Earnings call transcript: Anavex Life Sciences Q3 2025 sees R&D drop

Anavex Life Sciences Corp (AVXL) reported its financial results for the third quarter of 2025, showing a net loss of $13.2 million or $0.16 per share, slightly missing the EPS forecast of -$0.1457. The company’s cash position remains strong at $101.2 million with no debt, maintaining a healthy current ratio of 6.74. In premarket trading, shares fell by 1.15% to $11.22, reflecting investor concerns over the missed EPS expectations and increased administrative expenses. According to InvestingPro analysis, the company holds more cash than debt on its balance sheet, though analysts do not anticipate profitability this year.

Key Takeaways

• Anavex reported a net loss of $13.2 million for Q3 2025.
• R&D expenses decreased by $1.8 million year-over-year.
• Administrative expenses increased significantly to $4.5 million.
• Premarket trading saw a 1.15% decline in stock price.
• The company maintains a strong cash position with over three years of runway.

Company Performance

Anavex Life Sciences continues to focus on its core mission of developing treatments for neurodegenerative diseases. The company reported a reduction in research and development expenses to $10 million from $11.8 million in the same period last year, indicating a more efficient allocation of resources. However, general and administrative expenses rose to $4.5 million from $2.8 million, which could be a point of concern for investors looking for cost discipline.

Financial Highlights

• Cash position: $101.2 million, with no debt.
• Net loss: $13.2 million or $0.16 per share.
• R&D expenses: $10 million, down from $11.8 million.
• General and administrative expenses: $4.5 million, up from $2.8 million.

Earnings vs. Forecast

Anavex reported an EPS of -$0.16, slightly missing the forecast of -$0.1457. This minor miss may have contributed to the negative premarket reaction. The company has had a history of fluctuating quarterly results, making this miss consistent with past performance volatility.

Market Reaction

The stock saw a premarket decline of 1.15%, trading at $11.22. This movement is within the stock’s 52-week range of $4.93 to $14.44, suggesting that while the EPS miss was a disappointment, it did not significantly alter investor sentiment. InvestingPro data shows impressive returns of over 84% in the past year and 30% over the last six months, though current valuations suggest the stock may be trading above its Fair Value. The broader market context and sector trends will likely influence future stock performance. Discover more insights and 8 additional exclusive ProTips with an InvestingPro subscription, including detailed valuation analysis and growth metrics.

Outlook & Guidance

Looking ahead, Anavex anticipates feedback from the European Medicines Agency in the first quarter of next year and is preparing for potential UK filings. The company, currently valued at $969.48 million, is exploring additional orphan indications and considering commercialization strategies in Europe. This guidance suggests a focus on expanding its market presence and regulatory approvals. Get access to comprehensive analysis and the full Pro Research Report for AVXL, along with 1,400+ other stocks, through InvestingPro’s extensive financial research platform.

Executive Commentary

CEO Christopher Missling emphasized the importance of early treatment for Alzheimer’s, stating, "You wanna take the drug as soon as possible once you have an indication and diagnosis of Alzheimer’s disease." He also highlighted the company’s strategic planning for rare disease studies and potential commercialization strategies in Europe.

Risks and Challenges

• Rising administrative costs could impact profitability.
• Ongoing regulatory approvals pose uncertainties.
• Market competition from other Alzheimer’s treatments.
• Dependence on successful trial outcomes for future growth.
• Potential delays in manufacturing and commercialization.

Q&A

During the earnings call, analysts inquired about the nuances of the 4-year data and potential CRISPR applications. The company also addressed questions on regulatory processes and R&D spending, indicating a focus on strategic planning and resource allocation.

Full transcript - Anavex Life Sciences Corp (AVXL) Q3 2025:

Clint Tomlinson, Conference Call Host, Anavex Life Sciences: Good morning, and welcome to the Anavex Life Sciences fiscal twenty twenty five third quarter conference call. My name is Clint Tomlinson, and I will be your host for today’s call. At this time, all participants are in listen only mode, and later, we will conduct a question and answer session. Before or during the session, we would like to ask a question, please use the Q and A box or raise your hand. Please note this conference is being recorded, and the call will be available on Anavex’s website at www.anavex.com later today.

With us today is doctor Christopher Missling, president and chief executive officer and Sonja Bonisch, principal financial officer. Before we begin, please note that this conference call, the company will be make some projections and forward looking statements. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. We encourage you to review the company’s filings with the SEC, and this includes, without limitation, the company’s forms 10 ks and 10 Q, which identify specific factors that may cause actual results or events to differ materially from those described in these forward looking statements. These factors may include, without limitation, risks inherent in the development and or commercialization of potential products, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, and maintenance of intellectual property rights.

With that, I’d like to turn the call over to doctor Misling.

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: Thank you, Clint, and good morning, everyone. Thank you for being with us today to review our most recently reported financial results and to provide our quarterly business update. Our development of noninvasive targeted upstream compounds continues to advance, particularly in the context of Alzheimer’s disease and schizophrenia. Clinical feedback highlights the importance of orally administered therapies that are both accessible and effective. At the recent Alzheimer’s Association International Conference, AAIC twenty twenty five, we presented open label extension data for blacahamazine, which demonstrated continued clinically meaningful benefit in early stage Alzheimer patients, further validating its therapeutic potential.

In June 2025, a survey of Alzheimer’s disease stakeholders from European Union member states on current unmet needs in Alzheimer’s care was conducted. There’s a clear acknowledgment that oral therapies would, quote, facilitate things, quote, for many countries and be much more accessible for the respective health care systems, potentially requiring less extensive monitoring and complex administration compared to injectable monoclonal antibodies. This modality difference is seen as a key factor in potential broader market penetration. At the July, Anavex was honored to be a part of the program at the 2,025, AAIC, in Toronto. The sharing of knowledge at these central events is important to help advance dementia science to better support the millions of individuals, families, and communities impacted by Alzheimer’s disease.

At the AAIC twenty twenty five conference, we were pleased to present the latest findings for blacamazine. The data were presented by Marwan Sabag, professor of neurology and chairman of the advisory board of Anavex. The data showed that blacamazine treated patients continue to accrue benefit through up to four years as measured by the prespecified clinical endpoints, ADOS COC 13 and ADCS ADL, respectively. Further presentations at the AIC twenty twenty five conference featured prespecified precision medicine phase two b slash three forty eight week ANAVEX two seven three eighty zero to four double blind clinical trial data on blacamazine, confirming the upstream mechanism of blacamazine restoring impaired autophagy as an early event preceding amyloid beta and tau. And now I would like to direct the call to Sandra Boenisch, principal financial officer of ANAVEX, for a financial summary of the recently reported quarter.

Sonja Bonisch, Principal Financial Officer, Anavex Life Sciences: Thank you so much, Christopher, and good morning to everyone on the call. I’m pleased to share with you today our third quarter financial results for our 2025 fiscal year. Our cash position on June 30 was $101,200,000 and we had no debt. During the quarter, we utilized cash and cash equivalents of $12,500,000 in operating activities after taking into account changes in noncash working capital accounts. And as of the quarter end, we anticipate at the current adjusted cash utilization rate and range an approximate runway of more than three years.

Our research and development expenses for the quarter were $10,000,000 as compared to $11,800,000 for the comparable quarter of last year. General and administrative expenses were $4,500,000 as compared to $2,800,000 for the comparable quarter of last year. Compared to the same quarter of fiscal twenty twenty four, an increase in non cash compensation charges was offset by a decrease in overall cash operating expenses due to the completion of a large manufacturing campaign of barkamazine to support execution and potential commercial readiness as we advance our therapeutic pipeline. And lastly, we reported a net loss of $13,200,000 for the quarter or $0.16 per share. Thank you.

And back to you, Christopher.

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: Thank you, Sandra. In summary, we are focused on continuing to advance our precision medicine compounds. We’re excited to be potentially making a difference for individuals suffering from these diseases by presenting a scalable treatment alternative alongside the ease of oral administration. I would now like to turn the call back to Clint for Q and A.

Clint Tomlinson, Conference Call Host, Anavex Life Sciences: Thank you, Christopher. For our first, question today, it will be from Schmidt Roy from Jones Research.

Schmidt Roy, Analyst, Jones Research: Thanks. Hi, Christopher. Quick question on the, congrats on the four year data. Trying to understand, the graph itself. Could you help us explain if the delayed start patients, those were the ones from the placebo arm of the randomized trial?

And just, the nature of the curve between the COC 13 readout and the ADL, the COC 13 doesn’t separate until ninety six weeks. Like, that’s, like, two years, versus ADL. Is there any specific thing that’s going on there?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: So it’s a good question. So you’re referring to the four year open label extension data? Yes. Let me yep, so let me quickly explain again what is done. The patients are randomized at the beginning on the trial to either receiving placebo or active arm.

Those patients who then finish the forty eight weeks will get blacamazine, all of them. So those patients who started blacamazine, but they were blinded to it, they didn’t know, also stay blinded that when they received blacamazine if they were receiving blacamazine in the previous forty eight weeks. And they are called the continued blacamazine or early start group. Those patients who now, after they had placebo, because they were randomized to placebo in the thirty four first forty eight weeks, they now receive also. And what we now look at is the trajectory of the two arms, the early start group, which had blackamazin since day one, and those what we call late start group, which had blackamazin after the placebo controlled part.

And what we find is that those patients who received the drug later after placebo first, they do not catch up to the benefit of those patients who had blacamazine from day one in the previous forty eight weeks. And that indicates that if you have Alzheimer’s disease, you wanna be not getting it too late because you will not get the full benefit of the drug. And the same applies for both cognition, ADAS cog 13, and activities of daily living or function, ADCS ADL. What we noticed was because of COVID, though, there was not a perfect transition from the end of the trial of forty eight weeks into the open label extension because sites were shut down. And so the the patient were just barely able to measure the last measure of forty eight weeks, but the open label was not accessible until, in some cases, a year later.

But those patients eventually then joined. And what we found was that we could basically separate two groups, those patients which were not impacted by COVID, so to speak, by this shutdown trial sites. And those received the drug right away in the active arm specifically. And those had the best performance among all candidates. And those patients who got the drug after a longer pause or drug holiday, we call it also, or interruption, they did not benefit as much even if they had the previously the drug in the active arm in the placebo controlled part.

So the message is here. The takeaway is twofold. First of all, what I already stated, you wanna take the drug as soon as possible once you have an indication and diagnosis of Alzheimer’s disease. And secondly, once you start taking dacamazine, you wanna continuously taking it and not interrupting for too long because that would also be not a perfect outcome to keep the cognition and function consistently better. And to ask you a question about this difference between ADAS cog 13 and ADL, I think because of these, ADAS cog 13 is more sensitive to immediate actions, and ADL has has a bit of maybe a latency, the ADL seems to be more smooth in their trajectory than the ADX COC thirteen.

So the ADX COC thirteen is just more sensitive possibly to these changes which I just described. And the description in the conference, the graph on the slide shows clearly that those patients who were not interrupted or had a short interruption, they, in the ALDAS CoC thirteen, they had a clearly better outcome in the active arm than those who had, interruption, what I just basically said, a minute ago. I trust that helps to explain the difference.

Schmidt Roy, Analyst, Jones Research: No. That was super helpful. Thank you. Were the patients at the beginning of the open label extension, were they restaged? Were they still mild stage patients, or some of them progressed to moderate?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: So certainly some have, advanced, especially the placebo ones have advanced, but we kept all the patients which was voluntarily in the trial, irrespective of how they advanced or or if they had advanced to more severe form of dementia. So both were all were allowed to continue, and the majority did.

Schmidt Roy, Analyst, Jones Research: But they were not restaged for to assess if they are still mild AD or moderate?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: There was no need to because they were eligible to continue to stay on study drugs, so irrespective of the staging. Does it make sense? So it’s not Yes. It’s not taking away the ability to continue to stay on the study drug.

Schmidt Roy, Analyst, Jones Research: Now I was wondering if your drug could even be applicable to the moderate stage patients.

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: So we have seen that actually in the phase two b’s, phase two a study, which was published 02/2020, that patients with, mild to moderate, so more advanced stage, also benefited from, blacamesine. So in a way, we have confirmed a broader therapeutic window for not only for early Alzheimer’s disease, but also for mild to moderate.

Schmidt Roy, Analyst, Jones Research: One last question. Any guidance on the, EMA review or commentary back?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: So we stated that we would not, provide comments until the, final feedback of, review is completed, and we we stick we stick to that. But we’re excited about the progress.

Schmidt Roy, Analyst, Jones Research: Is that a ten month review? Could you guide us help us with understanding the timeline, filed in November?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: So it was filed in November. It was accepted in December. There’s a plus minus time frame and depends also a little bit on variables which are sometimes not cannot be anticipated. So we estimate that first quarter of next year, we should be able to provide feedback, about the feedback from the EMA. First quarter next year.

Schmidt Roy, Analyst, Jones Research: Thank you so much for your

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: for all the You’re welcome. Thank you.

Clint Tomlinson, Conference Call Host, Anavex Life Sciences: K. Thank you, Shumit. The next questions will come from Tom Bishop. Tom, you’re connected, I think. You just need to unmute.

Tom’s looks like having some issues, so I will go to the next person who’s Jesse Salvera, and he is from Spirit of the Coast Analytics. I just need you to unmute, Jesse.

Jesse Silvera, Analyst, Spirit of the Coast Analytics: There. Can you hear me alright?

Clint Tomlinson, Conference Call Host, Anavex Life Sciences: Yeah. Great.

Jesse Silvera, Analyst, Spirit of the Coast Analytics: Alright. Good morning, Clint, doctor Missling. This is Jesse Silvera with Spirit of the Coast Analytics. We are an independent biotech intelligence group. I wanted to congratulate, the Anivex team actually with your newly released data from AIC.

We were exceedingly impressed by the 19.5 saved by patients. And actually, when benchmarked against the Kasunla, the treatment duration to time saved ratio appears really favorable. In fact, at least according to my group’s analysis, appears to be approximately 7658% respectively. I do have a few questions to start. I was I was wondering, doctor Misling, theoretically, could CRISPR technology be used to correct sigma one genotype?

So turning, a mutation gene back to wild type, in this case, to make blarcamesine and, three seventy one more widely efficacious and even potentially increasing the market size. Is that something that could theoretically be done?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: Thank you for the question. I think in theory, it does. The good news is that that CRISP technology is advancing rapidly, and it’s very much utilized in oncology, which we also follow very closely. But the good thing is about the black haemoglobin application is that the most patients, the vast majority has a very functional and wild type, fully functional sigma one gene and other genes. So there is really, like, the benefit of most patients are you don’t have to apply anything complicated here to begin with.

And let’s get that first out there, and there’s always a ability to further, you know, improve from there for those who have a mutation. And a mutation might not be the perfect response to blackamazine, but still better than placebo. So we should basically allow this to proceed.

Jesse Silvera, Analyst, Spirit of the Coast Analytics: Okay. Great. Thank you for answering that. Additionally, can you tell us more about any Alzheimer’s prevention planning? There kind of appears to be an emphasis on that with, you know, some of the new slides that you put in the the corporate slide deck, some emerging preclinical work, and the two b three delayed start analysis.

Are you actually looking to potentially run a preventative trial or a pro prophylactic trial in the future?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: We actually do. We had provided an update recently that there was the chance of in animals to prevent the onset of the disease of dementia in animals when they were pretreated with black cabozene. And those animals who were not pretreated or with placebo, they developed cognitive dementia in a water maze when they got injected with toxic and better fragments. And I would also recommend for you to keep an eye on a lookout on a publication which is peer reviewed. We’ll address that in more specific detail.

So as a consequence of of that, we stated that we would plan such a study. The question is only when we are able to execute this because it will be, of course, a very long study, and that requires more resources. And so we wanna first do the step by step by bringing the drug first to market for patients.

Jesse Silvera, Analyst, Spirit of the Coast Analytics: Okay. That makes sense. And, potentially, you would require a partner for that, potentially. And for my final question, you know, we’ve observed from public lobbying disclosure filings that Anavex has retained Forbes Tate partners for government relations and lobbying services. We also saw a social media post from congressman, Henry Cuellar back in May acknowledging a meeting with Anavex.

And this seems to signal a concerted effort to engage with policymakers. Given the critical role of the FDA and other government bodies in the regulatory process for drug candidates, could you provide some color on the specific strategic objectives of these engagements? And what are your key policy and regulatory goals that you believe this partnership will help you achieve? Specifically, are there any particular policy discussions or regulatory frameworks you are tracking closely that could impact your commercialization and reimbursement?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: We just wanna make, aware and raise awareness, and it’s very commonly done by, many, if not all companies, such activities. And it’s really raising the awareness and helping our, you know, just just legislative side to emphasize and provide funding and attention to patients with this terrible disease. And we think that it’s important to always keep them up to date, and they welcome that very much because they received information from this from this from these interactions. And the area, as you know, is very dynamic as you can see that the Alzheimer conference recently provided many new features of several drug updates. And so that is a requirement which we like to participate in in the education of policymakers about the need and unmet need of patients with dementia and ultimately, specifically.

Jesse Silvera, Analyst, Spirit of the Coast Analytics: Sure. That makes sense. And I I assume that that includes the sigma one Europe group as well, so teaching regulators and clinicians in Europe as well about sigma one. And I guess to to close out my my segment here is, along those lines, I I’m assuming that you have heard of, and you may have mentioned actually previously, but I assume that you’ve heard of the new accelerated, voucher at the FDA. Is that something that Anivex is interested in and looking into?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: I would say that definitely yes. I think every company we’ve had who has a program which deserves attention and acceleration, especially if it’s an unmet need, would very welcome such a program and so do we. So we very much welcome this program, and we look forward to the implementation of it.

Jesse Silvera, Analyst, Spirit of the Coast Analytics: I’m sorry. Just to to finish is would you say that the chances of you acquiring that voucher is dependent on whether or not you receive a an an approval with the EMA, or do you not really have an opinion on that?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: I think that’s independent of that. I don’t think it has any correlation.

Jesse Silvera, Analyst, Spirit of the Coast Analytics: Okay. Sounds good. Thank you, doctor Misling, and thank you, Clint.

Clint Tomlinson, Conference Call Host, Anavex Life Sciences: You’re welcome. For joining, Jesse. Okay. I’m gonna try Tom Bishop again. Tom, if you could unmute.

Tom Bishop, Analyst: Hey. Hi. Good morning. Can you hear me? Yeah.

Clint Tomlinson, Conference Call Host, Anavex Life Sciences: You’re good. Hello? As

Tom Bishop, Analyst: near as I know, the company has only a three seventy one in a clinical trial right now. Is that right?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: That’s correct. We have in Compassion Dues, though, we have, ANOVAX two seventy three or glacamazine in Alzheimer’s disease, right now ongoing.

Tom Bishop, Analyst: So are all people that were in a prior trial allowed to stay on it, basically, even if it’s an OLE officially? But, like, all those

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: So we have, started the trial, in Australia, and those patients were the first one to finish the trial, including the open label extension study, and those were the ones who, asked for a continuation. And that started also with the phase two a study in Australia. So Australia has right now patients up to nine years, including the phase two a patient population. Some of them continued to take the drug every day since 02/2014.

Tom Bishop, Analyst: But are those on the OLE are also still on it?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: The ones from Australia? Correct. No. No. I mean countries in Australia.

Yes.

Tom Bishop, Analyst: I mean, the full OLE.

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: Not all of them. Only those in Australia continued because the other study participants finished after the open label extension.

Tom Bishop, Analyst: Okay. So I noticed that r and d spending is still, like, 10,000,000. And so I’m I’m wondering what where where that’s all going, what whether you could run down, what what people are working on, kinda put some meat on that bone, and and sort of go down through the pipeline in that regard, Parkinson’s, RET, schizophrenia, fragile x, that would be very helpful to see

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: what’s going on. Right. Part of this is going into the preparation for manufacturing. So we have a a larger amount for the manufacturing of blackamazine for the CMC. And the preparation of the trials, which we say we said we would anticipate to start, that is a Parkinson disease study.

This is our fragile X study in another rare disease. All of these are also preparation expenses included in this r and d quarter outcome.

Tom Bishop, Analyst: And now now it’s been quite a while since that Parkinson’s the last Parkinson’s study ended, and I’m just wondering what what’s holding that back or whether you’re waiting for EMA results or whatever.

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: No. It’s more like it’s more like the Parkinson area has gone through a very dynamic shift in understanding of the disease. And given our recent precision medicine analysis finding in Ultima, we wanna really increase the chance of success of this Parkinson’s trial as well. And one of the things which makes it challenging challenging in Parkinson’s disease is that L DOPA is a very good drug, and patients with Parkinson do get L DOPA. So you have to understand that if you get L DOPA and change the dose in the middle of the trial, those patients are not anymore eligible to be included in the analysis.

So you lose power, and you have to adjust for that. So we have to find a way to avoid that to happen. So we try to find the best way to design the study so it’s becoming increase the chance for success. And that’s what is the reason why we are making this, thorough and not jumping, right into it.

Tom Bishop, Analyst: Okay. And RED?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: RED is we have we have we’re really excited about the RED program, what we’ve done so far. I think once we have more clarity on the submission with Ultima, we would look at that again eventually.

Tom Bishop, Analyst: Okay. And regarding the EMA decision, will there be an equivalent of, like, a FDA advisory committee opinion before that? EMA advisory committee, so to speak?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: I think it works a bit different. The EMA makes a decision based on all participating countries in Europe, which are 27. So everybody has a vote, and that’s how they are making the CHMP recommendation. And the European Union parliament then either adopts it or changes the view on that. Mostly, they they adopt it.

So that is how the assessment is done in European filing.

Tom Bishop, Analyst: Okay. So put it putting it another way, will we get some preliminary information from the EMA, you know, up or down before the final EMA decision is rendered?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: So I think the final decision will be rendered only after the CHMP provides their recommendation to the EMA. And then the EMA or the European Union makes the recommendation or the the approval. So that is there’s no interim or whatever. So there will be, as I pointed out before, probably first quarter of next year, a result.

Tom Bishop, Analyst: Okay. Can can you share with us the state of the art of how you’ll go forward with selling blarcamesine if it gets approval? So, yeah, for example, hired Salesforce, a pharma partner, or any interest in somebody acquiring you, marriage proposals?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: So all options are open. The there’s definitely an unmet need to treat patients with an oral therapeutic intervention in Europe that applies also for the rest of the world. And so there are several companies which we have started the dialogue with about marketing the drug in Europe. But, also, we have a plan and a proposal ready to if we think that the shareholder would be better served with marketing the drug in Europe alone. So we are also able to do that if that turns out to be more favorable for shareholders or resulting in a higher shareholder value creation.

But we have the options open until we get there.

Tom Bishop, Analyst: Okay. And with regards to noncash compensation expenses, which you singled out as having gone up. And I guess this is a question for Sandra, but is that increase in large part a function of that line item going up when the stock price goes up? I’m not sure of the formula.

Sonja Bonisch, Principal Financial Officer, Anavex Life Sciences: If the stock price is higher when they’re granted, then it does impact the value and make it, a higher value. Yes. It’s also a function of how long the vesting period is and if new awards were granted.

Tom Bishop, Analyst: Okay. Thank you.

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: That’s it for me.

Clint Tomlinson, Conference Call Host, Anavex Life Sciences: Kita, I do have a question from Ram from HC Wainwright. He’s having trouble, with the connections, so I’ll ask the question for him. Christopher from RAM, what are likely to be the most important countries in Europe from a commercial standpoint for blarcamesine?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: I think we would, call out the big three, Germany, France, Italy, and then UK is not European anymore, but those are the countries I would think are the largest one to be, focusing on.

Clint Tomlinson, Conference Call Host, Anavex Life Sciences: Okay. A second question from him. Does the potential advent of anti amyloid antibodies with significantly lower risk of ARIA reduce the need for a safe oral option that does not require MRI based monitoring?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: I think the survey we received just, last month, two months ago, was that there’s really, like, a propensity for the inability to utilize injectable drugs for various reasons. It’s not in the DNA, so to speak, of the GPs, general practitioners, or neurologists in Europe to administer injectable drugs. It is, for that reason a very high bar for penetration. And there’s a extremely high preference for that reason to offer a oral solution like glacamizine, which is expected to have for that reason a much more significant penetration.

Clint Tomlinson, Conference Call Host, Anavex Life Sciences: Okay. Great. And then his last question is, you give any insight into when additional orphan indications for blarcamesine may be disclosed?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: So we are preparing and planning a study in another rare disease orphan designation, and we will disclose it once we’re getting there. But it’s a very exciting indication with high unmet need. So we’re very excited about that.

Clint Tomlinson, Conference Call Host, Anavex Life Sciences: Okay. Great. I may have a follow-up question from Shumit. Or

Schmidt Roy, Analyst, Jones Research: Thank you again for taking the follow-up question.

Jesse Silvera, Analyst, Spirit of the Coast Analytics: Sure.

Schmidt Roy, Analyst, Jones Research: A bit a bit on the commercialization effort. Curious if you can provide us some kind of a timeline when you make the decision whether to go solo or make the partnership because we are probably inside the six month period of potentially any decision.

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: Yeah. So if you look at the historical data of collaborations upfront amount and milestone, there’s a, of course, a higher shareholder value achieved if you are able to partner something once you have already approval or once you are on market already. That also has been often the case that acquisition or a partnering took place after the company went and marketed itself. So that would be increased the chances of increasing the value for shareholders, and that’s what we are after ultimately. So I would say that is the best way to answer this question.

Schmidt Roy, Analyst, Jones Research: The have you filed in The UK? Because that’s not under EMA.

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: Yep. We are in the planning of doing that. So we mentioned that maybe a quarter or so ago that we are planning to also reach out to other jurisdictions. So this is in the in the making.

Schmidt Roy, Analyst, Jones Research: Okay. And one last one is, with the EMA, if you can share with us, was there any back and forth between the EMA and their questions that caused the clock to stop, after one twenty days or hundred sixty days, a hundred eighty one days? And if CHMP is involved already in the for the oral explanation?

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: So the procedure is very standard. There’s nothing unusual in the process, and we are abiding by it. So everything is proceeding as standard in in the in the process in the review process.

Schmidt Roy, Analyst, Jones Research: Okay. Thank you so much.

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: Thank you.

Clint Tomlinson, Conference Call Host, Anavex Life Sciences: Alright. Thank you, Schmidt. So that is the last, hang on one second. Yep. That’s that’s the last question, doctor Missling.

I turn it back over to you.

Christopher Missling, President and Chief Executive Officer, Anavex Life Sciences: Thank you very much. In closing, so we like to continue to focus on execution and potential commercial readiness as we advance our therapeutic pipeline to potentially improve patients’ lives living with these devastating conditions. I’d like to thank you, and good morning to everybody again.

Clint Tomlinson, Conference Call Host, Anavex Life Sciences: Thank you, ladies and gentlemen. That will conclude today’s conference call. Thank you for participating. You may now disconnect.

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