Addex Therapeutics(US:ADXN)2025-09-30 10:01Financial Performance - Revenue from contracts with customers was CHF 0 for the three months ended June 30, 2025, compared to CHF 115,277 for the same period in 2024, indicating a decrease of 100%[5]. - Operating loss for the six months ended June 30, 2025, was CHF 1,339,160, a reduction of 20.7% compared to CHF 1,687,408 for the same period in 2024[5]. - Net loss from continuing operations for the six months ended June 30, 2025, was CHF 3,431,775, compared to CHF 2,191,939 for the same period in 2024, reflecting an increase of 56.7%[5]. - The company reported a net loss of CHF 1,841,165 for the three months ended June 30, 2025, compared to a profit of CHF 12,878,632 for the same period in 2024, indicating a significant shift in performance[7]. - The total comprehensive loss for the six months ended June 30, 2025, was CHF 3,260,809, compared to a profit of CHF 9,690,375 for the same period in 2024[7]. - The company reported a basic and diluted loss per share of CHF 0.03 for the six months ended June 30, 2025, compared to a profit of CHF 0.10 for the same period in 2024[5]. - For the six months ended June 30, 2025, Addex Therapeutics reported a net loss of CHF 3,314,028 compared to a net profit of CHF 9,791,493 for the same period in 2024[21]. - The total comprehensive loss for the period was CHF 1,406,841, reflecting a decrease from the previous year's profit[16]. - The net loss from continuing operations was CHF 1,958,912 for the three months ended June 30, 2025, compared to CHF 1,456,761 for the same period in 2024, representing an increase of approximately 34.4%[109]. - The net profit from discontinued operations for the three months ended June 30, 2025, was CHF 117,747, a significant decrease from CHF 14,335,393 in 2024[109]. - The net loss attributable to equity holders of the company for the six months ended June 30, 2025, was CHF 3,314,028, compared to a profit of CHF 9,791,493 in 2024, indicating a shift in performance[109]. Assets and Liabilities - Total assets decreased to CHF 8,506,015 as of June 30, 2025, down from CHF 10,678,303 as of December 31, 2024, representing a decline of approximately 20.4%[4]. - Total current liabilities increased to CHF 1,150,446 as of June 30, 2025, from CHF 802,093 as of December 31, 2024, marking a rise of 43.4%[4]. - Cash and cash equivalents decreased to CHF 2,300,994 as of June 30, 2025, down from CHF 3,341,738 as of December 31, 2024, a decline of 31.1%[4]. - The total equity as of June 30, 2025, was CHF 7,212,726, down from CHF 12,651,300 as of June 30, 2024[16]. - Trade payables rose significantly to CHF 640,087 as of June 30, 2025, compared to CHF 253,290 as of December 31, 2024, indicating a substantial increase in liabilities[61]. - Other current assets increased to CHF 356,586 as of June 30, 2025, from CHF 199,625 as of December 31, 2024, primarily due to higher prepayments[57]. - The net book value of right-of-use assets decreased to CHF 37,555 as of June 30, 2025, from CHF 41,578 as of December 31, 2024[58]. - The Group's long-lived assets in Switzerland decreased from $7,136,602 on December 31, 2024, to $5,848,099 on June 30, 2025[53]. Cash Flow and Investments - Cash and cash equivalents at the end of the period were CHF 2,300,994, down from CHF 3,787,780 at the end of June 2024[21]. - The Group's cash flow from discontinued activities for the six months ended June 30, 2025, was CHF 57,673, compared to CHF 1,597,232 in the same period of 2024[97]. - The Group invested CHF 795,029 in Stalicla Ltd in June 2025, receiving 23,342 preferred shares and derivative financial instruments[114]. - The Group's financial assets at fair value through other comprehensive income included preferred shares of Stalicla SA, classified for strategic purposes rather than trading[101]. - The Group's total financial assets measured at fair value as of June 30, 2025, amounted to CHF 795,029, with various derivative financial instruments included in this valuation[104]. Operating Costs - Total operating costs for the three months ended June 30, 2025, were CHF 769,273, a decrease of 24.1% compared to CHF 1,014,593 for the same period in 2024[54]. - Total operating costs recognized as continuing operating costs for the six-month period ended June 30, 2025, decreased by CHF 590,005 to CHF 1,446,590 compared to CHF 2,037,595 for the same period in 2024[86]. - The total external research and development costs for the six-month period ended June 30, 2025, were CHF 101,075, a decrease from CHF 363,571 in the same period of 2024[86]. - The total share-based compensation expense for the six-month period ended June 30, 2025, was CHF 44,098, down from CHF 105,572 for the same period in 2024[68]. - Staff costs for the six-month period ended June 30, 2025, remained stable at CHF 145,538 compared to CHF 136,641 for the same period in 2024[90]. Strategic Focus and Transactions - Addex Therapeutics has a 20% equity interest in Neurosterix US Holdings LLC, which is part of its strategic focus on neurological disorders[23]. - The Group recognized discontinued operations related to the sale of its allosteric modulator drug discovery technology platform on April 2, 2024[33]. - The Group divested its allosteric modulator drug discovery technology platform and preclinical programs to Neurosterix Pharma Sàrl for gross proceeds of CHF 5.0 million and a 20% equity interest valued at CHF 9.4 million[93][99]. - The Group entered into a service agreement with Neurosterix Pharma Sàrl to access certain staff and infrastructure at zero cost until December 31, 2024, ensuring continuity of retained business operations[93]. - The Group's share of net loss from Neurosterix Group for the six months ended June 30, 2025, was CHF 2,079,296, reflecting ongoing R&D and administrative expenses[100]. Grants and Funding - The Group received a grant of CHF 0.5 million from Eurostars/Innosuisse to support the mGlu2 NAM program, with CHF 0.3 million received in December 2023[85]. - The Group recognized CHF 0.1 million and CHF 0.3 million as revenue in continuing operations related to the research agreement for the three-month and six-month periods ended June 30, 2024[79]. Management and Shareholder Information - Key management compensation for the three months ended June 30, 2025, totaled CHF 118,774, slightly down from CHF 142,302 in 2024, indicating a decrease of about 16.5%[110]. - As of June 30, 2025, the number of outstanding shares was 141,192,292, excluding 43,162,204 treasury shares[63]. - The weighted average number of shares in issue increased to 100,523,234 for the three months ended June 30, 2025, from 98,305,583 in 2024, reflecting a growth of approximately 2.2%[109]. - From July 1, 2025, to the issuance date of the financial statements, the Group sold 5,086,552 shares at an average price of CHF 0.069, generating total gross proceeds of CHF 350,427[115].