Addex Therapeutics Ltd
- Open
- 5.60
- Day high
- 5.78
- Day low
- 5.60
- Prev close
- 5.70
- Volume
- 1K
- Mkt cap
- $7M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.7
- P/S
- 75.3
- Yield
- —
- Per share
- —
Addex Therapeutics Ltd (ADXN) is a Healthcare company listed on NASDAQ. The stock is down 29% over the past year.
Addex Therapeutics Ltd (ADXN) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ADXN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 25, 2026 | — | $-1.53 | — | $9878 | — |
| Dec 4, 2025 | — | $-1.50 | — | $37364 | -84.2% |
| Jun 20, 2025 | $-4.26 | $-1.33 | +68.8% | — | — |
| Nov 22, 2024 | $-1.40 | $-2.77 | -97.9% | $62725 | -58.2% |
| Sep 30, 2024 | $-0.01 | $-1.77 | -17600.0% | $128657 | -50.5% |
| Jun 6, 2024 | $-0.44 | $-1.37 | -210.3% | $257832 | -66.6% |
| Nov 29, 2023 | $-4.00 | $-4.07 | -1.8% | $357333 | -46.0% |
| Aug 10, 2023 | $-0.83 | $-5.00 | -506.0% | $703351 | +127.3% |
| May 11, 2023 | $-1.03 | $-5.20 | -404.2% | $546616 | +76.7% |
| Mar 9, 2023 | $-0.31 | $-0.83 | -167.7% | $640557 | — |
| Nov 11, 2022 | $-11.20 | $-11.20 | +0.0% | $416057 | +79.3% |
| Aug 18, 2022 | $-11.20 | $-23.60 | -110.7% | $191401 | -63.9% |
Addex Therapeutics Ltd company profile
Overview
Addex Therapeutics Ltd (NASDAQ:ADXN) is a Swiss development-stage biopharmaceutical company founded in 2002 and headquartered in Geneva. The company specializes in discovering and developing small-molecule pharmaceutical products targeting central nervous system disorders through its proprietary allosteric modulation technology platform. After going public in February 2020, Addex has evolved from a traditional biotech focused on advancing its own pipeline to a more asset-light model, having spun out its preclinical programs into Neurosterix in 2024 while retaining key partnerships and a focused development strategy.
Business
Addex operates in the biotechnology sector, specifically focusing on central nervous system drug development. The company's core expertise lies in allosteric modulation, a sophisticated approach to drug design that involves targeting specific sites on G-protein coupled receptors (GPCRs) to modify their activity. Unlike traditional drugs that directly activate or block receptors, allosteric modulators work by binding to alternative sites on the receptor, allowing for more precise and potentially safer therapeutic effects with reduced side effects. The company's pipeline centers around several key therapeutic areas: 1. GABAB Positive Allosteric Modulators (PAMs) represent the most advanced program, developed in partnership with Indivior for substance use disorders. GABA is the brain's primary inhibitory neurotransmitter, and enhancing GABAB receptor activity can help reduce addictive behaviors and cravings. Addex is also independently developing GABAB PAMs for chronic cough treatment, targeting the underlying neural pathways that trigger persistent coughing. 2. Dipraglurant is a metabotropic glutamate receptor 5 (mGluR5) negative allosteric modulator originally developed for Parkinson's disease-related movement disorders. The company has pivoted this program toward brain injury recovery and post-stroke rehabilitation, where it may help facilitate neuroplasticity and improve rehabilitation outcomes. 3. Through its 20% stake in Neurosterix, Addex maintains exposure to several preclinical programs including M4 muscarinic receptor PAMs for schizophrenia, mGluR7 negative allosteric modulators for stress-related disorders, and mGluR2 negative allosteric modulators for neurocognitive disorders. The revenue split is heavily weighted toward partnership funding, with research collaboration payments from Indivior comprising the majority of current revenues, supplemented by milestone payments and potential future royalties from various licensing agreements.
Revenue model
Addex generates revenue through multiple streams centered around its drug development partnerships and licensing agreements. The primary revenue source currently comes from research funding payments from its collaboration with Indivior, which provides ongoing financial support for the GABAB PAM program development. This partnership structure includes potential milestone payments up to $330 million as the program advances through clinical development stages, plus tiered royalties ranging from high-single to low-double digits on eventual product sales. The company also has licensing agreements with Janssen Pharmaceuticals for its epilepsy program ADX71149, which includes potential milestone payments of up to €109 million pre-launch, though this program's future remains uncertain following mixed Phase 2 results. Additionally, Addex secured a €4 million Eurostar grant for its mGluR2 program, demonstrating its ability to access non-dilutive funding sources. A significant strategic shift occurred in 2024 when Addex spun out its preclinical pipeline into Neurosterix, receiving CHF 5 million in cash plus a 20% equity stake valued at approximately $20 million. This transaction transformed Addex into a more asset-light model while maintaining upside exposure through its Neurosterix ownership. Several factors influence Addex's financial performance and margins. Positive factors include the high-value nature of CNS drug development, which commands premium pricing and substantial milestone payments, the company's specialized allosteric modulation expertise creating differentiated assets, and the reduced operational costs following the Neurosterix spin-out. Negative factors include the inherent high failure rates in CNS drug development, lengthy development timelines requiring sustained funding, regulatory risks particularly acute in neurological disorders, and competition from larger pharmaceutical companies with greater resources. The company's small size also makes it vulnerable to partnership dependency and limits its ability to advance multiple programs simultaneously without external funding.
Competitive moat
Addex's competitive moat is moderately strong but narrow, built primarily around its specialized expertise in allosteric modulation of GPCRs. This represents a sophisticated and technically challenging approach to drug discovery that requires deep scientific knowledge and extensive experience to execute effectively. The company's two decades of focus in this area has generated valuable intellectual property, proprietary compound libraries, and technical know-how that would be difficult for competitors to quickly replicate. However, the moat faces several limitations. The biotechnology industry is characterized by rapid scientific advancement, and larger pharmaceutical companies with substantially greater resources can potentially develop competing approaches or acquire similar capabilities through acquisitions or partnerships. The company's small size limits its ability to defend its market position through extensive patent portfolios or multiple simultaneous development programs. The most significant competitive threats come from large pharmaceutical companies that may develop alternative approaches to the same therapeutic targets, academic institutions and other biotechs working on similar mechanisms, and the general risk that Addex's specific approach may prove less effective than competing methodologies in clinical trials. The recent mixed results from the Janssen epilepsy program highlight how clinical setbacks can quickly erode competitive advantages in biotech. The Neurosterix spin-out actually strengthened Addex's strategic position by reducing its cash burn while maintaining upside exposure, but it also narrowed the company's focus and reduced its pipeline diversity. Overall, while Addex has built meaningful expertise in a specialized area, its moat is primarily dependent on execution success in a high-risk, high-reward industry where competitive advantages can shift rapidly based on clinical trial outcomes.
Risks & safety
The margin of safety appears moderate to low given the company's early-stage development focus and cash burn profile. **Cash and Solvency:** - Cash position of CHF 3.3 million as of Q3 2024, down from CHF 4.2 million in Q2 - Quarterly cash burn of approximately CHF 0.4-0.5 million in operating cash flow - Current ratio of 4.59, indicating strong short-term liquidity - Minimal debt with debt-to-equity ratio of 0.004 - Estimated runway of approximately 6-8 quarters at current burn rate **Valuation Metrics:** - Trading at 0.61x book value, suggesting potential undervaluation - Negative earnings make P/E ratios meaningless - EV/EBITDA of -136x reflects negative EBITDA from R&D spending - Market cap of approximately $8.4 million represents significant discount to net assets **Other Considerations:** - 20% Neurosterix stake provides potential significant upside if programs advance successfully - Partnership milestone payments could provide substantial non-dilutive funding - Small market cap creates high volatility and liquidity risks - Clinical trial binary outcomes create substantial event risk
Recent development
Over the past few years, Addex has undergone a significant strategic transformation, evolving from a traditional integrated biotech to a more focused, asset-light model. The most pivotal development was the 2024 Neurosterix spin-out, where the company transferred its preclinical pipeline including M4 PAM, mGluR7 NAM, and mGluR2 NAM programs to a new entity that raised $63 million in Series A funding. This transaction provided Addex with CHF 5 million in cash and a 20% equity stake while dramatically reducing operational costs and cash burn. The company has strategically repositioned its lead programs based on clinical learnings and market opportunities. Dipraglurant, originally developed for Parkinson's disease levodopa-induced dyskinesia, has been pivoted toward brain injury recovery and post-stroke rehabilitation following recognition of this significant unmet medical need. Meanwhile, the GABAB PAM program has expanded beyond the Indivior partnership for substance use disorders to include an independent development track for chronic cough treatment, with IND-enabling studies planned for H1 2025. Partnership strategy has become increasingly central to Addex's approach. The Indivior collaboration was extended and expanded, with the partner selecting a clinical candidate and initiating IND-enabling studies. The company has also maintained its relationship with Janssen for the epilepsy program, though this faces uncertainty following mixed Phase 2 results expected to be fully analyzed in 2024. The operational model shift has been dramatic, with most staff and facilities transferred to Neurosterix as of March 2024, leaving Addex as a lean organization focused on partnership management and selective internal development programs. This transformation has reduced annual cash burn from over CHF 8 million to under CHF 2 million while maintaining exposure to multiple high-value development programs through partnerships and equity stakes.
ADXN company profile · for informational purposes only — not investment advice.
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