The termination of both Janssen and Indivior partnerships leaves Addex with no partnered revenue and a fully in-house pipeline. The post-period ATM raised CHF 2.3 million, but with cash of only CHF 0.8 million at June 30 and a going-concern warning, the company will need additional financing within 12-15 months. The activist CEO's SC 13D filings and the DSPPP strike price reduction suggest insider alignment, but the fundamental business model remains unproven. Watch for partnership announcements or further dilutive financing.
Price Chart
Executive Summary
Addex Therapeutics reported H1 2026 financial results showing a net loss of CHF 3.5 million (vs CHF 3.3 million in H1 2025), with cash of CHF 0.8 million at June 30, 2026, down from CHF 1.6 million at year-end 2025. The company raised USD 2.8 million post-period via an ATM offering, and both its key partnerships (Janssen and Indivior) were terminated, returning all program rights. A material going-concern uncertainty exists, with cash runway expected only through Q4 2027, and activist investor Tim Dyer (CEO) has been filing SC 13D amendments.
Key Facts
- Net loss from continuing operations for H1 2026 was CHF 3.5 million, compared to CHF 3.4 million in H1 2025.
- Cash and cash equivalents fell to CHF 0.8 million at June 30, 2026, from CHF 1.6 million at December 31, 2025.
- Post-period, the company raised USD 2.8 million (CHF 2.3 million) via an ATM offering, selling 52.97 million shares at an average of CHF 0.043 per share.
- Both key partnerships were terminated: Janssen (April 2025) and Indivior (September 2026), returning all related intellectual property to Addex.
- The 20% equity stake in Neurosterix was valued at CHF 1.5 million at June 30, 2026, down from CHF 3.8 million at December 31, 2025.
- The auditor's report includes a going-concern emphasis, with management stating cash is sufficient only through Q4 2027.
- Activist CEO Tim Dyer filed multiple SC 13D amendments (August and September 2026), signaling insider involvement.
- On September 2, 2026, the strike price of 29.9 million DSPPP shares and 7.0 million options was reduced to CHF 0.026, increasing fair value by CHF 0.16 million.
- Revenue from contracts with customers was zero in both H1 2026 and H1 2025.
- Operating loss from continuing operations improved slightly to CHF 1.1 million in H1 2026 from CHF 1.3 million in H1 2025.
Financial Impact
Cash burn of CHF 0.9 million in H1 2026; post-period ATM raised CHF 2.3 million; net loss of CHF 3.5 million; equity stake in Neurosterix declined by CHF 2.3 million.
Risk Factors
- Going-concern risk: cash runway only through Q4 2027 without additional funding.
- No partnered revenue: both Janssen and Indivior programs returned, eliminating near-term milestone income.
- Dilution risk: 52.97 million shares sold post-period, with 29.9 million DSPPP shares and 6.97 million options outstanding at reduced strike of CHF 0.026.
- Neurosterix equity stake declining: carrying value fell from CHF 3.8M to CHF 1.5M in six months.
- Clinical-stage pipeline with no approved products and no near-term catalysts.
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-111142 |
| Document: adxn-ex99d2.htm | 0001104659-26-111142 |
| Document: adxn-ex99d3.htm | 0001104659-26-111142 |
| Document: adxn-20260630x6k.htm | 0001104659-26-111142 |
| Document: 0001104659-26-111142-index-headers.html | 0001104659-26-111142 |
| Document: 0001104659-26-111142-index.html | 0001104659-26-111142 |
| Document: 0001104659-26-111142.txt | 0001104659-26-111142 |
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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