Newron Pharmaceuticals has secured a staged equity financing agreement worth up to EUR 38 million from a consortium of existing and new investors in Europe and Asia, strengthening its balance sheet as it advances late-stage clinical development of evenamide for treatment-resistant schizophrenia.

Under the agreement, investors will initially subscribe to up to 779,624 newly issued shares at EUR 19.24 per share, generating gross proceeds of up to EUR 15 million. A second tranche of EUR 11 million will be invested as the ENIGMA-TRS phase III programme progresses toward interim 12-week data expected in the fourth quarter of this year and no later than November 30, 2026. A final EUR 12 million tranche is conditional upon positive results from the pivotal studies, with pricing determined through a pre-agreed formula. The share issuance falls under capital authorizations previously approved by shareholders and the company’s board.

Management said the funding extends operational visibility beyond key clinical readouts while supporting execution of the ENIGMA-TRS 1 and ENIGMA-TRS 2 pivotal trials. The programme evaluates evenamide as an add-on therapy for patients with treatment-resistant schizophrenia, a population with limited effective options.

The initial new shares are expected to be listed for trading on the SIX Swiss Exchange, as well as on German trading venues including the Dusseldorf Stock Exchange and the Frankfurt Stock Exchange.

The ENIGMA-TRS phase III programme comprises two international randomized, placebo-controlled studies designed to assess the efficacy, safety, and tolerability of evenamide when added to existing antipsychotic regimens, including clozapine. ENIGMA-TRS 1 is a one-year study enrolling at least 600 patients, while ENIGMA-TRS 2 is a 12-week trial targeting a minimum of 400 patients.

Evenamide is a first-in-class oral small molecule that selectively blocks voltage-gated sodium channels, modulating abnormal glutamate signaling without broadly affecting other central nervous system targets. Preclinical and clinical findings suggest the mechanism may enhance the activity of standard antipsychotics, offering a differentiated therapeutic strategy for patients who respond poorly to existing treatments.