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Addex Therapeutics
(ADXN)
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Rating:45Neutral
Price Target:
CHF0.03
Action:Reiterated
Date:08/22/26
The score is held down primarily by weak financial performance (shrinking revenue, large losses, and continued cash burn) and a bearish technical setup (price below major moving averages with negative MACD). The earnings call adds some offset due to credible program progress and partnership/equity upside, but near-term funding constraints remain a major risk. Valuation provides limited support because earnings are negative and there is no dividend.
Positive Factors
Promising Neurology Pipeline
Reproducible efficacy across species, chronic-model activity, and a favorable safety margin strengthen the pipeline’s scientific foundation. These characteristics may improve partnering potential and support future clinical development if financing is secured.
Negative Factors
Limited Cash Runway
The available liquidity is insufficient to start unpartnered IND programs, making clinical progress dependent on new financing or partnerships. This can delay development, weaken negotiating leverage, and increase future dilution risk.
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Positive Factors
Negative Factors
Promising Neurology Pipeline
Reproducible efficacy across species, chronic-model activity, and a favorable safety margin strengthen the pipeline’s scientific foundation. These characteristics may improve partnering potential and support future clinical development if financing is secured.
Read all positive factors
Addex Therapeutics (ADXN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF4.88M
Dividend YieldN/A
Average Volume (3M)206.07K
Price to Earnings (P/E)―
Beta (1Y)0.24
Revenue Growth-55.52%
EPS Growth-170.63%
CountryCH
Employees3
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.06
Shares Outstanding218,654,500
10 Day Avg. Volume188,431
30 Day Avg. Volume206,072
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.30
Price to Sales (P/S)35.91
P/FCF Ratio-2.86
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Addex Therapeutics Business Overview & Revenue Model
Company Description
Addex Therapeutics Ltd, a biopharmaceutical company in its development phase, specializes in the discovery, progression, and commercialization of small-molecule pharmaceutical products designed to address central nervous system (CNS) conditions. B...
How the Company Makes Money
Addex Therapeutics primarily seeks to generate revenue through business-to-business monetization of its drug discovery and development programs rather than through product sales. Its revenue model typically includes: (1) Collaboration and partners...
Addex Therapeutics Earnings Call Summary
Earnings Call Date:Jun 25, 2026
(Q1-2026)
| Next Earnings Date:Aug 24, 2026
Earnings Call Sentiment Neutral
The call conveyed strong scientific and preclinical progress across two core programs (GABAB PAM for chronic cough and Dipraglurant for post-stroke/TBI recovery) and meaningful upside via the Indivior collaboration and the 20% Neurosterix equity stake. Key efficacy metrics (70% cough reduction in guinea pigs, >60% reduction in NHPs, 40–60% reduction in an IPF model, minimal effective dose ~1 mg/kg, and favorable safety margins) and readiness for IND-enabling studies are positive. However, the company faces material near-term funding constraints (cash ~CHF 0.9M, runway only into Q4 2026 on a going-concern basis), increasing equity-method losses from Neurosterix, and dependency on external financing or partners to advance unpartnered programs. On balance, scientific momentum is strong but financial and execution risks are significant, leaving the overall tone balanced between opportunity and funding-related challenges.Positive Updates
GABAB PAM (Compound A) — Robust Preclinical Antitussive Efficacy
Lead GABAB PAM (Compound A) demonstrated strong, reproducible antitussive activity across species: up to ~70% reduction in cough number at maximum dose in guinea pig citric-acid model; minimal effective dose ~1 mg/kg and ED50 ~6 mg/kg; >60% cough reduction in non-human primates at 2 mg/kg. In an IPF-like guinea pig model, chronic dosing produced sustained 40–60% reductions in cough and improved lung histology (lower Ashcroft scores). No tolerance observed after 7-day subchronic dosing and no marked changes in respiratory rate at doses up to 60 mg/kg, implying a >60-fold safety margin on respiratory depression biomarkers. IND-enabling studies are ready to start subject to financing.
Negative Updates
Limited Cash Balance and Funding Shortfall for Clinical Progression
Cash at quarter-end was approximately CHF 0.9M (down from CHF 1.6M at end of prior year), a decline of ~43.8%. Management explicitly states current cash does not fund progression of unpartnered programs into the clinic and IND-enabling studies for the cough and Dipraglurant programs are subject to securing additional financing.
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Q1-2026 Updates
Positive
Negative
GABAB PAM (Compound A) — Robust Preclinical Antitussive Efficacy
Lead GABAB PAM (Compound A) demonstrated strong, reproducible antitussive activity across species: up to ~70% reduction in cough number at maximum dose in guinea pig citric-acid model; minimal effective dose ~1 mg/kg and ED50 ~6 mg/kg; >60% cough reduction in non-human primates at 2 mg/kg. In an IPF-like guinea pig model, chronic dosing produced sustained 40–60% reductions in cough and improved lung histology (lower Ashcroft scores). No tolerance observed after 7-day subchronic dosing and no marked changes in respiratory rate at doses up to 60 mg/kg, implying a >60-fold safety margin on respiratory depression biomarkers. IND-enabling studies are ready to start subject to financing.
Read all positive updates
Company Guidance
Management guided that Addex finished Q1'26 with roughly CHF 900–935k in cash (having started the quarter with CHF 1.6m, used CHF 766k in operations and received CHF 65k from treasury sales), and raised a further CHF 300k in Q2, giving a runway into Q4 2026 on a going‑concern basis but not enough to fund unpartnered IND starts; Q1 operating loss was CHF 500k (vs CHF 600k y/y) and net loss CHF 1.7m (vs CHF 1.5m), driven by Addex’s CHF 1.3m share of Neurosterix losses (vs CHF 0.8m), while non‑current assets include a CHF 3.5m equity investment (Addex holds 20% equity, previously valued at ~CHF 20m post‑money despite a current market cap cite of CHF 8m). Key R&D guidance and milestones: Neurosterix NTX‑53 Phase‑1 data expected in Q3; IND‑enabling studies for the in‑house GABAB PAM cough candidate are ready to start subject to financing (lead showed a 1 mg/kg minimal effective dose, ED50 ~6 mg/kg, up to ~70% cough reduction in guinea pigs, >60% reduction in non‑human primates at 2 mg/kg, >60‑fold safety margin, no respiratory‑rate effect up to 60 mg/kg, and 40–60% reductions in an IPF guinea‑pig chronic model); dipraglurant (mGluR5 NAM) is being repositioned for post‑stroke/TBI with optioned IP in 2025 and the company is preparing imaging and clinical studies; under the Indivior collaboration Addex remains eligible for up to $313m of milestone payments plus high‑single to low‑double‑digit royalties.Addex Therapeutics Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
26
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 173.00K | 410.04K | 1.61M | 1.42M | 2.92M |
| Gross Profit | 164.39K | -444.26K | -5.32M | -13.20M | -9.67M |
| EBITDA | -2.81M | -4.65M | -10.26M | -20.43M | -14.94M |
| Net Income | -6.73M | 7.06M | -10.56M | -20.80M | -15.41M |
Balance Sheet | |||||
| Total Assets | 6.36M | 10.67M | 4.64M | 8.28M | 22.54M |
| Cash, Cash Equivalents and Short-Term Investments | 1.64M | 3.34M | 3.87M | 6.96M | 20.50M |
| Total Debt | 34.69K | 41.99K | 344.34K | 373.13K | 482.01K |
| Total Liabilities | 1.60M | 1.00M | 3.50M | 3.37M | 5.61M |
| Stockholders Equity | 4.76M | 9.67M | 1.15M | 4.91M | 16.93M |
Cash Flow | |||||
| Free Cash Flow | -2.17M | -5.37M | -8.00M | -16.44M | -14.74M |
| Operating Cash Flow | -2.17M | -5.37M | -7.99M | -16.44M | -14.71M |
| Investing Cash Flow | -680.69K | 4.65M | -6.84K | 2.97K | -30.31K |
| Financing Cash Flow | 1.19M | 104.97K | 5.26M | 3.10M | 16.40M |
Addex Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
Performance Comparison
Addex Therapeutics Corporate Events
Addex bolsters mGlu7 program with new ADX71743 sleep and stress data
Jul 8, 2026
Addex Therapeutics has reported new preclinical data showing that ADX71743, a selective negative allosteric modulator of metabotropic glutamate receptor 7, significantly affects sleep-wake cycles and stress-related neurochemistry in animal models....
Addex Shareholders Back Governance and Capital Changes at 2026 AGM
Jun 30, 2026
Addex Therapeutics shareholders have endorsed all board proposals at the 2026 Annual General Meeting, approving the 2025 financial statements, compensation report and pay packages, and granting discharge to directors and executives. The meeting, w...
Addex Q1 Loss Widens as Cash Reserves Shrink While Neuro Spin-Out Advances
Jun 25, 2026
Addex Therapeutics reported a wider first-quarter 2026 net loss of CHF 1.7 million as cash and cash equivalents fell sharply to CHF 0.9 million, with shareholders’ equity also declining to CHF 3.3 million. Operating costs remained tightly co...
Addex Therapeutics Sets Date for Q1 2026 Results and Pipeline Update
Jun 22, 2026
Addex Therapeutics, a clinical-stage biopharmaceutical group specializing in allosteric modulators for neurological conditions, is advancing a diverse pipeline led by dipraglurant for potential brain injury recovery, alongside partnered and propri...
Addex Sets 2026 AGM With Capital and Governance Changes on Agenda
Jun 5, 2026
Addex Therapeutics has scheduled its 2026 Annual General Meeting for June 29 in Geneva, where shareholders will vote on routine corporate matters including approval of the 2025 financial statements, discharge of the board and executive management,...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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