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Addex has real allosteric-modulator science, but the public-company story now turns on CHF 1.6 million of year-end cash, a delayed 2025 Form 20-F, chronic-cough preclinical data, dipraglurant repositioning, and a 20% Neurosterix option.
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Firefly Neuroscience pairs an FDA-cleared Evoke EEG/ERP workflow, more than 85 active U.S. clinical sites and a 191,000-record brain-data set with a harder financial reality: Q1 2026 revenue was only $485,000, cash was $3.1 million before subsequent financings
OpenACAD is no longer the kind of biotech where everything hangs on a single trial. The sharper question is whether NUPLAZID and DAYBUE can fund a third CNS franchise before concentration, payer pressure, and pipeline risk catch up.
OpenAcumen's sabirnetug story is dominated by one late-2026 ALTITUDE-AD readout, a going-concern warning, and a cash runway that may not reach commercial proof.
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