Addex Therapeutics(ADXN) - 2025 Q3 - Quarterly Report

Financial Performance - Revenue from contracts with customers for the three months ended September 30, 2025, was CHF 29,724, a decrease of 44.7% compared to CHF 53,837 for the same period in 2024 [6]. - Net loss for the nine months ended September 30, 2025, was CHF 4,891,259, compared to a net profit of CHF 8,261,523 for the same period in 2024, indicating a significant shift in financial performance [6]. - Operating loss for the three months ended September 30, 2025, was CHF 696,175, an increase of 11.9% from CHF 622,199 in the same period of 2024 [6]. - The company reported a basic and diluted loss per share of CHF 0.05 for the nine months ended September 30, 2025, compared to a profit of CHF 0.08 for the same period in 2024 [6]. - The company recorded a comprehensive loss of CHF 4,893,408 for the nine months ended September 30, 2025, compared to a comprehensive income of CHF 8,060,701 for the same period in 2024 [8]. - The Group's revenue for the nine months ended September 30, 2025, was CHF 157.03 million, a decrease of 61.6% compared to CHF 408.53 million for the same period in 2024 [50]. - The Group's finance result, net for the nine-month period ended September 30, 2025, was a loss of CHF 14,136, compared to a loss of CHF 4,222 in 2024, largely due to foreign exchange losses [89]. Assets and Liabilities - Total assets decreased to CHF 7,330,802 as of September 30, 2025, down from CHF 10,678,303 as of December 31, 2024, representing a decline of approximately 31.5% [4]. - Total current liabilities increased to CHF 1,174,899 as of September 30, 2025, compared to CHF 802,093 as of December 31, 2024, reflecting a rise of approximately 46.3% [4]. - Total equity decreased to CHF 5,958,555 as of September 30, 2025, down from CHF 9,677,271 as of December 31, 2024, a decline of approximately 38.1% [4]. - The balance as of September 30, 2025, decreased to CHF 5,958,555 from CHF 11,062,228 in the previous year [11]. - As of September 30, 2025, total payables, accruals, and other current liabilities increased to CHF 1,167,314, up from CHF 794,787 as of December 31, 2024, reflecting a significant rise in trade payables and accrued expenses [59]. Cash Flow and Investments - The company reported a net cash used in operating activities of CHF 1,551,751 for the nine months ended September 30, 2025 [20]. - Cash and cash equivalents at the end of the period were CHF 2,187,202, down from CHF 3,349,180 at the beginning of the period [20]. - The Group recognized a net gain of CHF 117,747 from the Neurosterix transaction during the nine-month period [20]. - The total cash and cash equivalents as of September 30, 2025, were CHF 2.19 million, down from CHF 3.34 million as of December 31, 2024, indicating a decrease of 34.4% [52]. - The Group's investment in Stalicla SA amounted to CHF 795,029, with the fair value of the unlisted securities remaining unchanged as of September 30, 2025 [98]. Research and Development - Research and development expenses for the nine months ended September 30, 2025, were CHF 618,842, down 21.6% from CHF 788,956 in the same period of 2024 [6]. - The Group's accrued research and development costs are a significant component of expenses, recorded based on estimated services provided but not yet invoiced [41]. - The Group's patent maintenance and registration costs for the nine-month period ended September 30, 2025, were CHF 178,952, down from CHF 215,730 in 2024 [84]. Shareholder and Management Information - The Group's total share capital as of September 30, 2025, included 146,476,085 outstanding shares, excluding 37,878,411 treasury shares [62]. - Key management compensation for the nine months ended September 30, 2025, totaled CHF 352,798, showing stability compared to CHF 373,961 in the same period of 2024 [106]. - The total compensation costs related to key management transferred to Neurosterix Group amounted to CHF 1.9 million for the nine-month period ended September 30, 2024 [107]. Discontinued Operations - The Group recognized a net gain of CHF 117,747 from discontinued operations during the nine-month period ended September 30, 2025, following a gain of CHF 13,959,500 in the same period of 2024 [91]. - For the nine months ended September 30, 2025, the net profit from discontinued operations was CHF 117,747, a significant decrease from CHF 11,981,034 in the same period of 2024 [94]. - The total disposal consideration from the Neurosterix transaction amounted to CHF 117,747 for the nine months ended September 30, 2025, compared to CHF 15,594,933 in 2024 [95].