Relief Therapeutics and NeuroX Complete Business Combination and Form MindMaze Therapeutics

Rhea-AI Summary

MindMaze Therapeutics (SIX:MMTX) completed a business combination with NeuroX on December 15, 2025, creating an integrated company combining precision digital neurotherapeutics, pharmacological assets, devices, data, and an AI platform to treat neurological disease.

The deal used a share exchange that issued 140,000,000 new ordinary shares, bringing total outstanding shares to 152,602,044 (excluding treasury shares). The newly issued shares are admitted to trading on the SIX Swiss Exchange and the company will trade under ticker MMTX effective immediately.

Positive

• Integrated platform unites digital therapeutics, drugs, devices, data and AI
• Shares admitted to trading on SIX under ticker MMTX on December 15, 2025
• Clinically validated neurotherapeutics emphasized as strategic foundation

Negative

• Large share issuance of 140,000,000 new shares increases outstanding to 152,602,044

Key Figures

New NeuroX shares 140,000,000 shares Newly issued ordinary shares in share exchange

Total shares outstanding 152,602,044 shares Post-transaction, excluding treasury shares

Neurological disease prevalence 1 in 6 people Expected to develop a neurological disease

Price change pre-news -2.8% Move in prior 24 hours before this announcement

52-week high 7.66 Pre-news 52-week high for RLFTF

52-week low 2.25 Pre-news 52-week low for RLFTF

200-day moving average 3.27 Pre-news MA(200) for RLFTF

Float shares 12,540,439 shares Shares float from risk context

Market Reality Check

$3.65 Last Close

Volume Volume 1,773 is essentially in line with 20-day average 1,755. normal

Technical Price at 3.645 trades above the 200-day MA of 3.27, between 52-week low 2.25 and high 7.66.

Peers on Argus

Peers are mixed: RLFTY up 0.78%, POLBF flat, CVALF down 7.21%, SEOVF down 1.72%, ZIVO down 25.16%, while RLFTF was down 2.8%, pointing to a stock-specific move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 14	Deal approval	Positive	+0.5%	Shareholders approved NeuroX business combination and name change.
Aug 14	Half-year report	Positive	+27.0%	Pipeline and cash runway update, plus pursuit of NeuroX combination.
Aug 11	Reporting schedule	Neutral	+4.8%	Earlier publication date for 2025 half-year report.
Jul 29	Deal announcement	Neutral	-6.5%	Announced proposed business combination and valuation terms with NeuroX.
Jun 20	FDA feedback	Negative	-2.6%	FDA declined QIDP for RLF-TD011; Orphan and Rare Pediatric maintained.

Pattern Detected

News on strategic transactions and pipeline progress has often aligned with price moves, while some corporate-process updates have shown weaker or divergent reactions.

Recent Company History

This announcement completes a process that began with the proposed NeuroX combination in July 2025, when Relief outlined a transaction valuing Relief at CHF 100 million and NeuroX at CHF 1 billion. Shareholders approved the deal and a 140 million-share capital increase on Nov 14, 2025. Earlier in 2025, the company highlighted pipeline progress and extended cash runway in its half-year report, while RLF-TD011 maintained Orphan Drug and Rare Pediatric Disease designations despite not receiving QIDP. Today’s closing formalizes the shift into MindMaze Therapeutics’ AI-driven neurotherapeutics platform.

Market Pulse Summary

This announcement finalizes the transition into MindMaze Therapeutics, combining Relief’s biopharmaceutical assets with NeuroX’s precision digital neurotherapeutics, devices, data, and AI-powered platform. The share exchange introduces 140,000,000 new shares, bringing total outstanding to 152,602,044, which has implications for ownership and per-share metrics. Historically, the market has reacted strongly to key pipeline and strategy updates, so investors may focus on execution of the integrated model and future clinical and commercial milestones.

Key Terms

business combination financial

"announced today the completion of its business combination with NeuroX Group SA"

A business combination happens when two or more companies join together to operate as one, like two friends merging their teams into a single group. This is important because it can change how companies grow, compete, and make money, often making them bigger and more powerful in the market.

ordinary shares financial

"in exchange for 140,000,000 newly issued ordinary shares of the Company"

Ordinary shares are a type of ownership stake in a company, giving shareholders a right to participate in the company’s profits and decision-making through voting. They are similar to owning a piece of a business, and their value can rise or fall based on the company's performance. Investors buy ordinary shares to potentially earn dividends and benefit from the company's growth over time.

ticker symbol technical

"Effective immediately, all listed ordinary shares of the Company will trade under the updated ticker symbol MMTX"

A ticker symbol is a short, unique code of letters or characters that identifies a publicly traded security on an exchange — like a car’s license plate or a person’s nickname for the market. Investors use ticker symbols to look up live prices, place trades, and follow news; using the correct symbol makes sure you’re tracking or buying the intended stock, bond, or fund and helps avoid costly mix-ups.

ai-powered platform technical

"data, and an AI-powered platform, positioned to redefine neurological care"

An ai-powered platform is a software system that uses artificial intelligence—computer algorithms that learn from data—to automate tasks, spot patterns, and make predictions or recommendations. For investors, it matters because the platform can boost a company’s efficiency, lower costs, enable new products or revenue streams, and scale operations faster—think of it as a smart assistant or autopilot that can improve performance and affect future profits and risk.

AI-generated analysis. Not financial advice.

GENEVA, SWITZERLAND / ACCESS Newswire / December 15, 2025 / MindMaze Therapeutics Holding SA (SIX:MMTX) (MindMaze Therapeutics or the Company) announced today the completion of its business combination with NeuroX Group SA (NeuroX), a commercial-stage company delivering evidence-based, precision digital treatments for neurological diseases. The newly combined entity now operates under the name MindMaze Therapeutics Holding SA.

The closing follows the signing of a definitive business combination agreement in October 2025 and subsequent shareholder approval at the Company's extraordinary general meeting in November. The transaction establishes a fully integrated company with a first-of-its-kind ecosystem, uniting precision digital neurotherapeutics, pharmacological treatments, cutting-edge devices, data, and an AI-powered platform, positioned to redefine neurological care and change patient lives.

"Neurological diseases are one of the leading causes of disability globally," said Olaf Blanke (MD), member of the Board of Directors, Professor of Neuroscience and Cognitive Neuroprosthetics at the Swiss Federal Institute of Technology (EPFL) and Adjunct Professor at the Department of Clinical Neurosciences at the University Hospital of Geneva. "The situation is worsening due to aging populations, with 1 in 6 people expected to develop a neurological disease, making the need for effective, scalable solutions more urgent than ever. While neuro-rehabilitation requires intensive, repetitive training for functional recovery, traditional healthcare systems often fail to deliver adequate therapy, leaving millions of patients without optimal treatment. MindMaze Therapeutics seeks to address this gap by providing clinically proven neurotherapeutics to support their recovery journey, from hospital to rehab center to their home."

"Today begins a new chapter for MindMaze Therapeutics," commented Walid Hanna, Chairman of the Board of Directors of MindMaze Therapeutics. "The company is founded on clinically validated innovation, and driven by a mission to transform neurological care, addressing a critical and persistent gap in motor and cognition restorations in neurological conditions. We are now focused on advancing our precision neurotherapeutics platform to deliver impact at scale. Relief's complementary capabilities and biopharmaceutical assets strengthen our growth strategy, supporting both drug-digital integration and expanding development opportunities."

MindMaze Therapeutics acquired NeuroX through a share exchange in which all outstanding shares of NeuroX were contributed by its former shareholders in exchange for 140,000,000 newly issued ordinary shares of the Company. These new shares will be admitted to trading and listing on the SIX Swiss Exchange today, in accordance with the approved prospectus and applicable regulations. Effective immediately, all listed ordinary shares of the Company will trade under the updated ticker symbol MMTX. Following the transaction, the total number of outstanding shares amounts to 152,602,044, excluding treasury shares.

ABOUT MINDMAZE THERAPEUTICS
MindMaze Therapeutics is a Swiss-based, commercial-stage company formed in December 2025 through the business combination of RELIEF THERAPEUTICS Holding SA (Relief) and NeuroX Group SA. The Company develops and commercializes first-of-its-kind digital treatments for neurological diseases and brain disorders. Built on an advanced brain technology platform integrating software, sensors, and telehealth, its solutions are deployed globally across clinics and home settings. MindMaze Therapeutics' clinically validated neurotherapeutics have demonstrated significant medico-economic outcomes across conditions such as stroke, Parkinson's disease, and at-risk aging. The Company continues to expand its R&D pipeline into adjacent neurological indications, including multiple sclerosis, spinal cord injury, traumatic brain injury, and Alzheimer's disease.

The Company also manages Relief's preexisting portfolio of clinical and commercial biopharmaceutical assets focused on rare dermatological, metabolic, and respiratory diseases.

MindMaze Therapeutics is listed on the SIX Swiss Exchange under the ticker MMTX and quoted in the U.S. on OTCQB under RLFTF and RLFTY.

For more information, visit www.mindmazetherapeutics.com.

CONTACT
MindMaze Therapeutics Holding SA
Jeremy Meinen
Chief Financial Officer
ir@mindmaze.com

DISCLAIMER
This press release contains forward-looking statements, which may be identified by words such as "believe," "assume," "expect," "intend," "may," "could," "will," or similar expressions. These statements are based on current plans and assumptions and are subject to risks and uncertainties that could cause actual results, financial condition, performance, or achievements to differ materially from those expressed or implied. Such factors include, among others, business, economic, financial, regulatory, and competitive factors, as well as the Company's ability to execute its strategy and secure sufficient resources to support its operations. This communication is provided as of the date hereof, and MindMaze Therapeutics undertakes no obligation to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

SOURCE: Relief Therapeutics Holding SA

View the original press release on ACCESS Newswire

FAQ

What happened to Relief Therapeutics (RLFTF) on December 15, 2025?

Relief completed a business combination with NeuroX and the combined company now trades as MindMaze Therapeutics (SIX:MMTX) effective December 15, 2025.

How many new shares were issued in the NeuroX share exchange for MMTX?

The transaction issued 140,000,000 newly issued ordinary shares in exchange for all outstanding NeuroX shares.

What is the total number of outstanding MindMaze Therapeutics shares after the deal?

Following closing, total outstanding shares are reported as 152,602,044, excluding treasury shares.

When did MindMaze Therapeutics start trading under ticker MMTX on SIX?

The company's ordinary shares were admitted and began trading on the SIX Swiss Exchange under ticker MMTX on December 15, 2025.

What strategic capabilities does MindMaze Therapeutics claim after the combination?

The company positions itself with an ecosystem combining precision digital neurotherapeutics, pharmacological treatments, devices, data, and an AI platform to scale neurological care.