Addex Therapeutics Ltd ADR Dossier
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SectorHealth Care IndustryBiotechnology Beta (adjusted)1.64 Intrinsic Value Insufficient data for a value estimateNot enough reliable inputs to publish a fair value for this company yet. Market Price $2.76Price as of 30 Sep 2026 Data confidenceNot applicable Market Cap $4.8M Enterprise Value $2.5M Shares Outstanding 1.3M diluted Moat Rating None Next Earnings Date8 Nov 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary Addex Therapeutics is transitioning its pipeline focus toward brain injury recovery (dipraglurant) and chronic cough (GABAB PAM), while benefiting from partnered programs and a 20% equity stake in its spin-out, Neurosterix. While preclinical data for its chronic cough candidate is highly encouraging and partner Indivior has successfully completed IND-enabling studies for substance use disorders, Addex faces severe near-term cash constraints. With only CHF 1.6 million in cash as of December 31, 2025, the current runway only extends through mid-2026. Progression of unpartnered clinical assets is entirely dependent on securing additional external funding or strategic collaborations, making a Hold recommendation appropriate until liquidity is stabilized. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Our research · scenarios, merits, risks, and invalidation triggersResearch as of 20 Jun 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $1.5025% Addex fails to secure non-dilutive funding or partnerships for its unpartnered programs, forcing highly dilutive equity raises or program suspensions. Neurosterix's NTX-253 encounters safety or tolerability issues in its Phase 1 trial, impairing the value of Addex's equity investment. Nasdaq delisting pressures intensify if the bid price remains below USD 1.00. Base CaseCentral scenario $30.0060% Addex successfully maintains its lean operating model while its spin-out Neurosterix delivers positive Phase 1 data for NTX-253 in Q2 2026, validating the M4 PAM platform. Partner Indivior advances the GABAB PAM program for substance use disorders into clinical trials, triggering milestone payments. Addex secures a licensing partner or targeted funding to transition its independent chronic cough program into IND-enabling studies, extending its cash runway. Bull CaseUpside scenario $12.0025% Neurosterix's Phase 1 trial of NTX-253 delivers outstanding safety and efficacy signals, triggering a rapid transition to Phase 2 and significantly appreciating Addex's 20% equity stake. Concurrently, Indivior initiates Phase 1 trials for the GABAB PAM substance use disorder program, triggering substantial milestone payments. Addex secures a high-value licensing deal for its independent chronic cough program, fully funding its clinical development and extending the cash runway indefinitely. Scenarios reflect our research view at the research date. Key Investment Merits
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Thesis Invalidation Triggers
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |