Financial Performance - Revenue from contracts with customers increased to CHF 500,892 for the three months ended March 31, 2023, compared to CHF 237,237 for the same period in 2022, marking a growth of approximately 111%[7] - Total revenue for Q1 2023 was CHF 502,047, up from CHF 243,948 in Q1 2022, marking a 106% increase[39] - Net loss for the period narrowed to CHF 2,407,169 in Q1 2023 from CHF 5,823,735 in Q1 2022, indicating an improvement of approximately 59%[7] - The loss attributable to equity holders for Q1 2023 was CHF 2,407,169, an improvement from 5,823,735 in Q1 2022[83] - Basic and diluted loss per share improved to CHF (0.04) in Q1 2023 from CHF (0.15) in Q1 2022[7] Operating Costs - Total operating costs decreased from CHF 6,006,533 in Q1 2022 to CHF 2,901,552 in Q1 2023, a reduction of approximately 52%[7] - Total operating costs for Q1 2023 decreased to CHF 2,901,552, down CHF 3.1 million from CHF 6,006,533 in Q1 2022, primarily due to reduced external research and development expenses[76][77] - General and administration expenses decreased from CHF 2,241,086 in Q1 2022 to CHF 1,197,577 in Q1 2023, a decline of approximately 47%[7] - Research and development expenses were CHF 1,703,975 in Q1 2023, down from CHF 3,765,447 in Q1 2022, a reduction of approximately 55%[7] - Total staff costs for Q1 2023 were CHF 1,343,428, a decrease of CHF 0.8 million compared to CHF 2,192,973 in Q1 2022, mainly due to lower share-based service costs[80] Cash and Assets - Total assets decreased from CHF 8,282,050 as of December 31, 2022, to CHF 7,294,522 as of March 31, 2023, representing a decline of approximately 12%[4] - Cash and cash equivalents decreased from CHF 6,957,086 as of December 31, 2022, to CHF 5,594,872 as of March 31, 2023, a decline of approximately 20%[4] - Cash and cash equivalents at the end of the period were CHF 5,594,872, down from CHF 14,887,838 at the end of the same period in 2022, reflecting a decrease of 62.4%[18] - Other current assets increased to CHF 1,319,871 as of March 31, 2023, compared to CHF 871,875 as of December 31, 2022, an increase of 51%[45] - Total equity decreased from CHF 4,912,911 as of December 31, 2022, to CHF 4,071,228 as of March 31, 2023, a decrease of approximately 17%[4] Cash Flow and Financing - Net cash used in operating activities decreased to CHF 2,359,437 from CHF 4,844,624, indicating a 51.3% reduction in cash outflow[18] - The Group's cash flows from financing activities resulted in a net cash inflow of CHF 1,028,343, contrasting with a net cash outflow of CHF 744,352 in the prior year[18] - The Group's existing cash and cash equivalents are expected to be insufficient to fund operations for the next 12 months, raising substantial doubt about its ability to continue as a going concern[27] - The Group is exploring options to obtain additional funding through collaborations and public or private financings to support future operations[27] Shareholder Information - The total number of shares outstanding as of March 31, 2023, was 80,871,291, excluding 34,477,020 treasury shares[56] - The Group sold 3,742,506 treasury shares at an average price of CHF 0.31 per share, generating gross proceeds of CHF 1,176,781 during Q1 2023[57] - Total share-based compensation expense for Q1 2023 was CHF 431,196, a decrease of CHF 1.0 million from CHF 1,440,052 in Q1 2022[13] - The Group's share-based compensation expense was CHF 431,196 for the period, down from CHF 1,440,052 in the same period last year, indicating a 70% decrease[18] Revenue Recognition - The Group's revenue primarily comes from fees related to licenses, milestones, and research services, with significant judgment required in revenue recognition[30] - Collaborative research funding revenue increased to CHF 500,892 in Q1 2023 from CHF 237,237 in Q1 2022, representing a growth of 111%[37] - Other service income decreased to CHF 1,155 in Q1 2023 from CHF 6,711 in Q1 2022, a decline of 83%[37]
Addex Therapeutics(ADXN) - 2023 Q1 - Quarterly Report