Following the 2024 Neurosterix divestment that generated a CHF 7.1 million net gain, 2025 reflected a return to net losses and negative cash flows consistent with our historical pattern since inception, while investing CHF 0.8 million in Stalicla SA to pursue external R&D opportunities.
Key takeaways
Existing cash and cash equivalents at 20-F issuance date projected to fund operating expenses and capital needs through mid-June 2026, per management assessment.
Divestment to Neurosterix transferred discovery platform staff with zero-cost service agreement through December 31, 2024, enabling continued strategic support without internal expense.
GABAB PAM program advances for substance use disorders, representing key remaining development asset pending potential partnerships or funding.