Addex Therapeutics Ltd
ADXNHealthcare|Biotechnology|CH
$2.90
+0.00 (+0.00%)
DCF Value
$1.41
Tangible Book / Share
$1.31
Cash / Share
$0.53
Financials
Financial Snapshot
Market Cap
$3.6M
Enterprise Value
$2.0M
Revenue (TTM)
$47.6K
Net Income (TTM)
-$6.9M
Cash & Investments
$767.3K
Net Cash
$689.8K
Free Cash Flow (TTM)
-$2.4M
Operating CF (TTM)
-$2.4M
Debt/Equity
0.04
Cash Runway & Burn Rate
Cash on Hand
$767.3K
Quarterly Burn
$594.0K
Monthly Burn
$198.0K
Est. Runway
~1.3 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $1.4M | $2.6M | $41.7M | $31.6M | $18.8M | $20.5M | $7.0M | $3.9M | $3.3M | $1.6M | $767.3K | |
| Operating Cash Flow | -$2.7M | -$2.1M | $1.8M | -$9.5M | -$12.2M | -$14.7M | -$16.4M | -$8.0M | -$5.4M | -$2.1M | -$2.4M | |
| Free Cash Flow | -$2.7M | -$2.1M | $1.7M | -$9.5M | -$12.2M | -$14.7M | -$16.4M | -$8.0M | -$5.4M | -$2.1M | -$2.4M | |
| Capital Expenditure | -$11.2K | -$697.00 | -$9.1K | -$28.5K | -$59.4K | -$31.5K | -$581.00 | -$6.8K | -$1.3K | $0.00 | -$3.94 | |
| Financing Cash Flow | $1.5M | $3.4M | $37.4M | -$463.7K | $46.4K | $16.4M | $3.1M | $5.3M | $104.9K | $1.1M | $800.7K |
R&D Spending
R&D (TTM)
$136.4K
R&D Intensity
286.6%
R&D Growth vs Prior
-28.3%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.3K | $499.9K | $6.0M | $2.8M | $3.6M | $2.9M | $1.4M | $1.6M | $404.1K | $30.0K | $47.6K | |
| R&D Expense | $819.3K | $841.3K | $2.4M | $12.5M | $10.4M | $9.0M | $7.9M | $942.7K | $435.2K | $190.2K | $136.4K | |
| R&D % of Revenue | 4728.1% | 168.3% | 39.2% | 450.8% | 287.1% | 309.1% | 554.2% | 58.4% | 107.7% | 634.6% | 286.6% | |
| SG&A | $1.5M | $2.2M | $4.7M | $4.3M | $5.7M | $7.7M | $3.3M | $2.0M | $1.7M | $1.9M | $2.0M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.3K | $499.9K | $6.0M | $2.8M | $3.6M | $2.9M | $1.4M | $1.6M | $404.1K | $30.0K | $47.6K | |
| Cost of Revenue | $17.3K | $29.8K | $144.2K | $230.1K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $61.3K | |
| Gross Profit | $0.00 | $470.1K | $5.9M | $2.5M | $3.6M | $2.9M | $1.4M | $1.6M | $404.1K | $30.0K | -$13.7K | |
| R&D | $819.3K | $841.3K | $2.4M | $12.5M | $10.4M | $9.0M | $7.9M | $942.7K | $435.2K | $190.2K | $136.4K | |
| SG&A | $1.5M | $2.2M | $4.7M | $4.3M | $5.7M | $7.7M | $3.3M | $2.0M | $1.7M | $1.9M | $2.0M | |
| Operating Income | -$3.1M | -$3.2M | -$1.4M | -$14.6M | -$12.2M | -$15.5M | -$10.5M | -$2.2M | -$2.8M | -$2.8M | -$2.6M | |
| Interest Expense | $6.9K | $45.4K | $220.2K | $128.5K | $69.5K | $63.0K | $48.9K | $21.6K | $3.5K | $2.4K | $5.3K | |
| Pretax Income | -$3.1M | -$3.3M | -$1.6M | -$14.8M | -$12.9M | -$15.4M | -$10.8M | -$2.5M | -$4.9M | -$6.8M | -$6.9M | |
| Net Income | -$3.1M | -$3.3M | -$1.6M | -$14.8M | -$12.9M | -$15.4M | -$20.8M | -$10.6M | $7.1M | -$6.7M | -$6.9M | |
| EPS (Diluted) | -33.60 | -30.00 | -8.47 | -67.20 | -57.60 | -54.00 | -55.20 | -16.80 | 8.40 | -6.88 | -5.61 | |
| EBITDA | -$3.1M | -$3.2M | -$1.5M | -$14.3M | -$12.4M | -$14.9M | -$10.5M | -$2.2M | -$4.6M | -$6.8M | -$5.7M | |
| Shares Out. (M) | 0.10 | 0.11 | 0.19 | 0.22 | 0.22 | 0.28 | 0.38 | 0.62 | 0.82 | 0.93 | 1.45 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.4M | $2.6M | $41.7M | $31.5M | $18.7M | $20.5M | $7.0M | $3.9M | $3.3M | $1.6M | $767.3K | |
| Short-Term Investments | $0.00 | $0.00 | $8.0K | $14.0K | $64.9K | $17.1K | $3.2K | $848.00 | $6.5K | $0.00 | $0.00 | |
| Total Current Assets | $1.7M | $3.1M | $42.2M | $32.4M | $19.5M | $21.9M | $7.8M | $4.2M | $3.5M | $1.7M | $1.0M | |
| Total Assets | $1.7M | $3.1M | $42.2M | $33.0M | $20.2M | $22.5M | $8.3M | $4.6M | $10.7M | $6.4M | $3.5M | |
| Total Current Liabilities | $1.2M | $1.5M | $2.3M | $5.7M | $3.6M | $4.1M | $3.3M | $2.9M | $802.1K | $1.2M | $1.4M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $1.5M | $1.7M | $3.0M | $7.5M | $5.6M | $5.6M | $3.4M | $3.5M | $1.0M | $1.6M | $1.6M | |
| Stockholders' Equity | $218.6K | $1.3M | $39.2M | $25.5M | $14.6M | $16.9M | $4.9M | $1.1M | $9.7M | $4.8M | $1.9M | |
| Retained Earnings | -$281.1M | -$284.4M | -$286.1M | -$300.8M | -$313.7M | -$329.1M | -$349.9M | -$360.4M | -$353.4M | -$360.5M | -$363.5M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.7M | -$2.1M | $1.8M | -$9.5M | -$12.2M | -$14.7M | -$16.4M | -$8.0M | -$5.4M | -$2.1M | -$2.4M | |
| Capital Expenditure | -$11.2K | -$697.00 | -$9.1K | -$28.5K | -$59.4K | -$31.5K | -$581.00 | -$6.8K | -$1.3K | $0.00 | -$3.94 | |
| Free Cash Flow | -$2.7M | -$2.1M | $1.7M | -$9.5M | -$12.2M | -$14.7M | -$16.4M | -$8.0M | -$5.4M | -$2.1M | -$2.4M | |
| Investing Cash Flow | -$1.5K | -$697.00 | -$61.7K | -$43.3K | -$59.4K | -$30.3K | $3.0K | -$6.8K | $4.6M | -$650.1K | $51.0K | |
| Financing Cash Flow | $1.5M | $3.4M | $37.4M | -$463.7K | $46.4K | $16.4M | $3.1M | $5.3M | $104.9K | $1.1M | $800.7K | |
| Issuance of Stock | $1.5M | $3.4M | $40.5M | $6.0K | $720.0K | $14.0M | $1.7M | $5.6M | $204.4K | $1.1M | $849.8K | |
| Repurchase of Stock | $0.00 | $0.00 | -$5.4K | $0.00 | $0.00 | $0.00 | $0.00 | -$48.1K | -$25.8K | $0.00 | -$7.2K | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | -$316.8K | -$367.4K | -$309.6K | -$288.1K | -$281.8K | -$73.7K | -$7.3K | -$37.9K | |
| Stock Based Comp. | $197.3K | $800.2K | $2.3M | $1.7M | $1.2M | $1.2M | $3.7M | $0.00 | $0.00 | $0.00 | $22.9K | |
| Net Change in Cash | -$1.2M | $1.2M | $39.1M | -$10.1M | -$12.8M | $1.8M | -$13.5M | -$3.1M | -$523.7K | -$1.3M | -$1.5M |
Dilution Tracker
Shares outstanding grew 320.5% over 5 years — significant dilution
Shares Outstanding
1M
5-Year Share Growth
+320.5%
Stock Issuance (TTM)
$849.8K
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.10 | 0.11 | 0.19 | 0.22 | 0.22 | 0.28 | 0.38 | 0.62 | 0.82 | 0.93 | 1.45 | |
| Change vs Prior % | — | 13.4% | 80.0% | 13.5% | 1.0% | 27.9% | 32.4% | 64.5% | 32.0% | 14.4% | 55.5% | |
| Stock Issuance | $1.5M | $3.4M | $40.5M | $6.0K | $720.0K | $14.0M | $1.7M | $5.6M | $204.4K | $1.1M | $849.8K | |
| Stock Repurchase | $0.00 | $0.00 | -$5.4K | $0.00 | $0.00 | $0.00 | $0.00 | -$48.1K | -$25.8K | $0.00 | -$7.2K | |
| Stock Based Comp. | $197.3K | $800.2K | $2.3M | $1.7M | $1.2M | $1.2M | $3.7M | $0.00 | $0.00 | $0.00 | $22.9K |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 94.0% | 97.6% | 91.7% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | -28.8% | |
| Operating Margin % | -18059.9% | -647.1% | -23.6% | -528.6% | -338.9% | -531.7% | -741.0% | -139.1% | -681.8% | -9390.8% | -5460.8% | |
| Net Margin % | -18174.1% | -656.2% | -27.2% | -535.0% | -355.9% | -526.4% | -1462.6% | -654.5% | 1746.0% | -22448.4% | -14429.2% | |
| EBITDA Margin % | -17979.1% | -644.1% | -24.9% | -518.2% | -343.5% | -512.3% | -734.9% | -135.8% | -1149.6% | -22793.6% | -12032.9% | |
| FCF Margin % | -15613.2% | -427.2% | 28.8% | -344.2% | -338.8% | -505.3% | -1155.6% | -495.9% | -1330.1% | -6925.9% | -4994.9% | |
| ROE % | -1440.8% | -244.3% | -4.2% | -57.9% | -88.0% | -90.7% | -423.5% | -921.6% | 72.9% | -141.1% | -172.8% | |
| ROA % | -187.1% | -107.1% | -3.9% | -44.8% | -63.7% | -68.1% | -251.2% | -227.4% | 66.1% | -105.7% | -197.6% | |
| ROIC % | -722.7% | -203.9% | -3.6% | -52.7% | -72.6% | -82.9% | -199.4% | -110.9% | -27.9% | -54.4% | -120.0% | |
| R&D / Revenue % | 4728.1% | 168.3% | 39.2% | 450.8% | 287.1% | 309.1% | 554.2% | 58.4% | 107.7% | 634.6% | 286.6% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -57.0% | 2784.7% | 1109.0% | -54.3% | 30.8% | -19.3% | -51.2% | 13.4% | -74.9% | -92.6% | |
| Gross Profit | 0.0% | 0.0% | 1154.9% | -57.1% | 42.6% | -19.3% | -51.2% | 13.4% | -74.9% | -92.6% | |
| Operating Income | 19.1% | -3.4% | 56.0% | -925.1% | 16.2% | -26.6% | 32.0% | 78.7% | -22.8% | -2.2% | |
| Net Income | 25.1% | -4.2% | 49.9% | -798.6% | 13.0% | -19.4% | -35.5% | 49.3% | 166.8% | -195.4% | |
| EPS (Diluted) | 28.2% | 10.7% | 71.8% | -693.2% | 14.3% | 6.2% | -2.2% | 69.6% | 150.0% | -181.9% | |
| Operating Cash Flow | -2.5% | 20.8% | 182.1% | -641.3% | -28.5% | -20.7% | -11.8% | 51.4% | 32.8% | 61.4% | |
| Free Cash Flow | -2.9% | 21.1% | 181.6% | -645.7% | -28.7% | -20.4% | -11.5% | 51.3% | 32.8% | 61.4% | |
| R&D Expense | 7.6% | 2.7% | 181.5% | 425.8% | -16.7% | -13.1% | -12.5% | -88.0% | -53.8% | -56.3% | |
| SG&A Expense | -2.9% | 44.3% | 114.8% | -8.7% | 33.4% | 34.7% | -57.9% | -37.7% | -17.5% | 12.7% | |
| Total Assets | -41.8% | 82.0% | 1278.1% | -21.8% | -38.9% | 11.7% | -63.3% | -44.0% | 130.0% | -40.4% | |
| Book Value / Share | -87.5% | 441.6% | 1523.9% | -42.7% | -43.3% | -9.4% | -78.1% | -85.8% | 539.9% | -56.9% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 3.1% | -15.0% | -22.6% | -7.7% | -87.8% | -17.3% | |
| Diluted Shares | 5.2% | 13.4% | 80.0% | 13.5% | 1.0% | 27.9% | 32.4% | 64.5% | 32.0% | 14.4% |
Valuation
P/E (TTM)At Loss
P/S41.94
10Y Low / Med / High1.95 / 14.61 / 1262.12
P/B1.91
10Y Low / Med / High0.54 / 1.93 / 100.06
EV/EBITDAAt Loss
EV/Revenue31.02
10Y Low / Med / High0.25 / 9.59 / 1180.38
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$1.41
Tangible Book / Share
$1.31
Cash / Share
$0.53
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -6.84 | -7.34 | -26.25 | -3.25 | -4.12 | -2.12 | -0.21 | -0.30 | 0.76 | -0.89 | -0.44 | |
| P/S Ratio | 1262.12 | 47.48 | 7.14 | 17.42 | 14.61 | 11.18 | 3.08 | 1.95 | 12.86 | 191.02 | 41.94 | |
| P/B Ratio | 100.06 | 17.68 | 1.10 | 1.89 | 3.61 | 1.93 | 0.89 | 2.75 | 0.54 | 1.20 | 1.91 | |
| EV/EBITDA | -6.57 | -6.57 | -0.99 | -1.20 | -2.79 | -0.84 | 0.21 | 0.17 | -0.41 | -0.60 | -0.57 | |
| EV/Revenue | 1180.38 | 42.29 | 0.25 | 6.21 | 9.59 | 4.32 | -1.55 | -0.23 | 4.69 | 137.44 | 31.02 |
Analyst Estimates & Quality
Altman Z-Score
-150.64
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 |
|---|---|---|
| Revenue | $1.4M | $6.1M |
| Net Income | -$4.4M | -$3.0M |
| EPS | $-4.74 | $-3.24 |
| # Analysts (EPS) | 2 | 1 |
Revenue Segments
By Product
| Segment | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Ifrs Research | $2.8M | $3.6M | — | — | — | — |
| Research | — | — | $2.9M | $1.4M | $1.6M | $400.0K |