ADXN — H1 2026 Financial Report Analysis

Overview

Addex Therapeutics, a Geneva-based drug developer with no products on the market, reported a net loss of CHF 3.46 million for the six months to June 30, 2026, slightly wider than the CHF 3.31 million a year earlier. The company's own spending barely moved: research and development (R&D) fell to CHF 74 thousand and administrative costs held at CHF 1.07 million. Two-thirds of the loss (CHF 2.33 million) is not Addex's spending at all. It is Addex's 20% share of the losses of Neurosterix, a private company it spun out in 2024. The figure that matters most is cash: CHF 0.77 million at June 30, against CHF 1.36 million of bills due within a year. After the period ended, Addex sold about 53 million new shares to raise USD 2.8 million (CHF 2.3 million) and now says its cash lasts into the fourth quarter of 2027. Its own accounts still flag "substantial doubt" that it can keep going as a business.

Addex is a Swiss "foreign private issuer": it files an annual 20-F and a half-year report on Form 6-K instead of US quarterly 10-Qs. Figures are in Swiss francs (CHF) under IFRS, the international accounting rules. The company only reports twice a year, so this half-year report is its only interim result for 2026.

At a glance

• CHF 0.77 million in cash at June 30, 2026, down from CHF 1.64 million at December 31 and CHF 2.30 million a year earlier. The company spent CHF 1.23 million on its operations in the half.
• CHF 2.33 million of the CHF 3.46 million net loss is Addex's share of Neurosterix's losses. This is an accounting charge, not cash leaving Addex. Its own operating loss fell 16% to CHF 1.13 million.
• About 34% more shares since June. Shares outstanding went from 157.3 million to 210.3 million with the July–August share sales, on top of a 22% rise in the average share count over the past year.

Key figures