Addex Therapeutics Ltd. (ADXN) Q2 2026 Financial Results
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Addex Therapeutics Ltd (ADXN) Q2 2026: Continued Losses, Cash Position Deteriorates — Cautious
In Q2 2026, Addex Therapeutics Ltd reported a net loss of CHF 1.74 million, a decrease of 11% compared to a loss of CHF 1.96 million in Q2 2025. This slight improvement in losses reflects ongoing challenges in revenue generation and operational efficiency, leading to a disappointing quarter for shareholders. The primary reason for this sentiment is the significant decline in cash reserves, which fell to CHF 767,328 from CHF 1.64 million at the end of 2025, indicating potential liquidity issues.
Key Financial Metrics:
- Revenue: CHF 0 (no revenue from contracts with customers)
- Other Income: CHF 9,948 (down from CHF 36,375 YoY)
- Operating Costs: CHF 655,300 (down from CHF 769,273 YoY)
- Operating Loss: CHF 645,352 (down from CHF 732,898 YoY)
- Net Loss: CHF 1,744,679 (down from CHF 1,958,912 YoY)
- Basic and Diluted Loss per Share: CHF (0.01) (compared to CHF (0.02) YoY)
- Cash and Cash Equivalents: CHF 767,328 (down from CHF 1,638,612 at year-end 2025)
- Total Assets: CHF 3,481,302 (down from CHF 6,364,272 at year-end 2025)
- Total Liabilities: CHF 1,572,744 (up from CHF 1,597,580 at year-end 2025)
Operational Highlights:
- Cash Position: The cash and cash equivalents decreased significantly, raising concerns about the company's ability to fund ongoing operations and R&D activities.
- Cost Management: Operating costs decreased by CHF 113,973, primarily due to lower professional fees and reduced external research and development costs.
- Investment in Associates: The share of net loss from investments accounted for using the equity method was CHF 1,101,534, reflecting ongoing challenges in the associated companies.
Shareholder Returns:
No dividends were declared during the quarter, and the company continues to focus on managing its cash flow amid ongoing operational losses. The company sold treasury shares during the period, generating CHF 411,588, which partially offset cash outflows.
Forward Guidance:
Looking ahead, the most critical catalyst to watch for Addex Therapeutics is its ability to secure additional funding or partnerships to support its ongoing R&D efforts. The company has indicated that it is exploring options for additional capital, which will be vital for its survival and growth in the coming quarters.
In summary, while there was a slight improvement in net losses, the deterioration of cash reserves and the absence of revenue generation highlight significant challenges for Addex Therapeutics. Investors should remain cautious as the company navigates these turbulent waters.
| Currency: Swiss Francs (CHF) - thousands | For the three months ended | June 30, 2026 | June 30, 2025 |
|---|---|---|---|
| Revenue from contract with customer (Note 16) | — | — | |
| Other income (Note 17) | 9,948 | 36,375 | |
| Operating costs | |||
| - Research and development | (37,986) | (234,454) | |
| - General and administration | (617,314) | (534,819) | |
| Total operating costs (Note 18) | (655,300) | (769,273) | |
| Operating loss | (645,352) | (732,898) | |
| Finance income | 3,382 | — | |
| Finance expense | (1,175) | 5,831 | |
| Finance result (Note 20) | 2,207 | 5,831 | |
| Share of net loss of investments accounted for using the equity method (Note 22) | (1,101,534) | (1,231,845) | |
| Net loss before tax from continuing operations | (1,744,679) | (1,958,912) | |
| Income tax expense | — | — | |
| Net loss from continuing operations | (1,744,679) | (1,958,912) | |
| Net profit from discontinued operations (Note 21) | — | 117,747 | |
| Net loss for the period | (1,744,679) | (1,841,165) | |
| Basic and diluted loss per share for loss attributable to the ordinary equity holders of the Company (Note 25) | (0.01) | (0.02) | |
| From continuing operations | (0.01) | (0.02) | |
| From discontinued operations | — | — |
| Currency: Swiss Francs (CHF) - millions | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents (Note 6) | 767,328 | 1,638,612 |
| Other financial assets (Note 7/13) | 3,984 | 5,130 |
| Trade and other receivables (Note 7) | 29,746 | 20,087 |
| Prepayments (Note 7) | 237,449 | 16,295 |
| Total current assets | 1,038,507 | 1,680,124 |
| Non-current assets | ||
| Right-of-use assets (Note 8) | 75,721 | 33,530 |
| Intangible assets (Note 10) | — | — |
| Equipment (Note 9) | 495 | 707 |
| Non-current financial assets (Note 11) | 54,543 | 7,086 |
| Investment accounted for using the equity method (Note 22) | 1,517,007 | 3,847,796 |
| Financial assets at fair value through Other Comprehensive Income (Note 23) | 285,962 | 285,962 |
| Derivative financial instruments (Note 24) | 509,067 | 509,067 |
| Total non-current assets | 2,442,795 | 4,684,148 |
| Total assets | 3,481,302 | 6,364,272 |
| LIABILITIES AND EQUITY | ||
| Current liabilities | ||
| Current lease liabilities | 54,472 | 7,680 |
| Payables and accruals (Note 12) | 1,262,941 | 1,191,284 |
| Other current liabilities (Note 12) | 47,461 | — |
| Total current liabilities | 1,364,874 | 1,198,964 |
| Non-current liabilities | ||
| Non-current lease liabilities | 23,023 | 27,008 |
| Retirement benefits obligations (Note 15) | 184,847 | 371,608 |
| Total non-current liabilities | 207,870 | 398,616 |
| Equity | ||
| Share capital (Note 13) | 2,186,545 | 2,186,545 |
| Share premium (Note 13) | 267,620,796 | 267,308,174 |
| Other equity (Note 13) | 64,620,223 | 64,620,223 |
| Treasury shares reserve (Note 13) | (921,768) | (1,014,980) |
| Other reserves | 31,949,881 | 31,757,431 |
| Accumulated deficit | (363,547,119) | (360,090,701) |
| Total equity | 1,908,558 | 4,766,692 |
| Total liabilities and equity | 3,481,302 | 6,364,272 |
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