能恢復有關，並且在不同物種中都可以觀察到。

Dipraglurant is ideally suited to be used in tandem with rehabilitation therapies in post-stroke patients, as it has a fast onset of action and short half-life. It has shown good tolerability in healthy subjects and in Parkinsonian patients showing only mild to moderate CNS-related adverse effects.

Dipraglurant 起效快、半衰期短，非常適合與中風後患者的復健治療合併使用。它在健康受試者和帕金森氏症患者中表現出良好的耐受性，僅表現出輕度至中度的中樞神經系統相關不良反應。

We have a drug product ready and a strong patent position and believe Dipraglurant can become a first-in-class drug to facilitate post stroke recovery. We can also speculate that Dipraglurant mediated adaptive rewiring and facilitation of recovered following brain damage can also be seen in traumatic brain injury patients.

我們已準備好藥品並擁有強大的專利地位，並相信 Dipraglurant 可以成為促進中風後恢復的一流藥物。我們還可以推測，Dipraglurant 介導的適應性重連和腦損傷後恢復的促進也可以在創傷性腦損傷患者中看到。

Let me now switch to GABAB positive allosteric modulator preclinical program, which is partnered with Indivior. The aim of this collaboration is to deliver a new treatment for substance use disorders. Indivior is supporting the research addicts and have recently committed an additional CHF2.7 billion funding for us to complete clinical candidate selection activities in addition to CHF13.8 million total funding so far.

現在讓我轉向與 Indivior 合作的 GABAB 正變構調節劑臨床前計畫。此次合作的目的是為藥物濫用障礙提供新的治療方法。Indivior 正在支持研究成癮者，除了迄今為止 1,380 萬瑞士法郎的總資金外，最近還承諾為我們額外提供 27 億瑞士法郎的資金，以完成臨床候選人篩選活動。

As a reminder, GABAB receptor activation has been clinically validated in a number of disease areas using baclofen, a GABAB allosteric agonist. Baclofen is FDA-approved for treatment of spasticity and is widely used off-label to treat numerous diseases, including substance use.

提醒一下，GABAB 受體活化已經在許多疾病領域使用巴氯芬（一種 GABAB 變構激動劑）得到了臨床驗證。巴氯芬經 FDA 核准用於治療痙攣，並廣泛用於標籤外治療多種疾病，包括藥物濫用。

However, baclofen has a short half-life and comes with significant side effects hampering its wider use, thus there is a strong need for a better baclofen. We believe can be achieved with positive allosteric modulators and their differentiated pharmacology having the efficacy of baclofen but longer half-life and improved side effect profile.

然而，巴氯芬半衰期短且副作用嚴重，阻礙了其更廣泛的使用，因此迫切需要更好的巴氯芬。我們相信可以透過正變構調節劑及其差異化藥理學來實現，其具有巴氯芬的功效，但具有更長的半衰期和改善的副作用。

We are well on our way to meeting this objective, with multiple novel drug candidates rapidly advancing through candidate selection sites with the aim to nominate drug candidate ready to enter IND-enabling studies in H2 2024. As part of our agreement with Indivior, we have the right to select drug candidates from the funded research activities for our own independent GABAB PAM program. We have selected to focus our independent program on cough, and therefore, I will present this exciting opportunity.

我們正在順利實現這一目標，多種新型候選藥物正在透過候選篩選站點快速推進，旨在提名候選藥物準備好在 2024 年下半年進入 IND 支持研究。作為我們與 Indivior 協議的一部分，我們有權從資助的研究活動中為我們自己的獨立 GABAB PAM 計畫選擇候選藥物。我們選擇將我們的獨立項目重點放在咳嗽上，因此，我將介紹這個令人興奮的機會。

There is a strong rationale for developing GABAB PAM for chronic cough. Chronic cough is a persistent cold that lasts for more than eight weeks and can be caused by a variety of factors, including respiratory infections, asthma allergies, acid reflux, but also possibly by an overactive cough reflux.

開發 GABAB PAM 治療慢性咳嗽有充分的理由。慢性咳嗽是一種持續八週以上的持續感冒，可能由多種因素引起，包括呼吸道感染、氣喘過敏、胃酸逆流，但也可能是過度咳嗽逆流所致。

There is a large unmet medical need in novel anti-tumor drugs, as current standards-of-care are ineffective in 30% of patients or only moderately effective in up to 60% of patients. In addition, to current treatments carry risks serious side effects.

新型抗腫瘤藥物存在大量未滿足的醫療需求，因為目前的護理標準對 30% 的患者無效，或對高達 60% 的患者僅中等有效。此外，目前的治療方法還存在嚴重副作用的風險。

On the next slide, we show that GABAB PAMs are likely to have a superior tolerability profile in comparison to the current standard of care and showed no taste related side effects seen with it newly approved P2X3 inhibitor Gefapixant.

在下一張幻燈片中，我們表明，與目前的護理標準相比，GABAB PAM 可能具有優越的耐受性，並且新批准的 P2X3 抑製劑 Gefapixant 沒有表現出與味道相關的副作用。

Support for using GABAB PAMs in treatment of chronic cough comes from the clinical evidence that baclofen, a GABAB agonist, is used off-label in cough patients and from anatomical evidence that GABAB receptors are strongly expressed in airways and in the neuronal pathway regulating cough. Therefore, we believe that GABAB PAMs could offer superior efficacy in cough patients

使用GABAB PAM 治療慢性咳嗽的支持來自以下臨床證據：巴氯芬（一種GABAB 激動劑）在咳嗽患者中超說明書使用；解剖學證據表明GABAB 受體在氣道和調節咳嗽的神經元通路中強烈表達。因此，我們相信 GABAB PAM 可以為咳嗽患者提供卓越的療效

Thus, we believe that GABAB PAMs could be an innovative new treatment of chronic cough administered once daily via oral dosing and offering improved efficacy and tolerability with fewer non-responder patients suitable for chronic dosing therefore, significantly improving patients' quality of life.

因此，我們相信GABAB PAM 可能是一種創新的慢性咳嗽治療方法，每日一次口服給藥，可提高療效和耐受性，減少適合長期給藥的無反應患者，從而顯著改善患者的生活質量。

We are working with multiple compounds progressing these lead clinical candidate selection phase, and we expect to move into IND-enabling studies in H2 2024 in parallel to delivering compounds for our partner, Indivior.

我們正在與多種化合物合作，推進這些主要臨床候選藥物選擇階段，我們預計在 2024 年下半年進入 IND 支持研究，同時為我們的合作夥伴 Indivior 提供化合物。

This concludes our prepared remarks on the progress of our R&D programs. Now I hand it back to Tim.

我們準備好的研發計畫進度的評論到此結束。現在我把它交還給提姆。

Thanks, Misha. Now, before I move on to the financials, I would like to spend a few moments to speak about the Neurosterix transaction.

謝謝，米莎。現在，在討論財務狀況之前，我想花一些時間談談 Neurosterix 交易。

Due to the excellent progress made by our R&D team in advancing our un-partnered preclinical portfolio, our M4 PAM, mGlu7NAM and mGlu2NAM programs programs reached a stage of development where they now need significant amounts of financing to progress into the clinic.

由於我們的研發團隊在推進我們的非合作臨床前產品組合方面取得了出色的進展，我們的 M4 PAM、mGlu7NAM 和 mGlu2NAM 計畫達到了發展階段，現在需要大量融資才能進入臨床。

I'm fortunate given the low market capitalization of Addex raising, the amount of capital needed would have been extremely challenging and highly dilutive to our shareholders, so we decided to spin out these programs and our platform into a new private company and raise the necessary capital directly into the new private company.

我很幸運，考慮到Addex 融資的市值較低，所需的資金量對我們的股東來說極具挑戰性，並且會被高度稀釋，因此我們決定將這些計劃和我們的平台分拆為一家新的私人公司，並籌集必要的資金。

We believe this is an excellent transaction for Addex shareholders as it has secured CHF5 million for Addex and removed the financing overhang on the Altix stock. We have retained 20% interest in Neurosterix, so we can benefit from the upside from advancing the programs into the clinic, which is now secured by the $63 million capital from a high-quality investor syndicate led by Perceptive Advisors.

我們相信，這對 Addex 股東來說是一筆出色的交易，因為它為 Addex 籌集了 500 萬瑞士法郎，並消除了 Altix 股票的融資懸而未決。我們保留了 Neurosterix 20% 的權益，因此我們可以從將專案推進到診所的好處中受益，目前該診所已獲得由 Perceptive Advisors 領導的高品質投資者財團提供的 6,300 萬美元資金。

As part of the transaction. We have divested our allosteric modulator technology platform, including the majority of our staff of what we have retained, but we have entered into a service agreement with Neurosterix directors to ensure that we can access the skills needed to execute on our business strategy.

作為交易的一部分。我們已經剝離了我們的變構調節劑技術平台，包括我們保留的大部分員工，但我們已經與 Neurosterix 董事簽訂了服務協議，以確保我們能夠獲得執行我們的業務策略所需的技能。

Now for the review of Q1 2024 financials, following Neurosterix transaction, we were required under the IFRS. standards to identify continuing operations related to the retained programs and discontinued operations related to the operations and programs that were sold to Neurosterix.

現在，在 Neurosterix 交易之後，我們需要根據 IFRS 審查 2024 年第一季的財務狀況。確定與保留專案相關的持續營運以及與出售給 Neurosterix 的營運和專案相關的已終止營運的標準。

All income and expense items related to discontinuing operations have been reclassed under a specific line of the comprehensive loss cause of net loss from discontinued operations. Starting with the income statement, which relate to continuing operations.

所有與終止經營相關的收入和費用項目已重新分類至終止營業淨虧損綜合損失原因的特定科目下。從與持續經營相關的損益表開始。

We recognized CHF0.2 million of income in Q1 2024 compared to CHF0.5 million in Q1 2023. The primary source of revenue revenue is research funding from our collaboration with Indivior, which is recognized as the associated cost research costs are incurred.

我們在 2024 年第一季確認了 20 萬瑞士法郎的收入，而 2023 年第一季為 50 萬瑞士法郎。收入的主要來源是我們與 Indivior 合作的研究經費，該資金在相關研究成本發生時確認。

Continuing R&D expenses primarily relate to our GABAB PAM program and remained stable at CHF0.3 million in Q1 compared to Q1 2023. Continuing operations in G&A expenses [CHF0.8 million] compared to CHF0.6 million in Q1 2023. The increase of CHF0.2 million is primarily due to legal fees related to the Neurosterix transaction.

持續研發費用主要與我們的 GABAB PAM 計畫相關，與 2023 年第一季相比，第一季保持穩定在 30 萬瑞士法郎。持續營運的一般管理費用 [80 萬瑞士法郎]，而 2023 年第一季為 60 萬瑞士法郎。增加 20 萬瑞士法郎主要是由於與 Neurosterix 交易相關的法律費用。

The finance results in Q1 2024 is primarily related to foreign exchange gains on cash held in US dollar and to a lesser extent, the interest income of the US dollar cash deposit. Now to the balance sheet, our assets are primarily held in cash, and we completed Q1 with CHF1.6 million of cash held in Swiss francs and US dollar.

2024年第一季的財務表現主要與美元現金的匯兌收益有關，其次與美元現金存款的利息收入有關。現在看資產負債表，我們的資產主要以現金持有，第一季結束時，我們持有 160 萬瑞士法郎的瑞士法郎和美元現金。

Gross proceeds of [CHF5 million] from the Neurosterix transaction have been received in April 2024, so are not included in this figure. Other current assets amount to CHF0.8 million, primarily related to prepaid retirement benefit annual paid annually paid at the beginning of the year due to the Neurosterix transaction, we expect CHF0.6 million of this amount to be reimbursed in Q2 of this year.

Neurosterix 交易的總收益 [500 萬瑞士法郎] 已於 2024 年 4 月收到，因此不包含在此數字中。其他流動資產為 80 萬瑞士法郎，主要與年初因 Neurosterix 交易而每年支付的預付退休金有關，我們預計其中 60 萬瑞士法郎將在今年第二季償還。

Current liabilities of CHF3.3 million as of March 31, 2024 increased CHF5.4 million compared to a like period like date of the previous year and primarily relate to CRO related accruals and payables. Noncurrent liabilities of CHF0.1 million decrease by [CHF0.5 million] compared to December 31, 2023, primarily due to US stock transfer to Neurosterix.

截至 2024 年 3 月 31 日，流動負債為 330 萬瑞士法郎，與去年同期相比增加了 540 萬瑞士法郎，主要與 CRO 相關的應計費用和應付款項有關。與 2023 年 12 月 31 日相比，非流動負債 10 萬瑞士法郎減少了 [50 萬瑞士法郎]，主要是由於美國股票轉讓給 Neurosterix。

Now to summarize, I hope you have understood how transformative the Neurosterix deal is for Addex. We have strengthened the balance sheet and secured the financing to execute on the development of our preclinical portfolio, including the M4 PAM program for schizophrenia into the clinic and our partnership with Indivior is on track to deliver clinical candidates, ready for IND enabling studies by the end of June of this year.

現在總結一下，我希望您已經了解 Neurosterix 交易對 Addex 來說具有多大的變革性。我們加強了資產負債表，並獲得了融資來執行我們的臨床前產品組合的開發，包括將精神分裂症的M4 PAM 項目推向臨床，我們與Indivior 的合作夥伴關係正在按計劃提供臨床候選藥物，為IND 做好準備，使研究能夠通過今年六月底。

The plant is ready to restart clinical development and the subject to a number of partnering discussions. Our independent GABAB cough program is also on track to start IND enabling studies. We're validating partnership with industry, supportive investors and strong balance sheet, which puts us on a solid position to deliver on our strategic objectives.

該工廠已準備好重新啟動臨床開發，並進行一系列合作討論。我們獨立的 GABAB 咳嗽計畫也有望啟動 IND 授權研究。我們正在驗證與產業、支持性投資者和強大資產負債表的合作夥伴關係，這使我們在實現策略目標方面處於堅實的地位。

This concludes the presentation, and we will now open the call for questions.

演講到此結束，我們現在開始提問。

Thank you. (Operator Instructions) Leonildo Delgado from Baader Helvea.

謝謝。（操作員說明）Baader Helvea 的 Leonildo Delgado。

Hi, good afternoon. Thanks for taking my questions. A couple of questions from my side and in addition to the CHF5 million upfront payment, should we expect more upside Addex when it comes to our Neurosterix?

嗨，下午好。感謝您回答我的問題。我這邊有幾個問題，除了 500 萬瑞士法郎的預付款之外，我們是否應該期待我們的 Neurosterix 的 Addex 能有更多的上漲空間？

And so on, when would Addex be able to capitalize on [20%] equity interest? And so, how big would the opportunity be?

等等，Addex什麼時候能夠利用[20%]股權？那麼，機會有多大？

Okay, thanks for the question. Yeah, so and so the CHF5 million the asset being received in cash has been received in Q2. Addex has retained its 20% interest in Neurosterix. Neurosterix has got a $60 million on its balance sheet and the post-money valuation ofNeurosterix is basically just south of $100 million. So the value add at today's transaction of the 20% is about $20 million.

好的，謝謝你的提問。是的，某某以現金形式收到的 500 萬瑞士法郎資產已在第二季收到。Addex 保留了 Neurosterix 20% 的股權。Neurosterix 的資產負債表上有 6,000 萬美元，而 Neurosterix 的投後估值基本上接近 1 億美元。因此，今天這 20% 的交易的增值約為 2000 萬美元。

Now, regarding upside, there was a sale of the carved-out entity. There are no milestones and royalties on any of the products that were divested into Neurosterix. So, the upside for Addex is in its equity interest in Neurosterix.

現在，從好的方面來說，剝離出來的實體被出售了。剝離給 Neurosterix 的任何產品都沒有里程碑和特許權使用費。因此，Addex 的優勢在於其持有 Neurosterix 的股權。

And I mean, there's a number of recent deals around the muscarinic M4. For example -- bought Cerevel $8.7 billion. BMS bought Karuna at the end of last year for $14 billion. I think the most relevant comparator is that, Cerevel had an M4 PAM, the M4 PAM had just started Phase 2.

我的意思是，最近有很多圍繞毒蕈鹼 M4 的交易。例如—87億美元收購了Cerevel。電池管理系統去年年底，卡魯納公司以 140 億美元的價格收購了該公司。我認為最相關的比較是，Cerevel 有一個 M4 PAM，M4 PAM 剛開始第 2 階段。

And what's interesting for Neurosterix is the cash that's on the Neurosterix's balance sheet finances the M4 PAM all the way through to a stage very close to where Cerevel was with their M4 PAM program. I wouldn't want to speculate about the value upside, but I think you can make your own conclusions that there is significant upside for Addex in that 20% of Neurosterix because Neurosterix is well funded and financed to meet some very significant value inflection points, being the advancing of one or two programs into the clinic and through Phase 1.

對 Neurosterix 來說，有趣的是 Neurosterix 資產負債表上的現金為 M4 PAM 提供資金，一直到非常接近 Cerevel 的 M4 PAM 計畫的階段。我不想猜測價值上漲空間，但我認為你可以得出自己的結論，即 Addex 在 Neurosterix 的 20% 中具有顯著的上漲空間，因為 Neurosterix 資金充足，資金充足，可以滿足一些非常重要的價值拐點，將一兩個項目推進臨床並完成第一階段。

I hope that answers your questions.

我希望這能回答您的問題。

It answers. Thanks a lot. Maybe one final question on the epilepsy program, when do you think Janssen will communicate plans for the ADX71149?

它回答了。多謝。也許是關於癲癇計畫的最後一個問題，您認為楊森何時會傳達 ADX71149 的計劃？

Yes. So as mentioned know, we've seen the top line results, unfortunately, and the primary endpoint was not met, and we are now doing a full analysis or Janssen doing a full analysis of the full dataset. And we are expecting to receive and the full data and the full analysis and have discussions with them about it. And I mean, we're talking about H. two, and we're very hopeful on earlier in H2.

是的。正如前面提到的，不幸的是，我們已經看到了最重要的結果，但主要終點沒有得到滿足，我們現在正在進行全面分析，或者楊森正在對完整數據集進行全面分析。我們期待收到完整的數據和完整的分析，並與他們討論。我的意思是，我們正在談論 H.2，我們對 H2 的早期階段非常有希望。

Given the time lines to do this, it should it should come in Q3, we would have thought. And then we will work with Jansen to work out how best to move the program forward. Clearly one option, which is reasonably if possible, is that the the collaboration gets terminated and Addex receive back the molecule and all the backup molecules as well.

我們認為，考慮到執行此操作的時間線，應該在第三季完成。然後我們將與詹森一起研究如何最好地推動該計劃。顯然，一種選擇（如果可能的話也是合理的）是終止合作，並且 Addex 收回分子和所有備份分子。

So this is a is one of the, I would say, reasonably probable and outcomes. And once the full dataset has been reviewed. But again, until we see the full dataset and we can't really fully understand and whether there is a way forward in epilepsy or not.

所以我想說，這是合理的可能性和結果之一。一旦完整的資料集被審查完畢。但同樣，在我們看到完整的數據集之前，我們無法真正完全理解癲癇病是否有前進的道路。

Okay. Thank you.

好的。謝謝。

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

謝謝。（操作員說明）謝謝。女士們、先生們，我們會議的主要部分到此結束。現在我想請提姆戴爾發表結束語。

Well, thank you very much, everyone, for attending the Q1 2024 conference call. And we look forward to speaking to you again soon. Have a very nice day.

非常感謝大家參加 2024 年第一季的電話會議。我們期待很快再次與您交談。祝你有美好的一天。