The company has less than 6 weeks of cash runway at current burn rates. Watch for an imminent equity offering, partnership deal, or asset sale to extend runway. The 20% Neurosterix stake (CHF 3.8M) is the most liquid non-cash asset and could be monetized. The material weakness in internal controls and going concern warning increase delisting risk from Nasdaq if the company cannot raise capital.
Price Chart
Executive Summary
Addex Therapeutics filed its FY2025 20-F annual report, reporting a net loss from continuing operations of CHF 6.8M (vs CHF 4.9M loss in FY2024), with revenue declining to CHF 0.03M from CHF 0.4M as the Indivior research agreement ended. Cash stood at CHF 1.6M, sufficient only through mid-June 2026, with the auditor's report including a going concern emphasis. The company's 20% equity stake in Neurosterix was valued at CHF 3.8M, down from CHF 7.1M. A CHF 0.8M strategic investment in Stalicla SA was made. The filing confirms a material weakness in internal controls persists.
Key Facts
- Net loss from continuing operations of CHF 6.8M in FY2025 vs CHF 4.9M loss in FY2024
- Revenue declined to CHF 0.03M from CHF 0.4M as Indivior research funding ended June 30, 2024
- Cash and cash equivalents of CHF 1.6M at Dec 31, 2025, sufficient only through mid-June 2026
- Auditor's report includes a going concern emphasis paragraph
- 20% equity stake in Neurosterix valued at CHF 3.8M, down from CHF 7.1M at Dec 31, 2024
- CHF 0.8M strategic investment in Stalicla SA in June 2025
- Material weakness in internal controls over financial reporting persists
- Accumulated losses of CHF 360M since inception
- No products on market; all candidates are preclinical or early clinical stage
- Janssen terminated mGlu2 PAM partnership in April 2025, returning ADX71149 rights
Financial Impact
CHF 6.8M net loss from continuing operations; cash burn rate implies ~CHF 0.3M/month; cash runway only through mid-June 2026
Risk Factors
- Cash runway only through mid-June 2026 — imminent need for financing
- Going concern qualification in audit opinion
- Persistent material weakness in internal controls
- No approved products or near-term catalysts; all programs preclinical
- Janssen terminated mGlu2 PAM partnership; ADX71149 returned with no clear path
- 20% Neurosterix stake declining in value (CHF 7.1M to CHF 3.8M in one year)
- Nasdaq minimum bid price compliance risk if stock continues to decline
- PFIC status for U.S. holders creates adverse tax consequences
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001104659-26-062447 |
| Document: adxn-20251231xex2d4.htm | 0001104659-26-062447 |
| Document: adxn-20251231xex12d2.htm | 0001104659-26-062447 |
| Document: adxn-20251231xex12d1.htm | 0001104659-26-062447 |
| Document: adxn-20251231xex15d1.htm | 0001104659-26-062447 |
| Document: adxn-20251231xex13d1.htm | 0001104659-26-062447 |
| Document: adxn-20251231xex13d2.htm | 0001104659-26-062447 |
| Document: 0001104659-26-062447-index-headers.html | 0001104659-26-062447 |
| Document: 0001104659-26-062447-index.html | 0001104659-26-062447 |
| Document: 0001104659-26-062447.txt | 0001104659-26-062447 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 19d ago | 6-K | $3.18 | awaiting T+60 | — | $2.99 (−5.97%) |
Oct 2, 2026 25d ago | 6-K | $3.07 | awaiting T+60 | — | $2.99 (−2.61%) |
Sep 28, 2026 29d ago | 6-K | $2.81 | awaiting T+60 | — | $2.99 (−6.41%) |
Sep 25, 2026 4w ago | 6-K | $3.65 | awaiting T+60 | — | $2.99 (−18.08%) |
Aug 26, 2026 8w ago | 6-K | $4.23 | awaiting T+60 | — | $2.99 (+29.31%) |
Jul 8, 2026 15w ago | 6-K | $5.89 $2.98 | ▼ −49.41% | ▼ −51.90% | $2.99 (−49.24%) |
Jun 30, 2026 17w ago | 6-K | $5.70 $3.45 | ▲ +39.47% | ▲ +42.29% | $2.99 (+47.54%) |
Jun 25, 2026 17w ago | 6-K | $5.94 $3.40 | ▲ +42.76% | ▲ +46.49% | $2.99 (+49.66%) |
May 15, 2026 23w ago | 20-F | $6.83 $5.95 | ▲ +12.88% | ▲ +17.74% | $2.99 (+56.22%) |
Apr 23, 2026 26w ago | 6-K | $6.14 $5.60 | ▼ −8.79% | ▼ −13.81% | $2.99 (−51.30%) |
US Market Status
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