H1 2026
Filed Sep 28, 2026Addex Therapeutics Reports 2026 Half-Year Results and Provides Corporate Update
H1 2026 operating loss narrowed and R&D expenses declined, but the net loss widened, cash and cash equivalents fell to CHF 0.8 million, and the company subsequently raised CHF 2.3 million in gross proceeds through share sales.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Income, Q2 26other | CHF’ thousands 10 | – | CHF’ thousands (26) |
| Income, H1 26other | CHF’ thousands 18 | – | CHF’ thousands (89) |
| R&D expenses, Q2 26other | CHF’ thousands (38) | – | CHF’ thousands 196 |
| R&D expenses, H1 26other | CHF’ thousands (74) | – | CHF’ thousands 317 |
| G&A expenses, Q2 26other | CHF’ thousands (617) | – | CHF’ thousands (82) |
| G&A expenses, H1 26other | CHF’ thousands (1,069) | – | CHF’ thousands (13) |
| Total operating loss, Q2 26other | CHF’ thousands (645) | – | CHF’ thousands 88 |
| Total operating loss, H1 26other | CHF’ thousands (1,125) | – | CHF’ thousands 214 |
| Finance result, net, Q2 26other | CHF’ thousands 2 | – | CHF’ thousands (4) |
| Finance result, net, H1 26other | — | – | CHF’ thousands 13 |
| Share of net loss of associates, Q2 26other | CHF’ thousands (1,102) | – | CHF’ thousands 130 |
| Share of net loss of associates, H1 26other | CHF’ thousands (2,331) | – | CHF’ thousands (252) |
| Net loss from continuing operations, Q2 26other | CHF’ thousands (1,745) | – | CHF’ thousands 213 |
| Net loss from continuing operations, H1 26other | CHF’ thousands (3,456) | – | CHF’ thousands (24) |
| Net profit from discontinued operations, Q2 26other | — | – | CHF’ thousands (118) |
| Net profit from discontinued operations, H1 26other | — | – | CHF’ thousands (118) |
| Net loss for the period, Q2 26other | CHF’ thousands (1,745) | – | CHF’ thousands 95 |
| Net loss for the period, H1 26other | CHF’ thousands (3,456) | – | CHF’ thousands (142) |
| Basic and diluted net loss per share, Q2 26other | (0.01) | – | 0.01 |
| Basic and diluted net loss per share, H1 26other | (0.03) | – | — |
| Net decrease in cash during the period, Q2 26other | CHF’ thousands (168) | – | CHF’ thousands 356 |
| Net decrease in cash during the period, H1 26other | CHF’ thousands (872) | – | CHF’ thousands 169 |
| Cash and cash equivalents as of June 30other | CHF’ thousands 767 | – | CHF’ thousands (1,534) |
| Shareholders’ equityother | CHF’ thousands 1,909 | – | CHF’ thousands (5,304) |
fourth quarter of 2026 outlook
- NoteNeurosterix is on track to complete its Phase 1 clinical study with NTX-253 during the fourth quarter of 2026.
What drove it
- R&D expenses decreased primarily due to decreased GABAB PAM outsourced R&D expenses and reduced services received at zero cost from Neurosterix’s Group.
- G&A expenses were primarily driven by staff costs and professional fees.
- The net result was affected by reduced R&D expenses partially offset by an increased share of the net loss of Neurosterix’s Group.
- The company regained rights to the GABAB positive allosteric modulator portfolio from Indivior.
- The company continued advancing its GABAB PAM chronic cough candidate through preclinical development.
Concerns
- Cash and cash equivalents were CHF 0.8 million at June 30, 2026.
- Shareholders’ equity was CHF 1.9 million at June 30, 2026.
- The H1 2026 share of net loss of associates was CHF’ thousands (2,331).
- The H1 2026 net loss for the period was CHF’ thousands (3,456).
- The company sold shares after the balance-sheet date for gross proceeds of CHF 2.3 million (USD 2.8 million).
What to watch
- Completion of Neurosterix’s Phase 1 clinical study with NTX-253 during the fourth quarter of 2026.
- Advancement of the GABAB PAM chronic cough candidate through preclinical development.
- Development of the regained GABAB PAM program for substance use disorders.
- Cash resources following the post-balance-sheet share sales.
Balance sheet and cash flow
- Cash and cash equivalents decreased to CHF 0.8 million at June 30, 2026, compared to CHF 2.3 million at June 30, 2025.
- From July 1, 2026 to August 25, 2026, the Group sold 52,970,533 shares at an average price of CHF 0.043 (USD 0.053) for total gross proceeds of CHF 2.3 million (USD 2.8 million).
- The decrease of CHF 1.5 million between June 30, 2026, and June 30, 2025, is primarily due to operating activities partially offset by the sale of treasury shares and ADSs.
Analysis
Addex reported an H1 2026 net loss for the period of CHF’ thousands (3,456), compared with CHF’ thousands (3,314) in H1 2025. The loss from continuing operations was CHF’ thousands (3,456), while the prior-year period included CHF’ thousands 118 of net profit from discontinued operations. Basic and diluted net loss per share was (0.03) in both half-year periods.
Operating costs declined in the half year. R&D expenses were CHF’ thousands (74), versus CHF’ thousands (391) in H1 2025, which the company attributed primarily to lower GABAB PAM outsourced R&D expenses and reduced services received at zero cost from Neurosterix’s Group. Total operating loss narrowed to CHF’ thousands (1,125) from CHF’ thousands (1,339). G&A expenses were largely stable at CHF’ thousands (1,069), compared with CHF’ thousands (1,056), and were primarily driven by staff costs and professional fees.
The principal offset to the lower operating loss was the share of net loss of associates, which increased to CHF’ thousands (2,331) from CHF’ thousands (2,079). Income declined to CHF’ thousands 18 from CHF’ thousands 107, primarily related to the fair value of services received from Neurosterix’s Group at zero cost. The release reported no segment revenue or commercial revenue metrics, consistent with its clinical-stage focus.
Liquidity remains a central focus. Cash and cash equivalents were CHF’ thousands 767 at June 30, 2026, compared with CHF’ thousands 2,301 at June 30, 2025, while shareholders’ equity was CHF’ thousands 1,909. After the balance-sheet date, Addex sold 52,970,533 shares from July 1, 2026 to August 25, 2026, producing total gross proceeds of CHF 2.3 million (USD 2.8 million). Management said the financing enables continued advancement of the in-house GABAB cough program toward clinical development.
Operationally, Addex regained rights to the GABAB positive allosteric modulator portfolio from Indivior and continued preclinical work on its chronic-cough candidate. Neurosterix is on track to complete its Phase 1 clinical study with NTX-253 during the fourth quarter of 2026. The filing did not provide financial revenue, expense, margin, tax-rate, or cash-flow guidance.
Management, verbatim
The successful raising of USD 2.8 million during the last quarter enables us to continue advancing our in-house GABAB cough program towards clinical development.
Tim Dyer, CEO of Addex
Our spin-out company, Neurosterix made as well great progress and is on track to complete its Phase 1 clinical study with NTX-253, an M4 positive allosteric modulator with potential in schizophrenia, during the fourth quarter of 2026.
Tim Dyer, CEO of Addex
Not in the filing
stated, not guessed- Revenue and segment revenue
- Gross profit and gross margin
- Operating income reported as a positive measure or margin
- GAAP, IFRS, or other accounting-framework designation
- Non-GAAP metrics and reconciliations
- Operating cash flow
- Free cash flow
- Debt and other borrowing balances
- Dividend and share-repurchase information
- Tax rate
- Financial guidance for revenue, gross margin, operating expenses, or tax rate
- Prior-period outlook for comparison
- Quarterly sequential comparisons
- Detailed balance-sheet liabilities
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.