ADXNNasdaqPharmaceutical PreparationsUS GAAP · USD

Addex Therapeutics Ltd.

Addex Therapeutics Ltd. is a clinical-stage biopharmaceutical company focused on discovering and developing small-molecule allosteric modulators for neurological and neuropsychiatric disorders. Its work spans in-licensing, internal drug development, and equity interests in partnered and spin-out programs, with listings on the SIX Swiss Exchange and Nasdaq Capital Market.

Ask about the company
Operating profit (EBIT)-6.2m USD
−26.3 %y/y
Net income-6.1m USD
−186.4 %y/y
Free cash flow-1.6m USD
+70.7 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-20-15-10-505m USD2021: 2.9 m USD2021: EBIT -15 m USD20212022: 1.4 m USD2022: EBIT -11 m USD20222023: 1.6 m USD2023: EBIT -2.5 m USD20232024: 0.40 m USD2024: EBIT -4.9 m USD20242025: EBIT -6.2 m USD2025-6.2
RevenueOperating profit (EBIT)

Business

Share of revenue
Clinical-stage drug candidates55 %

Internal small-molecule programs targeting neurological and respiratory indications.

Partnered development programs20 %

Allosteric modulator assets advanced with external partners such as Indivior.

Equity interests and spin-outs15 %

Ownership stakes in private companies advancing related neuroscience assets.

Research and platform assets10 %

Discovery-stage neuroscience compounds and modulator platforms with optionality.

Customers

Addex does not sell commercial medicines to end patients; its main counterparties are pharmaceutical partners, clinical development collaborators, and future licensees. The company’s assets are designed for neurological, psychiatric, substance use, cough, and brain-injury indications, so value creation depends on out-licensing or partnering with larger drug developers. Equity interests in Neurosterix and Stalicla also align Addex with specialized biotech investors and strategic neuroscience collaborators.

Pharmaceutical licensing partners

Large and mid-sized drug companies that license Addex compounds for development and commercialization.

Development collaboration partners

Partners like Indivior that co-fund or advance selected programs through preclinical and clinical stages.

Spin-out and portfolio companies

Private neuroscience companies such as Neurosterix and Stalicla that expand the platform and option value.

Scientific and translational researchers

Research groups and translational collaborators that use Addex compounds as tool assets or development candidates.

Strategy

Addex’s strategy is to build value in neuroscience by advancing a portfolio of differentiated allosteric modulators and preserving optionality through partnerships and spin-outs. The company focuses on indications where novel mechanism-of-action assets can be partnered to larger developers, while retaining selective internal programs such as chronic cough and brain-injury recovery.

Advance lead neurological programsShort term

Later-stage assets are the clearest path to partnering value and clinical validation.

Leverage external partnershipsShort term

Partnering can share development cost and broaden the reach of the platform.

Build platform and equity optionalityMedium term

Spin-outs and equity holdings can create non-dilutive value from adjacent programs.

Geography

Addex is headquartered in the United States in a corporate sense here, but its operational footprint is centered in Switzerland through its Swiss listing and European biopharmaceutical base. The company also has exposure to the United States through its NASDAQ-listed ADSs and U.S.-linked development partnerships, while its programs are intended for global pharmaceutical markets. Geography matters mainly through regulatory pathways, clinical trial execution, and cross-border partnering rather than manufacturing or commercial distribution.

Risks

Addex depends on successful clinical development, partner execution, and regulatory progress across a small number of scientific programs, so setbacks in any one asset can materially affect value. As a clinical-stage biopharma company, it also faces the usual industry risks of trial failure, financing needs, IP protection, and uncertainty around when or whether partnered assets will advance.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Clinical development failure1Capital and dilution risk3Regulatory approval uncertainty4Partner dependence2
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Clinical development failureImpact: CriticalLikelihood: Medium

    The portfolio is still clinical-stage and depends on positive efficacy and safety data.

    ExposureDipraglurantGABAB PAMPartnered neuroscience assets
  2. Partner dependenceImpact: HighLikelihood: High

    Some programs are advanced or funded by partners, so timelines and priorities are partly outside Addex’s control.

    Exposure: Indivior collaboration and other partnered assets

  3. Capital and dilution riskImpact: HighLikelihood: Medium

    Drug development requires sustained funding before any commercialization cash flow exists.

    Exposure: Corporate overhead and internal program advancement

  4. Regulatory approval uncertaintyImpact: HighLikelihood: Medium

    CNS and novel-mechanism assets face stringent evidence requirements and unpredictable review outcomes.

    Exposure: All pipeline programs

Accounting

Judgemental items
Equity-method investments

The company records its share of net results from associates and spin-outs, which can move reported earnings without cash revenue.

Impact: Neurosterix and other equity interests

Share-based compensation

Employee and director equity awards create non-cash expense that affects operating loss and equity.

Impact: Operating expenses and reserves

Treasury shares and ADS transactions

Sales and repurchases of treasury shares affect equity balances and financing cash flow.

Impact: Capital structure and cash flows

Foreign currency translation

Swiss-franc reporting can create translation effects across cash and investments denominated in other currencies.

Impact: Other comprehensive income and balance sheet

Similar listed companies

Publicly listed companies with a comparable business focus.

BioLineRx Ltd.

BLRX · Pharmaceutical Preparations

NRX Pharmaceuticals, Inc.

NRXP · Pharmaceutical Preparations

Aditxt, Inc.

ADTX · Pharmaceutical Preparations

Gain Therapeutics, Inc.

GANX · Pharmaceutical Preparations

Agentix Corp.

AGTX · Biological Products, (No Diagnostic Substances)

Alector, Inc.

ALEC · Biological Products, (No Diagnostic Substances)

Last updated: 28/09/2026