Revenue volatility remains extreme, highlighted by a 92.58% year-over-year decline and a 2026Q1 operating margin of -58.7% that underscores the firm's inability to cover SG&A expenses.
| 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 |
|---|
| Sales/Revenue | 74.53K | 29.97K | 404.1K | 1.61M | 1.42M | 2.92M | 3.61M | 2.76M | 6.04M | 499.89K | 17.33K | 40.3K | 85.4K | 91.76K | 121.09K | 2.82M | 1.98M | 4.09M | 26.81M | 486.93K | 4.74M |
| Revenue Growth % | -56.32% | -92.58% | -74.95% | 13.39% | -51.22% | -19.28% | 30.77% | -54.29% | 1109.03% | 2784.72% | -57% | -52.81% | -6.93% | -24.22% | -95.71% | 42.94% | -51.71% | -84.74% | 5405.28% | -89.72% | - |
| Cost of Goods Sold | 234.45K | 0 | 0 | 0 | 0 | 0 | 0 | 230.1K | 144.17K | 29.76K | 17.33K | 40.3K | 85.4K | 91.76K | 1.27M | 27.99M | 31.16M | 0 | 0 | -156.03K | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | 8.33% | 2.39% | 5.95% | 100% | 100% | 100% | 100% | 1048.14% | 991.19% | 1577.75% | - | - | -32.04% | - |
| Gross Profit | -168.11K | 29.97K | 404.1K | 1.61M | 1.42M | 2.92M | 3.61M | 2.53M | 5.9M | 470.13K | 0 | 0 | 0 | 0 | -1.15M | -25.16M | -29.19M | 4.09M | 26.81M | 642.96K | 4.74M |
| Gross Margin % | -225.57% | 100% | 100% | 100% | 100% | 100% | 100% | 91.67% | 97.61% | 94.05% | - | - | - | - | -948.14% | -891.19% | -1477.75% | 100% | 100% | 132.04% | 100% |
| Gross Profit Growth % | - | -92.58% | -74.95% | 13.39% | -51.22% | -19.28% | 42.65% | -57.07% | 1154.91% | - | - | - | - | 100% | 95.44% | 13.8% | -813.55% | -84.74% | 4069.28% | -86.43% | - |
| Operating Expenses | 2.54M | 2.84M | 3.16M | 3.86M | 11.96M | 18.42M | 15.86M | 17.14M | 7.47M | 3.24M | 3.14M | 2.64M | 1.8M | 14.46M | 27.01M | 5.81M | 35.57M | 47.56M | 51.68M | 38.11M | 25.76M |
| OpEx % of Revenue | - | 9490.76% | 781.82% | 239.06% | 841.04% | 631.7% | 438.88% | 620.27% | 123.57% | 647.15% | 18127.87% | 6552.73% | 2103.57% | 15756.97% | 22306.25% | 205.84% | 1800.93% | 1162.55% | 192.78% | 7826.28% | 543.5% |
| Selling, General & Admin | 1.83M | 1.89M | 1.68M | 2.03M | 3.26M | 7.75M | 5.75M | 4.31M | 4.72M | 2.2M | 1.52M | 1.57M | 1.55M | 6.47M | 12.85M | 6.73M | 6.43M | 7.6M | 7.55M | 10.77M | 0 |
| SG&A % of Revenue | - | 6298.98% | 414.54% | 125.92% | 229.33% | 265.62% | 159.13% | 155.96% | 78.05% | 439.31% | 8784.96% | 3890.16% | 1812.47% | 7049.61% | 10614.99% | 238.41% | 325.69% | 185.69% | 28.18% | 2211.4% | - |
| Research & Development | 167K | 190.19K | 435.19K | 942.71K | 7.88M | 9.01M | 10.37M | 12.45M | 2.37M | 841.31K | 819.33K | 761.22K | 258.06K | 2.22M | 4.76M | 4.76M | 31.16M | 39.96M | 44.19M | 12.21M | 9.77M |
| R&D % of Revenue | - | 634.56% | 107.69% | 58.45% | 554.23% | 309.09% | 287.12% | 450.77% | 39.19% | 168.3% | 4728.09% | 1888.83% | 302.16% | 2419.5% | 3927.65% | 168.56% | 1577.75% | 976.86% | 164.85% | 2507.35% | 206.19% |
| Other Operating Expenses | 542.94K | 766.45K | 1.05M | 882.25K | 817.79K | 1.66M | -266.32K | 374.01K | 382.99K | 197.67K | 799.7K | 311.82K | -9.44K | 5.77M | 9.4M | -919.55K | -2.02M | 0 | -67.33K | 25.9M | 15.98M |
| Operating Income | -2.69M | -2.81M | -2.76M | -2.24M | -10.54M | -15.51M | -12.24M | -14.6M | -1.42M | -3.24M | -3.13M | -3.87M | -1.8M | -14.46M | -27.01M | -30.97M | -33.6M | -43.05M | -24.87M | -37.62M | -20.9M |
| Operating Margin % | -3607.06% | -9390.76% | -681.82% | -139.06% | -741.04% | -531.7% | -338.88% | -528.59% | -23.57% | -647.15% | -18059.88% | -9597.64% | -2103.69% | -15756.97% | -22306.25% | -1097.02% | -1700.93% | -1052.47% | -92.78% | -7726.28% | -441.03% |
| Operating Income Growth % | - | -2.15% | -22.84% | 78.72% | 32.02% | -26.65% | 16.17% | -925.12% | 55.96% | -3.37% | 19.09% | -115.29% | 87.57% | 46.47% | 12.8% | 7.81% | 21.96% | -73.11% | 33.89% | -80.01% | - |
| EBITDA | -2.67M | -2.81M | -2.5M | -1.94M | -10.22M | -15.16M | -11.86M | -14.27M | -1.42M | -3.22M | -3.1M | -3.84M | -1.69M | -13.8M | -24.91M | -28.05M | -30.66M | -40.22M | -22.86M | -35.82M | -18.38M |
| EBITDA Margin % | -3585.36% | -9362.49% | -617.45% | -120.09% | -718.33% | -519.78% | -328.4% | -516.51% | -23.52% | -644.1% | -17911.22% | -9533.43% | -1974.73% | -15034.92% | -20568.34% | -993.33% | -1552.03% | -983.16% | -85.26% | -7356.18% | -387.81% |
| EBITDA Growth % | -12.2% | -12.46% | -28.81% | 81.04% | 32.59% | -27.76% | 16.86% | -903.76% | 55.85% | -3.74% | 19.21% | -127.81% | 87.78% | 44.61% | 11.2% | 8.51% | 23.77% | -75.97% | 36.19% | -94.9% | - |
| D&A (Non-Cash Add-back) | 16.17K | 8.47K | 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 |
| EBIT | -7.08M | -6.84M | -4.91M | -2.5M | -10.78M | -15.29M | -12.79M | -14.65M | -1.51M | -3.24M | -3.14M | -3.9M | 0 | -14.46M | -27.01M | -30.97M | -33.5M | -42.69M | 22.57M | -35.06M | -20.51M |
| Net Interest Income | -4.94K | -2.42K | 5.62K | 42.36K | -19.65K | -57.69K | -34.2K | -91.64K | -134.31K | 0 | -6.9K | -112.35K | 0 | 0 | 0 | 72.2K | -47.56K | 362.13K | 2.81M | 2.54M | 272.46K |
| Interest Income | 3 | 0 | 9.16K | 63.96K | 29.25K | 5.32K | 35.3K | 36.87K | 85.87K | 0 | 27 | 39.86K | 1.59K | 4.13K | 22.66K | 72.2K | 97.25K | 362.13K | 3.31M | 2.55M | 241.99K |
| Interest Expense | 4.94K | 2.42K | 3.55K | 21.61K | 48.9K | 63.01K | 69.5K | 128.52K | 220.17K | 45.35K | 6.92K | 152.21K | 0 | 0 | 0 | 0 | 144.81K | 0 | 501.88K | 8.54K | 30.45K |
| Other Income/Expense | -4.39M | -4.03M | -2.15M | -257.19K | -263.06K | 154K | -615.33K | -176.45K | -220.17K | -45.35K | -19.79K | -1.56M | 748.35K | -3.23K | -8.41K | -167.17K | -47.56K | 85.75M | 2.81M | 2.54M | 355.32K |
| Pretax Income | -7.08M | -6.84M | -4.91M | -2.5M | -10.8M | -15.35M | -12.86M | -14.78M | -1.64M | -3.28M | -3.15M | -4.2M | -1.77M | -14.46M | -26.61M | -31.14M | -33.65M | 42.69M | -22.07M | -35.09M | -20.54M |
| Pretax Margin % | -9502.13% | -22829.93% | -1214.88% | -155% | -759.54% | -526.42% | -355.92% | -534.98% | -27.21% | -656.22% | -18174.08% | -10432.03% | -2078.19% | -15760.49% | -21976.79% | -1102.95% | -1703.33% | 1043.62% | -82.32% | -7205.5% | -433.53% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.92K | 152.21K | -21.68K | 3.23K | -398.93K | 72.2K | 97.25K | 171.13M | 0 | 2.54M | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.22% | -3.62% | 1.22% | -0.02% | 1.5% | -0.23% | -0.29% | 400.85% | 0% | -7.25% | 0% |
| Net Income | -6.97M | -6.73M | 7.06M | -10.56M | -20.8M | -15.35M | -12.86M | -14.78M | -1.64M | -3.28M | -3.15M | -4.2M | -1.77M | -14.46M | -26.61M | -31.14M | -33.65M | -42.69M | -22.07M | -35.09M | -20.54M |
| Net Margin % | -9348.7% | -22448.44% | 1746.04% | -654.47% | -1462.57% | -526.42% | -355.92% | -534.98% | -27.21% | -656.22% | -18174.08% | -10432.03% | -2078.19% | -15760.49% | -21976.79% | -1102.95% | -1703.33% | -1043.62% | -82.32% | -7205.5% | -433.53% |
| Net Income Growth % | -180.36% | -195.36% | 166.84% | 49.26% | -35.52% | -19.39% | 13% | -798.63% | 49.86% | -4.16% | 25.09% | -136.88% | 87.73% | 45.66% | 14.55% | 7.44% | 21.19% | -93.47% | 37.11% | -70.78% | - |
| Net Income (Continuing) | -7.08M | -6.84M | -4.91M | -2.5M | -10.8M | -15.35M | -12.86M | -14.78M | -1.64M | -3.28M | -3.15M | -4.2M | -1.77M | -14.46M | -26.61M | -31.14M | -33.65M | -42.69M | -22.07M | -35.09M | -20.54M |
| Discontinued Operations | 114.34K | 114.34K | 11.97M | -8.06M | -10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 |
| EPS (Diluted) | -4.88 | -6.88 | 8.40 | -16.80 | -55.20 | -54.00 | -57.60 | -67.20 | -8.47 | -30.00 | -33.60 | -46.80 | -21.60 | -192.00 | -403.20 | -3016.80 | -4094.40 | -5360.40 | -2769.60 | -5035.20 | -51.60 |
| EPS Growth % | -165.23% | -181.9% | 150% | 69.57% | -2.22% | 6.25% | 14.29% | -693.39% | 71.77% | 10.71% | 28.21% | -116.67% | 88.75% | 52.38% | 86.63% | 26.32% | 23.62% | -93.54% | 45% | -9658.14% | - |
| EPS (Basic) | - | -6.88 | 8.40 | -16.80 | -55.20 | -54.00 | -57.60 | -67.20 | -8.47 | -30.00 | -33.60 | -46.80 | -21.60 | -192.00 | -403.20 | -3016.80 | -4094.40 | -5360.40 | -2769.60 | -5035.20 | -51.60 |
| Diluted Shares Outstanding | 1.43M | 935K | 817.61K | 619.23K | 376.54K | 284.33K | 222.35K | 220.24K | 194.11K | 107.84K | 95.1K | 90.43K | 83.21K | 75.55K | 65.93K | 10.32K | 8.22K | 7.96K | 7.97K | 6.97K | 397.11K |
| Basic Shares Outstanding | 1.43M | 935K | 817.61K | 619.23K | 376.54K | 284.33K | 222.35K | 220.24K | 194.11K | 107.84K | 95.1K | 90.43K | 83.21K | 75.55K | 65.93K | 10.32K | 8.22K | 7.96K | 7.97K | 6.97K | 397.11K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Critical liquidity and funding
As reported in financial statements, Addex Therapeutics experienced a 92.58% year-over-year revenue decline, underscoring the extreme volatility inherent in a business model that relies entirely on sporadic milestone payments rather than recurring commercial sales to sustain its operations and fund ongoing research and development activities.
The absence of consistent revenue streams suggests that the company's growth trajectory is currently dictated by the timing of external partnership triggers rather than internal operational momentum. Investors should monitor the pipeline for any evidence of sustained milestone generation, as the current trend indicates a significant gap in clinical or regulatory progress.
Based on the company's reported figures, the income statement reveals a persistent imbalance where SG&A expenses consistently dwarf revenue, highlighting a high fixed-cost structure that remains decoupled from the firm's ability to generate meaningful top-line inflows through its current licensing and research partnership framework.
The reliance on specialized scientific labor and laboratory infrastructure creates a rigid cost base that is difficult to scale down during periods of low milestone activity. This structural mismatch suggests that the company may face continued margin pressure unless it can successfully transition toward a more sustainable commercial royalty model.
According to recent SEC filings, the reported 100% gross margin is an accounting artifact of the company's licensing-heavy revenue model, which fails to reflect the underlying economic reality of a pre-commercial biotechnology firm that is currently generating significant net losses across all observed reporting periods.
The presence of non-operating items and the absence of traditional COGS make GAAP net income a poor proxy for the company's true operational health. Analysts should prioritize net cash burn metrics over reported earnings to better assess the sustainability of the firm's current research and development trajectory.
As indicated by the provided financial data, the company's cash position of $1.64 million appears insufficient to support sustained clinical activity, suggesting that the firm faces a high probability of dilutive financing or strategic restructuring to maintain its status as a viable going concern.
The market may be underestimating the urgency of the company's funding requirements given the current burn rate relative to its limited cash reserves. This warrants further investigation into the potential for near-term capital raises, which could materially impact the equity value for existing shareholders.
Quick answers to the most common questions about buying ADXN stock.
For fiscal year 2025, Addex Therapeutics Ltd (ADXN) reported total revenue of $0.0M. This represents a 99.4% decline compared to $4.7M in 2006.
Addex Therapeutics Ltd (ADXN) reported a net loss of $6.7M for the fiscal year ending 2025.
Addex Therapeutics Ltd (ADXN) reported an operating income of $-2.8M, resulting in an operating profit margin of -9390.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Addex Therapeutics Ltd (ADXN) generated $0.0M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.