Addex (NASDAQ: ADXN) spin-out Neurosterix clears Phase 1, plans next stage

What happened

Addex Therapeutics Ltd. (NASDAQ: ADXN) said Neurosterix completed Phase 1 studies of NTX-253 and plans to move the drug into Phase 2.

NTX-253 is a positive allosteric modulator of the muscarinic M4 receptor, and the program is being developed for schizophrenia.

Addex said Neurosterix is its spin-out company and that Addex holds a 20% equity interest.

The release says Neurosterix was spun out in April 2024 in a Series A financing that raised $65 million and was led by funds affiliated with Perceptive Advisors.

Addex said the clinical study used a multi-part, ascending-dose design with single- and multiple-ascending-dose components, plus food-effect and cerebrospinal fluid assessments.

Addex said the study combined healthy volunteers and schizophrenia patients and generated safety and pharmacokinetic data.

Key numbers

Metric	Latest	Change	Source
NTX-253 Phase 1 clinical studies	completed		SEC 6-K press release dated October 8, 2026
Addex equity interest in Neurosterix	20%		SEC 6-K press release dated October 8, 2026
Neurosterix Series A financing	$65 million		SEC 6-K press release dated October 8, 2026
NTX-253 next step	Phase 2 clinical development		SEC 6-K press release dated October 8, 2026

Read more: Addex Therapeutics (ADXN) stock analysis and investment case

Why it matters

OptimistFi's case is that Addex's equity works only if partner-funded validation arrives before balance-sheet pressure forces dilution.

This filing is mixed for that view because it shows a funded spin-out has cleared a clinical hurdle, but Addex still only has a 20% stake.

The milestone matters because the study used both single- and multiple-ascending-dose parts, plus food-effect and cerebrospinal fluid assessments, which are the kind of data sets that can support the next development step.

The release calls the work important safety and pharmacokinetic data from healthy volunteers and stable schizophrenia patients.

Addex's 20% stake gives it exposure to the program's next stage and the filing keeps the link at equity rather than cash.

That is why the update reads as progress, not proof.

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What's next

Neurosterix plans to advance NTX-253 into Phase 2 clinical development.

A Phase 2 start would strengthen the case by extending the program beyond Phase 1.

If Neurosterix starts Phase 2, the update shifts from early validation to the next clinical test.

If the program stalls, the filing remains a baseline update on a minority-held spin-out rather than a new source of value for Addex.

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