Business Description
Addex Therapeutics Ltd is a clinical-stage biopharmaceutical company based in Switzerland that focuses on the discovery and development of small-molecule drugs for neurological disorders. The company specializes in allosteric modulators, which are orally available compounds designed to fine-tune receptor activity in the brain. Its business model relies on advancing proprietary drug candidates and partnering with larger pharmaceutical companies for clinical development.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 173 | 410 | 1,617 | 1,445 |
| Gross Profit | 173 | 410 | 1,617 | 1,445 |
| Selling, General & Administrative Expenses | 2,316 | 2,311 | 2,673 | 3,742 |
| Research & Development Expenses | 672 | 854 | 1,187 | 8,244 |
| Operating Profit | (2,815) | (2,755) | (2,243) | (10,541) |
| Interest and Investment Income | — | 27 | 64 | 29 |
| Interest Expense | (16) | (4) | (321) | (292) |
| Non-Operating Income | (4,012) | (2,177) | — | — |
| Total Non-Operating Income | (4,028) | (2,154) | (257) | (263) |
| Income Before Provision for Income Taxes | (6,843) | (4,909) | (2,500) | (10,804) |
| Consolidated Net Income | (6,843) | (4,909) | (2,500) | (10,804) |
| Net Income Attributable to Discontinued Operations | 114 | 11,965 | (8,056) | (10,000) |
| Net Income Attributable to Common Shareholders | (6,728) | 7,056 | (10,556) | (20,804) |
| Basic EPS | -7.20 | 8.40 | -16.80 | -55.20 |
| Diluted EPS | -7.20 | 8.40 | -16.80 | -55.20 |
| Basic Weighted Average Shares Outstanding | 895 | 818 | 619 | 377 |
| Diluted Weighted Average Shares Outstanding | 895 | 818 | 619 | 685 |
| Shares Outstanding | 1,232 | 1,069 | 1,043 | 497 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 1,639 | 3,342 | 3,865 | 6,957 |
| Short-Term Investments | 5 | 6 | 1 | 3 |
| Total Cash and Cash Equivalents | 1,644 | 3,348 | 3,866 | 6,960 |
| Accounts Receivable | 20 | 16 | 110 | 417 |
| Other Receivables | — | — | 41 | 181 |
| Total Trade Receivables | 20 | 16 | 151 | 598 |
| Other Current Assets | 16 | 178 | 217 | 270 |
| Total Current Assets | 1,680 | 3,541 | 4,235 | 7,829 |
| Net Property, Plant & Equipment | 34 | 43 | 353 | 399 |
| Long-Term Investments | 4,141 | 7,094 | 54 | 54 |
| Other Long-Term Assets | 509 | — | — | — |
| Total Assets | 6,364 | 10,678 | 4,642 | 8,282 |
| Accounts Payable | 1,191 | 795 | 2,384 | 2,996 |
| Current Portion of Leases | 8 | 7 | 274 | 286 |
| Unearned Revenue | — | — | 235 | — |
| Total Current Liabilities | 1,199 | 802 | 2,893 | 3,282 |
| Leases | 27 | 35 | 70 | 87 |
| Other Long-Term Liabilities | 372 | 164 | 533 | — |
| Total Long-Term Liabilities | 399 | 199 | 603 | 87 |
| Total Liabilities | 1,598 | 1,001 | 3,496 | 3,369 |
| Common Stock | 2,187 | 1,844 | 1,844 | 1,153 |
| Treasury Stock | (1,015) | (870) | (910) | (6,279) |
| Additional Paid-in Capital | 331,928 | 331,003 | 330,815 | 334,132 |
| Accumulated Other Comprehensive Income | 31,757 | 31,063 | 29,815 | 25,768 |
| Retained Earnings | (360,091) | (353,362) | (360,418) | (349,862) |
| Total Common Shareholders' Equity | 4,767 | 9,677 | 1,145 | 4,913 |
| Total Shareholders' Equity | 4,767 | 9,677 | 1,145 | 4,913 |
| Total Liabilities and Shareholders' Equity | 6,364 | 10,678 | 4,642 | 8,282 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | (6,728) | 7,056 | (10,556) | (20,804) |
| Depreciation & Amortization | 8 | 260 | 306 | 637 |
| Share-Based Compensation Expense | 71 | 503 | 1,794 | 6,686 |
| Other Adjustments | 3,928 | (11,964) | 250 | 211 |
| Changes in Trade Receivables | (5) | 93 | 307 | (247) |
| Changes in Accounts Payable | 391 | (1,146) | (613) | (476) |
| Changes in Unearned Revenue | — | (38) | 324 | — |
| Changes in Other Operating Activities | 163 | (137) | 196 | (9,127) |
| Cash from Operating Activities | (2,171) | (5,374) | (7,992) | (16,437) |
| Capital Expenditure | — | (1) | (7) | (1) |
| Purchases of Investments | (795) | — | — | — |
| Proceeds from Sale of Investments | — | — | — | 4 |
| Proceeds from Business Divestments | 114 | 5,120 | — | — |
| Other Investing Activities | — | (473) | — | — |
| Cash from Investing Activities | (681) | 4,645 | (7) | 3 |
| Issuance of Common Shares | 1,229 | 241 | 5,769 | 4,542 |
| Net Issuance / (Repurchases) of Common Shares | 1,229 | 241 | 5,769 | 4,542 |
| Other Financing Activities | (45) | (136) | (504) | (1,737) |
| Cash from Financing Activities | 1,184 | 105 | 5,265 | 3,103 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | (35) | 100 | (357) | (196) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (1,668) | (623) | (2,735) | (13,332) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $10M |
| P/E | -0.85x |
| P/S | 43.66x |
| EV/EBITDA | -2.12x |
| Return on Equity | -94.7% |
| Return on Invested Capital | -47.6% |
| Current Ratio | 1.40x |
| Free Cash Flow Margin | -1256.0% |
Margins
Gross margin
100.0%
Operating margin
-1628.3%
Net margin
-3892.3%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $0M | -89.2% | -6238.8% | $-0M |
| Q4 2025 | $0M | +949.7% | -4922.7% | $-1M |
| Q3 2025 | $0M | -15.0% | -1403.6% | $-1M |
| Q2 2025 | $0M | -68.4% | -2014.8% | $-1M |
| Q1 2025 | $0M | — | -853.2% | $-1M |
| Q4 2024 | $0M | — | -29550.8% | $-0M |
| Q3 2024 | $0M | — | -1066.4% | $-1M |
| Q2 2024 | $0M | — | -780.1% | $-1M |
More on Addex Therapeutics Ltd
Figures compiled from public company filings.
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