Here are 1-3 brief analogies for Anavex Life Sciences (AVXL):

• A clinical-stage Biogen, but primarily focused on developing novel treatments for neurodegenerative diseases such as Alzheimer's and Parkinson's.

• Think of it as a small, high-potential biotech aiming to develop breakthrough drugs for complex neurological disorders, much like Vertex Pharmaceuticals successfully did for cystic fibrosis, but for conditions such as Alzheimer's and Rett Syndrome.

• Blarcamesine (Anavex2-73): An investigational oral drug approved in Europe for the treatment of Rett syndrome and in clinical development for other neurological disorders like Alzheimer's and Parkinson's disease dementia.
• Anavex3-71: An investigational oral drug candidate in early clinical development for various neurological and psychiatric disorders.

Anavex Life Sciences (AVXL) is a clinical-stage biopharmaceutical company focused on the development of novel therapeutics for neurological and neurodevelopmental diseases, including Alzheimer's disease, Parkinson's disease, and Rett syndrome. As of its latest public filings, Anavex Life Sciences has not yet commercialized any products and, therefore, does not have major customers in the traditional sense of companies or individuals purchasing its products for sale or personal use.

The company's revenue to date has primarily consisted of:

• Government Grants: Funding received from government agencies to support research and development activities, such as from the U.S. National Institutes of Health (NIH) and the Australian Department of Health. These entities provide funding for research and development but are not "customers" purchasing a commercial product.
• Collaboration Revenue: Income generated from strategic partnerships or collaborations related to the development of their drug candidates. These are typically agreements for research, development, or licensing, rather than product sales. Specific collaborators and terms are disclosed in their financial reports.

Anavex Life Sciences anticipates that it will be several years, if ever, before it has a product candidate ready for commercialization and begins to generate revenues from product sales to either companies (e.g., distributors, pharmacies, hospitals) or individuals (patients).

Christopher U. Missling, PhD, President and Chief Executive Officer

Dr. Missling has over two decades of experience in the healthcare industry, including roles at large pharmaceutical companies, the biotech industry, and investment banking. Prior to joining Anavex, he served as Chief Financial Officer for Curis, Inc. and ImmunoGen, Inc. He also held positions at Aventis (now Sanofi), where he was involved in financial planning and M&A. Additionally, Dr. Missling worked as an investment banker in the healthcare practice at Deutsche Bank and was Head of healthcare investment banking at Brimberg & Co.

Sandra Boenisch, CPA, Principal Financial Officer and Principal Accounting Officer

Ms. Boenisch is a Chartered Professional Accountant (CPA, CGA) with over 15 years of experience in accounting, audit, and financial reporting across various industries in both the United States and Canada. Before joining Anavex, she served as an independent consultant, providing financial reporting services to a range of public companies. From 2008 to 2012, Ms. Boenisch was employed at BDO Canada LLP, where she advanced from Senior Accountant to Manager, Audit Assurance. She also held the position of VP of Finance at Naked Brand Group, Inc.

Stephan Toutain, MS, MBA, Senior Vice President of Operations

Mr. Toutain brings over 25 years of leadership experience in drug development, general management, operations, commercial development, market access, and sales and marketing, with a specific focus on neurology and orphan drug markets globally. Before joining Anavex, he was the Chief Commercial Officer (CCO) at Interleukin Genetics and worked with Alnylam Pharmaceuticals on its early access program. His previous roles include leading Global Commercial Development for Sarepta Therapeutics and serving as General Manager for Alexion Pharmaceuticals in Europe.

Walter E. Kaufmann, M.D., Chief Scientific Officer

Dr. Kaufmann became Chief Scientific Officer in January 2022, having previously served as the company's Chief Medical Officer. He was the Director of the Center for Translational Research at the Greenwood Genetic Center and held the Ravenel Boykin Curry Chair in Genetic Therapeutics. Dr. Kaufmann has also served as a Simons Investigator at the Massachusetts Institute of Technology's Simons Center for the Social Brain and was a Professor of Neurology at Harvard Medical School. He was also a Professor of Pathology, Neurology, Pediatrics, Psychiatry, and Radiology at the Johns Hopkins University School of Medicine and founded RettSearch, an international consortium for Rett syndrome clinical researchers.

Edward R. Hammond, Chief Medical Officer

Mr. Edward R. Hammond has served as Anavex's Chief Medical Officer since January 2022.

Key Risks to Anavex Life Sciences (AVXL)

1. Regulatory Challenges and Clinical Trial Outcomes

2. Pipeline Concentration and Efficacy Doubts

3. Financial Risks and Dilution

Anavex Life Sciences (AVXL) is developing product candidates for several neurodegenerative and neurodevelopmental disorders.

Blarcamesine (ANAVEX®2-73)

• Alzheimer's Disease: The global blarcamesine market, which includes Alzheimer's disease as a primary application, is projected to grow from USD 822.9 million in 2025 to USD 1,082.8 million by 2032. The North American market for blarcamesine is estimated to be over USD 293.77 million in 2025.
• Rett Syndrome: The global market for Rett Syndrome was valued at USD 0.33 billion in 2024 and is projected to reach USD 1.37 billion by 2035. North America holds the largest share of this market.
• Parkinson's Disease Dementia: The broader global Parkinson's disease market across the seven major markets (US, EU4, and Japan) is forecast to grow from USD 3.4 billion in 2023 to USD 7.0 billion by 2033. The Parkinson's Disease Related Dementia Treatment Market in these seven major markets is also expected to grow significantly between 2024 and 2034. The global dementia and movement disorders market, which encompasses Parkinson's disease dementia, was valued at approximately USD 9.19 billion in 2024 and is predicted to reach around USD 17.66 billion by 2034.

ANAVEX®3-71

• Frontotemporal Dementia: The global Frontotemporal Dementia market is estimated to be valued at USD 12.93 billion in 2025 and is expected to reach USD 19.57 billion by 2032. In the United States, the market size for frontotemporal dementia was USD 60 million in 2024. Across the top seven markets (US, EU4, UK, and Japan), the frontotemporal dementia market reached USD 142.8 million in 2024 and is expected to reach USD 692.7 million by 2035.

Share Issuance

• Anavex Life Sciences completed a US$150 million at-the-market (ATM) public offering of common stock in August 2025.
• The number of shares outstanding increased from approximately 76.0 million as of November 2021 to around 85.9 million as of August 2025, indicating further share issuances.
• In October 2020, shares were issued under a Sales Agreement and pursuant to a registered direct offering.

Inbound Investments

• Anavex was awarded a $1.0 million research grant from The Michael J. Fox Foundation for Parkinson's Research in January 2021 to develop ANAVEX®2-73 for Parkinson's disease.

Capital Expenditures

• Research and development expenses were $10.0 million for the third quarter of fiscal 2025, a decrease from $11.8 million in the comparable quarter of fiscal 2024.
• Research and development expenses for the second quarter of fiscal 2025 were $9.9 million, compared to $9.7 million for the comparable quarter of fiscal 2024.
• The company's primary focus for capital allocation is on advancing its clinical pipeline for neurodegenerative and neurodevelopmental disorders, supported by a strong cash position that provides a runway of over three years as of June 30, 2025.