Cash runway expires July 2026 — expect a dilutive equity financing announcement imminently. The post-quarter secondary raised CHF 288k at depressed prices; further offerings are likely. The Neurosterix share-of-loss trajectory is a drag with no near-term monetization catalyst. Avoid the stock unless a transformative deal is announced.
Price Chart
Executive Summary
Addex Therapeutics filed its Q1 2026 6-K, reporting a net loss of CHF 1.7M, with cash of CHF 935k sufficient only through end of July 2026, reiterating a going concern warning. The share of losses from Neurosterix increased to CHF 1.2M, eroding the carrying value of the equity investment. The company's cash runway is critically short, requiring near-term financing for continued operations.
Key Facts
- Net loss Q1 2026: CHF 1.7M, widened from CHF 1.5M in Q1 2025
- Cash and cash equivalents at Mar 31, 2026: CHF 935k, down from CHF 1.6M at Dec 31, 2025
- Going concern: cash sufficient only through end of July 2026
- Share of losses from Neurosterix (20% associate): CHF 1.2M in Q1 2026 vs CHF 0.8M in Q1 2025
- Revenue from contracts with customers: $0 in both Q1 2026 and Q1 2025
- Post-period share sales (Apr-Jun 2026): 6.5M shares for CHF 288k gross proceeds at CHF 0.044/share
- Prior 20-F (May 2026) reported FY2025 net loss CHF 6.8M, material weakness in internal controls
Financial Impact
Company has < 2 months of cash; going concern risk is imminent. Q1 2026 operating cash burn CHF 766k. No revenue; net loss CHF 1.7M.
Risk Factors
- Near-term liquidity crisis: cash insufficient beyond July 2026
- Dilution risk from required equity financing
- Ongoing material weakness in internal controls (per prior 20-F)
- Neurosterix associate losses eroding balance sheet asset value
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-077470 |
| Document: tm2618934d1_ex99-2.htm | 0001104659-26-077470 |
| Document: tm2618934d1_ex99-3.htm | 0001104659-26-077470 |
| Document: tm2618934d1_6k.htm | 0001104659-26-077470 |
| Document: 0001104659-26-077470-index-headers.html | 0001104659-26-077470 |
| Document: 0001104659-26-077470-index.html | 0001104659-26-077470 |
| Document: 0001104659-26-077470.txt | 0001104659-26-077470 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | 6-K | $3.18 | awaiting T+60 | — | $2.90 (−8.81%) |
Oct 2, 2026 24d ago | 6-K | $3.07 | awaiting T+60 | — | $2.90 (−5.54%) |
Sep 28, 2026 28d ago | 6-K | $2.81 | awaiting T+60 | — | $2.90 (−3.20%) |
Sep 25, 2026 4w ago | 6-K | $3.65 | awaiting T+60 | — | $2.90 (−20.55%) |
Aug 26, 2026 8w ago | 6-K | $4.23 | awaiting T+60 | — | $2.90 (+31.44%) |
Jul 8, 2026 15w ago | 6-K | $5.89 $2.98 | ▼ −49.41% | ▼ −51.90% | $2.90 (−50.76%) |
Jun 30, 2026 16w ago | 6-K | $5.70 $3.45 | ▲ +39.47% | ▲ +42.29% | $2.90 (+49.12%) |
Jun 25, 2026 17w ago | 6-K | $5.94 $3.40 | ▲ +42.76% | ▲ +46.49% | $2.90 (+51.18%) |
May 15, 2026 23w ago | 20-F | $6.83 $5.95 | ▲ +12.88% | ▲ +17.74% | $2.90 (+57.54%) |
Apr 23, 2026 26w ago | 6-K | $6.14 $5.60 | ▼ −8.79% | ▼ −13.81% | $2.90 (−52.77%) |
US Market Status
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