Persistent cash burn is evident in the 2026Q1 free cash flow outflow of $765.8K, which continues to deplete the firm's limited capital reserves.
Addex Therapeutics Ltd (ADXN) cash flow statement — 20-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | -2.33M | -2.08M | -5.37M | -7.99M | -16.44M | -14.71M | -12.18M | -9.48M | 1.75M | -2.13M | -2.69M | -2.63M | -1.8M | -15.78M | -29.45M | -26.55M | -31.34M | -39.38M | -17.79M | -33M | -19.56M |
| Operating CF Margin % | - | -6925.87% | -1329.75% | -495.51% | -1155.56% | -504.24% | -337.13% | -343.2% | 28.98% | -427.08% | -15548.43% | -6522.03% | -2107.21% | -17193.08% | -24323.38% | -940.36% | -1586.67% | -962.57% | -66.37% | -6778.16% | -412.74% |
| Operating CF Growth % | -2459.7% | 61.37% | 32.77% | 51.38% | -11.78% | -20.73% | -28.45% | -641.3% | 182.05% | 20.76% | -2.51% | -46.05% | 88.59% | 46.44% | -10.93% | 15.28% | 20.41% | -121.32% | 46.09% | -68.74% | - |
| Net Income | -6.97M | -6.53M | 7.06M | -10.56M | -20.8M | -15.35M | -12.86M | -14.78M | -1.64M | -3.28M | -3.15M | -4.2M | -1.77M | -14.46M | -27.02M | -31.14M | -33.65M | -42.69M | -22.07M | -35.09M | -20.54M |
| Depreciation & Amortization | 16.16K | 8.09K | 260.12K | 305.95K | 323.14K | 347.61K | 378.75K | 333.84K | 2.94K | 15.25K | 25.76K | 25.88K | 110.14K | 662.55K | 2.1M | 2.93M | 2.94M | 2.84M | 2.02M | 1.8M | 2.52M |
| Stock-Based Compensation | 0 | 0 | 0 | 1.79M | 3.68M | 1.18M | 1.18M | 1.69M | 2.3M | 800.19K | 197.35K | 355.91K | 275.74K | 174.47K | 580.48K | 772.94K | 0 | 0 | 0 | 599.67K | 526.78K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -150.59K | -27.72K | 96.53K | 20.01K | 19.52K | 17.82K | 863.46K | -281.63K | -616.99K | 97.59K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 4.55M | 3.93M | -11.46M | 249.64K | 204.13K | 32.93K | 972.63K | 523.88K | 331.93K | 45.35K | 19.79K | 336.27K | -21.78K | 3.23K | 8.41K | 643.09K | 1.75M | 815.64K | -1.46M | -2.57M | -361.95K |
| Working Capital Changes | 54.68K | 524.65K | -1.23M | 213.76K | 157.68K | -761.57K | -1.82M | 2.66M | 742.72K | 265.15K | 194.28K | -5.75K | -107.25K | -1.54M | -5.23M | 246.77K | -2.38M | -335.54K | 3.71M | 2.25M | -1.7M |
| Change in Receivables | 1.82K | -4.37K | 134.01K | 306.51K | -252.09K | -96.41K | 49.66K | 154.99K | 30.87K | -83.16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 427.39K | -883.84K | 1.54M | -2.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 22.11K | 373.64K | -1.3M | -682.36K | -427.39K | 883.84K | -1.59M | 1.97M | 1.08M | -212.13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -686.33K | -650.08K | 4.65M | -6.84K | 2.97K | -30.31K | -59.41K | -43.25K | -61.74K | -697 | -1.51K | 399.9K | 373.45K | 256.07K | -225.04K | -758.27K | -972.8K | -3.9M | -2.17M | -193.49K | -900.45K |
| Capital Expenditures | 0 | 0 | -1.27K | -6.84K | -581 | -31.55K | -59.41K | -28.46K | -9.05K | -697 | -11.22K | 0 | 0 | 0 | -330.91K | -204.31K | -453.02K | -4.21M | -5.61M | -2.73M | -357.41K |
| CapEx % of Revenue | 0% | - | 0.32% | 0.42% | 0.04% | 1.08% | 1.64% | 1.03% | 0.15% | 0.14% | 64.75% | - | - | - | 273.27% | 7.24% | 22.93% | 102.93% | 20.93% | 560.56% | 7.54% |
| Acquisitions | 56.67K | 0 | -473.27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.68K | 360.04K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -740.56K | -376.98K | 5.12M | 0 | 0 | 0 | 0 | 0 | -5.37K | 0 | 9.71K | 399.9K | 373.45K | 256.07K | 105.87K | -553.96K | -519.78K | 315.13K | 3.44M | 2.54M | -543.04K |
| Cash from Financing | 1.16M | 1.13M | 104.92K | 5.26M | 3.1M | 16.4M | 46.4K | -463.69K | 37.39M | 3.36M | 1.49M | 2.93M | 472.65K | 3.18M | 8.9M | -183.25K | 19.71M | 315.16K | -102.29K | 132.31M | 39.61M |
| Debt Issued (Net) | -7.07K | -7.31K | -73.69K | -281.79K | -288.08K | -309.62K | -367.41K | -316.79K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.05K | 0 | 0 |
| Equity Issued (Net) | 492.37K | 1.14M | 240.9K | 2.35M | 1.68M | 13.96M | 720.01K | 5.99K | 40.48M | 3.38M | 1.52M | 3.18M | 468.33K | 3.35M | 9.68M | -117 | 5.89M | 318.27K | -32.15K | 136.81M | 40.23M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -31.82K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.37K | 0 | 0 | 0 | 0 | 0 | 0 | -117 | -148.78K | 0 | -32.15K | -63.07K | -7.22K |
| Other Financing | 672.99K | 328 | -62.29K | 3.2M | 1.71M | 2.75M | -306.2K | -152.89K | -3.1M | -25.74K | -32.32K | -253.7K | 4.32K | -167.1K | -780.2K | -183.14K | 13.81M | -3.12K | -64.09K | -4.5M | -611.77K |
| Net Change in Cash | -1.88M | -1.28M | -523.74K | -3.09M | -13.53M | 1.79M | -12.84M | -10.13M | 39.09M | 1.17M | -1.22M | 653.99K | -933.79K | -12.34M | -20.81M | -27.73M | -12.76M | -42.91M | -20.57M | 99.1M | 19.28M |
| Free Cash Flow | -2.33M | -2.08M | -5.37M | -8M | -16.44M | -14.74M | -12.24M | -9.51M | 1.74M | -2.14M | -2.71M | -2.63M | -1.8M | -15.78M | -29.78M | -26.75M | -31.79M | -43.59M | -23.4M | -35.73M | -19.92M |
| FCF Margin % | -3136.13% | -6925.88% | -1330.07% | -495.94% | -1155.61% | -505.32% | -338.78% | -344.23% | 28.83% | -427.22% | -15613.18% | -6522.03% | -2107.21% | -17193.08% | -24596.66% | -947.6% | -1609.6% | -1065.5% | -87.3% | -7338.71% | -420.28% |
| FCF Growth % | 38.42% | 61.38% | 32.81% | 51.34% | -11.54% | -20.4% | -28.69% | -645.75% | 181.6% | 21.07% | -2.94% | -46.05% | 88.59% | 47.03% | -11.32% | 15.85% | 27.06% | -86.26% | 34.51% | -79.42% | - |
| FCF per Share | -1.63 | -2.22 | -6.57 | -12.92 | -43.65 | -51.83 | -55.05 | -43.18 | 8.98 | -19.80 | -28.45 | -29.07 | -21.63 | -208.82 | -451.74 | -2592.53 | -3869.29 | -5473.00 | -2937.68 | -5129.09 | -50.15 |
| FCF Conversion (FCF/Net Income) | 0.33x | 0.31x | -0.76x | 0.76x | 0.79x | 0.96x | 0.95x | 0.64x | -1.07x | 0.65x | 0.86x | 0.63x | 1.01x | 1.09x | 1.11x | 0.85x | 0.93x | 0.92x | 0.81x | 0.94x | 0.95x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying ADXN stock.
Addex Therapeutics Ltd (ADXN) generated $-2.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Addex Therapeutics Ltd (ADXN) reported negative free cash flow of $2.1M in 2025, indicating capital requirements exceeded cash from operations.
Addex Therapeutics Ltd (ADXN) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Critical liquidity and funding
Persistent Disconnect Between Earnings Reality
According to the provided financial data, the OCF/NI ratio frequently fluctuates, with the 2026Q1 figure of 0.45 highlighting a persistent inability to convert accounting losses into meaningful cash flow, as the company remains fundamentally dependent on external capital to bridge its ongoing operational funding gap.
The divergence between net income and operating cash flow suggests that the company's reported losses are not merely accounting entries but reflect actual cash outflows required to sustain R&D. Investors should monitor this ratio as a proxy for the company's inability to achieve self-sustaining operations through its current licensing model.
Negative Free Cash Flow Trajectory
As reported in financial statements, Addex Therapeutics consistently records negative free cash flow, with the 2026Q1 outflow of $765.8K illustrating a persistent cash burn that continues to erode the company's limited liquidity reserves without any clear path toward operational self-sufficiency in the near term.
The consistent negative FCF trajectory indicates that the company is consuming its remaining cash balance to fund clinical development. This trend suggests that the firm's survival is increasingly tied to the timing of milestone payments or dilutive equity raises rather than organic cash generation.
Working Capital Volatility Masks Burn
Based on the reported figures, working capital changes have been highly erratic, including a $315.5K outflow in 2026Q1, which suggests that the company's cash position is highly sensitive to the timing of partner payments and the settlement of accrued research liabilities.
The volatility in working capital appears to be a primary driver of the company's short-term liquidity fluctuations. This suggests that management has limited control over the timing of cash inflows, which complicates the predictability of the company's remaining operational runway.
Obscured Cash Burn and Dilution
Data from recent filings indicates that the company's cash flow statement is heavily influenced by non-cash adjustments and sporadic milestone receipts, which may obscure the underlying reality that the firm is effectively burning through its capital base to maintain its current research and development infrastructure.
The reliance on non-cash items and the lack of consistent operating cash flow suggest that the company's financial health is more fragile than headline figures might imply. Investors should be wary of the potential for further equity dilution as the primary mechanism for covering these persistent cash deficits.