The company's financial stability is increasingly compromised, with the current ratio deteriorating to 0.97 as of 2026Q1, signaling heightened risk in meeting short-term obligations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Total Current Assets | 1.19M | 1.68M | 3.54M | 4.23M | 7.83M | 21.94M | 19.49M | 32.39M | 42.15M | 3.05M | 1.66M | 2.78M | 2.14M | 3.9M | 17.02M | 38.07M | 66.5M | 78.4M | 122.6M | 143.68M | 42.26M |
| Cash & Short-Term Investments | 937.5K | 1.64M | 3.35M | 3.87M | 6.96M | 20.5M | 18.76M | 31.55M | 41.68M | 2.59M | 1.42M | 2.63M | 1.98M | 2.91M | 15.26M | 36.07M | 63.8M | 76.56M | 119.47M | 140.04M | 40.95M |
| Cash Only | 935.15K | 1.64M | 3.34M | 3.87M | 6.96M | 20.48M | 18.7M | 31.54M | 41.67M | 2.59M | 1.42M | 2.63M | 1.98M | 2.91M | 15.26M | 36.07M | 63.8M | 76.56M | 119.47M | 140.04M | 40.95M |
| Short-Term Investments | 2.35K | 0 | 6.5K | 848 | 3.17K | 17.14K | 64.93K | 13.97K | 7.98K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 31.99K | 20.11K | 15.51K | 151.27K | 598.32K | 324.42K | 68.37K | 118.03K | 273.02K | 303.88K | 220.72K | 132.07K | 91.51K | 811.55K | 982.47K | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 174.35 | 244.89 | 14.01 | 34.23 | 153.53 | 40.6 | 6.91 | 15.59 | 16.49 | 221.88 | 4.65K | 1.2K | 391.08 | 3.23K | 2.96K | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 162.84K | -13.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 7.97K | 0 | 0 | 0 | 0 | 13.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2M | 2.7M | 1.84M | 3.13M | 1.63M | 714.55K |
| Total Non-Current Assets | 3.57M | 4.69M | 7.14M | 407.28K | 453.09K | 600.01K | 692.25K | 639.88K | 63.27K | 9.84K | 24.41K | 106.95K | 1.86M | 1.98M | 4.72M | 5.55M | 7.79M | 10.15M | 9.73M | 5.69M | 4.1M |
| Property, Plant & Equipment | 101.55K | 34.27K | 42.71K | 352.94K | 398.73K | 542.1K | 633.1K | 570.97K | 8.87K | 2.75K | 17.3K | 31.84K | 44.68K | 179.52K | 2.09M | 3.96M | 6.67M | 9.57M | 8.99M | 4.95M | 3.65M |
| Fixed Asset Turnover | 1.41x | 0.87x | 9.46x | 4.57x | 3.57x | 5.38x | 5.71x | 4.84x | 681.54x | 181.71x | 1.00x | 1.27x | 1.91x | 0.51x | 0.06x | 0.71x | 0.30x | 0.43x | 2.98x | 0.10x | 1.30x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.22K | 52.58K | 97.6K | 32.22K | 83.92K | 181.57K | 224.05K | 184.74K | 81.42K |
| Long-Term Investments | 17.26M | 4.65M | 7.09M | 0 | 0 | 0 | 0 | 0 | 54.4K | 7.09K | 7.1K | 75.11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 563.5K | 7.09K | 7.09K | 54.34K | 54.35K | 57.91K | 59.14K | 68.91K | 0 | 0 | 0 | 0 | 1.8M | 1.75M | 2.53M | 1.55M | 1.04M | 405.14K | 513.36K | 556.87K | 360.35K |
| Total Assets | 4.76M | 6.37M | 10.68M | 4.64M | 8.28M | 22.54M | 20.18M | 33.03M | 42.21M | 3.06M | 1.68M | 2.89M | 4M | 5.88M | 21.74M | 43.62M | 74.28M | 88.55M | 132.33M | 149.37M | 46.35M |
| Asset Turnover | 0.01x | 0.00x | 0.04x | 0.35x | 0.17x | 0.13x | 0.18x | 0.08x | 0.14x | 0.16x | 0.01x | 0.01x | 0.02x | 0.02x | 0.01x | 0.06x | 0.03x | 0.05x | 0.20x | 0.00x | 0.10x |
| Asset Growth % | -167.86% | -40.38% | 130.04% | -43.95% | -63.26% | 11.69% | -38.9% | -21.76% | 1278.1% | 82.02% | -41.76% | -27.74% | -31.98% | -72.95% | -50.17% | -41.28% | -16.11% | -33.08% | -11.41% | 222.26% | - |
| Total Current Liabilities | 1.22M | 1.2M | 802.09K | 2.89M | 3.28M | 4.13M | 3.62M | 5.68M | 2.33M | 1.48M | 1.25M | 1.03M | 1.51M | 2.36M | 4.66M | 8.73M | 9.28M | 10.89M | 13.34M | 9.27M | 4.07M |
| Accounts Payable | 632.82K | 603.59K | 253.29K | 984.38K | 1.28M | 1.79M | 983.54K | 2.22M | 1.15M | 383.21K | 669.68K | 170.9K | 647.3K | 605.8K | 709.64K | 8.51M | 0 | 0 | 0 | 2.57M | 1.84M |
| Days Payables Outstanding | 851.93 | - | - | - | - | - | - | 3.52K | 2.91K | 4.7K | 14.11K | 1.55K | 2.77K | 2.41K | 204.08 | 111.04 | - | - | - | -6.01K | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 234.98K | 0 | 0 | 820.15K | 1.11M | 212.74K | 439.02K | 0 | 158 | 14.4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 170.25K |
| Other Current Liabilities | 47.46K | 44.47K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 439.02K | 0 | 0 | 0 | 9.84K | 65.19K | 214.63K | 295.04K | 686.84K | 1.87M | 3.32M | 1.94M |
| Current Ratio | 0.97x | 1.40x | 4.42x | 1.46x | 2.39x | 5.31x | 5.38x | 5.70x | 18.06x | 2.07x | 1.33x | 2.70x | 1.42x | 1.65x | 3.66x | 4.36x | 7.17x | 7.20x | 9.19x | 15.51x | 10.37x |
| Quick Ratio | 0.97x | 1.40x | 4.42x | 1.46x | 2.39x | 5.31x | 5.34x | 5.70x | 18.06x | 2.07x | 1.33x | 2.70x | 1.42x | 1.65x | 3.66x | 4.36x | 7.17x | 7.20x | 9.19x | 15.51x | 10.37x |
| Cash Conversion Cycle | -677.58 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 250.33K | 399.07K | 198.94K | 603.14K | 87.03K | 1.48M | 1.95M | 1.82M | 639.35K | 243.86K | 214.44K | 195.66K | 144.54K | 490.44K | 788.62K | 1.05M | 592.48K | 82.55K | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 111.93K | 27.04K | 34.69K | 70.38K | 87.03K | 194.32K | 258.79K | 177.22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 225.3K | 372.03K | 164.25K | 443.52K | 0 | 1.28M | 1.69M | 1.48M | 639.35K | 243.86K | 214.44K | 195.66K | 144.54K | 490.44K | 788.62K | 1.05M | 592.48K | 82.55K | 0 | 0 | 0 |
| Total Liabilities | 1.47M | 1.6M | 1M | 3.5M | 3.37M | 5.61M | 5.57M | 7.5M | 2.97M | 1.72M | 1.46M | 1.23M | 1.65M | 2.85M | 5.44M | 9.78M | 9.87M | 10.97M | 13.34M | 9.27M | 4.07M |
| Total Debt | 102.27K | 34.73K | 41.99K | 344.34K | 373.13K | 482.01K | 567.4K | 550.25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 126.57K |
| Net Debt | -832.88K | -1.61M | -3.3M | -3.52M | -6.58M | -20M | -18.13M | -30.99M | -41.67M | -2.59M | -1.42M | -2.63M | -1.98M | -2.91M | -15.26M | -36.07M | -63.8M | -76.56M | -119.47M | -140.04M | -40.82M |
| Debt / Equity | 0.03x | 0.01x | 0.00x | 0.30x | 0.08x | 0.03x | 0.04x | 0.02x | - | - | - | - | - | - | - | - | - | - | - | - | 0.00x |
| Debt / EBITDA | -0.04x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.31x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -1432.34x | -2825.35x | -1383.08x | -115.53x | -220.38x | -242.63x | -184.01x | -114.01x | -6.86x | -71.34x | -453.85x | -25.62x | - | - | - | - | -231.34x | - | 44.97x | -4105.63x | -673.71x |
| Total Equity | 3.29M | 4.77M | 9.68M | 1.15M | 4.91M | 16.93M | 14.61M | 25.52M | 39.24M | 1.34M | 218.59K | 1.66M | 2.35M | 3.03M | 16.29M | 33.84M | 64.41M | 77.58M | 118.99M | 140.11M | 42.28M |
| Equity Growth % | -200.25% | -50.74% | 744.83% | -76.68% | -70.98% | 15.89% | -42.76% | -34.96% | 2822.9% | 514.17% | -86.87% | -29.05% | -22.48% | -81.43% | -51.85% | -47.47% | -16.97% | -34.8% | -15.07% | 231.4% | - |
| Book Value per Share | 2.30 | 5.10 | 11.84 | 1.85 | 13.05 | 59.55 | 65.71 | 115.89 | 202.16 | 12.45 | 2.30 | 18.40 | 28.19 | 40.05 | 247.09 | 3278.68 | 7839.14 | 9741.44 | 14937.41 | 20110.25 | 106.46 |
| Total Shareholders' Equity | 3.29M | 4.77M | 9.68M | 1.15M | 4.91M | 16.93M | 14.61M | 25.52M | 39.24M | 1.34M | 218.59K | 1.66M | 2.35M | 3.03M | 16.29M | 33.84M | 64.41M | 77.58M | 118.99M | 140.11M | 42.28M |
| Common Stock | 2.19M | 2.19M | 1.84M | 1.84M | 1.15M | 49.27M | 32.85M | 32.85M | 28.56M | 13.42M | 11.56M | 11.03M | 9.98M | 9.84M | 8.63M | 7.71M | 6.33M | 5.74M | 5.74M | 5.74M | 3.87M |
| Retained Earnings | -361.8M | -360.5M | -353.36M | -360.42M | -349.86M | -329.06M | -313.71M | -300.85M | -286.07M | -284.42M | -281.14M | -277.99M | -273.79M | -272.01M | -256.09M | -229.07M | -197.93M | -164.28M | -121.59M | -99.53M | -64.44M |
| Treasury Stock | -1M | -1.02M | -869.71K | -909.57K | -6.28M | -11.7M | -6.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 31.92M | 96.49M | 31.06M | 29.81M | 25.77M | 24.44M | 14.66M | 7.15M | 10.27M | 7.55M | 6.76M | 6.55M | 6.13M | 5.51M | 6.03M | -17.46M | -15.37M | -13.84M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Critical liquidity depletion
As reported in financial statements, Addex Therapeutics has seen its total assets contract from $13.7 million in 2024Q2 to $4.8 million by 2026Q1, reflecting a consistent depletion of resources as the company fails to replenish its balance sheet through commercial milestone achievements or external capital injections.
The steady decline in total assets over the last eight quarters suggests that the company is consuming its core capital base to fund ongoing R&D operations. This downward trajectory indicates that the firm's current business model is not self-sustaining and relies heavily on the rapid liquidation of its remaining asset base.
Based on the most recent quarterly data, the current ratio has deteriorated to 0.97, down from a peak of 4.97 in 2024Q2, indicating that the company's ability to cover short-term obligations is increasingly compromised as cash reserves dwindle to a precarious $935.2K as of 2026Q1.
The rapid compression of the current ratio suggests that the company is approaching a liquidity wall that may necessitate immediate financing. Investors should monitor this trend closely, as the current cash runway appears insufficient to support the firm's high-burn research activities without significant dilution or strategic intervention.
According to recent balance sheet disclosures, shareholders' equity has plummeted from $12.7 million in 2024Q2 to $3.3 million in 2026Q1, driven primarily by the accumulation of massive retained losses that continue to erode the company's net book value and overall financial stability.
The persistent negative trend in retained earnings highlights the company's inability to generate profitable growth, effectively hollowing out the equity base. This erosion suggests that the firm's valuation is increasingly detached from its tangible book value, placing the entire burden of future value creation on speculative clinical outcomes.
Data from recent filings indicates that while debt levels appear low, the company's reliance on non-dilutive milestone funding is failing, leaving the firm exposed to significant going-concern risks that are not fully captured by the headline debt-to-equity ratio of 0.03 as of 2026Q1.
The low debt-to-equity ratio may provide a false sense of security, as it masks the reality that the company lacks the operational cash flow to service even minimal liabilities. The absence of deferred revenue in recent periods further confirms that the partnership pipeline is currently dry, exacerbating the underlying solvency risk.
Quick answers to the most common questions about buying ADXN stock.
As of 2025, Addex Therapeutics Ltd (ADXN) had total assets of $6.4M including $1.7M in current assets.
Addex Therapeutics Ltd (ADXN) carries total debt of $0.0M, offset by $1.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Addex Therapeutics Ltd (ADXN) has total shareholders' equity (book value) of $4.8M ($5.10 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Addex Therapeutics Ltd (ADXN) reported a current ratio of 1.40x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.