Addex Therapeutics Ltd.
ADXN · Pharmaceutical Preparations · EDGAR filings ↗
Grade
D41Cash-strapped clinical-stage biotech whose flattering profitability metrics are a one-off divestiture artifact, with a failed Phase 2 and runway into mid-2026.
Strengths
- One-time gain from Neurosterix divestiture produced positive reported ROE/ROA and net margin
- Strong nominal liquidity ratios (current ratio 4.4x)
Risks
- Partner Janssen's Phase 2 (ADX71149) missed its primary endpoint and program was terminated
- Only ~CHF 1.6M cash, runway through mid-June 2026, ~2.5 quarters; CHF 360M accumulated losses
- Positive net margin (99th pct) is an accounting artifact, not real profitability
Notable findings
- No interest coverageInterest coverage -1712.39 (cannot cover interest)
- Cash burnNegative free cash flow (-5.9M)
- Revenue declineRevenue -76.8% YoY
Key metrics
Operating margin
-681.8%
Net margin
1746.0%
Return on equity
72.9%
Return on assets
66.1%
Revenue growth (QoQ)
-76.8%
Interest coverage
-1712.4×
Current ratio
4.4×
Free cash flow
-$6M
Tangible book value
$11M
Cash & investments
$4M
Cash runway
2q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-05-15 | 2025-12-31 | 0001104659-26-062447 ↗ |
| 20-F | 2025-05-15 | 2024-12-31 | 0001104659-25-049380 ↗ |
| 20-F | 2024-04-18 | 2023-12-31 | 0001104659-24-048532 ↗ |
| 20-F | 2023-03-30 | 2022-12-31 | 0001104659-23-038581 ↗ |
| 20-F | 2022-03-10 | 2021-12-31 | 0001104659-22-032171 ↗ |
| 20-F | 2021-03-11 | 2020-12-31 | 0001047469-21-000566 ↗ |
| 20-F | 2020-04-27 | 2019-12-31 | 0001047469-20-002580 ↗ |