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ADXN

Addex Therapeutics Ltd

ADXN

Addex Therapeutics Ltd • NASDAQ
$7.66 ▼ -1.74% (-0.14)
Market Cap $5.34 M
52w High $12.05
52w Low $6.51
Dividend Yield 0%
P/E -0.86
Volume 1.17K
Outstanding Shares 697.02K

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $36.375K ▲ $534.819K ▼ $-1.841M ▼ -5.062K% ▼ $-2.56 ▼ $-1.956M ▼
Q1-2025 $0 ▼ $606.262K ▲ $-1.473M ▼ 0% ▲ $-1.8 ▼ $-1.47M ▼
Q4-2024 $1.508K ▼ $447.134K ▼ $-1.206M ▲ -79.956K% ▼ $-1.45 ▲ $-1.165M ▲
Q3-2024 $53.837K ▼ $676.036K ▼ $-1.53M ▼ -2.842K% ▼ $-1.88 ▼ $-1.473M ▼
Q2-2024 $115.277K $1.015M $12.879M 11.172K% $15.6 $-1.344M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $2.301M ▼ $8.506M ▼ $1.293M ▲ $7.213M ▼
Q1-2025 $2.832M ▼ $9.485M ▼ $1.189M ▲ $8.296M ▼
Q4-2024 $3.348M ▼ $10.678M ▼ $1.001M ▼ $9.677M ▼
Q3-2024 $3.354M ▼ $12.168M ▼ $1.106M ▲ $11.062M ▼
Q2-2024 $3.791M $13.697M $1.046M $12.651M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-1.841M ▼ $-419.842K ▲ $-737.356K ▼ $649.194K ▲ $-524.49K ▼ $-419.842K ▲
Q1-2025 $-1.473M ▼ $-598.706K ▼ $0 ▲ $97.991K ▲ $-516.254K ▼ $-598.706K ▼
Q4-2024 $-1.206M ▲ $-23.556K ▲ $-15.904K ▼ $-1.724K ▼ $-7.442K ▲ $-23.556K ▲
Q3-2024 $-1.53M ▼ $-398.583K ▲ $-5.84K ▼ $-494 ▲ $-438.6K ▼ $-399.856K ▲
Q2-2024 $12.879M $-2.757M $4.667M $-57.412K $2.16M $-2.757M

Five-Year Company Overview

Income Statement

Income Statement Addex has effectively been a research-focused company with no product sales so far. Historically it ran steady operating losses, which is typical for early-stage biotech. The recent move into a small net profit likely reflects one‑off items such as restructuring gains or partnership-related income rather than a shift to a self-sustaining business model. Earnings per share have swung sharply, but this is heavily distorted by the reverse share split rather than a fundamental jump in profitability. Overall, the company still looks like a clinical-stage developer that relies on external funding, not a commercial business generating recurring revenue.

Balance Sheet

Balance Sheet The balance sheet is very lean and built around a small pool of assets, historically dominated by cash. There is no financial debt, which reduces balance sheet risk but also highlights that growth capital needs must come from equity, partnerships, or non-dilutive funding. Equity has been thin at times but remains positive, suggesting the company has so far managed its restructuring and asset transfers (such as the Neurosterix spin‑off) without overburdening the balance sheet. That said, the small scale of the asset base underlines that financial resources are limited and closely tied to the success of financing and partnership activities.

Cash Flow

Cash Flow Cash flows show a consistent pattern of cash outflow from operations, reflecting ongoing R&D and overhead without offsetting product revenue. Free cash flow is negative but broadly in line with operating cash flow, as capital spending is minimal. This is typical for a “virtual” or asset-light biotech model that outsources much of its work. The key message is that the business consumes cash steadily and depends on periodic injections from investors, partners, or asset transactions to extend its runway. The Neurosterix transaction has helped, but underlying cash burn from continuing programs remains an important risk factor.

Competitive Edge

Competitive Edge Addex’s edge lies in its deep specialization in allosteric modulation, a sophisticated approach that can offer more precise and potentially safer neurological therapies. Years of focused research and a validated discovery platform have translated into distinct programs and partnerships, including a collaboration with Indivior and an ownership stake in Neurosterix. However, the company is small, its active pipeline is narrow, and a key partnered program in epilepsy was recently halted, which weakens perceived momentum. At the same time, larger pharmaceutical groups and other biotechs are moving into allosteric modulation, so Addex must leverage its know‑how, partnerships, and strategic focus to maintain relevance in a crowded and high‑risk field.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of Addex. The company has built strong capabilities in allosteric modulators and is now concentrating its R&D on a few targeted programs: dipraglurant for recovery after stroke or brain injury, a proprietary GABAB modulator for chronic cough, and a partnered GABAB program for substance use disorders. The creation of Neurosterix moved preclinical work and the discovery platform outside the listed entity, cutting costs while allowing Addex to retain upside through its ownership stake. This makes the current R&D model more focused and capital‑efficient but also more dependent on securing funding for a small set of clinical and late‑preclinical assets. Success now hinges less on broad discovery output and more on the clinical progress of a handful of key candidates.

Summary

Addex is a tiny, clinical-stage biotech that has restructured itself around a narrower, later‑stage pipeline in neurological and respiratory indications, underpinned by long-standing expertise in allosteric modulation. Financially, it remains a cash‑consuming research business with no product revenue, modest but persistent operating cash burn, and a small but debt‑free balance sheet. Recent profitability appears to be driven by exceptional items rather than durable earnings power. Strategically, the firm has tried to de‑risk and extend its financial runway by spinning off early-stage assets into Neurosterix while keeping a meaningful equity stake and cultivating partnerships like the one with Indivior. The main opportunities lie in turning its science into convincing clinical data in post‑stroke recovery, chronic cough, and substance use disorders. The main risks are the narrow pipeline, reliance on external funding, and the inherently high failure rates and competition in innovative CNS drug development.

NEWS

September 30, 2025 · 1:00 AM UTC

Addex Therapeutics Reports 2025 Half Year and Second Quarter Financial Results and Provides Corporate Update

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September 26, 2025 · 1:00 AM UTC

Addex Therapeutics to Report 2025 Half-year and Second Quarter Financial Results on September 30, 2025 and Host Conference Call on October 1, 2025

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September 23, 2025 · 1:00 AM UTC

Addex Appoints Bank of New York Mellon as Depositary Bank

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